Trendlyne Analysis

Nifty 50 closes in red today. The rupee closed at 81.2 against the dollar on Thursday. The dollar was down to 16-week lows as US consumer spending increased in October.

Asian stocks trade lower as traders waited for the jobs report and Federal Reserves’ cues on its next policy moves. US market closed flat as data suggested that rate hikes are beginning to show results in the economy. S&P 500 fell 0.08% while Nasdaq gained 0.13% in trade on Thursday. Tokyo stocks closed lower on Friday. European stock markets dropped on opening today as attention switched to the release of key US jobs data.

Nifty Smallcap 100 and Nifty Midcap 100 close higher today. Nifty Power and Nifty Auto close in red while Nifty Media and Nifty Realty close in the green.

Nifty 50 closed at 18,696.10 (-116.4, -0.6%) , BSE Sensex closed at 62,868.50 (-415.7, -0.7%) while the broader Nifty 500 closed at 15,963.50 (-40.5, -0.3%)

Market breadth is in the green. Of the 1,943 stocks traded today, 1,126 were in the positive territory and 764 were negative.

• Relative strength index (RSI) indicates that stocks like Power Finance Corp, Aditya Birla Capital, JK Cement and Britannia Industries are in the overbought zone.

• Raymond surges to a new all-time high of Rs 1,630 per share. The stock has a high rank of 73.9% in Trendlyne's checklist score. It also features in a screener which reflects stocks which benefit from lower crude oil prices.

• Amara Raja Batteries is rising after announcing the signing of an MoU with the government of Telangana to set up a lithium-ion battery Gigafactory in the state. The facility is expected to have a capacity of 16 Gigawatt hours (GWh) and a battery pack assembly unit of up to 5 GWh. The stock shows up in a screener for companies with increasing revenue sequentially for the past two quarters.

• Maruti Suzuki India is falling as the company announces price hikes from January 2023 to reduce cost pressure driven by overall inflation and recent regulatory requirements.

• United Breweries and Aditya Birla Capital hit their 52-week highs of Rs 1,757.5 and Rs 153.3 respectively. Both stocks rise for four consecutive sessions.

• Uniparts India’s Rs 836.5 crore IPO gets bids for 25.3X of the available 1.01 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 4.6X of the available 50.6 lakh shares on offer.

• ICICI Securities maintains its ‘Add’ rating on Westlife Foodworld with a target price of Rs 850, implying an upside of 18.2%. The brokerage remains positive about the firm’s prospects given its focus on product mix improvement, consumer experience and aggressive network expansion. The brokerage expects the company’s revenue to grow at a CAGR of 30.5% over FY22-24. The stock is trading in the P/E Buy zone.

• Bajaj Hindusthan Sugar surges after announcing its repayment of overdues to all lenders. The company does not have any overdues in its account. The stock is trading above its R3 or third resistance.

• Auto Tyres & Rubber Products, Internet Software & Services, and Broadcasting & Cable TV industries rise more than 7% in the past week.

• Jindal Stainless, Greenpanel Industries and Rites outperform their respective industries in terms of return on capital employed (RoCE).

• Media stocks like Zee Entertainment Enterprises, PVR, Network 18 Media & Investments and TV18 Broadcast are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

• One 97 Communications (Paytm) is rising on the back of healthy loan disbursement growth and the management’s optimistic commentary about profitability. It aims to generate positive free cash flow in the next 12-18 months and turn profitable on an operating level from next year. The stock passes 33.3% of the parameters on Trendlyne's checklist.

• Krishna Institute of Medical Sciences is rising as 14.5 lakh shares (1.8% equity) amounting to Rs 215 crore change hands, according to reports.

  Krishna Medical Large Trade | 14.5 lakh shares (1.8% equity) worth ?215 cr change hands at ?1,480/sh#BlockDeal pic.twitter.com/JASc5FhDvS

  — CNBC-TV18 (@CNBCTV18Live) December 2, 2022

• SJVN is rising as its wholly owned subsidiary, SJVN Green Energy, signs a memorandum of understanding (MoU) with Grid Corp Of Odisha. The MoU is for developing 1,000 MW hydroelectric projects and 2,000 MW solar power projects through a joint venture company. The projects will require an investment of Rs 20,000 crore.

• Talbros Automotive Components surges as it receives multi-year orders worth Rs 420 crore from domestic and overseas customers across its business divisions, product segments and joint ventures.

• GST revenue collections rose 11% YoY to Rs 1.46 lakh crore in November but fell by 4% against Rs 1.52 lakh crore in October.

• GST collections stand at Rs 1.46 lakh crore in November, 11 per cent rise YoY. https://t.co/529cKSq5Ty pic.twitter.com/SsZGBxzLL6

  — Economic Times (@EconomicTimes) December 1, 2022

• NLC India inks a memorandum of understanding with Grid Corporation of Odisha for setting up ground-mounted/floating solar power projects, pumped hydro storage projects, green hydrogen projects and any other renewable projects.

• NMDC is rising as the Centre invites Expression of Interest (EoI) to sell a 50.7% stake in the company as a part of its divestment plan. The Centre will also transfer management control in the company after the sale. The last date for submission of bids is January 27, 2023.

• The Centre reduces the windfall tax on locally produced crude oil to Rs 4,900 per tonne from Rs 10,200 earlier. It cuts the export tax on diesel to Rs 8 (including Rs 1.5 as road infrastructure cess) from Rs 10.5 per litre. The export tax on petrol remains nil and Rs 5 per litre on aviation turbine fuel remains unchanged.

  Centre has reduced the windfall tax on sale of domestic crude oil to ?4,900 per tonne from the current tax of ?10,200 crore.
  
  (@riturajbaruah1 reports)https://t.co/VP8zYHwO6U

  — Mint (@livemint) December 1, 2022

• Godrej Properties acquires 18.6 acres in Kandivali, Mumbai, with a developable potential of nearly 3.7 million square feet and a revenue potential of Rs 7,000 crore. This project increases the cumulative expected booking value from projects added in FY23 to Rs 16,500 crore. The stock shows up in a screener for companies with high TTM EPS growth.

• SoftBank Group plans to sell 2.2 crore shares (5% stake) in PB Fintech for $130 million through a block deal, according to reports. The floor is to be set at Rs 440 per share, a 5% discount on the stock’s latest closing price.

• Plutus Wealth Management buys 90 lakh shares (0.56% stake) in Bandhan Bank for Rs 212.1 crore in a bulk deal. Himalaya Finance & Investment Co buys 5 lakh shares (2.46% stake) in Venus Pipes & Tubes for Rs 32.9 crore.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (536.95, 7.16%), Bharat Heavy Electricals Ltd. (90.55, 6.97%) and Astral Ltd. (2,018.35, 4.89%).

Downers:

Largecap and midcap losers today include Adani Transmission Ltd. (2,745.70, -3.12%), Eicher Motors Ltd. (3,331.85, -3.07%) and Adani Green Energy Ltd. (2,062.30, -2.42%).

Movers and Shakers

25 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Radico Khaitan Ltd. (1,134.15, 7.06%), HLE Glasscoat Ltd. (686.15, 6.90%) and Prince Pipes & Fittings Ltd. (597.90, 6.26%).

Top high volume losers on BSE were KPR Mill Ltd. (544.60, -1.07%) and Sun TV Network Ltd. (491.65, -0.61%).

MOIL Ltd. (168.35, 4.14%) was trading at 8.4 times of weekly average. Punjab & Sind Bank (23.25, 5.92%) and Amber Enterprises India Ltd. (2,011.75, 3.65%) were trading with volumes 6.8 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bank of Baroda (171.20, -0.32%), Bank of India (84.55, 1.74%) and Bharat Heavy Electricals Ltd. (90.55, 6.97%).

29 stocks climbed above their 200 day SMA including Astral Ltd. (2,018.35, 4.89%) and MOIL Ltd. (168.35, 4.14%). 8 stocks slipped below their 200 SMA including Adani Transmission Ltd. (2,745.70, -3.12%) and Bajaj Auto Ltd. (3,659.35, -1.30%).