Trendlyne Marketwatch
Trendlyne Marketwatch
05 Dec 2022
Market closes flat, L&T's construction business bags order worth Rs 2,500-5,000 crore.

Trendlyne Analysis

Indian indices recovered from their day’s low and closed flat on a volatile day of trade. European indices traded lower than Friday’s levels. However, most major Asian indices closed higher as China eased Covid-19 curbs over the weekend, reopening its economy partially. US stocks closed mixed on Friday after a strong US jobs report fueled expectations that the Federal Reserve would maintain its path of interest rate hikes to curb elevated inflation. The tech-focused NASDAQ 100 fell 0.4% while the S&P 500 closed flat on Friday. Brent crude oil futures traded higher after losing over 1% on Friday as traders assessed OPEC+ holding oil output targets and China easing Covid curbs.

Nifty Smallcap 100 closed in the green, despite the benchmark index closing flat. Nifty Media and Nifty Metal closed higher than Friday’s close. Nifty IT closed lower, taking cues from the tech-heavy NASDAQ 100, which closed in the red on Friday.

Nifty 50 closed at 18,701.05 (5.0, 0.0%) , BSE Sensex closed at 62,834.60 (-33.9, -0.1%) while the broader Nifty 500 closed at 15,967.20 (3.7, 0.0%)

Market breadth is in the green. Of the 1,972 stocks traded today, 1,135 were on the uptrend, and 770 went down.

  • Mahindra & Mahindra Financial Services sees a long buildup in its December 29 future series as its open interest rises 16.2% with a put-call ratio of 0.79.

  • Tata Motors, Brightcom Group, Easy Trip Planners and Rail Vikas Nigam trade below their second support or S2.

  • Rajesh Jejurikar, Executive Director (Auto & Farm Sectors) of Mahindra & Mahindra, says a shortage of semiconductors led to the MoM fall in tractor sales in November. He expects its impact to persist in December. Jejurikar believes there could be supply disruptions in 2023 as well.

  • Metal stocks like Hindalco Industries, Tata Steel, National Aluminium Co, Vedanta and JSW Steel are rising in trade. The broader sectoral index BSE Metal is also trading in the green.

  • Larsen & Toubro is rising as its buildings and factories construction business bags an order worth Rs 2,500-5,000 crore from the National High-Speed Rail Corp. The order is for the construction of Sabarmati depot in Gujarat for the Mumbai-Ahmedabad high speed rail. Scope of the project involves design, supply, construction & testing, and commissioning of the depot.

  • Kalyan Jewellers India rises to an all-time high of Rs 116.4 per share. The stock has a high rank of 70% in Trendlyne's checklist score. It also features in a screener with high return and technically strong value stocks.

  • HDFC Securities maintains its ‘Add’ rating on Bandhan Bank with a target price of Rs 273, indicating an upside of 11.9%. The brokerage believes the bank’s focus on tightening underwriting standards and portfolio diversification improves its growth prospects in the medium to long term. However, in the near term, it sees elevated provisions and high operating expenses impacting profitability. The brokerage expects the bank’s net interest income to grow at a CAGR of 14.2% over FY22-25. The stock is currently in the P/E Buy zone.

  • Rainbow Childrens Medicare is falling as 1.5 crore shares (15% equity) amounting to Rs 1,119 crore change hands, according to reports.

  • Angel One is falling as its monthly gross client acquisition and average client funding book in November falls by 28.3% YoY and 16.6% YoY respectively. Meanwhile, its client base surges 66.5% YoY. Its average daily turnover (ADTO) increases 79.7% YoY but falls on a month-on-month basis due to a decline in the ADTO of F&O.

  • IT stocks like Persistent Systems, LTIMindtree, Mphasis and L&T Technology Services are falling in trade. The broader sectoral index Nifty IT is also trading in the red.

  • SpiceJet is rising as the company schedules its annual general meeting (AGM) on December 26. The meeting will seek approval of audited financial results of FY22, ended March 2022, and reappointment of Ajay Singh as a director.

  • India’s Services PMI rises to 56.4 in November compared to 55.1 in October as sales improve due to strong growth in demand and advertising.

  • Easy Trip Planners is falling despite Go First entering into an exclusive general sales agreement with the company. This agreement mandates Easy Trip Planners to officially sell, promote and market Go First’s passenger tickets and other services in Saudi Arabia.

  • Ion Exchange (India) rises as it bags a contract worth Rs 343.36 crore from Indian Oil Corp of India for its zero liquid discharge plant at the Panipat refinery. The scope of the contract is design, engineering, manufacturing, supply, testing, commissioning, operation and maintenance of the plant for five years.

  • Hindustan Aeronautics (HAL) is rising after receiving an income tax refund order of Rs 427.5 crore. The Income Tax Appellate Tribunal passed an order in favour of HAL, allowing research & development expenses of Rs 595.2 crore as capital expenditure, thus resulting in the refund. The income tax refund includes interest of Rs 176.9 crore.

  • Gujarat Fluorochemicals falls over 3% in early trade as 20.1 lakh shares (1.8% equity) amounting to Rs 670.7 crore change hands, according to reports.

  • Rajesh Exports is falling as Managing Director Prashant Mehta retires. His resignation is effective from December 3.

  • Radhakishan Damani sells a 1.31% stake in VST Industries for approx Rs 71.1 crore on Friday.

  • Mahindra & Mahindra Financial Services’ disbursements grew 75% YoY to Rs 4,500 crore in November. Its stage 2 and stage 3 accounts (an account where assets’ credit quality reduces but are not classified into NPAs) see a fall QoQ. It shows up in a screener with decreasing provisions in its recent results.

  • Promoter group Nirmal Madhu Family Trust sells a 0.59% stake (5.2 lakh shares) in IIFL Wealth Management for Rs 94.5 crore in a bulk deal. Meanwhile, General Atlantic Singapore sells a 1.8% stake in Krishna Institute of Medical Sciences (KIMS) for Rs 214.6 crore. The shares (1.7% stake) were picked up by Amansa Holdings in KIMS.

  • Softbank’s SVF India Holdings (Cayman) sells a 5.08% stake (2.2 crore shares) in PB Fintech for Rs 1,042.5 crore in a bulk deal. The shares were picked up by Societe Generale and Morgan Stanley Mauritius.

Riding High:

Largecap and midcap gainers today include Mahindra & Mahindra Financial Services Ltd. (241.15, 5.31%), Aditya Birla Capital Ltd. (158.65, 4.58%) and Hindalco Industries Ltd. (481.20, 4.36%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (65.45, -4.52%), Bharat Heavy Electricals Ltd. (87.65, -3.20%) and TVS Motor Company Ltd. (1,017.80, -2.92%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included JK Lakshmi Cement Ltd. (825.35, 10.26%), Advanced Enzyme Technologies Ltd. (307.15, 8.30%) and Swan Energy Ltd. (273.85, 7.41%).

Top high volume loser on BSE was Gujarat Fluorochemicals Ltd. (3,249.05, -5.80%).

Medplus Health Services Ltd. (703.50, 4.36%) was trading at 24.2 times of weekly average. Capri Global Capital Ltd. (757.00, 0.73%) and Laxmi Organic Industries Ltd. (318.75, 4.78%) were trading with volumes 15.4 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

26 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Apollo Tyres Ltd. (318.95, -0.08%), Bank of India (86.30, 2.07%) and Bharat Heavy Electricals Ltd. (87.65, -3.20%).

23 stocks climbed above their 200 day SMA including Advanced Enzyme Technologies Ltd. (307.15, 8.30%) and Sobha Ltd. (670.05, 5.16%). 13 stocks slipped below their 200 SMA including Zomato Ltd. (65.45, -4.52%) and IFB Industries Ltd. (927.70, -2.50%).

 
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