Trendlyne Marketwatch
Trendlyne Marketwatch
06 Dec 2022
Market closes lower, World Bank upgrades India’s GDP growth to 6.9% in FY23

Trendlyne Analysis

Indian indices recovered from their day’s low but still closed in the red on a volatile day of trade. European indices traded lower than Monday's levels amid weak global cues. Investors look ahead to the RBI’s Monetary Policy Committee decision to be announced tomorrow. Most major Asian indices closed in the red, in line with the US indices which closed lower on Monday. US stocks fell amid rising treasury yields as unexpectedly strong US Services data muddled the Fed’s rate hike views. The tech-heavy NASDAQ 100 fell 1.7% while the Dow Jones closed 1.4% lower. Brent crude oil futures traded higher after falling over 4.5% in the last two trading sessions.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Pharma and Nifty Auto closed lower than Monday’s levels. Nifty IT closed in the red, taking cues from the NASDAQ 100, which closed lower on Monday.

Nifty 50 closed at 18,642.75 (-58.3, -0.3%), BSE Sensex closed at 62,626.36 (-208.2, -0.3%) while the broader Nifty 500 closed at 15,922.85 (-44.4, -0.3%)

Market breadth is in the red. Of the 1,948 stocks traded today, 786 were gainers and 1,107 were losers.

  • Dabur India beats Marico in YoY & QoQ revenue growth, QoQ profit growth and broker average rating but lags in PE ratio, annual RoCE and average broker target upside.

  • Westlife Development and Rashtriya Chemicals & Fertilizers hit their all-time highs of Rs 815.5 and Rs 132.2 respectively. Westlife Development rises for three sessions, while the other trades higher for four sessions.

  • Maruti Suzuki India is falling as it plans to recall 9,125 vehicles manufactured between November 2 and 28 on the suspicion of a possible defect in a seat belt component. The stock shows up in a screener for companies with declining net cash flow.

  • Natco Pharma is rising as it receives a favourable judgement from the Delhi High Court. The court dismissed the appeal filed by FMC Corp, FMC Singapore and FMC India stating that the Natco chlorantraniliprole (CTPR) process does not infringe FMC's Indian patent 298645.

  • Easy Trip Planners falls more than 8% in trade. However, the stock ranks high as it passes 54% on Trendlyne’s checklist. The stock shows up in a screener with high momentum score.

  • World Bank upgrades its forecast for India’s FY23 GDP growth to 6.9% from the earlier 6.5%. It says that India is in a better position to tackle global pressures. However, it expects inflation of 7.1% in FY23.

  • Punjab National Bank touches a 52-week high of Rs 57.5. The stock ranks medium and checks 46% parameters on Trendlyne’s checklist. It shows up in a screener of stocks with improving momentum score and RoE in the past two years.

  • ICICI Direct maintains its ‘Buy’ rating on Motherson Sumi Wiring India with a target price of Rs 75, implying an upside of 25%. The brokerage is optimistic about the company’s growth prospects given the rise in components per vehicle on the back of increasing electrification of vehicles. It also expects the firm to benefit from the demand recovery in the domestic automobile space. The brokerage estimates the company’s net profit to grow at a CAGR of 25.9% over FY22-25.

  • India’s sugar output could fall by 7% this year due to adverse weather conditions and lead to a decrease in exports, say reports.

  • Ratnamani Metals & Tubes rises as it receives domestic and export orders aggregating to Rs 262.52 crore.

  • Metal stocks like Tata Steel, Hindalco Industries and Steel Authority of India (SAIL) are falling in trade. All constituents of the broader BSE Metal index trade in the red.

  • Gravita India is rising as its step down subsidiary, Gravita Togo SAU, starts production of aluminium cast alloys from a recycling plant in Togo, West Africa. The plant has an annual capacity of 4,000 MTPA, which will aid in adding Rs 60 crore per annum to the revenue with gross margins of approximately 26%.

  • Indian rupee falls to a one-month low of 82.30 against the US dollar in early trade today.

  • PSU bank stocks like Punjab & Sind Bank, Bank of India, Union Bank of India and UCO Bank are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • Bajaj Consumer Care is rising as the company's board is set to consider a proposal for the buyback of fully paid equity shares at its meeting on Friday. The company features in a screener of stocks with improving cash flow and good durability.

  • Ahluwalia Contracts (India) is rising as it secures an order worth Rs 174.9 crore from the government of Assam. The order pertains to the construction of a public auditorium with a seating capacity of 5,000 in Guwahati. The company shows up in a screener for stocks in the PE Buy zone with a good durability score and a rising momentum score.

  • Sunil Duggal, Group CEO of Vedanta, says that easing of Covid norms in China will help improve metal prices. He adds that the company is increasing the capacity of electrosteel and aims to subsequently expand it to 10 million tonnes.

  • Porinju Veliyath sells a 0.9% stake in Hindware Home Innovation in a bulk deal on Monday. The approx value of the deal is Rs 24.7 crore.

  • IRB Infrastructure Developers is rising after the company and IRB Infrastructure Trust report an increase in toll collections by 39% YoY to Rs 365.9 crore in November. The company’s Chairman and MD Virendra Mhaiskar says, "With inflationary concerns gradually easing, traffic has remained strong and grown on an MoM basis." The stock is nearing its 52-week high.

  • Sequoia Capital India sells a 3.7% stake (20 lakh shares) in Go Fashion (India) for Rs 228 crore in a bulk deal. Canara Robeco Mutual Fund picks up a 0.59% stake in Go Fashion in another deal.

  • Promoter group Srinivasan Trust sells a 0.54% stake (25.6 lakh shares) in TVS Motor Co for Rs 262.1 crore in a bulk deal. Meanwhile, Inox Leasing and Finance (promoter group) sells a 1.64% stake in Gujarat Fluorochemicals for Rs 589.5 crore in a bulk deal.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (58.70, 8.20%), Union Bank of India (88.15, 6.33%) and Bank of India (90.30, 4.63%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (457.70, -4.13%), LTIMindtree Ltd (4,815.55, -3.21%) and Varun Beverages Ltd. (1,309.60, -3.19%).

Movers and Shakers

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

Top high volume gainers on BSE included Punjab & Sind Bank (29.85, 19.40%), Jindal Stainless Ltd. (197.30, 10.22%) and PNC Infratech Ltd. (291.15, 9.39%).

Top high volume losers on BSE were Aptus Value Housing Finance India Ltd. (306.05, -2.11%), Cera Sanitaryware Ltd. (5,329.00, -1.65%) and Kansai Nerolac Paints Ltd. (445.00, -0.53%).

TCNS Clothing Co. Ltd. (590.50, 3.72%) was trading at 60.0 times of weekly average. Nesco Ltd. (651.15, 1.96%) and Narayana Hrudayalaya Ltd. (757.00, 0.21%) were trading with volumes 6.9 and 6.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks made 52-week highs,

Stocks touching their year highs included - Bank of Baroda (174.40, 1.42%), Bank of India (90.30, 4.63%) and Britannia Industries Ltd. (4,424.35, 0.48%).

12 stocks climbed above their 200 day SMA including Advanced Enzyme Technologies Ltd. (315.50, 2.72%) and Prince Pipes & Fittings Ltd. (632.10, 1.41%). 18 stocks slipped below their 200 SMA including Network 18 Media & Investments Ltd. (73.50, -3.23%) and LTIMindtree Ltd (4,815.55, -3.21%).

 
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