Trendlyne Marketwatch
Trendlyne Marketwatch
15 Dec 2022
Market closes lower, Landmark Cars’ IPO gets bids for 3.1X of the total shares on offer

Trendlyne Analysis

Nifty 50 fell nearly 250 points and closed 1.3% lower, with the volatility index, India VIX, rising sharply. European stocks followed the global trend and traded lower than Wednesday’s levels. Major Asian indices closed lower, in line with the US indices, which closed in the red on Wednesday. US stocks fell after the Fed raised the federal funds rate by an expected 50 basis points. But the Fed’s commentary was more hawkish than expected by analysts. Fed Chair Jerome Powell said the committee wouldn’t consider rate cuts until it is confident that inflation falls to 2% in a sustained way. In reaction, the tech-heavy Nasdaq 100 fell 0.8% and the Dow Jones closed 0.4% lower. Brent crude oil futures traded in the red after rising over 3% on Wednesday due to supply concerns.

Nifty Midcap 100 and Nifty Smallcap 100 closed flat, following the benchmark index. Nifty Pharma and Nifty Energy closed below Wednesday’s levels. Nifty IT closed deep in the red, taking cues from the Nasdaq 100, which fell 0.8% on Wednesday.

Nifty 50 closed at 18,414.90 (-245.4, -1.3%), BSE Sensex closed at 61,799.03 (-878.9, -1.4%) while the broader Nifty 500 closed at 15,783.80 (-180, -1.1%)

Market breadth is in the red. Of the 1,935 stocks traded today, 633 showed gains, and 1,255 showed losses.

  • Indian Railway Catering & Tourism Corp sees a short buildup in its December 29 future series as its open interest rises 26.8% with a put-call ratio of 0.51.

  • Credit rating agency ICRA expects NBFCs’ assets to hit Rs 49 lakh crore by March 2024, according to reports. It adds that the NBFCs’ non-performing assets (NPAs) will likely fall by 40 bps YoY to 3.8% by March 2023.

  • Ramkrishna Forgings touches an all-time high of Rs 266.9 in trade today. The company plans to buy a 51% stake in TSUYO Manufacturing, a startup involved in giving powertrain solutions for electric vehicles. It plans to invest nearly Rs 100 crore in the next five years to enhance product portfolio and carry out expansion plans.

  • IDBI Bank surges to hit its 52-week high of Rs 61 in trade today. It shows up in a screener for stocks with high TTM EPS growth. It also ranks high in the Trendlyne checklist with a score of 56% and has good durability and momentum scores.

  • UCO Bank rises as 4.4 crore shares (0.4% equity) amounting to Rs 160.2 crore change hands, according to reports.

  • Fertilizers stocks like Madras Fertilizers, The Fertilisers and Chemicals Travancore, National Fertilizers and Mangalore Chemicals & Fertilizers are rising in trade. The broader sector of fertilizers is also trading in the green.

  • Indian Railway Catering & Tourism Corp (IRCTC) falls as the Centre starts to offload a 2.5% stake to non-retail investors via an offer for sale today. It will sell another 2.5% stake to retail and non-retail investors who wish to carry forward their unallotted bids on Friday. The floor price is set at Rs 680 per share.

  • Landmark Cars’ Rs 552 crore IPO gets bids for 3.1X of the available 80.4 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 59% of the available 40 lakh shares on offer.

  • Larsen & Toubro’s Hydrocarbon business bags two orders worth Rs 1,000-2,500 crore each. L&T Energy Hydrocarbon - Asset Management, a business vertical, secures its first integrated operations and maintenance order from Vedanta. The firm also won an order for the construction of a Hydrogen Generation Unit from Matheson Tri-Gas, a subsidiary of Nippon Sanso Holdings Corp.

  • Kishor Rungta, Managing Director of The Fertilisers and Chemicals Travancore, says that fertiliser prices are still high even though they have gone down by 15-20%. He adds that the company’s outstanding subsidy stands at Rs 150-200 crore.

  • IT stocks like Tech Mahindra, Infosys, LTIMindtree, Coforge and Tata Consultancy Services are falling in trade. All constituents of the broader sectoral index Nifty IT, barring L&T Technology Services, are trading in the red.

  • eClerx Services' board approves share buyback of 17.15 lakh shares (representing 3.38%) worth up to Rs 300 crore at Rs 1,750 per share. The record date is December 27.

  • ICICI Direct upgrades its rating on V-Guard Industries to ‘Buy’ from ‘Hold’ with a target price of Rs 310, indicating an upside of 19%. The brokerage turns positive on the firm’s prospects after its acquisition of the kitchen appliance company Sunflame. It believes the acquisition will provide V-Guard with significant synergies in aspects such as distribution network and product portfolio. The brokerage expects the company’s net profit to grow at a CAGR of 18.1% over FY22-25.

  • Indian rupee falls to 82.63 from the previous close of 82.46 against the US dollar in early trade. This comes after the US Federal Reserve raises interest rate by 50 bps during the FOMC held on Wednesday.

  • Poonawalla Fincorp is falling as it announces the sale of its housing finance arm, Poonawalla Housing Finance, for Rs 3,900 crore to TPG affiliate Perseus SG. The company believes this transaction will aid in maximising value creation by optimising resource allocation. The company shows up in a screener for stocks with consistently high returns over the past five years.

  • Power Grid Corp of India’s board of directors approves investment of Rs 330.6 crore for the evacuation of power from the renewable energy zone (REZ) in Rajasthan. The stock shows up in a screener for companies with rising quarterly revenue sequentially over the past four quarters.

  • AstraZeneca Pharma India's Managing Director Gagandeep Singh Bedi resigns as he gets transferred to a new position within AstraZeneca Group. His resignation is effective from December 31, 2022.

  • Sapphire Foods’ promoters and shareholders likely offloaded stake in the company, as 68.2 lakh shares (10.7% equity) change hands in a block deal, say reports.

  • Dilip Buildcon rises in early trade after it reports finishing the Gujarat Metro Rail Corp agreement Wednesday. The project cost Rs 1,061 crore.

  • Shriram Properties is rising after it buys the ‘Golden Ira’ project from Golden Gates Group for Rs 125 crore. Golden Ira project is located in North Bangalore with a saleable area of 10 lakh square feet. The company shows up in a screener with improving RoCE in the past two years.

  • Glenmark Pharmaceuticals inks a pact with J.B. Chemicals & Pharmaceuticals to divest its cardiac unit (Razel) in Indian and Nepal markets for Rs 313.7 crore. The transaction is likely to be completed by December-end. The stock shows up in a screener of companies with reducing debt.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (177.10, 10.76%), Indian Overseas Bank (34.75, 7.09%) and IDBI Bank Ltd. (58.75, 2.62%).

Downers:

Largecap and midcap losers today include Indian Railway Catering & Tourism Corporation Ltd. (689.05, -6.24%), Bank of India (94.45, -5.12%) and Tube Investments of India Ltd. (2,831.70, -4.96%).

Volume Rockets

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

Top high volume gainers on BSE included General Insurance Corporation of India (177.10, 10.76%), Mahindra CIE Automotive Ltd. (314.85, 9.72%) and Gujarat State Fertilizer & Chemicals Ltd. (148.90, 6.09%).

Top high volume losers on BSE were Indian Railway Catering & Tourism Corporation Ltd. (689.05, -6.24%), Metropolis Healthcare Ltd. (1,322.10, -3.65%) and Brigade Enterprises Ltd. (457.00, -3.59%).

Johnson Controls-Hitachi Air Conditioning India Ltd. (1,170.00, 0.61%) was trading at 22.2 times of weekly average. Sapphire Foods India Ltd. (1,397.50, 2.74%) and PNC Infratech Ltd. (297.70, 3.19%) were trading with volumes 16.0 and 11.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks hit their 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (322.60, 1.02%), Bank of India (94.45, -5.12%) and Bank of Maharashtra (34.35, 0.73%).

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (446.90, -1.67%) and Metropolis Healthcare Ltd. (1,322.10, -3.65%).

15 stocks climbed above their 200 day SMA including Gujarat State Fertilizer & Chemicals Ltd. (148.90, 6.09%) and Sterlite Technologies Ltd. (177.35, 4.11%). 13 stocks slipped below their 200 SMA including Indian Railway Catering & Tourism Corporation Ltd. (689.05, -6.24%) and PVR Ltd. (1,810.10, -3.48%).

 
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