Trendlyne Analysis

Nifty 50 rose over 200 points and closed above the key 18,000 mark. Major Asian indices aslo closed higher, in line with the US indices, which closed in the green on Friday. However, despite closing higher on Friday, all three major US indices are set to post their biggest yearly losses since the 2008 global financial crisis. On Friday, the tech-heavy Nasdaq 100 closed 0.3% higher while the Dow Jones rose 0.5%. Brent crude oil futures rose over 2.5% on Friday and closed in the green for a third straight trading session.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Bank closed higher than Friday’s levels. Nifty IT closed higher, taking cues from the tech-heavy Nasdaq 100, which closed in the green on Friday.

Nifty 50 closed at 18,014.60 (207.8, 1.2%), BSE Sensex closed at 60,566.42 (721.1, 1.2%) while the broader Nifty 500 closed at 15,298.55 (252.6, 1.7%)

Market breadth is overwhelmingly positive. Of the 1,980 stocks traded today, 1,703 were on the uptrend, and 242 went down.

• Nifty 50 sees a short covering in its December 29 future series as its open interest falls 9.2% with a put-call ratio of 0.97.

• Crude oil prices rise as Russia plans to cut oil exports by 5-7% in the early phase of 2023 on the back of sanctions by Western nations. Other commodities like copper and zinc also see a rise in prices, while aluminium prices fall.

  #CommodityCorner
  
  -Copper rose higher on hopes of economic recovery
  -Aluminum dropped on recession concerns
  -Crude oil gained on cut in Russian output @soumeet_sarkar #Copper #Aluminum #CrudeOil pic.twitter.com/xSWg14HdS0

  — ET NOW (@ETNOWlive) December 26, 2022

• Easy Trip Planners is up more than 15% in trade today. The company recently announced a programme for its elite shareholders where they can gain benefits from its referral scheme. It shows up in a screener of stocks with increasing revenue for the past two quarters.

• Voltas and Aurobindo Pharma hit their 52-week lows of Rs 770 and Rs 434.4 respectively. Voltas falls for five consecutive sessions, while Aurobindo Pharma trades lower for three.

• Public sector banks like Indian Overseas Bank, Union Bank of India, Bank of India, Bank of Maharashtra and Punjab National Bank are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

• Radiant Cash Management’s Rs 387.9 crore IPO gets bids for 6% of the available 2.7 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 9% of the available 1.37 crore shares on offer.

• Voltas touched a 52-week low of Rs 770 before bouncing back to trade in the green. The company shows up in a screener of stocks with falling RoCE in the past two years. The stock has a durability score of 60, with 14 analysts recommending a ‘Hold’.

• Managing Director of MTAR Technologies, Parvat Srinivas Reddy, says that the company's order book stands close to Rs 1,300 crore and expects more order inflow from the defence, nuclear and aerospace segments. The company is on track to meet its guidance for FY23 with revenue growth of 50% YoY and EBITDA growth of 30% YoY.

  #MarketsWithETNOW | Parvat Srinivas Reddy of MTAR Technologies says
  
  -Believe in promising less, delivering more
  -Target to add more and more clients as possible@_anishaj #StockMarket #StocksToWatch pic.twitter.com/IZl2U2Caed

  — ET NOW (@ETNOWlive) December 26, 2022

• Tata Motors is rising as its subsidiary TML CV Mobility Solutions signs an agreement with the Delhi Transport Corp to supply and operate 1,500 electric buses for 12 years in New Delhi. The company shows up in a screener for stocks in which FIIs have increased their shareholding.

• Private equity firm Advent International agrees to buy a 50% stake in Suven Pharmaceutical from its promoters, Jasti family. The deal value is nearly Rs 6,313 crore. The company has also announced an open offer of 6.6 crore equity shares (26% stake) worth Rs 3,276 crore.

• Power Mech Projects wins orders for the execution of retrofitting of flue gas desulphurisation system from Adani Group, setting up of wagon repair workshop at Kazipet, Telangana, from its joint venture with Taikisha, and providing operation and maintenance services at Dangote petroleum refinery and petrochemicals project in Nigeria. The three orders are worth Rs 1,034.13 crore in total.

• ICICI Direct maintains its ‘Buy’ rating on IndusInd Bank with a target price of Rs 1,450. This indicates an upside of 23%. The brokerage believes that the bank is well-placed to capitalise on the continued traction in credit demand, given its focus on high-yielding segments, moderation in provisions, steady disbursement growth and moderation in slippages. It expects the company’s net profit to grow at a CAGR of 34% over FY22-24.

• Managing Director and Chief Executive Officer of CSB Bank, Pralay Mondal, says that the bank has seen a rise in the gold loan financing business over the past nine months. He adds that there are no risk bets on gold loans, and non-performing assets (NPAs) are almost zero.

  #OnCNBCTV18 | Bank has done well in the gold loan segment. There will be 20-30% overlap of banks and NBFC customers. Created good coverage across India, says Pralay Mondal of CSB Bank pic.twitter.com/2jep1zxEQM

  — CNBC-TV18 (@CNBCTV18Live) December 26, 2022

   
• Realty stocks like Indiabulls Real Estate, Sobha, Prestige Estates Projects and Sunteck Realty are rising in trade. The broader sectoral index Nifty Realty is also trading in the green.

• Inox Green is rising as it is set to acquire a majority stake in an independent operations & maintenance wind service provider with a fleet of over 230 MW, which mostly operates in South India. The company believes this acquisition will enable it to rapidly expand its footprint in India.

• Welspun Corp is rising as the company commissions a coke plant in Anjar, Gujarat, through the company's subsidiary, Welspun Metallics. The plant will have a capacity of 2.1 lakh MT per annum of coke, which will be used in the blast furnace to manufacture hot metal.

• Larsen & Toubro's arm L&T Construction wins orders worth Rs 1,000-2,500 crore from the Tumakuru Industrial Township under the Chennai-Bengaluru Industrial Corridor and repeat orders from the Tamil Nadu Water Supply and Drainage Board, Government of Tamil Nadu.

• Textile stocks like KPR Mill, Trident and Raymond are rising in trade as the ban on Xinjiang cotton increases the presence of Indian spinners in foreign markets, say reports. Indian textile mills' market share rises in the US and they will benefit when the free trade agreement (FTA) takes effect.

   

  #BrokerageRadar | Emkay on Textiles: Ban on Xinjiang cotton has increased reliance on Indian spinners#StockMarket #StocksToWatch #Textiles pic.twitter.com/lANhVbH24L

  — ET NOW (@ETNOWlive) December 26, 2022

• Max Ventures Investment Holdings, promoter of Max Financial Services, sells a 1.71% stake and now holds 11.3% in the company.

• Alkem Labs sells an 8% stake in its subsidiary Enzene Biosciences to Eight Roads Ventures and F-Prime Capital Partners Life Sciences. The value of the transaction is Rs 161.48 crore.

• National Company Law Appellate Tribunal upholds Competition Commission of India’s order to impose a penalty of Rs 751.8 crore on United Breweries on the grounds of cartelization. United Breweries, Carlsberg India and All India Brewers’ Association were charged with anti-competitive conduct, coordinating the prices and regulating the supply of beer.

• SJVN wins an order from Solar Energy Corp of India to build and operate a wind power project of 100 MW. The project cost will be Rs 700 crore and executed through SJVN’s subsidiary SJVN Green Energy. The stock shows up in a screener with high momentum score.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (31.20, 19.08%), Union Bank of India (80.25, 18.80%) and Bank of India (87.45, 12.98%).

Downers:

Largecap and midcap losers today include Dr. Lal Pathlabs Ltd. (2,278.55, -2.87%), Cipla Ltd. (1,096.50, -2.02%) and Divi's Laboratories Ltd. (3,428.80, -1.99%).

BSE 500: highs, lows and moving averages

21 stocks were underachievers and hit their 52-week lows.

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (437.20, -0.07%) and DCM Shriram Ltd. (840.10, -2.21%).

34 stocks climbed above their 200 day SMA including Easy Trip Planners Ltd. (54.65, 19.98%) and Poonawalla Fincorp Ltd. (280.45, 13.96%). 24 stocks slipped below their 200 SMA including Suven Pharmaceuticals Ltd. (472.40, -4.77%) and Ajanta Pharma Ltd. (1,186.40, -4.35%).