Trendlyne Marketwatch
Trendlyne Marketwatch
28 Dec 2022
Market closes flat, RBL Bank touches a 52-week high

Trendlyne Analysis

Nifty 50 closed flat after switching between losses and gains on a volatile day of trade. European stocks followed the global trend and traded lower than Tuesday’s levels. Most major Asian indices closed in the red, in line with the US indices, which also closed mostly lower on a volatile day of trade. US indices fell after the long holiday weekend led by heavyweights like Tesla and Apple. Tesla plunged over 11% after a report of a plan to temporarily halt production at its Shanghai factory. Brent crude oil futures traded lower as traders assessed slowing global economic growth and supply concerns.

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, following the benchmark index. Nifty Energy and Nifty Realty closed lower than their Tuesday levels. Nifty IT closed in the red, taking cues from the Nasdaq 100, which closed 1.5% lower on Tuesday.

Nifty 50 closed at 18,122.50 (-9.8, -0.1%), BSE Sensex closed at 60,910.28 (-17.2, 0.0%) while the broader Nifty 500 closed at 15,432.80 (14.5, 0.1%)

Market breadth is in the green. Of the 1,932 stocks traded today, 1,115 were on the uptick, and 760 were down.

  • Tube Investments of India beats Bosch in YoY net profit growth, Trendlyne’s durability score, one-year price change and broker average rating. But lags in YoY revenue growth, QoQ net profit growth and PE ratio.

  • Bharat Forge sees five broker target price upgrades, while Axis Bank and Siemens see four upgrades.

  • RBL Bank rises for three consecutive sessions and touches its 52-week high of Rs 174.2 today. The stock ranks high on Trendlyne’s checklist with a score of 54.2%. It also features in a screener of companies with improving net cash flow for the last two years.

  • Sheela Foam rises as the company plans to acquire its competitor Kurlon for Rs 2,000 crore, say reports. The combined entity will have a market share of more than 50% in the organised mattress space.

  • Adani Enterprises acquires an analytics and decision support company, SIBIA Analytics & Consulting Services, for Rs 14.8 crore. It believes this transaction will enhance its artificial intelligence and machine learning capabilities.

  • Commercial services and supplies, hardware technology and equipment, and telecommunications equipment sectors fall by more than 5% over the week.

  • Crude oil prices trade near their 3-week high as China plans to scrap quarantine for inbound travelers. The rise is also because of Russia’s plans to cut oil exports by 5-7% during the early phase of 2023.

  • Page Industries, Atul and Pidilite Industries are trading above their second resistance or R2 levels.

  • DLF, Divi’s Laboratories and Bank of Baroda’s annual RoE improves to 4.1%, 25.2% and 8.5%, respectively, over the past two years.

  • ICICI Securities maintains its ‘Buy’ rating on Oil and Natural Gas Corp with a target price of Rs 195, indicating an upside of 35.4%. The brokerage anticipates an improvement in the company’s operating performance on the back of an increase in production, favourable gas prices and higher realisations. It expects the firm’s net profit to grow at a CAGR of 18.5% over FY22-24.

  • Hariom Pipe Industries rises as it enters into an asset transfer agreement with RP Metal Sections for Rs 55 crore. The company is set to purchase operating assets that manufacture galvanized pipe and cold roll coil. The stock shows up in a screener for companies with strong annual EPS growth.

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

  • Pramod Agrawal, Chairman of Coal India, says the company will attain its 700 million tonne production target in FY23. Coal India contributes to more than 80% of the domestic coal output.

  • Reserve Bank of India approves the reappointment of Baskar Babu Ramachandran as the Managing Director and Chief Executive Officer of Suryoday Small Finance Bank for three years, with effect from January 23.

  • Pharmaceutical company Jubilant Pharmova is rising in trade in a volatile market. However, the stock shows up in a screener with declining profits for the past two quarters. It ranks medium on the Trendlyne Checklist score.

  • Power stocks like Adani Power, CG Power & Industrial Solutions, Adani Transmission, NHPC, and Power Grid Corp of India are rising in trade. All the constituents of the broader sectoral index BSE Power are also trading in the green.

  • Adani Wilmar rises over 4% in trade as 13.8 lakh shares (0.1% equity) amounting to Rs 80 crore change hands, according to reports.

  • Promoter Rishab Family Trust sells 6.5 lakh shares (0.04% stake) in Bajaj Finserv for Rs 100 crore in a block deal on Tuesday. Promoter Jamnalal Sons Private picks up the shares.

  • Ashish Kacholia sells a 0.64% stake in S P Apparels for approx Rs 5.1 crore in a bulk deal on Tuesday.

  • Punjab & Sind Bank’s board plans to meet on Friday to discuss raising funds worth Rs 250 crore through equity and bonds issuance. Issue of equity shares will be via Follow on Public Order (FPO), rights issue, institutional placement or preferential issue. It shows up in a screener of stocks gaining more than 20% in one month.

  • The Ministry of External Affairs appoints Rail Vikas Nigam as the project implementation agency for the development of UTF Harbor in the Maldives. The project is worth Rs 1,544.6 crore and is expected to be executed over 24 months.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (3,605.80, 7.54%), Macrotech Developers Ltd. (1,084.00, 5.27%) and JSW Energy Ltd. (283.90, 5.17%).

Downers:

Largecap and midcap losers today include Union Bank of India (79.40, -4.05%), Indian Overseas Bank (32.15, -3.45%) and Honeywell Automation India Ltd. (41,235.95, -2.33%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Rashtriya Chemicals & Fertilizers Ltd. (133.80, 14.85%), Gujarat State Fertilizer & Chemicals Ltd. (140.35, 10.21%) and Saregama India Ltd. (395.20, 7.57%).

Top high volume losers on BSE were Amara Raja Batteries Ltd. (569.80, -3.24%), Procter & Gamble Hygiene & Healthcare Ltd. (14,055.00, -0.32%) and SKF India Ltd. (4,576.50, -0.10%).

Rossari Biotech Ltd. (754.60, 5.98%) was trading at 15.8 times of weekly average. Grindwell Norton Ltd. (1,795.00, -0.10%) and Rites Ltd. (335.95, 6.99%) were trading with volumes 3.7 and 3.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks overperformed with 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Jindal Steel & Power Ltd. (578.20, 0.39%), RBL Bank Ltd. (173.05, 4.00%) and Capri Global Capital Ltd. (775.45, 0.28%).

Stocks making new 52 weeks lows included - Gland Pharma Ltd. (1,573.35, -0.65%) and C.E. Info Systems Ltd. (1059.00, -3.67%).

24 stocks climbed above their 200 day SMA including Macrotech Developers Ltd. (1,084.00, 5.27%) and KNR Constructions Ltd. (252.95, 4.01%). 13 stocks slipped below their 200 SMA including L&T Technology Services Ltd. (3,700.10, -1.92%) and Avenue Supermarts Ltd. (4,017.75, -1.40%).

 
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