Trendlyne Analysis

Indian indices closed in the green with the Nifty 50 closing above the key 18,100 mark. Other Asian indices closed higher than Friday’s levels. European Indices traded in the green except for France’s CAC 40, which traded flat. US stocks closed in the green on Friday as US December jobs data and economic activity survey showed signs of slowing inflation, signaling the intended effect of the Fed’s interest rate hike. The tech-heavy Nasdaq 100 rose 2.8% while the Dow Jones closed 2.1% higher. Brent crude oil futures traded sharply higher after falling over 8% last week due to demand concerns amid slowing economic growth.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty FMCG closed higher than Friday’s levels. Nifty IT closed in the green, taking cues from Nasdaq 100, which closed sharply higher on Friday.

Nifty 50 closed at 18,101.20 (241.8, 1.4%), BSE Sensex closed at 60,747.31 (846.9, 1.4%) while the broader Nifty 500 closed at 15,450.10 (178.1, 1.2%)

Market breadth is in the green. Of the 1,981 stocks traded today, 1,112 showed gains, and 808 showed losses.

• Relative strength index (RSI) indicates that stocks like Abbott India, Power Finance Corp, Balkrishna Industries and REC are in the overbought zone.

• CG Power and Industrial Solutions touches a 52-week high of Rs 289.9 today. The stock ranks high on Trendlyne’s checklist, scoring 56.5%, and features in a screener of companies with FII/FPI or Institutions increasing their shareholding.

• Bajaj Holdings & Investment, Fine Organic Industries and Coforge are trading above their third resistance or R3 level as the market trades higher.

• Reports suggest that 2.7 crore shares (0.4 % equity) of Power Grid Corp of India amounting to Rs 560 crore change hands.

  Power Grid Large Trade | 2.72 cr shares (0.4% equity) worth ?560 cr change hands at an average of ?207/sh#BlockDeal pic.twitter.com/nlY4qOLzpL

  — CNBC-TV18 (@CNBCTV18Live) January 9, 2023

• PVR is rising as it opens three new multiplexes with a total of 19 screens. These include the launch of an eight-screen multiplex in Jaipur, a seven-screen multiplex in Bengaluru and a four-screen multiplex in Gurugram.

• JSW Steel is rising as its Q3FY23 combined crude steel production rises 17% YoY to 6.24 million tonnes, led by its Indian operations’ production volumes rising 20% YoY. The company features in a screener of stocks with strong cash-generating ability from its core business.

• One97 Communications (Paytm) is rising as its number of loan disbursals and value of loans disbursed grow 137% YoY to 1.05 crore and 357% YoY to Rs 9,958 crore respectively in Q3FY23. Merchant payment volumes also increase 38% YoY. The stock shows up in a screener for companies with revenue increasing sequentially for the past four quarters.

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

• India's FII flows stood at $252 million in the second half of December 2022. The financial services sector saw the highest inflow of $339 million, while the software and services sector saw the largest outflow.

  #MarketsWithETNOW | FII flows remain net positive in the second half of Dec with financials seeing the largest inflows, @soumeet_sarkar details #StockMarket #StocksToWatch #FIIFlows pic.twitter.com/0SX2knHYSx

  — ET NOW (@ETNOWlive) January 9, 2023

• ICICI Securities maintains its ‘Buy’ rating on Macrotech Developers with a target price of Rs 1,304. This indicates an upside of 14.9%. The brokerage believes the company will exceed its FY23 sales booking guidance of Rs 11,500 crore on the back of strong demand and new launches. It also expects a decline in net debt driven by an uptick in collections.

• Titan's overall sales in Q3FY23 rise 12% YoY with the aid of healthy customer sentiments during the festive season across all of its business segments. The overall sales growth is driven by jewellery, watches, and accessories & apparel segments rising 11%, 14% and 75% YoY respectively. The company adds 111 retail stores for the quarter.

• Larsen & Toubro is rising as its arm L&T Heavy Engineering announces securing multiple international and domestic orders worth Rs 1,000-2,500 crore in Q3FY23. The stock shows up in a screener for companies with book value per share improving over the past two years.

• Alkem Laboratories is rising as Nomura upgrades its rating on the stock to a ‘Buy’ with a target price of Rs 3,602. The brokerage expects steady domestic growth and improving EBITDA margin to drive the stock higher in the near term.

  Standout Brokerage Reports | @Nomura upgrades #Alkem Labs to Buy with a target price of Rs 3,602, citing that co’s better #EBITDA #margin could drive the stock higher. @nimeshscnbc with today's #StandoutBrokerageReport pic.twitter.com/HrAWQtQE8v

  — CNBC-TV18 (@CNBCTV18News) January 9, 2023

• IT stocks like Coforge, Tech Mahindra, Tata Consultancy Services and Persistent Systems are rising in trade. The broader sectoral indices Nifty IT, BSE IT Sector and BSE Tech are also trading in the green.

• Dolly Khanna trims her stake in Aries Agro to below 1% in Q3FY23, against 1.1% in Q2FY23.

• Ashish Kacholia buys a 1.2% stake in Yasho Industries in Q3FY23, now holds a 3.8% stake in the company.

• Hi-Tech Pipes nears a 52-week high after signing an MoU (memorandum of understanding) with the government of Uttar Pradesh to set up a manufacturing plant of steel tubes and pipes. The project cost is worth Rs 510 crore.

• Indian rupee appreciates to 82.30 from the previous close of 82.72 against the US dollar in early trade today.

  #Rupee Check | Rupee opens at 82.30/$ vs Friday’s close of 82.72/$#RupeeVsDollar #USDINR #USD #INR #Dollar #USDollar pic.twitter.com/Eh0r9fQQwe

  — CNBC-TV18 (@CNBCTV18Live) January 9, 2023

• Ashoka Buildcon is rising after it wins two projects from Dakshinanchal Vidyut Vitran Nigam worth Rs 807.6 crore. The projects pertain to the development, design, and supply of distribution infrastructure for Aligarh-2 and Agra-1 zones. The stock ranks high on the Trendlyne checklist score.

• Asian Paints' board approves setting up a water-based paint manufacturing facility with a capacity of 4 kilo litres per annum for Rs 2,000 crore. The facility will be built within three years of land acquisition. The stock shows up in a screener for upcoming results with rising delivery volumes.

• Tata Steel’s crude steel production rises 4% YoY to 5 million tonnes in India but production in Europe falls 12.5% YoY in Q3FY23. Deliveries rise 7% YoY with improvement from all segments like automotive & special products, branded products & retail and industrial products.

• Nifty 50 was trading at 17,953.00 (93.6, 0.5%), BSE Sensex was trading at 60,147.07 (246.7, 0.4%) while the broader Nifty 500 was trading at 15,361.25 (89.3, 0.6%)

• Market breadth is highly positive. Of the 1,783 stocks traded today, 1,513 were in the positive territory and 221 were negative.

Riding High:

Largecap and midcap gainers today include CG Power and Industrial Solutions Ltd. (289.45, 7.20%), Max Healthcare Institute Ltd. (451.15, 4.11%) and Persistent Systems Ltd. (3,994.85, 3.71%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (7.45, -4.49%), Kansai Nerolac Paints Ltd. (403.35, -3.83%) and Endurance Technologies Ltd. (1,362.80, -2.66%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included CG Power and Industrial Solutions Ltd. (289.45, 7.20%), Godfrey Phillips India Ltd. (2,127.65, 6.52%) and KEC International Ltd. (514.30, 5.79%).

Top high volume losers on BSE were J B Chemicals & Pharmaceuticals Ltd. (1,929.10, -1.20%), Westlife Development Ltd. (761.05, -1.06%) and Macrotech Developers Ltd. (1,053.25, -0.46%).

G R Infraprojects Ltd. (1,204.30, 3.67%) was trading at 10.2 times of weekly average. KPIT Technologies Ltd. (715.60, -0.15%) and Gland Pharma Ltd. (1,559.50, -0.36%) were trading with volumes 6.1 and 5.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks made 52-week highs, while 4 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (22,263.10, -0.29%), IDBI Bank Ltd. (58.80, -0.34%) and Jindal Steel & Power Ltd. (601.60, 1.78%).

Stocks making new 52 weeks lows included - Atul Ltd. (7,766.00, -0.81%) and Vodafone Idea Ltd. (7.45, -4.49%).

18 stocks climbed above their 200 day SMA including Tata Consultancy Services Ltd. (3,319.95, 3.38%) and Symphony Ltd. (990.35, 2.40%). 8 stocks slipped below their 200 SMA including Endurance Technologies Ltd. (1,362.80, -2.66%) and Bombay Burmah Trading Corporation Ltd. (938.20, -1.77%).