Trendlyne Analysis

Indian indices closed flat after gyrating between losses and gains on a volatile day of trade. European stocks traded higher than Tuesday's levels. The World Bank cuts 2023 growth forecasts and expects global GDP growth of 1.7% in 2023, the slowest pace (Barring 2009 and 2020) in nearly three decades. Most major Asian indices trade in the green, in line with the US indices, which closed higher on Tuesday.

US stocks rose as investors looked ahead to the US CPI inflation data, scheduled to be released on Thursday. The tech-heavy NASDAQ 100 rose 0.9% while the Dow Jones closed 0.6% higher. Crude oil prices traded flat as inflation data release looms and traders will look for hints from the data and the US Fed commentary on Thursday.

Nifty Smallcap 100 closed in the flat, following the benchmark index. Nifty Energy and Nifty FMCG closed lower than Tuesday’s levels. Nifty IT closed in the green, taking cues from the Nasdaq 100, which closed higher on Tuesday.

Nifty 50 closed at 17,895.70 (-18.5, -0.1%), BSE Sensex closed at 60,105.50 (-10.0, 0.0%) while the broader Nifty 500 closed at 15,301.35 (-23.9, -0.2%)

Market breadth is balanced. Of the 1,946 stocks traded today, 971 were on the uptrend, and 908 went down.

• Max Financial Services sees a short buildup in its January 25 future series as its open interest rises 15.7% with a put-call ratio of 0.62.

• Galaxy Surfactants hits its 52-week low of Rs 2,350. The stock falls for three consecutive sessions.

• Advertising & Media, Fertilizers and Storage Media & Peripherals industries rise more than 24% over the past month.

• Tata Investment Corp rises over 4.5% in trade today. The stock ranks high on Trendlyne’s checklist, scoring 72.7%. It also features in a screener of companies with strong momentum.

• ICICI Securities maintains its ‘Buy’ rating on Syrma SGS Technology with a target price of Rs 350, indicating an upside of 29%. The brokerage expects the company to gain market share and improve margins in the coming quarters. It believes correction in input costs and benefits from the PLI scheme will expand margins. The brokerage estimates the firm’s revenue to grow at a CAGR of 33.3% over FY22-25.

• Oil And Natural Gas Corp, Coal India and Tata Consumer Products trade below their second support or S2 level as the market trades flat.

• Toshihiro Suzuki, President of Suzuki Motor Corp, says India could be a leader in manufacturing automobiles. He adds that the delay in launching SUVs caused Maruti's market share to fall.

  #India could soon become the world's leading manufacturer of automobiles. #Maruti could not sustain 50% market share as there was a delay in launching #SUVs, says Toshihiro Suzuki, President of Suzuki Motor to CNBC-TV18#AutoExpo2023 pic.twitter.com/DvIrPiA5ma

  — CNBC-TV18 (@CNBCTV18Live) January 11, 2023

• Power Grid Corp trades flat in a volatile market. It ranks medium on the Trendlyne Checklist score. According to reports, HDFC Securities expects the company’s Q3FY23 net profit to rise 10.5% YoY, with net sales increasing by 7.5%. It shows up in a screener for stocks with increasing revenue for the past four quarters.

• World Bank lowers its forecast for India’s GDP growth in FY24 to 6.6% from 6.9% in FY23 amid a slowdown in the global economy affecting exports and investments.

  India's economic growth will slow to 6.6% in the next fiscal year from an expected 6.9% in the current year, the World Bank said https://t.co/mScqlsrKUQ pic.twitter.com/SmaF4FwhVO

  — Reuters Asia (@ReutersAsia) January 11, 2023

• Rail Vikas Nigam rises as it receives an order worth Rs 1,134.1 crore for the construction of a viaduct and nine elevated metro stations in Chennai.

• US FDA issues Form 483 to Piramal Pharma with six observations after conducting a pre-approval inspection (PAI) and goods manufacturing practices (GMP) inspection at the Lexington facility in the USA. The stock is trading near its 52-week low.

• IT stocks like MphasiS, L&T Technology Services, Persistent Systems and Tata Consultancy Services are rising in trade. The broader sectoral index Nifty IT is also trading in the green.

• JP Morgan downgrades its rating on Bharti Airtel to ‘Underweight’ and maintains its ‘Underweight’ rating on Vodafone Idea. The brokerage expects hesitance from companies toward tariff hikes, which may delay their growth.

  #BrokerageRadar | @jpmorgan has released a note on telecom cos stating 'Underweight' calls on Bharti Airtel and Vodafone Idea while being Neutral on Indus Towers@soumeet_sarkar details- #StockMarket #StocksToWatch #BhartiAirtel #IndusTowers pic.twitter.com/jTQ4d7DgQa

  — ET NOW (@ETNOWlive) January 11, 2023

• Tata Motors, Cyient and IIFL Wealth Management see a positive shift in their share prices ahead of Q3FY23 results in January.

• Sun Pharmaceuticals is rising after announcing the release of Palbociclib, an anti-cancer drug, for the Indian markets. The drug is designed for patients with advanced breast cancer. The stock is trading near its 52-week high.

• Tata Motors rises as it completes the acquisition of Ford’s Sanand manufacturing plant. Tata Motors’ subsidiary Tata Passenger Electric Mobility announced the acquisition in August 2022 for Rs 725.7 crore. It shows up in a screener of stocks with low PE (PE<=10).

• Jefferies downgrades its rating on pharma companies like Biocon, Laurus Labs and Cipla to ‘Hold’ from ‘Buy’. The brokerage is sceptical if outsourcing as an opportunity will continue in India.

  #StocksInNews | Jefferies has downgraded the rating of pharma names such as Laurus Labs, Cipla and Biocon from 'Buy' to 'Hold' and has also trimmed the target prices of all these stocks
  
  Pankaj Poddar joins in with the details- @LaurusLabs @Cipla_Global @Bioconlimited pic.twitter.com/bboAnYIF2i

  — ET NOW (@ETNOWlive) January 11, 2023

• Rakesh Jhunjhunwala's portfolio buys a 0.8% stake in Geojit Financial Services in Q3FY23, now holds 8.4% stake in the company.

• Ashish Kacholia buys a 1.3% stake in Agarwal Industrial Corp in Q3FY23, now holds a 3.8% stake in the company.

• PC Jeweller falls even as it reports a 38% YoY increase in domestic turnover to Rs 829.1 crore in Q3FY23. The company shows up in a screener of stocks with declining RoA for the past two years.

• Adani Wilmar sees volume growth in the high teens YoY and value in the low-single digits YoY in Q3FY23. Its food & FMCG business drives volume growth on the back of increasing penetration and a widespread distribution network. The company’s edible oil segment makes market share gains despite volatile prices.

Riding High:

Largecap and midcap gainers today include Tata Communications Ltd. (1,417.25, 4.20%), Oil India Ltd. (222.85, 4.16%) and Max Financial Services Ltd. (798.55, 3.68%).

Downers:

Largecap and midcap losers today include Varun Beverages Ltd. (1,225.05, -4.84%), Sona BLW Precision Forgings Ltd. (427.20, -4.53%) and Bharti Airtel Ltd. (765.55, -3.44%).

Movers and Shakers

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

Top high volume gainers on BSE included Greaves Cotton Ltd. (142.80, 7.53%), Edelweiss Financial Services Ltd. (67.70, 5.21%) and Tata Investment Corporation Ltd. (2,287.85, 4.93%).

Top high volume losers on BSE were Bharti Airtel Ltd. (765.55, -3.44%), Akzo Nobel India Ltd. (2,125.75, -1.21%) and Sun TV Network Ltd. (469.00, -0.98%).

eClerx Services Ltd. (1,399.00, 4.54%) was trading at 7.9 times of weekly average. Mangalore Refinery And Petrochemicals Ltd. (58.85, 4.07%) and Sterlite Technologies Ltd. (170.35, 1.49%) were trading with volumes 7.7 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52-week highs, while 6 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Zydus Lifesciences Ltd. (452.35, -1.09%), Jindal Steel & Power Ltd. (604.40, 0.90%) and CG Power and Industrial Solutions Ltd. (299.20, 3.24%).

Stocks making new 52 weeks lows included - Atul Ltd. (7,715.75, 0.24%) and Biocon Ltd. (251.55, -2.46%).

16 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (16.90, 4.00%) and Max Financial Services Ltd. (798.55, 3.68%). 12 stocks slipped below their 200 SMA including Vinati Organics Ltd. (2,002.10, -2.86%) and Pidilite Industries Ltd. (2,479.50, -1.97%).