Trendlyne Marketwatch
Trendlyne Marketwatch
12 Jan 2023
Market closes lower, Cyient's Q3 net profit surges 97.2% QoQ

Trendlyne Analysis

Indian indices recovered from their day's low but still closed in the red on a volatile day of trade. European indices traded higher than Wednesday’s levels. Major Asian Indices closed flat except for the Australian index, ASX ALL Ordinaries, which closed in the green. US indices closed sharply higher on Wednesday. The S&P 500 rose 1.28% while the Dow Jones closed 0.80% higher at the closing bell on Wednesday. Wall Street is expecting an easing of US CPI inflation, which is scheduled to be released later today. The tech-heavy NASDAQ 100 rose 1.76%. Crude oil prices rise as China’s demand outlook improves and concerns rise over the impact of sanctions on Russian supply.

Nifty Smallcap 100 closed flat in a volatile trading session and Nifty Midcap 100 closed in the red. Nifty Auto and Nifty Realty closed in the green. Nifty IT closed higher, taking cues from the Nasdaq 100 which closed higher on Wednesday. All other major sectoral indices closed lower than Wednesday’s levels.

Nifty 50 closed at 17,858.20 (-37.5, -0.2%), BSE Sensex closed at 59,958.03 (-187.5, -0.3%) while the broader Nifty 500 closed at 15,279.60 (-21.8, -0.1%)

Market breadth is in the red. Of the 1,953 stocks traded today, 776 were on the uptrend, and 1,105 went down.

  • Relative strength index (RSI) indicates that stocks like Max Financial Services, Symphony, Indian Oil Corp and Zydus Lifesciences are in the overbought zone.

  • Cyient rises as its Q3FY23 net profit surges 97.2% QoQ to Rs 156 crore. Its employee costs as a percentage of revenue also decline. Revenue grows 15.9% QoQ on the back of services and design-led manufacturing segments rising 14.3% QoQ and 25.8% QoQ respectively.

  • PB Fintech's subsidiary, PB Financial Account Aggregators, receives in-principle approval from the Reserve Bank of India to set up an account aggregator business.

  • Rail Vikas Nigam rises nearly 5% in trade today. The stock ranks high on Trendlyne’s checklist, scoring 78.3%. It also features in a screener for companies with high TTM EPS growth.

  • Credit rating agency Fitch Ratings says that Tata Consultancy Services' (TCS) revenue growth may decline in FY24 due to the global economic slowdown.

  • Navin Fluorine is one of the high-volume, high-gainer stocks in a volatile market today. The stock ranks medium on the Trendlyne Checklist score. It shows up in a screener of stocks with high promoter pledges.

  • Zydus Lifesciences' subsidiary, Zydus Worldwide DMCC, gets final approval from the US FDA to market brexpiprazole tablets, an antipsychotic drug used as an antidepressant for the treatment of major depressive disorder (MDD) in adults. It will be manufactured in the company's formulation facility at Ahmedabad SEZ. According to IQVIA, the drug's annual sales in the US as of September 2022 have been $1,548 million.

  • G.M Breweries’ Q3FY23 net profit rises 31% YoY to Rs 25.9 crore and revenue increases 18.5% YoY to Rs 609.2 crore. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • One97 Communications (Paytm) falls over 6% in trade as 2 crore shares (3.1% equity) amounting to Rs 1,126 crore change hands, according to reports.

  • TVS Motor plans to invest in two- and three-wheeler expansion in electric and internal combustion engine (ICE) vehicles in Madhya Pradesh. The company estimates an investment of over Rs 1,000 crore for this and expects to provide over 2,000 jobs.

  • Oil & Gas stocks like Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, Reliance Industries and Petronet LNG are falling in trade. All constituents of the broader sectoral index BSE Oil & Gas are also trading in the red.

  • ICICI Securities maintains its ‘Buy’ rating on Mahindra CIE Automotive and raises its target price to Rs 466 from Rs 374, implying an upside of 30.2%. The brokerage cites robust demand and an improving cash flow outlook for revising its target price. It expects the company’s revenue to grow at a CAGR of 11.7% over CY22-24.

  • Crude oil prices rise as the dollar index falls and China’s demand outlook improves. Commodities like copper, iron ore and gold trade near their 7-8 month high. Sugar prices hit a six-year high.

  • Rekha Jhunjhunwala, Rakesh Jhunjhunwala's wife, sells a 2.87% stake in Bilcare in a bulk deal on Wednesday, in addition to a 3.37% stake sold on Tuesday.

  • Porinju Veliyath adds Max India to the portfolio in Q3FY23, buys a 1.1% stake in the company.

  • FSN E-Commerce Ventures (Nykaa) is falling in trade as 1.4 crore shares (0.5% equity) amounting to Rs 217 crore change hands, according to reports.

  • Sah Polymers’ shares list at a premium of 30.8% to the issue price of Rs 65 on its debut on the bourses. The Rs 66 crore IPO is subscribed for 17.46X the total shares on offer.

  • Sunil Singhania sells a 0.5% stake in The Anup Engineering in Q3FY23, now holds a 4.2% stake in the company.

  • DB Realty rises as the company and its subsidiary Goregaon Hotel announce the settlement of past loans with Reliance Commercial Finance by March 2025. DB Realty and Goregaon Hotel will pay Rs 185.6 crore and Rs 214.4 crore respectively. DB Realty shows up in a screener of stocks with improving cash flow and durability.

  • Railtel Corp of India bags two orders from NMDC and the Government of Puducherry worth Rs 122.6 crore and Rs 170.1 crore respectively. The orders pertain to the implementation of ERP at NMDC and design and development of the Integrated Command Control Centre for Puducherry Smart City.

  • Hindustan Unilever (HUL) acquires a 51% stake in Zywie Ventures for a total consideration of Rs 264.28 crore. Zywie Ventures is now a subsidiary of HUL. The stock is trading below its second support or S2 level.

Riding High:

Largecap and midcap gainers today include Cholamandalam Investment & Finance Company Ltd. (685.60, 2.95%), General Insurance Corporation of India (187.85, 2.82%) and Cummins India Ltd. (1,480.80, 2.18%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (543.20, -6.21%), Gland Pharma Ltd. (1,498.40, -5.89%) and FSN E-Commerce Ventures Ltd. (149.80, -3.42%).

Volume Rockets

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

Top high volume gainers on BSE included Navin Fluorine International Ltd. (4,123.65, 5.56%), Restaurant Brands Asia Ltd. (116.25, 5.44%) and Rail Vikas Nigam Ltd. (75.80, 4.99%).

Top high volume losers on BSE were One97 Communications Ltd. (543.20, -6.21%), Gland Pharma Ltd. (1,498.40, -5.89%) and FSN E-Commerce Ventures Ltd. (149.80, -3.42%).

Bayer Cropscience Ltd. (4,659.95, -0.52%) was trading at 17.9 times of weekly average. GlaxoSmithKline Pharmaceuticals Ltd. (1,315.05, 1.11%) and IIFL Wealth Management Ltd. (1,799.50, 2.34%) were trading with volumes 14.0 and 12.1 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 6 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - PNB Housing Finance Ltd. (587.85, 3.56%), Mahindra CIE Automotive Ltd. (356.85, 1.61%) and CG Power and Industrial Solutions Ltd. (295.10, -1.37%).

Stocks making new 52 weeks lows included - Atul Ltd. (7,669.55, -0.60%) and Biocon Ltd. (250.30, -0.50%).

8 stocks climbed above their 200 day SMA including Restaurant Brands Asia Ltd. (116.25, 5.44%) and Inox Leisure Ltd. (518.85, 3.29%). 6 stocks slipped below their 200 SMA including National Aluminium Company Ltd. (82.50, -2.60%) and Kajaria Ceramics Ltd. (1,110.25, -2.47%).

 
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