Trendlyne Analysis

Nifty 50 closed at 17,826.70 (-17.9, -0.1%), BSE Sensex closed at 60,672.72 (-18.8, 0.0%) while the broader Nifty 500 closed at 14,913.95 (-24.7, -0.2%). Of the 1,943 stocks traded today, 735 were on the uptrend, and 1,138 went down.

Indian indices closed flat after switching between losses and gains throughout the day. The Indian volatility index, Nifty VIX, rose sharply by 4.7%. Foreign portfolio investors' (FPIs) outflow in Indian equities moderated in the first half of February to Rs 48.06 billion from Rs 288.5 billion in January. FPI outflow had hit a seven-month high in January due to uncertainties in the market caused by the sell-off in Adani Group companies.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, despite the benchmark index closing flat. Among sectoral indices, Nifty PSU Bank, Nifty IT and Nifty Realty were the top losers. Nifty FMCG and Nifty Energy managed to close higher than Monday’s level. NMDC Steel continued to rise a day after it was listed on the exchanges.

Most major Asian indices closed lower, in line with US indices futures. European indices traded in the red, led by Credit Suisse, which fell over 5% and hit its record low. Investors also assessed lower-than-expected manufacturing activity from France and Germany, which are Eurozone's two largest economies.

• HCL Technologies sees a long unwinding in its February 23 future series as its open interest falls 5.6% with a put-call ratio of 0.29.

• Lupin launches lurasidone hydrochloride tablets to market a generic equivalent of Latuda tablets of Sunovion Pharmaceuticals. Lurasidone hydrochloride tablets' estimated annual sales in the US in 2022 is $4.2 billion.

• NMDC Steel continues to rise a day after it was listed on the bourses. It hit the upper circuit after demerging with NMDC on Monday. The stock ranks Medium on the Trendlyne checklist score.

• Bharti Airtel trades in the green as it rolls out higher recharge plans across two new circles. This leads to tariff hikes in 19 out of 22 circles for the company. According to reports, Morgan Stanley maintains an ‘overweight’ rating on the stock, while Goldman Sachs advises on buying the stock at a dip.

• Joyalukkas has withdrawn its Rs 2,300 crore IPO for reasons unknown. The IPO funds were to be used for the repayment of debts, according to the draft prospectus released in March 2022.

• Credit rating agency Fitch Ratings believes that the strong performance of Indian banks may last longer than expected on the back of improvement in asset quality and profitability.

  Fitch Ratings expects Indian banks to outperform longer than expected#Banks #IndianBanks #FitchRatingshttps://t.co/NCEjMzolt8

  — CNBC-TV18 (@CNBCTV18Live) February 21, 2023

• Gujarat Ambuja Exports is rising as it signs an MoU with the Gujarat government to set up a corn milling plant with a capacity of 550 TPD at Himmatnagar. The company plans to increase the plant's capacity to 6,000 TPD by 2025. The cost of the project is estimated at Rs 333 crore.

• BoB Capital Markets maintains its ‘Hold’ rating on TVS Motor Co but raises target price to Rs 1,252. This implies an upside of 12.1%. The brokerage expects the firm’s margins to remain stable and the industry outperformance to continue on the back of new launches but sees a limited upside.

• Capacit'e Infraprojects wins a contract worth Rs 181.4 crore from Indian Oil Corp for the construction of residential towers at Indian Oil Nagar, Andheri (West), Mumbai.

• PSU banks like Bank of India, UCO Bank, Canara Bank, Bank of Baroda and Union Bank of India are falling in trade. All constituents of the broader sectoral index Nifty PSU Bank are also trading in the red.

• Rajnish Kapur, Chief Operating Officer (Grey Cement) of JK Cement, says the company’s volume growth will be around 14-15% in FY24. He expects EBITDA per tonne to touch Rs 1,000 in H1FY24.

  #OnCNBCTV18 | February & March are strong months for us, expect #growth to be substantial. Looking at #volume growth of 20% in #FY23. Expect #industry EBITDA/t level to start increasing by next year, says Rajnish Kapur of JK Cement pic.twitter.com/gkpohKr6VN

  — CNBC-TV18 (@CNBCTV18Live) February 21, 2023

• Siemens rises to touch its new 52-week high today. According to reports, UBS has initiated a ‘Buy’ rating on the company with a target price of Rs 3,900. The brokerage believes the company is in the midst of a robust growth cycle and order inflow may see double-digit growth.

• Nifty IT, Nifty Media, Nifty PSU Bank and Nifty Realty trade lower in a rising market.

• Spicejet says it will consider issuing equity shares on a preferential basis in a board meeting on Friday and discuss the conversion of outstanding liabilities into equity shares.

• Uday Kotak, CEO of Kotak Mahindra Bank, says further interest rate hikes could impact asset classes and growth. He adds that India needs to move into a current account surplus mode for better growth.

  #NewsAlert | "Last 3 years have been challenging: never before seen such fast cycles," says @udaykotak, @KotakBankLtd at Kotak Securities conference@kotaksecurities #RateHike #Russia #India #RateHike #Fuel pic.twitter.com/YU1r40ZYDD

  — ET NOW (@ETNOWlive) February 21, 2023

• Asian Paints’ arm Asian Paints (Polymers) enters into an MoU with the government of Gujarat to set up a manufacturing facility for vinyl acetate ethylene emulsion and vinyl acetate monomer at Dahej, Gujarat. The stock shows up in a screener for companies with decreasing promoter pledges.

• Triveni Turbine touches an all-time high of Rs 310.5 and shows up in a screener of stocks with increasing revenue for the past eight quarters. Reports suggest that the management is planning to increase manufacturing capacity to 350 turbines annually from the current 225 turbines, as demand is likely to grow in the coming quarters.

• Domestic airlines have flown more than 1.2 crore passengers in January, according to the data released by DGCA. The number continues to be below pre-covid levels. Indigo, Vistara and SpiceJet lose market share MoM in January.

  January Aviation Data released by #DGCA showed the number climbed to 125.42 lakh passengers carried which was nearly double when compared to the same month last year.
  
  More details here ????https://t.co/OT7QJB08gh#Aviation

  — Moneycontrol (@moneycontrolcom) February 20, 2023

• Gujarat Gas, Linde India and The New India Assurance Co outperform the Nifty 50 index over the week post their Q3FY23 results.

• BEML rises as it inks a memorandum of understanding with Delhi Metro Rail Corp for the construction of the Bahrain metro rail project phase-1.

• United Breweries trades lower after the Supreme Court stays a National Company Law Appellate Tribunal (NCLAT) order. The company is now obligated to pay 10% of the additional penalty amount above the subsisting 10% deposit.

• G R Infraprojects emerges as the lowest bidder for two National Highways Logistics Management projects to develop, operate and maintain a ropeway in Uttarakhand. The total estimated cost of both projects is Rs 3,613 crore.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (171.00, 4.97%), NTPC Ltd. (173.25, 3.19%) and Tube Investments of India Ltd. (2,547.75, 3.09%).

Downers:

Largecap and midcap losers today include Bank of India (70.90, -6.22%), Adani Total Gas Ltd. (876.80, -5.00%) and Adani Green Energy Ltd. (567.40, -5.00%).

Volume Shockers

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

Top high volume gainers on BSE included Shilpa Medicare Ltd. (297.20, 9.12%), Zensar Technologies Ltd. (293.45, 8.20%) and Symphony Ltd. (1,110.05, 4.71%).

Top high volume losers on BSE were Bank of India (70.90, -6.22%), G R Infraprojects Ltd. (1,130.20, -2.10%) and Uflex Ltd. (477.70, -1.73%).

Amber Enterprises India Ltd. (1,916.35, 3.28%) was trading at 6.9 times of weekly average. EPL Ltd. (161.40, 4.03%) and TeamLease Services Ltd. (2,512.00, -0.25%) were trading with volumes 6.2 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks overperformed with 52-week highs, while 15 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Bosch Ltd. (18,476.30, 1.61%), Cera Sanitaryware Ltd. (6,648.00, 3.29%) and Persistent Systems Ltd. (4,968.00, -1.86%).

Stocks making new 52 weeks lows included - Adani Transmission Ltd. (830.70, -5.00%) and Bata India Ltd. (1,412.80, -1.48%).

18 stocks climbed above their 200 day SMA including Allcargo Logistics Ltd. (377.65, 3.68%) and KIOCL Ltd. (206.25, 2.15%). 13 stocks slipped below their 200 SMA including Vedant Fashions Ltd. (1,168.90, -3.59%) and Sumitomo Chemical India Ltd. (459.35, -3.44%).