Trendlyne Analysis

Nifty 50 closed at 17,465.80 (-45.5, -0.3%), BSE Sensex closed at 59,463.93 (-141.9, -0.2%) while the broader Nifty 500 closed at 14,630.45 (-36.3, -0.3%). Of the 1,956 stocks traded today, 788 were in the positive territory and 1,106 were negative. 

Indian indices extended their losses and closed in the red for a sixth straight trading session. Nifty 50 fell over 475 points and closed 2.7% lower this week. GR Infraprojects closed 1.2% higher today after winning a Rs 758.1 crore order from the National Highways Logistics Management.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Metal closed deep in the red, led by Hindalco Industries and National Aluminium Company. However, Nifty Energy and Nifty Infra closed higher than Thursday’s levels.

European stocks traded higher as data showed that UK’s consumer confidence rebounded in February. However, most major Asian indices closed lower, tailing US indices futures. Brent crude oil futures are set to post weekly losses as traders assessed the impact of high inflation and slowing economic growth on crude oil demand.

• Relative strength index (RSI) indicates that stocks like Equitas Small Finance Bank, Zensar Technologies, ZF Commercial Vehicle Control Systems India and Finolex Cables are in the overbought zone.

• Maruti Suzuki hikes the price of Ignis across all models in the Delhi region. New prices are effective from today. The stock shows up in a screener with improving profits for the past two quarters.

• Tiger Global Investments Fund and Internet Fund III, a venture capital fund managed by Tiger Global, sell two crore shares (a 2.8% stake) in Delhivery through open market sales between June 2022 and February 2023.

• Max Financial Services falls 17.4% over the past month. The stock sees mutual fund holdings drop by 1.8% during the same period.

• Macrotech Developers falls more than 7% to hit its 52-week low of Rs 741 today. The company is one of the high-volume top losers and shows up in a screener for stocks that have fallen more than 20% in over a month. The firm ranks medium on Trendlyne’s checklist with a score of 42.9%

• Zee Entertainment rises as the National Company Law Appellate Tribunal (NCLAT) stays insolvency proceedings against it. The company had pointed out that the insolvency resolution would cause issues for its merger with Sony. NCLAT has asked IndusInd Bank to file a reply within two weeks.

• GR Infraprojects rises after securing a Rs 758.1 crore order from the National Highways Logistics Management to develop, operate and maintain a Multi-Modal Logistics Park in Indore. The duration of the contract is 45 years, including two years of construction period.

• Commercial services & supplies, hardware technology & equipment and realty sectors fall more than 6% over the past week.

• ICICI Securities downgrades its rating on Cera Sanitaryware to ‘Add’ from ‘Buy’ with a target price of Rs 6,746. This indicates an upside of 9.4%. The brokerage believes the stock is trading at an expensive valuation, but its strong brand presence, focus on expanding its presence and increased advertising spending will drive growth.

• Crude oil prices rise as reports suggest that Russia may cut 25% of oil exports from its western ports in March. Copper prices fall due to concerns of rate hikes.

  #CommodityCorner
  
  -Gold, Silver decline on the risk of rising rates
  -Crude recovers from recent losses on supply fears
  -Copper prices fell on rising rate hike concerns @vamakshidhoria #Gold #Silver #CrudeOil #Copper pic.twitter.com/wMIBL6P2j2

  — ET NOW (@ETNOWlive) February 24, 2023

• Strides Pharma Science's flagship facility in Bangalore receives US FDA's establishment inspection report (EIR). The regulator had issued form 483 with three observations after an inspection in December 2022 and classified the outcome as voluntary action indicated (VAI) based on the company's response.

• Foreign institutional investors invest Rs 692.5 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 38,703.9 crore from foreign investors.

• Metal stocks like Adani Enterprises, Hindalco Industries, National Aluminium Co, Jindal Steel & Power and JSW Steel are falling in trade. The broader sectoral index Nifty Metal is also trading in the red.

• Tarun Sawhney, Vice-Chairman and Managing Director of Triveni Engineering & Industries, says the company plans to divert 12% of its sugar to ethanol and more than double its revenue from the ethanol business.

  #OnCNBCTV18 | #Revenue from ethanol will grow 35-40% in #FY24. We will be diverting 12% of #sugar production to ethanol. #Ethanol output will increase from 18 crore litre to 31 crore litre by FY25, says Tarun Sawhney of Triveni Engineering pic.twitter.com/fB7oOkQ9jU

  — CNBC-TV18 (@CNBCTV18Live) February 24, 2023

• KFIN Technologies decides to invest in Fintech Products and Solutions India, an arm of FinSec AA Solutions. After this investment, KFin Technologies will own 25.6% of the post-issue equity share capital.

• Olectra Greentech is rising after unveiling a hydrogen bus it developed with Reliance, its technology partner. The company plans to commercially launch the buses within a year. The stock shows up in a screener for companies with strong annual EPS growth.

• Reports suggest that 12 crore shares (24.1% equity) of Redington change hands in early trade today.

  Redington has 12 crore shares (24.1% equity) change hands in pre-open#LargeTrade #BlockDeal pic.twitter.com/mJYkdRnAEy

  — CNBC-TV18 (@CNBCTV18Live) February 24, 2023

• Radico Khaitan and Aster DM Healthcare outperform the Nifty 50 index over the week post their Q3FY23 results.

• Alkem Labs rises after submitting a detailed corrective action report to the US FDA for an observation pointed out by the regulator in its inspection report. The inspection is now closed and the stock has a Trendlyne durability score of 65.

• Rail Vikas Nigam receives a letter of award for the supply, installation and commissioning of new cable lines in the Bhopal region. The project from MP Madhya Kshetra Vidyut Vitaran is worth Rs 196.8 crore.

• Mahindra Lifespace Developers’ CEO and Managing Director Arvind Subramanian resigns from his post to pursue his interests outside the company. His resignation will take effect from May 22, 2023. Amit Kumar Sinha will replace him for five years from May 23.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (576.80, 10.59%), GAIL (India) Ltd. (103.45, 5.51%) and Whirlpool of India Ltd. (1,321.00, 4.05%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (719.60, -10.70%), Adani Green Energy Ltd. (486.50, -5.00%) and Adani Total Gas Ltd. (751.80, -5.00%).

Volume Shockers

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

Top high volume gainers on BSE included Mahindra CIE Automotive Ltd. (448.60, 15.75%), Indiabulls Real Estate Ltd. (59.50, 12.37%) and PB Fintech Ltd. (576.80, 10.59%).

Top high volume losers on BSE were Macrotech Developers Ltd. (719.60, -10.70%), Mahindra Lifespace Developers Ltd. (370.00, -2.35%) and Endurance Technologies Ltd. (1,300.40, -1.41%).

KSB Ltd. (1,889.60, 1.85%) was trading at 24.4 times of weekly average. Sanofi India Ltd. (5,563.15, 3.82%) and Sundram Fasteners Ltd. (977.05, -1.36%) were trading with volumes 15.5 and 10.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks hit their 52-week highs, while 19 stocks hit their 52-week lows.

Stocks touching their year highs included - Cyient Ltd. (965.00, -1.38%), Finolex Cables Ltd. (720.75, 0.96%) and Jindal Stainless (Hisar) Ltd. (486.00, -0.59%).

Stocks making new 52 weeks lows included - Adani Transmission Ltd. (712.30, -4.99%) and Biocon Ltd. (226.30, 2.86%).

13 stocks climbed above their 200 day SMA including Hitachi Energy India Ltd. (3,315.00, 4.36%) and Orient Electric Ltd. (274.45, 1.52%). 20 stocks slipped below their 200 SMA including CESC Ltd. (72.20, -6.84%) and Hindalco Industries Ltd. (415.25, -4.86%).