Trendlyne Analysis

Nifty 50 closed at 17,392.70 (-73.1, -0.4%), BSE Sensex closed at 59,288.35 (-175.6, -0.3%) while the broader Nifty 500 closed at 14,548.70 (-81.8, -0.6%). Of the 1,977 stocks traded today, 414 were on the uptick, and 1,525 were down.

Indian indices recoup losses made in morning session and still closed in the red for a seventh straight trading session. Nifty 50 fell over 60 points and closed just above 17,400 mark. Spicejet converts Rs 245 crore of debt from Carlyle Aviation Partners into equity. It also further plans to raise Rs 2,550 crore via qualified institutional placement.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Media closed deep in the red, led by Zee Entertainment Enterprise Limited. All other major sectoral indices closed lower except for Nifty Bank and Nifty Realty closing in the green.

European stocks trade higher as investors shrug off inflation and interest rate concerns. However, most major Asian indices closed lower, tailing US indices futures. Brent crude oil futures are trading lower waiting for signs of increased consumption from China.

• Money flow index (MFI) indicates that stocks like Linde India, Finolex Cables, Zensar Technologies and PB Fintech are in the overbought zone.

• Angel One and Rossari Biotech hit their 52-week lows of Rs 1,029.5 and Rs 639.9 respectively. Angel One falls for three consecutive sessions, while Rossari Biotech trades lower for two sessions.

• Life Insurance Corp of India touches an all-time low of Rs 566, falling for the past six trading sessions. It shows up in a screener with declining net profit and margin QoQ. However, the stock has a high Trendlyne durability score.

• Macrotech Developers rises over 10% in a weak market. The stock ranks high on the Trendlyne checklist score. The consensus recommendation for February shows 11 analysts recommending ‘Buy’, three maintaining ‘Hold’ and 1 ‘Sell’.

• Bharat Electronics, Tata Consumer Products and Ambuja Cements trade below their second support or S2 level in a weak market.

• Adani Group stocks decline as reports suggest that it is in talks with global credit funds to raise up to $400 million in debt against a key coal port, Carmichael mine. It contributes a large portion of the conglomerate's Australian fossil fuel exports.

  #LeadStoryOnET | The Adani Group has begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that makes up a big portion its Australian exports of the solid fossil fuel from the Carmichael minehttps://t.co/eRxBfMnRLB

  — Economic Times (@EconomicTimes) February 27, 2023

• Spicejet’s board approves the transfer of its cargo business to SpiceXpress & Logistics on a slump sale basis for Rs 2,557 crore. Also, it approves the conversion of liabilities worth Rs 244.6 crore with Carlyle Aviation Partners into equity and proposes to raise capital worth Rs 2,500 crore through qualified institutional placement.

• Citi maintains its ‘Sell’ rating on Mphasis with a target price of Rs 1,705. The brokerage expects softness in the company’s mortgage business to continue in Q4. It says the overall growth could improve from Q1FY24.

  #BrokerageRadar | Brokerage firm @Citi is bearish on @Mphasis and maintains its stance as 'Sell'; @_anishaj brings us more details from the brokerage note#StockMarket #StocksToWatch pic.twitter.com/mnS7576pN7

  — ET NOW (@ETNOWlive) February 27, 2023

• Vedanta, Canara Bank and Manappuram Finance underperform their sector over the past month.

• Axis Direct maintains its ‘Buy’ rating on Varun Beverages and raises the target price to Rs 1,500 from Rs 1,450. This implies an upside of 16.1%. The brokerage believes the company’s growth will be driven by the surge in sales and market share during summer. It expects the firm’s net profit to grow at a CAGR of 51.8% over CY21-24.

• One97 Communications (Paytm) is rising as reports suggest that Sunil Mittal, Chairperson of Bharti Airtel, may buy a stake in the company and merge Airtel Payments Bank with Paytm Payments Bank. Meanwhile, Ant Group may cut its stake in Paytm to keep its holding within the required threshold, reports add.

• IT stocks like Mphasis, Coforge, L&T Technology Services and LTIMindtree are falling in trade. The broader sectoral indices Nifty IT, BSE IT and BSE Tech are also trading in the red.

• Abhijit Roy, Managing Director and CEO of Berger Paints, says Q4FY23 volume and value growth will be in the double digits as demand improves. He adds that the company’s market share will exceed 20% in FY24.

  Berger Paints
  
  Volume Guidance
  ????Double digit in H2FY23 & in FY24
  ?????Recently commissioned Lucknow facility, gives visibility for nexr 2-3 years
  
  ?????????Market share expected to breach 20% in FY24
  
  ????Gross margins will improve to 37%-38% in Q4FY23#StockMarketpic.twitter.com/Fp5faiSYbQ

  — Nigel D'Souza (@Nigel__DSouza) February 27, 2023

• Granules India receives US FDA approval for losartan potassium tablets used to treat hypertension in adults and pediatric patients. The current annual US market for losartan potassium tablets is approx $336 million.

• Bajaj Auto falls as reports suggest that it plans to cut down export production by nearly 25% in motorcycle and three-wheeler segments due to the looming uncertainties in Nigeria, one of its biggest export markets. Its capacity utilization may fall below 50% across its export-focused plants.

• Media stocks like Zee Entertainment Enterprises, New Delhi Television, PVR and Dish TV India are falling in trade. The broader sectoral index Nifty Media is also trading in the red.

• According to Goldman Sachs, there is moderate growth in Q3FY23 revenue but margins have recovered. Results are slightly below estimates. The brokerage expects Nifty to reach 20,500 levels by the end of CY23.

  #BrokerageRadar | @GoldmanSachs on India strategy: Expect back-loaded returns in H2 driven by earnings accrual. Nifty Target at 20,500, by the end of CY23#StockMarket #StocksToWatch pic.twitter.com/RuKhUmGvIW

  — ET NOW (@ETNOWlive) February 27, 2023

• IRB Infrastructure Developers wins a project worth Rs 2,132 crore from the National Highways Authority of India for the upgradation of NH-27 from Samakhiyali to Santalpur to six-lane with paved shoulder.

• Dr. Reddy's Labs, TVS Motor Co and Indus Towers outperform the Nifty 50 index over the month post their Q3FY23 results.

• Power Grid Corp’s committee of directors approves four projects to set up transmission systems, relieve high loading and implement expansion schemes in the western and north eastern regions. The projects are estimated to cost around Rs 804 crore. It shows up in a screener of stocks with improving RoCE for the past two years.

• NBCC bags the work of a project management consultant for designing, constructing and maintaining buildings of Motilal Nehru National Institute of Technology, Allahabad. The cost of the project is Rs 350 crore.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (807.75, 12.25%), Tube Investments of India Ltd. (2,660.50, 4.29%) and Bank of Baroda (159.00, 2.85%).

Downers:

Largecap and midcap losers today include Adani Enterprises Ltd. (1,193.50, -9.28%), MphasiS Ltd. (2,039.85, -7.19%) and Zee Entertainment Enterprises Ltd. (182.95, -6.44%).

Volume Rockets

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

Top high volume gainers on BSE included Macrotech Developers Ltd. (807.75, 12.25%), RHI Magnesita India Ltd. (664.40, 7.76%) and Chemplast Sanmar Ltd. (408.35, 6.65%).

Top high volume losers on BSE were Uflex Ltd. (353.65, -17.42%), MphasiS Ltd. (2,039.85, -7.19%) and PNC Infratech Ltd. (281.85, -4.12%).

Affle (India) Ltd. (978.80, -1.15%) was trading at 6.4 times of weekly average. Sanofi India Ltd. (5,864.25, 5.41%) and Hitachi Energy India Ltd. (3,244.95, -0.89%) were trading with volumes 5.2 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

36 stocks tanked below their 52-week lows.

Stocks making new 52 weeks lows included - ACC Ltd. (1,694.80, -2.03%) and Adani Transmission Ltd. (676.70, -5.00%).

10 stocks climbed above their 200 day SMA including RHI Magnesita India Ltd. (664.40, 7.76%) and ICICI Bank Ltd. (856.40, 1.99%). 40 stocks slipped below their 200 SMA including MphasiS Ltd. (2,039.85, -7.19%) and Bajaj Auto Ltd. (3,639.85, -5.46%).