Trendlyne Marketwatch
Trendlyne Marketwatch
02 Mar 2023
Market closes lower, Divgi Torqtransfer Systems’ IPO gets bids for 38% of total shares

Trendlyne Analysis

Nifty 50 closed at 17,321.90 (-129, -0.7%), BSE Sensex closed at 58,909.35 (-501.7, -0.8%) while the broader Nifty 500 closed at 14,587.25 (-77.6, -0.5%). Of the 1,951 stocks traded today, 823 were in the positive territory and 1,069 were negative.

Indian indices closed in the red, with the Nifty 50 losing nearly 120 points and closing below the 17,350 mark. Hindustan Aeronautics (HAL) settled in the green after the Union Cabinet approved the purchase of 70 Hindustan Turbo-Trainer aircraft from the company at a cost of Rs 6,828 crore for the Indian Air Force.

Nifty Smallcap 100 and Nifty Midcap 100 fell from their day’s highs and closed lower. Nifty Realty managed to rise over 2% and closed higher in a falling market. Nifty IT closed in the red, tracking the tech-heavy Nasdaq 100 futures, which are trading lower.

Major Asian indices closed flat to lower amid weak global cues. European stocks traded lower, tailing the US indices futures, which also traded in the red. Economists expect the Eurozone’s inflation to decrease marginally to 8.2% in February, a drop from 8.6% the prior month. Brent crude oil futures traded in the green after rising for two straight trading sessions following recent signs of improvement in China’s economy.

  • Bajaj Finserv sees a short buildup in its March 29 future series as its open interest rises 10.5% with a put-call ratio of 0.48.

  • BOB Capital Markets downgrades Tech Mahindra to 'Hold' from 'Buy' with a target price of Rs 1,160, indicating an upside of 5%. The brokerage believes that the company's new product, Sandstorm, will boost new deal wins. It expects the company's revenue to grow at a CAGR of 11% over FY22-25.

  • Commodity trading & distribution, edible oils and electric utilities industries fall over 23% over the past 90 days.

  • The Appellate Tribunal in New Delhi allows Reliance Capital’s lenders to conduct another round of auction. The order comes on a petition challenging an earlier NCLT Mumbai order restricting fresh bidding by the lenders of the bankrupt firm.

  • Divgi Torqtransfer Systems’ Rs 412 crore IPO gets bids for 38% of the available 38.4 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 1.6X of the available 6.98 lakh shares on offer.

  • BSE Power, Nifty Metal, Nifty Energy and Nifty Media fall more than 6% in trade in the past month.

  • Softbank’s arm SVF Doorbell (Cayman) sells a 3.84% stake (2.8 crore shares) worth Rs 954 crore in Delhivery in a bulk deal.

  • Realty stocks like Macrotech Developers, Sunteck Realty, Sobha and Godrej Properties are rising in trade. The broader sectoral index Nifty Realty is also trading in the green.

  • Global rating agency Moody’s keeps a stable outlook on India’s banking system. It states that strong fundamentals of the economy will help credit growth and asset quality.

  • CreditAccess Grameen is rising as the Assessment Unit of the Income Tax Department reduces the income tax demand for AY19 from the company to Rs 122.6 crore from Rs 2,333 crore.

  • Procter & Gamble Health and Equitas Small Finance Bank reach their 52-week highs of Rs 5,099.9 and Rs 74.8 per share respectively. Procter & Gamble has risen 23.8% over the past 30 days, while Equitas grew 38.2%.

  • Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra, says normal monsoon and record high crop production have aided robust growth in tractor sales. He adds that the company’s exports have risen 5% year-to-date.

  • Axis Direct maintains its ‘Buy’ rating on Federal Bank with a target price of Rs 170, implying an upside of 26.4%. The brokerage believes the bank’s robust credit growth, rising fee income, improving asset quality and gradually moderating operating expenses will drive growth in the coming quarters.

  • Rail Vikas Nigam is rising as it emerges as the lowest bidder for manufacturing and maintaining Vande Bharat trains through its joint venture. Its joint venture partners are Metrowagonmash and Locomotive Electric System. The stock shows up in a screener for companies with high TTM EPS growth.

  • Bajaj Finserv rises 3% at the market open after receiving SEBI approval to launch its mutual fund business. The company will be the 43rd player in the MF space.

  • KNR Constructions is rising as it wins an order worth Rs 665 crore to develop a six-lane greenfield highway on the Bengaluru-Vijayawada economic corridor. The project will be completed in two years. The company shows up in a screener of stocks with upgraded broker recommendations or target prices in the past 90 days.

  • IT stocks like L&T Technology Services, Tata Consultancy Services, LTIMindtree and Tech Mahindra are falling in trade. The broader sectoral index Nifty IT is also trading in the red.

  • Eicher Motors' Royal Enfield wholesales rise 21% YoY to 71,544 units. Wholesales of 350cc engine capacity models rise 31% but models with engine capacity exceeding 350cc fall 30%.

  • Max Healthcare, Godrej Properties and Berger Paints (India) outperform the Nifty 50 index over the week post their Q3FY23 results.

  • The Union Cabinet signs an agreement with Larsen & Toubro (L&T) to acquire three cadet training ships for Rs 3,108.1 crore. L&T gains 47% from its 52-week low and is trading higher.

  • The Union Cabinet approves the purchase of 70 Hindustan Turbo-Trainer aircraft from Hindustan Aeronautics (HAL) at a cost of Rs 6,828 crore for the Indian Air Force. HAL will deliver the aircraft over six years, according to reports. The stock is trading near its 52-week high.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (997.35, 18.06%), Adani Transmission Ltd. (708.75, 5.00%) and Adani Green Energy Ltd. (535.00, 4.99%).

Downers:

Largecap and midcap losers today include YES Bank Ltd. (17.50, -4.37%), Siemens Ltd. (3,132.05, -3.84%) and PB Fintech Ltd. (560.00, -2.56%).

Volume Rockets

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

Top high volume gainers on BSE included Macrotech Developers Ltd. (997.35, 18.06%), Rail Vikas Nigam Ltd. (65.65, 12.22%) and NBCC (India) Ltd. (36.20, 6.94%).

Top high volume losers on BSE were ICICI Lombard General Insurance Company Ltd. (1,086.85, -1.24%), Ajanta Pharma Ltd. (1,170.10, -0.75%) and Ircon International Ltd. (53.10, -0.65%).

Quess Corp Ltd. (363.90, 4.66%) was trading at 12.8 times of weekly average. Sunteck Realty Ltd. (305.50, -0.16%) and Amber Enterprises India Ltd. (1,951.05, 3.16%) were trading with volumes 6.8 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks made 52-week highs, while 8 stocks hit their 52-week lows.

Stocks touching their year highs included - Gujarat Pipavav Port Ltd. (109.20, 0.09%), Sonata Software Ltd. (801.70, 3.99%) and Jindal Stainless Ltd. (278.95, 2.88%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (364.00, -0.98%) and Cipla Ltd. (886.45, -1.46%).

26 stocks climbed above their 200 day SMA including NBCC (India) Ltd. (36.20, 6.94%) and Westlife Foodworld Ltd. (678.25, 4.69%). 11 stocks slipped below their 200 SMA including Maruti Suzuki India Ltd. (8,548.75, -2.46%) and Route Mobile Ltd. (1,317.00, -1.63%).

 
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