Trendlyne Marketwatch
Trendlyne Marketwatch
03 Mar 2023
Market closes higher, Divgi TorqTransfer Systems’ IPO gets bids for 5.4X of total shares

Trendlyne Analysis

Nifty 50 closed at 17,594.35 (272.5, 1.6%), BSE Sensex closed at 59,808.97 (899.6, 1.5%) while the broader Nifty 500 closed at 14,774.75 (187.5, 1.3%). Of the 1,957 stocks traded today, 1,290 were on the uptrend, and 593 went down.

Indian indices extended the gains and closed in the green, with the Nifty 50 rising 270 points and closing just below the 17,600 mark. S&P Global India Service PMI Business Activity Index rose from 57.2 in January to 59.4 in February, a 12-year high.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, tailing the benchmark index. Nifty PSU Bank managed to rise over 5% and closed higher. All major sectoral indices closed in the green. Nifty IT closed higher, tracking the tech-heavy Nasdaq 100 futures which are trading higher.

Major Asian indices closed higher amid positive global cues. European stocks trade higher, tailing the US indices futures in the green. S&P Global will release US Service PMI later today. Consensus estimates peg the US Service PMI at 50.5, indicating an expansion in the service sector.

  • Relative strength index (RSI) indicates that stocks like Procter & Gamble Health, Symphony, Equitas Small Finance Bank and Anupam Rasayan India are in the overbought zone.

  • JSW Steel is rising as Prabhudas Lilladher upgrades its target price to Rs 755, indicating an upside of 10%. The stock has been in the news recently after the National Company Law Tribunal (NCLT) approved the merger of its subsidiary, Hasaud Steel, with Asian Colour Coated Ispat.

  • Motilal Oswal keeps its ‘Buy’ rating on Axis Bank as it completes the acquisition of Citi Bank India’s consumer business. The brokerage believes the acquisition will add 18 lakh credit cards to Axis Bank and increase its market share by 3%. It expects the acquisition to be RoA accretive from CY24

  • Commercial services & supplies, transportation and realty sectors rise more than 8% in the past week.

  • Morgan Stanley expects India’s macroeconomic stability indicators to improve moderately in FY24 due to factors like easing of global commodity prices, healthy growth mix, and fiscal & monetary policies.

  • Reports suggest that promoters of Adani Group have sold stakes worth Rs 15,446 crore in four of its listed companies to GQG Partners, a US-based global equity investment firm. The proceeds will be used to prepay their debt. According to reports, shares of Adani Enterprises, Adani Ports & SEZ, Adani Green Energy and Adani Transmission have been sold.

  • Divgi TorqTransfer Systems’ Rs 412 crore IPO gets bids for 5.4X of the available 38.4 lakh shares on offer on the final day of bidding. The retail investor quota gets bids for 4.3X of the available 6.98 lakh shares on offer.

  • Caplin Point Laboratories' arm Caplin Steriles receives US FDA approval for rocuronium bromide injection, a neuromuscular blocking agent. It has US sales of approx $53 million for the year ending September 2022.

  • NTPC rises as Morgan Stanley sees an upside of 14% in the stock. The brokerage gives it an ‘Overweight’ rating with a target price of Rs 198. It says monetisation of renewable assets, new thermal orders and commissioning of pipeline plants will drive the stock upwards.

  • WPIL surges as it wins letters of acceptance worth Rs 1,225 crore from Madhya Pradesh Jal Nigam Maryadit for engineering, procurement, construction, testing, commissioning, and 10 years of operation and maintenance of Bebus Sunar 2, Kutne Rajnagar, Lower Narmada and Mann Dam multi-village schemes.

  • Adani Enterprises' arm Mundra Aluminium receives a letter of intent from the Government of Odisha for the Ballada bauxite block with an estimated total geological resources value of 22.13 million tonnes.

  • Metal stocks like Adani Enterprises, Vedanta and Hindalco Industries are rising in trade. The broader Nifty Metal index rises more than 2%.

  • Foreign institutional investors pull out Rs 2,140.7 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 29,594.6 crore from foreign investors.

  • State Bank of India is rising as it plans to cut its stake in YES Bank, according to reports. SBI’s three-year lock-in period with YES Bank will end next Monday. It has gained 33% from its 52-week low and is trading above its third resistance or R3 level.

  • India’s February Services PMI rises to a 12-year high of 59.4 from 57.2 in January.

  • ICICI Securities upgrades its rating on Finolex Industries to ‘Buy’ from ‘Add’ with a target price of Rs 196, indicating an upside of 16.4%. The brokerage remains positive on the firm’s prospects due to its leadership in agri-pipes, strong brand presence, focus on increasing its high-margin non-agri business and robust balance sheet.

  • Angel One rises as client base improves 52.2% YoY to 1.3 crore. The number of orders in February also increases 18.8% YoY to 8.4 crore.

  • Natco Pharma is rising as its board of directors is set to meet on Wednesday to consider the buyback of fully paid equity shares with a face value of Rs 2 per share. The company shows up in a screener of stocks with improving book value per share over the past two years.

  • Goldman Sachs maintains its ‘Buy’ rating on UltraTech Cement with a target price of Rs 8,500. The brokerage says the company’s valuations look attractive and expects volume to grow 10-12%, compared to the industry’s 6-8%.

  • PSU banks like Punjab & Sind Bank, UCO Bank, Bank of India, Union Bank of India and Bank of Maharashtra are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • India Grid Trust acquires 100% shareholding in Khargone Transmission from Sterlite Power Transmission at an enterprise value of Rs 1,500 crore. The acquisition will take India Grid’s assets under management to Rs 22,700 crore.

  • Indian rupee appreciates 35 paise to 82.24 from the previous close of 82.59 against the US dollar in early trade today.

  • Bank of Baroda, Tata Power Co and Tube Investments of India outperform the Nifty 50 index over the month post their Q3FY23 results.

  • Alembic Pharma is falling as it takes an impairment charge of Rs 1,150.4 crore for three manufacturing facilities in Gujarat. The plants are likely to report lower earnings and revenue as US FDA approvals were delayed during the pandemic. The stock hit a 52-week low of Rs 476.5 and ranks medium on the Trendlyne checklist score.

  • Mahindra & Mahindra Financial Services’ total disbursements in February rise 53% YoY to Rs 4,185 crore. However, its collection efficiency falls by 1 percentage point YoY to 97%. The company says it has adequate liquidity buffer to cover fund requirements for three months. The stock shows up in a screener for companies with zero promoter pledges.

Riding High:

Largecap and midcap gainers today include Adani Enterprises Ltd. (1,879.50, 16.94%), Adani Ports & Special Economic Zone Ltd. (684.65, 9.91%) and Union Bank of India (72.40, 8.30%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (2,707.05, -3.72%), YES Bank Ltd. (16.85, -3.71%) and Shree Cements Ltd. (25,655.90, -3.47%).

Volume Shockers

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

Top high volume gainers on BSE included Finolex Cables Ltd. (775.85, 9.66%), Indigo Paints Ltd. (1,079.50, 8.51%) and Union Bank of India (72.40, 8.30%).

Top high volume losers on BSE were Mahindra Logistics Ltd. (363.20, -0.48%) and Alembic Pharmaceuticals Ltd. (502.75, -0.11%).

Vardhman Textiles Ltd. (313.45, 1.05%) was trading at 7.9 times of weekly average. Natco Pharma Ltd. (562.30, 1.64%) and Latent View Analytics Ltd. (357.00, 3.67%) were trading with volumes 7.0 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks made 52-week highs, while 11 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Finolex Cables Ltd. (775.85, 9.66%), Jindal Stainless Ltd. (279.55, 0.22%) and Jindal Stainless (Hisar) Ltd. (520.85, 1.08%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (502.75, -0.11%) and Bayer Cropscience Ltd. (4,217.40, -0.52%).

30 stocks climbed above their 200 day SMA including Vedanta Ltd. (289.25, 5.22%) and State Bank of India (561.20, 5.14%). 5 stocks slipped below their 200 SMA including CreditAccess Grameen Ltd. (966.60, -2.38%) and Edelweiss Financial Services Ltd. (62.50, -1.73%).

 
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