Trendlyne Analysis

Nifty 50 closed at 17,754.40 (43.0, 0.2%), BSE Sensex closed at 60,348.09 (123.6, 0.2%) while the broader Nifty 500 closed at 14,921.95 (41.0, 0.3%). Of the 1,946 stocks traded today, 1,006 were on the uptick, and 853 were down.

Indian indices recouped the losses made in the morning session and closed in the green. Nifty 50 closed above the key 17,700 mark on a volatile day of trade. The Indian volatility index, India VIX, rose above 12. GQG Partners founder Rajiv Jain indicated further investments in the embattled Adani Group. In February, FIIs sold Rs 10,000 crore worth of equity in the metals, power, oil and gas sectors. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, tailing the benchmark index. Nifty Pharma and Nifty Realty closed lower than Monday’s levels. All other major sectoral indices closed in the green. Nifty IT closed in the red, taking cues from the tech-heavy Nasdaq 100 which closed 1.22% lower on Tuesday. Zee Entertainment entered into an agreement with the Indian Performing Rights Society (IPRS) to settle all claims and disputes. Further, IPRS has withdrawn its insolvency proceedings against Zee. 

Major Asian indices closed lower, except for Japan’s Nikkei which closed 0.48% higher. European Indices trade lower amid weak global cues. Germany’s industrial production rose by 3.5% in January, against the estimates of 1.5%. On Tuesday, US stocks settled in the red, with Dow Jones dropping 1.53% and S&P 500 closing 1.72% lower.

• Tata Power beats Torrent Power in YoY profit growth, annual RoE, three-year price change and broker average target upside. But it lags in YoY revenue growth, QoQ profit growth, PE ratio and MF holdings.

• Electric utility stocks like Adani Transmission, Adani Green Energy, Adani Power, NHPC and JSW Energy are rising in trade. All constituents of the broader sectoral index BSE Power are also trading in the green.

• Larsen & Toubro and Hindustan Aeronautics rise as the Ministry of Defence inks contracts with them for the procurement of three cadet training ships and 70 HTT-40 basic trainer aircraft respectively.

• NCC rises more than 4% in trade to touch a 52-week high of Rs 100.9. The stock shows up in a screener for companies with high TTM EPS growth. It also ranks high on Trendlyne’s checklist with a score of 73.91%.

• Sun Pharmaceutical, Hindalco Industries and Marico are trading below their second support or S2 level.

• Kotak Institutional Equities upgrades its rating on Tata Steel to a ‘Buy’ from ‘Reduce’ with a target price of Rs 130. The brokerage expects the company’s margins to further improve in the coming quarters, after a slight recovery in Q3FY23 on the back of price hikes and stable raw material prices.

  Risks to rewards have turned attractive for #TataSteel stock, making it a buy candidate for Kotak Institutional Equities.https://t.co/yYdE1CgOUS

  — ETMarkets (@ETMarkets) March 8, 2023

• Linde India, Ajanta Pharma and PNB Housing Finance trade above their third resistance or R3 level.

• Indraprastha Gas inks a joint venture agreement with Genesis Gas Solutions to set up the country’s first smart meter manufacturing plant. The estimated cost of this project is Rs 110 crore. The plant is expected to be operational by April 2024. IGL touches a 52-week high, despite the market trading in the red.

• IDBI Capital initiates coverage on Greenply Industries with a ‘Buy’ rating and a target price of Rs 171, indicating an upside of 15.9%. The brokerage believes the company is well-placed to benefit from rising real estate sales in India on the back of its dominant position in the plywood segment and expanding capacity.

• Antony Cherukara, CEO of VST Tillers Tractors, says the margin guidance for the company has been revised downwards to 11-13%. He adds that the company may launch utility tractors in Q1FY24 and plans to enter the horse power tractor segment.

• #OnCNBCTV18 | Revise margin guidance downwards to 11-13%. We expect to end flat this year. Will achieve growth of 15-20% in the power tillers segment, says Antony Cherukara of VST Tillers pic.twitter.com/75s5Q5N5Gk

  — CNBC-TV18 (@CNBCTV18Live) March 8, 2023

• Consumer durables, oil & gas and general industrials sectors rise more than 3.5% in the past month.

• Power Grid Corp of India's board of directors approves investments of Rs 4,071 crore in the eastern region expansion scheme and the transmission system for the Kurnool wind/solar energy zone.

• Aurobindo Pharma's arm Eugia Pharma receives US FDA approval for Lenalidomide capsules used for the treatment of multiple myeloma in combination with dexamethasone in adults. The product is bioequivalent and therapeutically equivalent to Revlimid capsules.

• Kirloskar Oil Engines rises over 16% in trade. Reports suggest that 13% of the company's equity changes hands before the market open.

  #LargeTrade | Kirloskar Oil sees a change of hands for 13% equity in pre-open pic.twitter.com/ozMp70g1ri

  — CNBC-TV18 (@CNBCTV18Live) March 8, 2023

• Zee Entertainment rises after it enters into an agreement with the Indian Performing Rights Society (IPRS), an operational creditor, to settle all claims and disputes. Further, IPRS withdraws its insolvency proceedings against Zee. The stock ranks medium on the Trendlyne checklist score.

• Alembic Pharma gets US FDA approval for hydrochloride capsules used for the treatment of hypertension and low blood pressure. The drug's market size for 12 months ending December 2022 is $50 million, according to IQVIA.

• JP Morgan maintains its ‘Overweight’ rating on Bajaj Auto with a target price of Rs 4,400. The brokerage says the company’s 2W and 3W exports have fallen 27% year-to-date, while domestic volumes are improving.

  Brokerage Radar | @jpmorgan on Bajaj Auto | Maintain Overweight; Favourable risk-reward and catalysts lining up #BajajAuto #JPMorgan pic.twitter.com/ZLiK1bD5Il

  — ET NOW (@ETNOWlive) March 8, 2023

• Hindustan Aeronautics is rising as the defence ministry inks a contract worth Rs 6,800 crore with the company to procure 70 HTT-40 aircraft for the Indian Air Force. The company ranks high on Trendlyne’s Checklist with a score of 69.57%.

• NBCC is rising as it wins work orders worth Rs 541 crore for construction in Himachal Pradesh, Jammu & Kashmir and Bhubaneshwar. It has also won a residential accommodation project in New Delhi for Rs 89.9 crore.

• Ajanta Pharma is rising as its board is scheduled to meet on Friday to consider a buyback of equity shares. It shows up in a screener of stocks with improving book value for the past two years.

• Allcargo Logistics acquires the remaining 38.9% stake in the contract logistics business from its partner ACCI for Rs 145 crore, at an enterprise value of Rs 373 crore. The company also decides to sell its entire stake in the non-core custom clearance business. The stock shows up in a screener for companies with improving cash flows and high durability scores.

Riding High:

Largecap and midcap gainers today include Hindustan Aeronautics Ltd. (2,863.25, 5.63%), Adani Total Gas Ltd. (861.35, 5.00%) and Adani Transmission Ltd. (820.40, 5.00%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (932.25, -5.93%), PB Fintech Ltd. (571.55, -3.97%) and Indus Towers Ltd. (160.60, -3.43%).

Volume Rockets

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

Top high volume gainers on BSE included Privi Speciality Chemicals Ltd. (1,102.95, 14.38%), TCNS Clothing Co. Ltd. (489.65, 7.25%) and Shree Renuka Sugars Ltd. (50.60, 7.20%).

Top high volume losers on BSE were Aptus Value Housing Finance India Ltd. (263.55, -6.04%), Medplus Health Services Ltd. (688.30, -2.51%) and Kansai Nerolac Paints Ltd. (408.70, -1.66%).

Balrampur Chini Mills Ltd. (400.35, 6.60%) was trading at 15.0 times of weekly average. Shriram Finance Ltd. (1,270.45, 1.89%) and NCC Ltd. (97.70, 4.38%) were trading with volumes 10.8 and 8.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks made 52-week highs, while 10 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (391.75, 4.86%), Blue Star Ltd. (1,501.15, 1.32%) and Bosch Ltd. (18,723.95, 3.47%).

Stocks making new 52 weeks lows included - Bayer Cropscience Ltd. (4,140.00, -1.17%) and Gillette India Ltd. (4,634.50, -1.49%).

13 stocks climbed above their 200 day SMA including Balrampur Chini Mills Ltd. (400.35, 6.60%) and EIH Ltd. (170.20, 5.68%). 18 stocks slipped below their 200 SMA including Phoenix Mills Ltd. (1,324.35, -3.73%) and Fortis Healthcare Ltd. (271.50, -3.31%).