Trendlyne Analysis

Nifty 50 closed at 17,589.60 (-164.8, -0.9%), BSE Sensex closed at 59,806.28 (-541.8, -0.9%) while the broader Nifty 500 closed at 14,803.95 (-118, -0.8%). Of the 1,948 stocks traded today, 771 were on the uptrend, and 1,117 went down.

Indian indices closed in the red, with the Nifty 50 falling over 160 points and closing below the 17,600 mark on a volatile day of trade. According to Santanu Sengupta, Chief India Economist at Goldman Sachs, RBI is expected to raise the interest rate by 25 bps in March. He estimates India’s February CPI inflation to be at 6.5%. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Most major sectoral indices closed lower than Wednesday’s levels. Nifty Metal closed flat, while Nifty Auto fell over 1.8%, led by Mahindra & Mahindra. M&M fell after Motilal Oswal reduced its FY24 EPS estimates by 8%, owing to a decline in tractor & SUV sales and the adverse impact of losses from new businesses. 

European stocks traded lower, led by Credit Suisse, which fell over 4% after delaying the publication of its 2022 annual report. Most Asian indices closed in the red, following the US indices futures, which continue to trade lower. Brent crude oil futures traded flat after falling over 4% in the past two trading sessions, as investors expect rate hikes to slow global economic growth, which could hurt crude oil demand.

• Infosys sees a short buildup in its March 29 future series as its open interest rises 2.3% with a put-call ratio of 0.46.

• HDFC Securities initiates coverage on Syrma SGS Technology with a ‘Buy’ rating and a target price of Rs 294. It expects the PCBAs business segment to clock a CAGR of 38.4% over FY22-26. The company has also announced expansion plans to increase production by FY24.

• Sonata Software, Carborundum Universal and Triveni Turbine’s stock prices increase 241.7%, 184.7% and 191.7% respectively over the past five years.

• Mahindra & Mahindra is falling as Motilal Oswal reduces its FY24 EPS estimates by 8%, owing to a decline in tractor & SUV sales and the adverse impact of losses from new businesses. The brokerage maintains a 'Buy' rating on the company, with a target price of Rs 1,525.

  The brokerage expects M&M to reach a target price of ?1,525 per share, an upside of 20 per cent from current market price.
  
  (@senmeghna reports)https://t.co/gHrrxFzgSJ

  — Mint (@livemint) March 9, 2023

• Auto stocks like Mahindra & Mahindra, Balkrishna Industries, TVS Motor and Tube Investments of India are falling in trade. Broader sectoral indices Nifty Auto and BSE Auto are also trading in the red.

• Angel One’s client base and average daily turnover surge 52.2% and 97.8% YoY respectively in February. However, its average client funding book and gross client acquisition fall 20.7% and 0.4% respectively.

• LT Foods is rising as it acquires 56.6 lakh shares of Daawat Foods from United Farmers Investment after receiving approval from the Competition Commission of India on February 14. The company shows up in a screener of affordable stocks with good financials and durability.

• Jefferies says the recent underperformance by metal companies is a buying opportunity. It expects steel prices in India to expand further. With a 'Buy' rating, Tata Steel and Hindalco are the brokerage's top picks.

  Brokerage Radar | @Jefferies has maintained a 'Buy' stance on @TataSteelLtd and @Hindalco_World
  
  Should you invest in the stock? Watch to find out! @Ashesha_A #StocksToBuy pic.twitter.com/JjTTYB8Wh6

  — ET NOW (@ETNOWlive) March 9, 2023

• Glenmark Pharmaceuticals signs an exclusive supply and distribution agreement with Cediprof, a part of Neolpharma Pharmaceutical Group of companies. The company will supply and distribute Cediprof's US FDA-approved variants of amphetamine tablets and the generic version of Adderall tablets.

• Cummins India and Blue Star reach their all-time highs of Rs 1,681.7 and Rs 1,528 per share respectively. Cummins grows 13.6% over the past month, while Blue Star rises 10.3% in the same period.

• Metal stocks like Tata Steel, APL Apollo Tubes, Hindalco Industries, JSW Steel and Jindal Steel & Power are rising in trade. All constituents of the broader sectoral index BSE Metal are also trading in the green.

• Cummins India, Oberoi Realty and Voltas outperform the Nifty 50 index over the month post their Q3FY23 results.

• Santanu Sengupta, Chief India Economist at Goldman Sachs, expects the RBI to raise the interest rate by 25 bps in March. He estimates India’s February CPI inflation to be at 6.5%.

  #OnCNBCTV18 | A 25 bps hike remains a close call in March, some participants anticipate 50 bps. Expect core goods driven by WPI manufacturing to come off sharply. Estimate February CPI to come in at 6.5%, says Santanu Sengupta of Goldman Sachs pic.twitter.com/emdbnL0cqs

  — CNBC-TV18 (@CNBCTV18Live) March 9, 2023

• ICICI Securities maintains its ‘Buy’ rating on Jubilant Foodworks with a target price of Rs 630, implying an upside of 36.5%. The brokerage is positive about the company’s prospects on the back of new store launches and the expansion of the Popeyes brand. It expects the firm’s revenue to grow at a CAGR of 19.9% over FY22-24.

• Reliance Industries’ step-down subsidiary Radisys Corp announces the acquisition of Mimosa Networks for Rs 491 crore on a debt-free and cash-free basis. The company believes that the acquisition will accelerate Jio’s innovation in the production of telecom network products.

• Religare Enterprises rises in trade as its subsidiary Religare Finvest pays the entire outstanding amount of Rs 2,178 crore to 16 lenders. Once the lenders complete their due diligence, Religare will receive a no-dues certificate. The transaction has been completed three months in advance.

• Indian rupee appreciates to 81.93 from the previous close of 82.06 against the US dollar in early trade today.

  #Rupee opens higher against US dollar pic.twitter.com/U0nMcrdCWk

  — CNBC-TV18 (@CNBCTV18Live) March 9, 2023

• Data Patterns (India)'s board of directors approves qualified institutional placement of equity shares with a floor price of Rs 1,284.53 each. The company plans to raise Rs 450-500 crore.

• JSW Steel is rising as its standalone crude steel production has grown 10% YoY in February to 17.32 lakh tonnes. It shows up in a screener for stocks with improving cash flow from operations in the past two years.

• Sequent Scientific is up 12% after a deal to acquire 100% stake in Tineta Pharma gets cancelled as the share purchase agreement is not materialised. The deal was signed on November 07, 2022. The stock had hit its 52-week low in the past week.

• Reports suggest that Clear Wealth Consultancy may sell an 8.25% stake in Gokaldas Exports through a block deal. The amount of transaction is likely to be around Rs 234 crore.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (650.20, 5.00%), Adani Total Gas Ltd. (904.40, 5.00%) and Adani Transmission Ltd. (861.40, 5.00%).

Downers:

Largecap and midcap losers today include Adani Enterprises Ltd. (1,953.15, -4.24%), Dixon Technologies (India) Ltd. (2,821.65, -3.27%) and Mahindra & Mahindra Ltd. (1,248.15, -3.24%).

Movers and Shakers

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

Top high volume gainers on BSE included Shilpa Medicare Ltd. (281.00, 11.82%), Rites Ltd. (370.80, 5.67%) and Adani Green Energy Ltd. (650.20, 5.00%).

Top high volume losers on BSE were Home First Finance Company India Ltd. (680.25, -7.79%), Balkrishna Industries Ltd. (1,982.65, -3.14%) and Shoppers Stop Ltd. (644.85, -0.08%).

Linde India Ltd. (4,047.65, 4.19%) was trading at 9.4 times of weekly average. Adani Power Ltd. (195.90, 4.98%) and CCL Products India Ltd. (579.95, 2.61%) were trading with volumes 7.1 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks made 52-week highs, while 6 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Blue Star Ltd. (1,513.70, 0.84%), Bosch Ltd. (1,8470.85, -1.35%) and CCL Products India Ltd. (579.95, 2.61%).

Stocks making new 52 weeks lows included - Bayer Cropscience Ltd. (4,142.10, -0.15%) and Pfizer Ltd. (3,728.75, -0.32%).

13 stocks climbed above their 200 day SMA including Shriram Finance Ltd. (1,290.40, 1.57%) and Privi Speciality Chemicals Ltd. (1,117.00, 1.27%). 10 stocks slipped below their 200 SMA including Ceat Ltd. (1,427.15, -2.91%) and RHI Magnesita India Ltd. (645.20, -2.23%).