Trendlyne Marketwatch
Trendlyne Marketwatch
13 Mar 2023
Market closes lower, private banks are falling in trade

Trendlyne Analysis

Nifty 50 closed at 17,154.30 (-258.6, -1.5%), BSE Sensex closed at 58,237.85 (-897.3, -1.5%) while the broader Nifty 500 closed at 14,454.45 (-225.4, -1.5%). Of the 1,982 stocks traded today, 211 were on the uptick, and 1,737 were down.

Nifty 50 fell over 370 points from its day’s high and closed in the red on a volatile day of trade. Gold, a safe-haven asset, extended its gains for the third straight day and traded higher as Silicon Valley Bank (SVB) collapse in the US spooked investors. 

Nifty Smallcap 100 and Nifty Midcap 100 closed sharply lower, following the benchmark index. All major sectoral indices closed in the red. Nifty Bank fell over 900 points and closed 2.3% lower as investors assessed the impact of the SVB collapse on the Indian banking system. 

European indices traded sharply lower, dragged lower by banking sector stocks on concerns of potential contagion from the collapse of SVB. Following the SVB collapse, US regulators shut down Signature Bank on Sunday, making it the third-largest failure in US banking history. Due to the stress on the US banking system, Goldman Sachs expects the US Fed not to deliver rate hikes at its next meeting on March 22.

  • Bosch beats Schaeffler India in YoY profit growth, PE ratio and Price to Book Value. But it lags in YoY revenue growth, MF & FII holdings and one-year price change.

  • Lumax Auto Technologies' arm Lumax Integrated Ventures acquires a majority shareholding in IAC International Automotive India for approx Rs 587 crore, suggest reports.

  • IndusInd Bank, Kalyan Jewellers India, Brightcom Group and NOCIL are trading below their third support or S3 level.

  • Kalpataru Power Transmission and Hindustan Aeronautics touch their all-time highs of Rs 597 and Rs 2,914 per share respectively in a weak market. Kalpataru Power has risen 18.2% in the past 30 days, while Hindustan Aeronautics grew 17.1%.

  • Reports suggest that 27 lakh shares (0.3% equity) of Tech Mahindra, amounting to Rs 310 crore, change hands in early trade today.

  • Shilpa Medicare is falling after US FDA's good manufacturing practice inspection at the company's analytical services division in Hyderabad. Observations of the inspection are related to improvements in existing procedures and are addressable.

  • Private banks like IndusInd Bank, RBL Bank, City Union Bank, Federal Bank and Bandhan Bank are falling in trade. All constituents of the broader sectoral index Nifty Private Bank are also trading in the red.

  • Tata Power’s arm Tata Power Renewable Energy signs a distribution agreement with Tata Power Delhi Distribution for a 510 MW hybrid project. It has a capacity bifurcation of 170 MW from solar and 340 MW from wind power. It will be commissioned within 24 months from the execution date.

  • Macquarie maintains its ‘Neutral’ rating on Axis Bank and ‘Outperform’ on ICICI Bank and IndusInd Bank. The brokerage also raises the target price for most banks. It says low credit costs will lead to multi-year high RoA for the banks.

  • Motilal Oswal maintains its ‘Buy’ rating on Varun Beverages and raises its target price to Rs 1,620 from Rs 1,550. This implies an upside of 21.9%. The brokerage expects the firm’s growth to be driven by the early onset of summer, increased penetration in new markets and higher acceptance of newly launched products.

  • One97 Communications (Paytm) is rising as the number and value of loans disbursed have grown 94% YoY to 79 lakh and 286% YoY to Rs 9,958 crore respectively in January-February. The stock shows up in a screener for companies with revenue increasing sequentially for the past four quarters.

  • Reports suggest that 2.45 crore shares (6.5% equity) of Mahindra CIE Automotive, amounting to Rs 892.6 crore, change hands in a large trade.

  • Media stocks like New Delhi Television, Dish TV India, Network 18 Media & Investments and Zee Entertainment Enterprises are falling in trade. The broader sectoral index Nifty Media is also trading in the red.

  • Tech Mahindra surges as the company appoints Mohit Joshi as its Managing Director and Chief Executive Officer, effective from December 20, 2023. Mohit Joshi is currently the President at Infosys and his tenure ends on June 9, 2023.

  • Indian rupee appreciates to 81.76 from the previous close of 82.04 against the US dollar in early trade today.

  • Hindustan Aeronautics wins an order worth Rs 677 crore from the Ministry of Defence for the supply of six Domier-228 aircraft for the Indian Air Force.

  • Sona BLW Precision Forgings is falling as reports suggest its promoter Blackstone will sell its whole 20.5% stake through a block transaction at a floor price of Rs 400 per share.

  • Mahindra & Mahindra’s total production in February rises 14% YoY to 56,997 units and sales increase 9.5% driven by healthy growth in passenger vehicle sales. However, exports drop 20% YoY. The stock shows up in a screener for companies with improving net cash flows over the past two years.

Riding High:

Largecap and midcap gainers today include Tech Mahindra Ltd. (1,133.80, 6.84%), Adani Transmission Ltd. (949.65, 5.00%) and Adani Total Gas Ltd. (997.05, 5.00%).

Downers:

Largecap and midcap losers today include IndusInd Bank Ltd. (1,060.10, -7.40%), Sona BLW Precision Forgings Ltd. (406.20, -6.90%) and YES Bank Ltd. (15.65, -5.15%).

Volume Shockers

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

Top high volume gainers on BSE included Tech Mahindra Ltd. (1,133.80, 6.84%), Shipping Corporation of India Ltd. (127.45, 5.16%) and Elgi Equipments Ltd. (477.95, 1.91%).

Top high volume losers on BSE were Mahindra CIE Automotive Ltd. (360.20, -8.42%), Kalyan Jewellers India Ltd. (107.70, -7.47%) and Sona BLW Precision Forgings Ltd. (406.20, -6.90%).

Mahindra Logistics Ltd. (362.10, -2.58%) was trading at 9.3 times of weekly average. Sundram Fasteners Ltd. (977.90, -0.32%) and Hindustan Zinc Ltd. (300.45, -1.30%) were trading with volumes 6.5 and 6.3 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 30 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Cummins India Ltd. (1,668.10, -0.76%), NCC Ltd. (97.50, -1.86%) and Kalpataru Power Transmissions Ltd. (579.40, -0.23%).

Stocks making new 52 weeks lows included - Atul Ltd. (6,844.05, -2.14%) and Avanti Feeds Ltd. (358.15, -1.76%).

6 stocks climbed above their 200 day SMA including Shipping Corporation of India Ltd. (127.45, 5.16%) and Route Mobile Ltd. (1,347.30, -0.07%). 35 stocks slipped below their 200 SMA including IndusInd Bank Ltd. (1,060.10, -7.40%) and YES Bank Ltd. (15.65, -5.15%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025
A car running on flat tires: Pakistan's economy is struggling
The Baseline | 15 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021