Trendlyne Analysis

Nifty 50 closed at 17,043.30 (-111, -0.7%) , BSE Sensex closed at 57,900.19 (-337.7, -0.6%) while the broader Nifty 500 closed at 14,358.55 (-95.9, -0.7%). Of the 1,965 stocks traded today, 519 were in the positive territory and 1,397 were negative.

Indian indices close in the red, as markets globally turn volatile and the crisis around US regional banks continues. Nifty 50 closed below the 17,100 mark on a volatile day of trade. The Indian volatility index, India VIX, rose above 16. The data released by Ministry of Commerce & Industry indicated wholesale price index (WPI) for February fell to two year low of 3.85%, in line with economists expectation of 3.90%.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, tailing the benchmark index. Nifty Pharma and Nifty Media closed flat. All other major sectoral indices closed in the red. The Nifty PSU Bank index closed 1.7% lower than Monday’s level, tailing Dow Jones US Banks Index, which closed 7.32% lower on Monday.

Major Asian indices closed lower, tailing US indices, which closed lower on Monday. European Indices trade lower amid weak global cues. US indices futures are trading in the red indicating a negative start for the day. US stocks have reacted negatively in past two trading sessions post the failures of Silicon Valley Bank and Signature Bank in the US

• Coforge sees a short buildup in its March 29 future series as its open interest rises 12.8% with a put-call ratio of 0.42.

• Cipla hits a 52-week low as reports suggest that the Income Tax Department is investigating the company for alleged tax violations and avoidance. Initial investigation suggests wrongful tax claims worth Rs 400 crore. The stock is down 15% in the past month.

• Emami and Lakshmi Organic Industries hit their 52-week lows of Rs 369.2 and Rs 245.6 respectively. Emami has fallen 23.7% in the past year, while Lakshmi Organic went down 41.3%.

• HCL Technologies trades lower in a volatile market. The stock ranks high on the Trendlyne checklist score and shows up in a screener with improving revenue for the past four quarters.

• Reports suggest that 1.89 lakh shares (0.26% equity) of Persistent Systems, amounting to Rs 85.5 crore, change hands in a large trade.

  Persistent Systems Large Trade | 1.89 lakh shares (0.26% equity) worth ?85.50 crore change hands at average of ?4,516.51/share#PersistentSystems #LargeTrade #BlockDeal pic.twitter.com/kTay011qfA

  — CNBC-TV18 (@CNBCTV18Live) March 14, 2023

• Tata Consultancy Services, HDFC and Bajaj Finance perform better than their sectors with annual RoA of 27%, 2.3% and 3.3% respectively.

• Tube Investments of India is rising as it forays into the contract development and manufacturing operations (CDMO) business. It enters into an agreement with N Govindarajan to incorporate a subsidiary to start this CDMO business, subject to shareholders' approval. Tube Investment will invest close to Rs 285 crore in the form of equity and convertible shares.

• Axis Direct maintains its ‘Buy’ rating on Bharti Airtel with a target price of Rs 855, indicating an upside of 11.5%. The brokerage is positive about the company’s prospects due to its high market penetration, strong digital portfolio and growing average revenue per user. It expects the firm’s net profit to grow at a CAGR of 53.1% over FY22-24.

• India’s WPI inflation declines from 4.73% in January to 3.85% in February due to a fall in the prices of crude petroleum & natural gas, non–food articles, food products and minerals, among others.

  India's wholesale price index (WPI)-based inflation eased to 3.85 per cent in February on an annual basis from 4.73 per cent in January, stated provisional data from the Commerce Ministry on Tuesday. https://t.co/UgIDTpMryL

  — Economic Times (@EconomicTimes) March 14, 2023

• IT stocks like Coforge, Mphasis, LTIMindtree and Tech Mahindra are falling in trade. The broader sectoral index Nifty IT is also trading in the red.

• Bajaj Finance falls for five sessions. The stock ranks high on Trendlyne’s durability score but low on momentum and valuation scores. However, 18 analysts recommend a ‘Buy’, while seven call for ‘Sell’.

• Macquarie maintains an ‘Outperform’ on Hindustan Unilever with a target price of Rs 3,050. The brokerage says that channel checks indicate a stable demand trend. It expects the company’s EBITDA to grow 12% in Q4.

  Brokerage Radar | @Macquarie on HUL: Maintain Outperform; Channel checks suggest steady demand trends
  #HUL @HUL_News pic.twitter.com/tHwh6tvTbs

  — ET NOW (@ETNOWlive) March 14, 2023

• PSU banks like Indian Bank, Bank of India, Union Bank of India and Punjab & Sind Bank are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.

• Food, beverages & tobacco and metals & mining sectors gain more than 8% in the past six months.

• Rekha Jhunjhunwala, Rakesh Jhunjhunwala's wife, buys a 5.22% stake in Raghav Productivity Enhancers on Friday.

• India’s CPI inflation eases slightly to 6.44% in February from 6.52% in January but remains above RBI’s tolerance limit of 6%. Food inflation stands at 5.95%.

  India's retail #inflation declined marginally to 6.44 per cent year-on-year in February as against 6.52 per cent in January https://t.co/nLNnLu6XiB

  — ETMarkets (@ETMarkets) March 14, 2023

• Surya Roshni is rising as it receives orders worth Rs 96.4 crore from Hindustan Petroleum Corp for the supply of coated steel pipes in Rajasthan, Bihar, Jharkhand and West Bengal. The company shows up in a screener for stocks with consistently high returns over the past five years.

• Divgi Torq Transfer Systems’ shares list at a premium of 5.1% to the issue price of Rs 590 on its debut on the bourses. The Rs 412 crore IPO has been subscribed for 5.4X the total shares on offer.

• CreditAccess Grameen Bank continues to fall despite reporting an increase in assets under management from Rs 17,786 crore in Q3FY23 to Rs 20,000 crore till date. So far, the bank has disbursed loans worth Rs 5,000 crore in Q4FY23. It shows up in a screener of stocks with decreasing provisions in recent results.

• Blackstone sells its 20.5% stake (11.9 crore shares) worth Rs 4,917.4 crore in Sona BLW Precision Forgings in a bulk deal. The shares have been picked up by the Government of Singapore, Societe Generale and HDFC Mutual Fund, among others. In another deal, First Sentier Investment sells a 1.74% stake (12.5 lakh shares) worth Rs 45.7 crore in Mahindra Logistics.

• Promoter Mahindra and Mahindra sells a 6.1% stake (2.3 crore shares) worth Rs 821.3 crore in Mahindra CIE Automotive in a bulk deal. Mahindra’s holding falls to 3.2% from 9.3% with this sale. Societe Generale picks up shares worth Rs 230.4 crore in Mahindra CIE in another bulk deal.

Riding High:

Largecap and midcap gainers today include Sona BLW Precision Forgings Ltd. (431.40, 6.20%), Gland Pharma Ltd. (1,186.15, 2.75%) and Zee Entertainment Enterprises Ltd. (192.45, 2.20%).

Downers:

Largecap and midcap losers today include Adani Enterprises Ltd. (1,738.20, -7.27%), Bank of India (70.85, -5.85%) and Bandhan Bank Ltd. (206.05, -5.44%).

Volume Shockers

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

Top high volume gainers on BSE included Sona BLW Precision Forgings Ltd. (431.40, 6.20%), Gland Pharma Ltd. (1,186.15, 2.75%) and Bajaj Holdings & Investment Ltd. (6,128.65, 2.00%).

Top high volume losers on BSE were Indian Bank (258.50, -8.46%), Intellect Design Arena Ltd. (403.45, -4.64%) and Coforge Ltd. (3,921.65, -3.99%).

Adani Green Energy Ltd. (706.10, -1.49%) was trading at 9.2 times of weekly average. V-Mart Retail Ltd. (2,379.85, -0.66%) and Century Plyboards (India) Ltd. (497.80, -1.56%) were trading with volumes 8.5 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock overperformed with 52 week highs, while 49 stocks hit their 52 week lows.

Stock touching their year highs included - Sonata Software Ltd. (834.60, 4.40%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (356.10, -0.57%) and Bayer Cropscience Ltd. (4,056.15, -1.26%).

8 stocks climbed above their 200 day SMA including EIH Ltd. (168.40, 3.92%) and Lemon Tree Hotels Ltd. (77.90, 3.32%). 34 stocks slipped below their 200 SMA including Hitachi Energy India Ltd. (3,261.20, -6.36%) and Eureka Forbes Ltd. (451.00, -3.01%).