Trendlyne Analysis

Nifty 50 closed at 16,985.60 (13.5, 0.1%), BSE Sensex closed at 57,634.84 (78.9, 0.1%) while the broader Nifty 500 closed at 14,330.35 (10.1, 0.1%). Of the 1,960 stocks traded today, 657 were in the positive territory and 1,257 were negative.

Indian indices closed in the green after recouping losses made in the morning session. Global banks reel under pressure as US local banks face liquidity crunch due to high interest rates. Nifty 50 closed just below the 17,000 mark on a volatile day of trade. FIIs sold equities worth Rs 5,905 crore in the past three trading sessions, while DIIs bought for Rs 5,365 crore.

Nifty Midcap 100 closed in the green, tailing the benchmark index but Nifty Smallcap 100 closed lower than Wednesday’s level. Nifty Metal closed in the red, while Nifty Bank closed in the green after recovering from the day’s low. Nifty IT closed lower despite Nasdaq 100 closing 0.42% higher on Wednesday.

Major Asian indices closed lower. European Indices trade higher after dropping more than 3% on Wednesday. US indices futures are trading in the red, indicating a negative start for the day. US stocks have reacted negatively in the past three trading sessions post the failure of Silicon Valley Bank and Signature Bank in the US, followed by liquidity concerns at Credit Suisse Bank.

• Relative strength index (RSI) indicates that stocks like Anupam Rasayan India, Jindal Stainless, Cummins India and Max Healthcare Institute are in the overbought zone.

• Fears over a banking crisis increase as Credit Suisse says it will borrow around 50 billion Swiss francs from the Swiss National Bank to strengthen its finances.

  Fears over a banking crisis ramp up after Credit Suisse said it would borrow up to £45 billion from Switzerland's central bank to bolster its finances https://t.co/yKlaZOCVfd

  — Bloomberg (@business) March 16, 2023

• Eris Lifesciences acquires nine dermatology brands from Dr Reddy's Laboratories for a cash consideration of Rs 275 crore. The company shows up in a screener of stocks with strong cash generating ability from core business.

• According to reports, Patanjali Foods’ management plans to launch a follow-on public offer (FPO) in April to increase its public shareholding to 25%. It says the freeze on promoter-held shares will not impact the company’s operational and financial performance.

• Zee Entertainment Enterprises rises as reports suggest that the company has agreed to repay dues worth $10 million owed to IndusInd Bank.

• Sonata Software completes the acquisition of Quant Systems and its subsidiaries. Sonata pays Rs 537.3 crore upfront and will pay Rs 785.3 crore more over the next two years. The stock touches a 52-week high in the past week.

• Wipro hits a 52-week low of Rs 370 in trade today. Reports suggest that the company may log lower revenue growth in Q4FY23. Analysts from IDBI Capital believe that slow order wins coupled with recession and slowdown in European markets will impact near-term growth.

• Zee Entertainment Enterprises, ICICI Prudential Life Insurance, Adani Green Energy and Hindustan Petroleum Corp are trading above their third resistance or R3 level.

• IndusInd Bank falls over 2.5% in trade. Reports suggest that 7.35 lakh shares (0.13% equity) amounting to Rs 74.37 crore change hands.

  #IndusInd Bank Large Trade | 7.35 lakh shares (0.13% equity) worth ?74.37 crore change hands at average of ?1,011/share#LargeTrade #BlockDeals pic.twitter.com/xCXUAMNphj

  — CNBC-TV18 (@CNBCTV18Live) March 16, 2023

• Patel Engineering is rising as its bags two irrigation projects worth Rs 1,265 crore through a joint venture. The company’s share in these orders is Rs 485 crore. The stock shows up in a screener for companies with strong annual EPS growth.

• Bharat Petroleum Corp and Hindustan Petroleum Corp are surging as Brent crude prices drop below $75 per barrel for the first time since 2021.

• Wipro and HDFC Life Insurance reach their 52-week lows of Rs 370 and Rs 457.8 per share respectively. Wipro has fallen 8.8% over the past month, while HDFC Life declined 10.4%.

• Sameer Khetarpal, CEO and Managing Director of Jubilant FoodWorks, says the company plans to add 50 Popeyes stores in a year and 250 stores in the medium term. He expects the QSR industry to expand by 9-10%.

  #OnCNBCTV18 | Will add 50 Popeyes stores in 1 year, target 250 Popeyes stores in the medium term. QSR industry to grow 9-10%, chicken segment will grow faster, says Sameer Khetarpal of Jubilant FoodWorks pic.twitter.com/zoLVZM7fHy

  — CNBC-TV18 (@CNBCTV18Live) March 16, 2023

• Man Industries (India) rises as it receives an export order worth approximately Rs 1,300 crore. The stock shows up in a screener for companies with low debt.

• Commercial services & supplies, hardware technology & equipment and media sectors fall more than 20% over the past 90 days.

• Brent crude oil price falls the most since 2021 to below the $75 dollar per barrel mark amid recessionary fears. The decline is also due to an increase in OECD inventory, which stands at its 18-month high.

  #OnETNOW | Oil slumps nearly 5% to lowest in more than a year as banking fears mount, @soumeet_sarkar joins in with the details #Oil #OilPrices pic.twitter.com/smIjjlmoL9

  — ET NOW (@ETNOWlive) March 16, 2023

• ICICI Prudential Life Insurance rises as its board approves the appointment of Anup Bagchi as Managing Director and Chief Executive Officer of the company, effective from June 19, 2023, or the date of regulatory approval.

• DLF is rising as it witnesses record pre-launch sales of Rs 8,000 crore for its high-rise residences, The Arbour, located in Sector 63, Gurugram.

• ICICI Securities maintains its ‘Buy’ rating on LTIMindtree with a target price of Rs 5,651, indicating an upside of 24.7%. The company's strong cross-sell opportunities, cost synergies and ability to participate in larger deals post-merger make it the brokerage’s top pick in the IT sector. It expects the firm’s profit to grow at a CAGR of 16.6% over FY22-25.

• CLSA maintains its ‘Buy’ rating on Ashok Leyland with a target price of Rs 189. The brokerage says price hikes could impact volumes slightly but it will improve margins. It adds that the company could maintain its market share gains in heavy trucks.

  Brokerage Radar | CLSA on Ashok Leyland: Maintain 'Buy': Multiple tailwinds to drive CV sales over the next two years@CLSAInsights @ALIndiaOfficial #CLSA pic.twitter.com/llaTXWoKGh

  — ET NOW (@ETNOWlive) March 16, 2023

• Hikal rises in early trade after 6.14 lakh shares (0.5% equity) amounting to Rs 18.3 crore change hands.

• Metal stocks like Hindalco Industries, Jindal Steel & Power, Tata Steel, Welspun Corp and Hindustan Copper are falling in trade. The broader sectoral index Nifty Metal is also trading in the red.

• Samvardhana Motherson International is falling as reports suggest that its promoter company Sumitomo Wiring Systems is set to sell a 3.4% stake (23 crore shares) worth Rs 1,607 crore in the company. The floor price for the deal is fixed at Rs 69.9 per share, a 9% discount from yesterday’s closing price.

• BSE and NSE freeze 29.2 crore shares held by promoters and promoter groups of Patanjali Foods as it has failed to raise public shareholding to 25% within the stipulated time. Patanjali Foods has a low valuation score, indicating ‘Expensive Valuation’, according to Trendlyne DVM scores.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (206.70, 9.34%), ICICI Prudential Life Insurance Company Ltd. (409.65, 6.67%) and Bharat Petroleum Corporation Ltd. (350.90, 6.24%).

Downers:

Largecap and midcap losers today include Samvardhana Motherson International Ltd. (68.50, -10.81%), Hindalco Industries Ltd. (384.95, -5.22%) and Jindal Steel & Power Ltd. (553.70, -4.56%).

Volume Shockers

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

Top high volume gainers on BSE included Medplus Health Services Ltd. (718.80, 10.81%), Zee Entertainment Enterprises Ltd. (206.70, 9.34%) and Hikal Ltd. (311.25, 8.81%).

Top high volume losers on BSE were Samvardhana Motherson International Ltd. (68.50, -10.81%), Jubilant Pharmova Ltd. (277.85, -4.89%) and Avanti Feeds Ltd. (344.95, -3.21%).

Network 18 Media & Investments Ltd. (54.70, 7.36%) was trading at 8.9 times of weekly average. Bharat Petroleum Corporation Ltd. (350.90, 6.24%) and ICICI Prudential Life Insurance Company Ltd. (409.65, 6.67%) were trading with volumes 8.0 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks hit their 52-week highs, while 50 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Zydus Lifesciences Ltd. (479.65, 1.32%), NCC Ltd. (101.75, 1.45%) and Petronet LNG Ltd. (237.85, 0.49%).

Stocks making new 52 weeks lows included - Atul Ltd. (6,945.45, 1.83%) and Avanti Feeds Ltd. (344.95, -3.21%).

9 stocks climbed above their 200 day SMA including Medplus Health Services Ltd. (718.80, 10.81%) and Hindustan Petroleum Corporation Ltd. (244.50, 6.14%). 24 stocks slipped below their 200 SMA including Samvardhana Motherson International Ltd. (68.50, -10.81%) and Gujarat Fluorochemicals Ltd. (3,060.50, -3.91%).