Trendlyne Marketwatch
Trendlyne Marketwatch
17 Mar 2023, 03:45PM
Market closes higher, FIIs pull out Rs 2,211.3 crore from the market over the past week

Trendlyne Analysis

Nifty 50 closed at 17,100.05 (114.5, 0.7%), BSE Sensex closed at 57,989.90 (355.1, 0.6%) while the broader Nifty 500 closed at 14,420.85 (90.5, 0.6%). Of the 1,955 stocks traded today, 1,108 were on the uptrend, and 780 went down.

Indian indices closed in the green after switching between losses and gains throughout the day. Nifty 50 rose nearly 115 points and closed at the 17,100 mark. Gold, a safe haven asset, is set for its biggest weekly gain since November 2022 due to the banking crisis in the US and Europe.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Realty closed sharply higher than Thursday’s closing levels. Nifty IT closed over 1.1% higher, taking cues from the tech-heavy Nasdaq 100 index, which closed 2.5% higher on Thursday.

European indices traded in the green amid positive global cues, led by banking stocks. US indices futures traded flat after posting strong gains on Thursday. Brent crude oil futures traded in the green but are set to post big weekly losses as investors assess the impact of banking crisis on the economy, which in turn affects crude oil demand.

  • National Aluminium sees a long buildup in its March 29 future series as its open interest rises 42.6% with a put-call ratio of 0.52.

  • Reports suggest that Malaysia-based company Petronas has offered to buy a 20% stake in NTPC's arm NTPC Green Energy for Rs 3,800 crore. NTPC is trading near its 52-week high.

  • Suzlon Energy, Tejas Networks and Lupin underperform their respective industries in terms of annual net profit growth YoY %.

  • GAIL (India) inks a memorandum of understanding with Shell Energy India to explore opportunities for infrastructure development for ethane sourcing.

  • FSN E-Commerce Ventures (Nykaa) rises over 3% in trade today. Reports suggest that 65.7 lakh shares (0.23% equity) of the company, amounting to Rs 93.2 crore, change hands in a block deal.

  • G R Infraprojects emerges as the lowest bidder for projects worth Rs 587.6 crore floated by the East Coast Railway. The projects involve the construction of tunnels and a new rail line. The stock shows up in a screener with improving book value per share over the past two years.

  • IT stocks like LTIMindtree, HCL Technologies and Persistent Systems are rising in trade. The broader Nifty IT index is also trading in the green.

  • Macquarie maintains an ‘Underperform’ rating on Jubilant Foodworks and cuts the target price to Rs 350 from Rs 380. The brokerage says the company’s margins will be affected by input cost pressures and poor demand in the coming quarters.

  • Foreign institutional investors pull out Rs 2,211.3 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 33,596.1 crore from foreign investors. Mutual Funds invest a total of Rs 648.1 crore in the Indian market.

  • Media stocks like Zee Entertainment Enterprises, Network 18 Media & Investments, TV18 Broadcast, PVR and New Delhi Television are falling in trade. The broader sectoral index Nifty Media is also trading in the red.

  • Sonal Varma, Managing Director and Chief Economist (India and Asia ex-Japan) at Nomura, says RBI will probably pause rate hikes. She expects an average inflation of 4.9% for FY24, compared to RBI’s projection of 5.3%.

  • Aster DM Healthcare's board appoints Nitish Shetty as the Chief Executive Officer of the company with effect from March 16, 2023.

  • Jubilant Pharmova surges more than 10% as its international subsidiary, Jubilant HollisterStier, receives approval from the Canadian government to avail a partially repayable loan of CAD 23.8 million. It will be used for the expansion of its Montreal facility.

  • Realty stocks like DLF, Phoenix Mills and Macrotech Developers are rising in trade. All stocks in the broader Nifty Realty index are also trading in the green.

  • Lemon Tree Hotels is rising as it signs a license agreement for a 60-room property in Rajasthan. The property is expected to be operational by July 2026 and will be managed by Carnation Hotels, its wholly owned subsidiary.

  • B Ram Reddy, Managing Director of Balaji Amines, says the fall in raw material prices will benefit the specialty chemical industry. He adds that the company’s margins will improve to around 24% in the upcoming quarters.

  • Anand Rathi maintains its ‘Buy’ rating on Hero MotoCorp with a target price of Rs 2,855. This implies an upside of 21.1%. The brokerage believes the company is on track to regain market share on the back of multiple product launches. It expects the firm’s net profit to grow at a CAGR of 20%.

  • Promoter Sumitomo Wiring Systems sells a 3.4% stake (2.3 crore shares) in Samvardhana Motherson International for Rs 1,612.3 crore in a bulk deal. Societe Generale and Copthall Mauritius Investment pick up the shares.

  • Glenmark Pharmaceuticals’ arm Glenmark Specialty receives acceptance from the US FDA for its investigational new drug application GRC 54276. The company will be allowed to proceed with phase 1/2, the first-in-human clinical study of GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas.

  • Rail Vikas Nigam is rising as it bags a contract worth Rs 111.8 crore to install, test and commission 11 KV lines and associated works in Sidhi, Chhatarpur and Jabalpur, among others. The stock is trading 119.4% higher than its 52-week low.

  • Probal Sen, Energy Analyst at ICICI Securities, says the fall in crude price is due to lower demand. He adds that this fall will benefit oil marketing firms. Crude oil prices have fallen sharply below $75 per barrel.

  • Va Tech Wabag wins an order worth Rs 800 crore to design, build and operate a sewage treatment plant at Pagla, in the City of Dhaka, Bangladesh. The project is funded by the World Bank and Asian Infrastructure Investment Bank.

  • Dr. Reddy’s Laboratories and its subsidiaries sell nine non-core dermatology brands to Eris Lifesciences for Rs 275 crore. According to IQVIA data, the divested portfolio has sales of Rs 60 crore. Dr. Reddy’s is trading near its 52-week high.

  • Tata Consultancy Services' CEO and MD Rajesh Gopinathan resigns, effective from September 15, 2023. The board appoints K Krithivasan as the CEO Designate, effective from March 16, 2023. He will take over as the CEO and MD in the next financial year, subject to shareholders' approval.

  • Zee Entertainment falls more than 3% in trade even after the NCLT cancelled the insolvency plea filed against the company by the Indian Performing Rights Society (IPRS). Reports suggest that Zee is ready to pay pending dues to IndusInd Bank to resolve the insolvency issue.

  • Voltas is rising as its wholly owned subsidiary Universal MEP Projects & Engineering Services (UMPESL) bags power distribution and solar projects worth Rs 1,770 crore. The project will benefit Uttar Pradesh, West Bengal and Odisha, among others.

  • Samvardhana Motherson International approves the acquisition of the remaining 50% stake in Fritzmeier Motherson Cabin Engineering (FMCEL) from its joint venture partner, F Holdings GmbH, for Rs 110.7 crore. Post acquisition, FMCEL will become a wholly owned subsidiary of Samvardhana Motherson.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (46.70, 5.18%), Adani Green Energy Ltd. (816.25, 5.00%) and Adani Transmission Ltd. (1,022.35, 5.00%).

Downers:

Largecap and midcap losers today include Biocon Ltd. (202.30, -8.81%), Patanjali Foods Ltd. (898.40, -4.98%) and Tube Investments of India Ltd. (2,550.25, -4.40%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Jubilant Pharmova Ltd. (313.30, 12.76%), JK Paper Ltd. (384.70, 9.85%) and Kalyan Jewellers India Ltd. (119.50, 9.68%).

Top high volume losers on BSE were Biocon Ltd. (202.30, -8.81%), Jindal Stainless Ltd. (293.10, -7.58%) and Patanjali Foods Ltd. (898.40, -4.98%).

Gillette India Ltd. (4,186.20, -4.48%) was trading at 100.7 times of weekly average. Eris Lifesciences Ltd. (568.85, -2.89%) and Delhivery Ltd. (322.10, -2.79%) were trading with volumes 86.9 and 17.7 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 24 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Godrej Consumer Products Ltd. (947.45, 1.62%), NCC Ltd. (103.50, 1.72%) and KPIT Technologies Ltd. (869.20, 6.56%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (342.95, -0.58%) and Bayer Cropscience Ltd. (3,988.10, -1.07%).

16 stocks climbed above their 200 day SMA including JK Paper Ltd. (384.70, 9.85%) and Medplus Health Services Ltd. (772.45, 7.46%). 11 stocks slipped below their 200 SMA including Swan Energy Ltd. (231.20, -6.32%) and Crisil Ltd. (2,997.75, -3.22%).

 
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