Trendlyne Marketwatch
Trendlyne Marketwatch
22 Mar 2023
Market closes higher, Sharekhan keeps 'Buy' rating on Thermax

Trendlyne Analysis

Nifty 50 closed at 17,151.90 (44.4, 0.3%), BSE Sensex closed at 58,214.59 (139.9, 0.2%) while the broader Nifty 500 closed at 14,460.00 (48.7, 0.3%). Of the 1,954 stocks traded today, 1,138 showed gains, and 737 showed losses.

Indian indices closed in the green, with the volatility index, India VIX, falling below 15. Nifty 50 rose nearly 35 points and closed above the 17,100 mark. Indian Oil Corp's board has given in-principle approval to prepare a feasibility report to set up a petrochemical complex at Paradip, Odisha, at an estimated cost of Rs 61,077 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher than Tuesday’s level, following the benchmark index. Nifty Media closed over 0.52% lower than Tuesday's closing levels. Nifty IT closed higher, tailing the Nasdaq 100 futures trading in the green.

Major Asian indices closed in the green. European stocks trade mixed with England’s FTSE 100 and Switzerland’s SMI trading lower than Tuesday’s level. US indices futures trade higher than Tuesday’s levels, indicating a positive start for the day. US Federal Reserve is expected to hike interest rates by 25 bps later today. However, investors are awaiting the commentary by US Fed on the banking crisis.

  • Money flow index (MFI) indicates that stocks like Anupam Rasayan India, Bharat Petroleum Corp, NCC and Sudarshan Chemical Industries are in the overbought zone.

  • GAIL is rising as the Petroleum and Natural Gas Regulatory Board (PNGRB) raises its tariff by 45% to Rs 58.6 per MMBtu.

  • Gensol Engineering is rising as it is set to acquire a 100% stake in Scorpius Trackers, a solar tracker solutions company, for Rs 135 crore. The stock shows up in a screener for companies with strong annual EPS growth.

  • NBCC bags a project worth Rs 50 crore from the National Film Development Corp (NFDC) to repair and renovate the Film Division at Peddar Road, Mumbai. Its arm, HSCC, also wins two contracts involving the construction of a 150-bed critical care block in Chandigarh for Rs 130 crore and a hospital in Nashik, Maharashtra, for Rs 348.4 crore.

  • GR Infraprojects and Motilal Oswal Financial Services reach their 52-week lows of Rs 962.6 and Rs 567.1 per share respectively. GR Infra falls 14.8% and the other 13.5% over the past month.

  • IFC invests Rs 240 crore in JK Tyre & Industries to expand manufacturing capacity and integrate advanced, resource-efficient technologies in the production of tyres.

  • Reports suggest that 15 lakh shares (0.94% equity) of Kajaria Ceramics, amounting to Rs 156.52 crore, change hands in a large trade.

  • Sharekhan maintains its ‘Buy’ rating on Thermax with a target price of Rs 2,790, implying an upside of 20.9%. The brokerage remains positive about the company due to its robust order book, strong execution & technological capabilities in green energy and healthy balance sheet. It expects the firm’s revenue to grow at a CAGR of 21.8% over FY22-25.

  • Tata Motors rises as it announces price hikes across its commercial vehicles segment. The price changes, effective from April 1, will comply with the BS6 Phase 2 emission norms, says the management.

  • Reports suggest that 6.65 lakh shares (0.13% equity) of Pidilite, amounting to Rs 158.50 crore, change hands in a large trade.

  • Larsen & Toubro's arm L&T Construction wins orders worth Rs 1,000-2,500 crore from the drinking water and sanitation department of the Government of Jharkhand to execute a raw water transport system.

  • PSU banks like Union Bank of India, Bank of Baroda, Bank of India, Punjab & Sind Bank and Indian Overseas bank are rising in trade. All constituents of the broader sectoral index Nifty PSU Bank are also trading in the green.

  • Sula Vineyards rises over 10% in two sessions after CLSA initiates coverage on the stock with a ‘Buy’ and a target price of Rs 475. The brokerage says the company can leverage the change in consumer demand towards the low-alcoholic beverage segment. IIFL Securities also initiates a ‘Buy’, expecting sales growth of 18.7% over FY22-25E.

  • Aarti Drugs, KPIT Technologies and Anupam Rasayan India outperform the Nifty 50 index by 16%, 15.4% and 13.5% respectively in the past week.

  • Patel Engineering is rising as it bags a contract worth Rs 551 crore from Visvesvaraya Jala Nigam, in partnership with its joint venture. The contract is for the survey, design, installation and testing of a micro-irrigation project in the Tumkur Branch Canal.

  • Sobha is down as the Income Tax Department conducts a search at its registered office and other premises. The stock is trading near its 52-week low.

  • Sonata Software is rising as it signs its largest-ever deal with a total contract value of $160 million for 10 years with a US-based consumer retailer. The company will manage the end-to-end IT modernisation and transformation for its client. The company ranks high on Trendlyne’s checklist with a score of 69.57%.

  • Lupin is rising as the company receives approval from the US FDA for its abbreviated new drug application (ANDA) for Brexpiprazole tablets. The tablets are used for the treatment of schizophrenia and depression. According to IQVIA, the drug had an estimated annual sales of $1,575 million in CY22 in the US.

  • Keshav Bhajanka, Executive Director at Century Plyboards, says medium-density fiberboard (MDF) will boost growth for the company. He adds that the company has taken a price hike of 2% in plywood on the back of high timber prices.

  • Ashiana Housing is rising as its annual bookings beat its guidance of Rs 1,100 crore for FY23. The total booking value up to March 20 stands at Rs 1,278.8 crore. The stock shows up in a screener for companies with low debt.

  • Zydus Lifesciences receives US FDA approval for Tofacitinib tablets used to treat moderate to severe rheumatoid arthritis and active psoriatic arthritis in adult patients. Tofacitinib tablets have annual sales of $900 million in the United States.

  • Emami rises more than 5% in trade as its board is set to meet on Friday to consider a buyback proposal. The details of the buyback are yet to be disclosed. The stock touches a 52-week low in the past week.

  • Citigroup maintains its ‘Sell’ rating on Hindustan Zinc with a target price of Rs 260. According to the brokerage, the company announced 4th interim dividend of Rs 26 per share yesterday, taking the total dividend for FY23 to Rs 75.5 per share.

  • Indian Oil Corp's board has given an in-principle approval to prepare a feasibility report to set up a petrochemical complex at Paradip, Odisha, at an estimated cost of Rs 61,077 crore. This project will improve the company’s petrochemical intensity index, de-risk its fossil fuel business and report import dependency.

  • HG Infra Engineering is rising as it emerges as the lowest bidder for a North Central Railway project. The Rs 655 crore project involves the redevelopment of Kanpur Central Railway Station. The stock has touched a 52-week high in the past week.

  • Bandhan Bank’s board approves the proposal to transfer loans originating from banking units (BU) & written-off portfolio worth Rs 2,614 crore and NPAs worth Rs 2,316.3 crore to Asset Reconstruction Co. The bank receives binding bids of Rs 369.2 crore for the written-off portfolio and Rs 370.6 crore for the NPA portfolio on a consideration basis.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (624.05, 6.88%), Emami Ltd. (366.30, 6.17%) and Adani Green Energy Ltd. (935.60, 5.00%).

Downers:

Largecap and midcap losers today include ABB India Ltd. (3,309.90, -3.00%), PB Fintech Ltd. (575.30, -2.34%) and Steel Authority of India (SAIL) Ltd. (85.05, -2.30%).

Volume Shockers

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

Top high volume gainers on BSE included Fine Organic Industries Ltd. (4,406.30, 8.26%), One97 Communications Ltd. (624.05, 6.88%) and Emami Ltd. (366.30, 6.17%).

Top high volume losers on BSE were Sobha Ltd. (452.55, -12.85%), Krishna Institute of Medical Sciences Ltd. (1,325.15, -0.48%) and Kajaria Ceramics Ltd. (1051.35, -0.29%).

Uflex Ltd. (367.30, 5.80%) was trading at 10.3 times of weekly average. Eureka Forbes Ltd. (459.00, 0.90%) and Trident Ltd. (27.85, 2.58%) were trading with volumes 9.3 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks hit their 52-week highs, while 12 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Siemens Ltd. (3,307.40, -0.17%) and KPIT Technologies Ltd. (894.80, 1.98%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (334.15, -0.04%) and Caplin Point Laboratories Ltd. (604.80, -1.57%).

16 stocks climbed above their 200 day SMA including 360 One Wam Ltd. (424.00, 5.62%) and Can Fin Homes Ltd. (547.80, 3.03%). 5 stocks slipped below their 200 SMA including Orient Electric Ltd. (268.20, -1.31%) and Just Dial Ltd. (592.55, -1.27%).

 
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