Trendlyne Analysis

Nifty 50 closed at 16,945.05 (-131.9, -0.8%), BSE Sensex closed at 57,527.10 (-398.2, -0.7%) while the broader Nifty 500 closed at 14,279.00 (-124.6, -0.9%). Of the 1,964 stocks traded today, 388 were on the uptrend, and 1,534 went down.

Indian indices lost their ground in the afternoon session and closed sharply lower, with the volatility index, India VIX, rising over 15 points. Nifty 50 fell nearly 130 points and closed below the 17,000 mark. The government hiked STT on the sale of options and futures by 25%, effective from April 1, 2023.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Media, Nifty Metal and Nifty Realty closed over 2.3% lower than Thursday's closing levels. All major sectoral indices also closed lower.

Major Asian indices closed in the red, except for Taiwan’s TSEC 50 index closing higher. European indices trade at least 1% lower than Thursday’s levels, led by banks as investors continue to show concern over the stability of the financial sector.

• HDFC Asset Management sees a short buildup in its March 29 future series as its open interest rises 5.5% with a put-call ratio of 0.51.

• Rail Vikas Nigam's board declares an interim dividend of Rs 1.77 per equity share of Rs 10 each for FY23. The board sets April 6, 2023, as the record date.

• Media stocks like Network 18 Media & Investments, PVR and TV18 Broadcast are falling in trade. All constituents of the broader Nifty Media index also trade in the red.

• Zydus Lifesciences recieves final approval from the US FDA for doxepin hydrochloride capsules used for the treatment of mental/mood concerns such as depression and anxiety. It has annual sales of $2.11 million in the United States.

• J Kumar Infraprojects' joint venture bags a contract worth Rs 249.2 crore for the construction of Baiyappanahalli depot for Bangalore Metro Rail Corporation. The company’s share in the project is Rs 137.1 crore (55%). The stock shows up in a screener for companies with strong annual EPS growth.

• Life Insurance Company of India is planning to impose caps on its debt and equity exposure to companies as it is facing criticism for its investment in Adani group.

  LIC is planning to impose caps on its debt & equity exposure to companies, in a bid to lower concentration of risk following criticism of its investment in Adani group.#AdaniGroup #Investment #LIC #AdaniGroup #debt #equity https://t.co/nKwnTckCG4

  — Business Standard (@bsindia) March 24, 2023

• Anupam Rasayan India, Angel One and Birla Corp outperform the Nifty 500 index by 33%, 11% and 8.7% respectively in the past month.

• Asset Management Companies like HDFC Asset Management Co, UTI Asset Management Co and Aditya Birla Sun Life AMC are falling as the Centre decides to treat gains from debt mutual funds as short-term capital gains. The broader industry of Asset Management Cos is also trading in the red.

• Aditya Birla Sun Life AMC, Dilip Buildcon and Life Insurance Corp of India hit an all-time low of Rs 346, 177.1 and Rs 562.15 respectively.

• Emami’s board approves a proposal to buy back shares amounting to Rs 186 crore at a price not exceeding Rs 450 per share. The stock shows up in a screener for companies with improving net cash flow over the past two years.

• According to Reuters, analysts estimate India's trade deficit to reduce to $23 billion or 2.7% of the country's GDP in Q3FY23. This can be attributed to moderation in the goods trade gap and improvement in net services exports.

  India current account deficit likely narrowed to 2.7% of GDP in Q4 https://t.co/wUnGA0ZAH9 pic.twitter.com/mFaOM3kwNq — Reuters (@Reuters) March 24, 2023

• Foreign institutional investors pull out Rs 4,648.6 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 20,551.4 crore from foreign investors.

• Indigo plans to expand its fleet of 350 aircraft by FY24, a 14% YoY increase. It currently holds a market share of 55% and shows up in a screener for turnaround companies – loss to profit QoQ.

• American alternative asset management firm TPG Global is planning to sell its entire stake of 7.6% in Campus Activewear through block deals today, suggest reports.

  TPG to #sell 7.62% stake worth Rs 800 crore in Campus Activewear via #BlockDeal at Rs 345/share, sources tell @VivekIyer72 pic.twitter.com/aZ7acmJKIO — CNBC-TV18 (@CNBCTV18Live) March 23, 2023

• ICICI Securities keeps its ‘Buy’ rating on Lemon Tree Hotels and raises its target price to Rs 132 from Rs 125, implying an upside of 77.8%. The brokerage believes that industry demand tailwinds and the firm’s room expansion plans will drive growth in the medium term. It expects the company’s revenue to grow at a CAGR of 52.6% over FY22-25.

• Pramod Amthe, Head of Research at InCred Equities, maintains an overweight rating on cement, auto, consumer durables, defence, realty and financial services sectors. In the life insurance sector, the preferred pick remains SBI Life Insurance.

  #OnCNBCTV18 | We still remain cautious on the #LifeInsurance space, says Pramod Amthe of InCred Equities. Tells @_prashantnair @SurabhiUpadhyay, @blitzkreigm that #credit growth continues to favour #banking space, and they remain overweight on it. pic.twitter.com/4VOqMHl3GG — CNBC-TV18 (@CNBCTV18News) March 24, 2023

• Zen Technologies wins a new order worth Rs 127 crore. The stock shows up in a screener for companies with high momentum scores.

• Lupin gets tentative approval from the US FDA for its obeticholic acid tablets used in the treatment of liver diseases. The stock is trading flat and shows up in a screener with increasing revenue for the past two quarters.

• Bharat Electronics is rising as it bags two contracts worth Rs 3,800 crore from the Ministry of Defence for the supply of different types of radar systems for the Indian Air Force. The stock has gained 37% from its 52-week low.

• Canara Bank sells its entire stake (40%) in Moscow-based Commercial Indo Bank for Rs 121.3 crore. The stock ranks high on the Trendlyne Checklist Score.

• Rail Vikas Nigam’s joint venture with Rachana Construction wins an order to upgrade a six-lane highway from Ahmedabad to Rajkot. The project cost is Rs 252.2 crore.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (1,029.35, 4.78%), Adani Transmission Ltd. (1,124.55, 3.70%) and Aurobindo Pharma Ltd. (500.45, 2.94%).

Downers:

Largecap and midcap losers today include Aditya Birla Capital Ltd. (144.05, -6.55%), JSW Energy Ltd. (236.70, -4.54%) and Bandhan Bank Ltd. (203.10, -4.42%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included ITI Ltd. (98.20, 12.04%), Cyient Ltd. (1,001.20, 6.05%) and Minda Corporation Ltd. (210.70, 4.85%).

Top high volume losers on BSE were Sundaram Clayton Ltd. (3,853.40, -20.00%), Campus Activewear Ltd. (338.55, -8.57%) and Endurance Technologies Ltd. (1,207.00, -1.93%).

Zydus Wellness Ltd. (1,524.55, 3.64%) was trading at 12.6 times of weekly average. Shilpa Medicare Ltd. (240.95, -0.29%) and Bata India Ltd. (1,416.40, 0.01%) were trading with volumes 4.1 and 4.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52-week highs, while 33 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Cyient Ltd. (1,001.20, 6.05%), Siemens Ltd. (3,333.45, 0.26%) and KPIT Technologies Ltd. (886.05, 0.52%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (332.40, -0.36%) and Bombay Burmah Trading Corporation Ltd. (831.00, -0.72%).

9 stocks climbed above their 200 day SMA including Minda Corporation Ltd. (210.70, 4.85%) and Aurobindo Pharma Ltd. (500.45, 2.94%). 14 stocks slipped below their 200 SMA including Sundaram Clayton Ltd. (3,853.40, -20.00%) and Medplus Health Services Ltd. (670.00, -6.01%).