Trendlyne Marketwatch
Trendlyne Marketwatch
29 Mar 2023
Market closes higher, HFCL bags order worth Rs 282.61 crore from the Gujarat Metro Rail Corp

Trendlyne Analysis

Nifty 50 closed at 17,080.70 (129, 0.8%), BSE Sensex closed at 57,960.09 (346.4, 0.6%) while the broader Nifty 500 closed at 14,345.60 (133.8, 0.9%). Of the 1,967 stocks traded today, 1,339 were on the uptrend, and 573 went down.

Indian indices extended their gains in the final hour of the trading session and closed in the green. The Nifty 50 rose nearly 130 points and closed above the 17,000 mark. Zee Entertainment closed sharply higher after it reached a settlement agreement with IndusInd Bank and paid the first tranche of the settlement amount.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Pharma and Nifty Bank closed higher than Tuesday’s levels. Nifty Auto rose over 1.7%, led by heavyweights Maruti Suzuki India and Tata Motors.

European indices traded in the green, in line with the Asian indices, which closed higher. US indices futures also traded in the green, led by the tech-heavy Nasdaq 100 index futures. Brent crude oil futures traded in the green for a third straight trading session after industry data released on Tuesday showed a surprisingly large draw in US crude stocks, which could lead to tighter supply in the near term.

  • Money flow index (MFI) indicates that stocks like Anupam Rasayan India and Aurobindo Pharma are in the overbought zone.

  • Macrotech Developers is up 10% in trade today. The company shows up in a screener for stocks with book value per share improving over the past two years. The firm is also ranked high on Trendlyne’s checklist with a score of 50%.

  • Rainbow Children's Medicare rises 14% in six months. ICICI Direct has a ‘Buy’ rating on the stock with a target price of Rs 840. The stock gains 74% from its 52-week low.

  • JSW Steel, TVS Motor and Crisil are trading above their third resistance or R3 level.

  • Media stocks like Dish TV India, New Delhi Television, Zee Entertainment Enterprises, TV18 Broadcast and Network 18 Media & Investments are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

  • Maruti Suzuki rises as it achieves exports of 25 lakh vehicles to date. The stock has gone up 10% in the past year. It features in a screener for stocks with upgraded broker recommendations or target prices in the past three months.

  • Zee Entertainment rises over 4% after it reaches a settlement agreement with IndusInd Bank and pays the first tranche of the settlement amount.

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

  • PNB Housing Finance is rising as its board approves a rights issue of 9.06 crore fully paid-up equity shares amounting to Rs 2,500 crore. The issue price is set at Rs 275, including a premium of Rs 265. The rights issue will open on April 13 and close on April 27.

  • The Department of Economic Affairs, in its Monthly Economic Report, states that India’s current account deficit will narrow in FY23. It also discusses the possibility of extreme weather conditions affecting food grain output.

  • Zydus Lifesciences and Gujarat Pipavav Port touch their 52-week highs of Rs 489.3 and Rs 115.5 respectively in a weak market. Zydus has risen 4.4% over the past month, while Gujarat Pipavav rose 9.6%.

  • Larsen & Toubro’s minerals & metals business secures two orders worth Rs 2,500-5,000 crore from the Vedanta group to set up a fertilizer plant for Hindustan Zinc and expand the capacity of an aluminium smelter complex at Korba, Chhattisgarh, for Bharat Aluminium Co.

  • Himachal Futuristic Communications (HFCL) is rising as it bags an order worth Rs 282.61 crore from the Gujarat Metro Rail Corporation to design, manufacture and supply telecommunication systems for the Surat Metro Rail Project.

  • Axis Direct maintains its ‘Buy’ rating on Dalmia Bharat and raises the target price to Rs 2,260 from Rs 2,120. This indicates an upside of 19.9%. The brokerage is optimistic about the company’s prospects due to increased production capacity, rising cement demand and cost optimisation measures. It expects the firm’s revenue to grow at a CAGR of 14% over FY22-25.

  • Hindustan Construction Co (HCC) is up more than 8% as it sells its entire stake in Baharampore-Farakka Highways, its wholly owned subsidiary, to Cube Highways, a Singapore-based company. The expected payout to be received by HCC is Rs 941 crore.

  • ICICI Bank and UltraTech Cement are rising ahead of their results on April 22 and April 28.

  • BofA Securities maintains its ‘Buy’ rating on HCL Technologies, while it has a 'Neutral' stance on Tata Consultancy Services & Info Edge and an ‘Underperform’ on Wipro and Tech Mahindra. The brokerage expects an incremental slowdown for the IT space in Q4FY23.

  • RHI Magnesita India's board will meet on April 1, 2023, to consider and approve fundraising through preferential allotment. They plan to issue equity shares for an aggregate amount not exceeding Rs 200 crore.

  • Reports suggest that 6.48 lakh shares (0.35% equity) of Mphasis, amounting to Rs 109.39 crore, change hands in a large trade.

  • G R Infraprojects is rising as it bags a project for the construction of tunnels worth Rs 587.6 crore for the Khurda-Bolangir new rail line project. It shows up in a screener for stocks with zero promoter pledges.

  • Share prices of Infosys, HCL Technologies and MphasiS fall over the week ahead of their Q4FY23 results in April.

  • Quess Corp is rising as 6.6 crore shares (4.5% equity) amounting to Rs 251 crore change hands in a large trade, according to reports.

  • Porinju Veliyath buys a 0.56% stake in Shalby for Rs 7.1 crore in a bulk deal on Tuesday.

  • NBCC bags an order worth Rs 100 crore to reconstruct and redevelop Small Industries Development Bank of India. It also receives an order for phase 2 development of an engineering institute in West Bengal for Rs 46.39 crore. The stock is up 2% in early trade today.

  • Jindal Stainless acquires a 49% stake in Indonesian nickel pig iron company, New Yaking, for $157 million (Rs 1,289.8 crore). The acquisition offers the benefits of backward integration to the company.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (866.50, 9.98%), Adani Enterprises Ltd. (1,740.40, 8.72%) and Indian Overseas Bank (22.75, 7.82%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (299.00, -9.06%), Adani Green Energy Ltd. (894.35, -4.41%) and Adani Total Gas Ltd. (871.70, -4.20%).

Movers and Shakers

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

Top high volume gainers on BSE included NBCC (India) Ltd. (35.25, 13.34%), Suzlon Energy Ltd. (7.95, 12.77%) and Cochin Shipyard Ltd. (459.00, 9.95%).

Top high volume losers on BSE were Symphony Ltd. (1,022.55, -5.75%), Bajaj Holdings & Investment Ltd. (5,866.75, -3.22%) and AstraZeneca Pharma India Ltd. (3,241.95, -3.14%).

Quess Corp Ltd. (357.50, 4.12%) was trading at 57.6 times of weekly average. Cholamandalam Financial Holdings Ltd. (525.00, 0.76%) and Borosil Renewables Ltd. (414.65, 6.16%) were trading with volumes 14.8 and 7.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks overperformed with 52-week highs, while 48 stocks hit their 52-week lows.

Stocks touching their year highs included - Bosch Ltd. (18,977.15, 2.40%), Zydus Lifesciences Ltd. (490.35, 1.16%) and Godrej Consumer Products Ltd. (966.30, 0.80%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,625.90, 0.74%) and Alembic Pharmaceuticals Ltd. (468.65, -2.07%).

34 stocks climbed above their 200 day SMA including NBCC (India) Ltd. (35.25, 13.34%) and Cochin Shipyard Ltd. (459.00, 9.95%). 11 stocks slipped below their 200 SMA including Hindustan Zinc Ltd. (299.00, -9.06%) and Bajaj Holdings & Investment Ltd. (5,866.75, -3.22%).

 
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