Trendlyne Analysis

Nifty 50 closed at 17,359.75 (279.1, 1.6%), BSE Sensex closed at 58,991.52 (1031.4, 1.8%) while the broader Nifty 500 closed at 14,557.85 (212.3, 1.5%). Of the 1,964 stocks traded today, 1,301 were gainers and 618 were losers.

Indian indices extended their gains in the final hour of the trading session and closed in the green. The Nifty 50 rose nearly 250 points and closed above the 17,300 mark. Reliance Industries will conduct a shareholder meeting to demerge its financial services business.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Energy and Nifty Bank closed higher than Wednesday’s levels. All other major sectoral indices close in the green. Nifty IT gained 2.4% at close, following the tech-heavy Nasdaq 100 index closing 0.91% higher on Thursday.

European indices trade 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.

• Zydus Lifesciences beats Abbott India in YoY revenue and net profit growth, FII holdings and broker average target upside. But it lags in Trendlyne durability score and mutual fund holding.

• AIA Engineering and KEI Industries reach their all-time highs of Rs 2,960 and Rs 1,744 per share respectively. AIA Engineering has risen 11.5% in the past month, while KEI Industries grew 5.8%. They show up in a screener for stocks with new 1-year highs.

• Crisil expects IT firms’ revenue to fall to 10-12% in FY24. In FY22, revenue growth for the sector was 19% and in FY23, it is expected to be around 18-20%. The reason for the fall is a slowdown in the BFSI sector, which accounts for 30% of its revenues.

• Torrent Power is one of the top loser stocks in trade today. It shows up in a screener with declining ROE in the past two years. The stock, however, has gained 6% in the past six months.

• Avalon Technologies, a vertically-integrated electronic manufacturing services provider, opens for IPO subscription on Monday. The price band for the issue is Rs 415-436 per share. The size of the issue is Rs 865 crore, comprising a fresh issue of Rs 320 crore and an offer for sale for Rs 545 crore.

• Anupam Rasayan, Manappuram Finance and Rail Vikas Nigam outperform the Sensex by 32.4%, 20.2% and 18.6% respectively in the past month.

• Tata Consultancy Services, Infosys, HCL Technologies, MphasiS and LTIMindtree are rising in trade. All constituents of the broader sectoral index Nifty IT are also trading in the green.

• Shriram Properties rises as strategic investors grab a 14.3% stake in the company through a block deal. It shows up in a screener for high-volume stocks today.

• HDFC Securities maintains its ‘Buy’ rating on Aether Industries with a target price of Rs 1,121, indicating an upside of 20.6%. The brokerage remains positive about the firm due to its capacity expansion-led growth, advanced R&D capabilities, strong product pipeline and market leadership in most of its products. It expects the company’s revenue to grow at a CAGR of 37.1% over FY22-25.

• Jefferies maintains its ‘Buy’ rating on Sun Pharmaceutical Industries with a target price of Rs 1,200. This comes after Sun Pharma completed the acquisition of US-based Concert Pharmaceuticals.

  Drug major #SunPharma earlier this month completed the acquisition of #US-based Concert Pharmaceuticals, after inking a pact to acquire the firm in a $576 million deal in January.https://t.co/3Fn3M6akBP

  — Mint (@livemint) March 31, 2023

• Alembic Pharma rises more than 6% in trade as the US FDA approves its ophthalmic solution used to treat glaucoma. It is trading above its third resistance or R3 level and is a high-volume high-gainer stock.

• Garden Reach Shipbuilders & Engineers is surging as it signs a contract with the Ministry of Defence for the construction of four next-generation offshore patrol vessels for Rs 3,500 crore. The first vessel will be delivered 44 months after signing the contract.

• Indian rupee appreciates 24 paise to 82.19 against the US dollar in early trade today. The rise is on the back of foreign fund flow inflows and fall in crude oil prices.

  The rupee appreciated by 24 paise to 82.10 in early trade on Friday following foreign fund inflows and a fall in crude oil prices. #DollarVsRupee | #RupeeVsDollar https://t.co/UcNVQ3Kl8B

  — Economic Times (@EconomicTimes) March 31, 2023

• Commodity trading & distribution, electric utilities and oil equipment & services industries rise more than 16% over the past month.

• Larsen & Toubro is rising as its power transmission and distribution business bags multiple contracts worth Rs 1,000-2,500 crore to establish gas- and air-insulated substations in the Khavda RE zone and Kurnool.

• ICICI Bank, Federal Bank, Bank of Baroda, IDFC First Bank and Bandhan Bank are rising in trade. All constituents of the broader sectoral index Nifty Bank are also trading in the green.

• Morgan Stanley upgrades India to ‘Equalweight’ from ‘Underweight’ amid a narrowing valuation premium and a strong economy. The brokerage is positive about India’s structural growth outlook.

  Morgan Stanley upgrades India to equalweight on narrowing valuation premium: @hormaz_fatakia https://t.co/8wPywXYkJZ

  — CNBC-TV18 (@CNBCTV18Live) March 31, 2023

• Bharat Electronics is rising as it signs two contracts worth Rs 2,696 crore with the Ministry of Defence to supply fire control systems worth Rs 1,705 crore to the Indian Navy and procure automated air defence control and reporting system worth Rs 991 crore for the Indian Army.

• Foreign institutional investors invest Rs 253.8 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 39,707.7 crore from foreign investors. Mutual funds also invest Rs 5,184.9 crore in the Indian markets.

• G R Infraprojects is rising as it receives an order worth Rs 740.8 crore from the National Highways Authority of India to construct a four-lane highway in Karnataka.

• Va Tech Wabag is surging as its joint venture with Metito Overseas secures a design build operate (DBO) order worth Rs 4,400 crore from the Chennai Metropolitan Water Supply and Sewerage Board. The DBO order is for building a 400 million litres per day (MLD) sea water reverse osmosis desalination plant.

• Reports suggest that 2.06 crore shares (0.55% equity) of Vedanta, amounting to Rs 585.64 crore, change hands in a large trade.

  Vedanta Large Trade | 2.06 crore shares (0.55% equity) worth `585.64 crore change hands at Rs 284/share pic.twitter.com/d37aJynTl4

  — CNBC-TV18 (@CNBCTV18Live) March 31, 2023

• Hero MotoCorp appoints Niranjan Gupta as Chief Executive Officer, effective from May 1, 2023. Gupta has been promoted from his current position as Chief Financial Officer.

• Jefferies initiates coverage on SBI Cards and Payment Services with a ‘Buy’ rating and a target price of Rs 900. This implies an upside of 25%. The brokerage expects a 23% CAGR in card spends and improvement in net interest margins over FY23-26E.

  Jefferies has initiated a buy on SBI Cards and Payment Services Limited for a price target of Rs 900 relying on SBI Card’s potential to engineer growth in card spends over FY 2023-26.https://t.co/z2DkZXLgHN

  — ETMarkets (@ETMarkets) March 30, 2023

• Share prices of Bajaj Auto, Mahindra CIE Automotive and UTI Asset Management fall over the week ahead of their Q4FY23 results in April.

• Rail Vikas Nigam bags a project from the Ministry of Railways for the manufacture and maintenance of Vande Bharat trainsets, including the upgradation of government manufacturing units & trainset depots. It has to deliver 200 trainsets for a cost of Rs 120 crore each.

• Bandhan Bank will transfer loans, a written-off portfolio and non-performing assets worth Rs 4,930.3 crore to an asset reconstruction company for Rs 739.8 crore. After hitting a 52-week low in the past week, the stock is up 3.5% in trade today.

• Bharat Dynamics signs a contract worth Rs 8,161 crore with the Ministry of Defence for the production and supply of Akash weapon system to the Indian Army. It will be supplied to two regiments and executed in three years. The stock shows up in a screener for stocks with strong annual EPS growth.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (930.30, 7.36%), Bharat Electronics Ltd. (97.55, 6.55%) and Adani Wilmar Ltd. (405.85, 4.99%).

Downers:

Largecap and midcap losers today include Oil India Ltd. (251.65, -4.30%), Torrent Power Ltd. (510.40, -3.74%) and NHPC Ltd. (40.20, -3.37%).

Volume Shockers

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

Top high volume gainers on BSE included Sonata Software Ltd. (836.30, 11.26%), Capri Global Capital Ltd. (661.15, 9.91%) and HLE Glasscoat Ltd. (504.80, 8.06%).

Top high volume losers on BSE were Sterling and Wilson Renewable Energy Ltd. (291.60, -5.55%), Bajaj Electricals Ltd. (1,051.90, -4.28%) and Phoenix Mills Ltd. (1,300.95, -2.96%).

Aptus Value Housing Finance India Ltd. (241.50, 0.19%) was trading at 10.2 times of weekly average. PNB Housing Finance Ltd. (513.15, 5.72%) and Alembic Pharmaceuticals Ltd. (496.35, 5.91%) were trading with volumes 8.2 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks hit their 52-week highs, while 7 stocks tanked below their 52-week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (2,908.00, 0.09%), Bosch Ltd. (19,369.90, 2.07%) and Zydus Lifesciences Ltd. (491.55, 0.24%).

Stocks making new 52 weeks lows included - Johnson Controls-Hitachi Air Conditioning India Ltd. (1,009.15, -1.54%) and Vodafone Idea Ltd. (5.80, -1.69%).

44 stocks climbed above their 200 day SMA including Bharat Electronics Ltd. (97.55, 6.55%) and Hitachi Energy India Ltd. (3,343.40, 5.47%). 8 stocks slipped below their 200 SMA including Hindustan Zinc Ltd. (293.35, -1.89%) and Apollo Hospitals Enterprise Ltd. (4,310.90, -1.19%).