Trendlyne Marketwatch
Trendlyne Marketwatch
05 Apr 2023
Market closes higher, Grasim Industries receives Rs 5,000 crore credit line from Axis Bank

Trendlyne Analysis

Nifty 50 closed at 17,557.05 (159, 0.9%), BSE Sensex closed at 59,689.31 (582.9, 1.0%) while the broader Nifty 500 closed at 14,709.40 (107.5, 0.7%). Of the 1,964 stocks traded today, 1,450 were on the uptick, and 492 were down.

Indian indices closed in the green, with the Nifty 50 rising over the 17,550 mark. India’s Services PMI fell to 57.8 in March compared to 59.4 in February but remained above 50, which indicates an expansion in activity, for the 20th consecutive month.

Nifty Smallcap 100 closed in the green, taking cues from the benchmark index. However, Nifty Midcap 100 closed flat. Grasim Industries closed higher after it received a Rs 5,000 crore credit line from Axis Bank. The company plans to use the amount for capex and repay some of its existing loans.

Most European indices gave up their gains at the open and traded in the red, in line with US indices futures. However, most major Asian indices closed in the green. Brent crude oil futures traded lower but crude oil prices are up over 6% in the last three trading sessions after OPEC+ announced oil production cuts on Sunday.

  • Avalon Technologies’ Rs 865 crore IPO gets bids for 9% of the available 1.14 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 49% of the available 20.8 lakh shares on offer.

  • Relative strength index (RSI) indicates that stocks like Aurobindo Pharma, Bosch, Ingersoll-Rand (India) and KSB are in the overbought zone.

  • Ashok Leyland falls 4% in trade today. This is after the company reported an increase in wholesales across medium & heavy commercial vehicles in March. The stock ranks medium on the Trendlyne checklist score and shows up in a screener with declining RoE in the past two years.

  • FSN E-Commerce Ventures (Nykaa) rises 7% as reports suggest that 55 lakh shares worth Rs 75.5 crore change hands via a block deal. It is one of the top gainer stocks and is trading above its second resistance or R2 level.

  • Bharat Forge is falling as reports suggest a decline in demand for Class-8 trucks in North America. Orders in March have fallen 10% YoY and 17% MoM to 19,000 units. The stock shows up in a screener for companies with high promoter stock pledges.

  • RPP Infra Projects rises as it wins an order worth Rs 491.33 crore under the combined water supply scheme. It will be a subcontract from the joint venture with V. Sathyamoorthy & Co.

  • Indian Energy Exchange (IEX) is rising despite its trade volumes falling 4% YoY to 9,212 million units. According to Grid-India’s data, energy utilization for India has declined 2% YoY, but electricity demand is likely to go up with rising temperatures. IEX hit its 52-week low in the past week.

  • Ahluwalia Contracts secures an order worth Rs 557 crore to construct Dharavi Wastewater Treatment Facility under the Mumbai Sewage Disposal Project. It shows up in a screener for stocks in the Nifty 500 with consistently high returns over five years.

  • Hindustan Zinc is up 2% after reporting a 7% YoY increase in metal production to 10.3 lakh tonnes in FY23 due to better plant availability and continuous flow of mined metals. However, the consensus recommendation for the stock from nine analysts is ‘Sell’, according to Trendlyne’s Forecaster. Reports suggest that the company may not buy Vedanta’s zinc business as the Centre opposes the deal.

  • JP Morgan places HCL Technologies on its negative catalyst watch as it expects high risk in the near term ahead of Q4FY23 results.

  • Grasim Industries is rising as it receives a Rs 5,000 crore credit line from Axis Bank. It plans to use the amount for capex and repay some of its existing loans. It shows up in a screener of stocks with improving RoCE in the past two years. However, the stock has fallen 2% in the past year.

  • Utilities, cement & construction and retailing sectors rise by more than 2.6% over the past month.

  • IndusInd Bank's net advances rise 21% YoY to Rs 2.4 lakh crore, and deposits grow 15% YoY as of March 31, 2023. Federal Bank's net advances also increase 20.2% YoY, while deposits rise 17.4%.

  • Godrej Consumer Products expects double-digit growth in volume and EBITDA, and improvement in gross margin in Q4FY23. According to its management, volume growth is mostly driven by the home and personal care segment. The stock hit a 52-week high in the past week.

  • Pranjul Bhandari, Chief India Economist at HSBC Securities & Capital Markets (India), expects the RBI to hike interest rates by 25 bps tomorrow. She says a change in stance or growth forecast is not likely.

  • Sharekhan maintains its ‘Buy’ rating on Bharat Electronics with a target price of Rs 120, indicating an upside of Rs 96.6. The brokerage believes the firm’s strong manufacturing base, robust order book, healthy balance sheet and focus on diversification will drive growth in the coming quarters. It expects the company’s revenue to grow at a CAGR of 15.4% over FY22-25.

  • Bajaj Auto's total wholesales fall 2% YoY to 2.9 lakh units in March 2023. Its total domestic wholesales rise 47% YoY but total exports drop 38% YoY.

  • India’s Services PMI falls to 57.8 in March compared to 59.4 in February but remains above 50 for the 20th consecutive month.

  • Bosch, Cyient and ICICI Prudential Life Insurance rise 9.2%, 8.6% and 7.2% respectively over the past month, ahead of their Q4FY23 results.

  • Timothy Moe, Chief Asia Pacific Strategist at Goldman Sachs, expects Nifty to reach 20,000 over the next year. The global investment bank recommends buying Indian equities saying it is time to accumulate stocks trading at reasonable prices.

  • Larsen & Toubro's arm L&T Energy Hydrocarbon wins multiple offshore contracts worth Rs 7,000 crore from clients in West Asia. The scope of the work comprises engineering, procurement, construction and installation of new offshore facilities and integration with existing installations.

  • Adani Ports & Special Economic Zone is rising as its FY23 port cargo volumes increase 9% YoY to 339 million metric tonnes (MMT). The company’s monthly cargo volumes in March have risen 9.5% YoY to 32 MMT. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • RailTel Corporation bags a Rs 76.1 crore order from the Bihar State Electronics Development Corporation to implement digital infrastructure in government colleges. It has also received a Rs 38.9 crore order from the National Informatics Centre for a leased line across 19 sites.

  • World Bank revises India’s FY23-24 GDP growth forecast to 6.3% from the earlier estimate of 6.6%. It expects a slowdown because of fall in consumption due to rising borrowing costs and lower income growth.

  • Paytm’s loan disbursements rise 82% YoY in Q4FY23 due to an increase in its consumer and merchant base. Value of loans surge 253% to Rs 12,554 crore, while gross merchandise value and average monthly transacting users also grow with payment volumes in Q4. The stock has gained 21% in the past three months.

  • Suzlon Energy's Chief Executive Officer Ashwani Kumar steps down from the post due to personal reasons. Its board approves JP Chalasani as the replacement with immediate effect.

  • Centre removes windfall tax on locally produced crude oil from the earlier Rs 3,500 per tonne and cuts export duty on diesel to Rs 0.50 per litre from Rs 1.

  • Cyeint rises after a reshuffle in its top management roles. It promotes Karthik Natarajan to the post of Executive Director and Chief Executive Officer and appoints Krishna Bodanapu as the Executive Vice-Chairman and Managing Director.

  • Ashish Kacholia cuts his stake in IOL Chemicals and Pharmaceuticals to below 1% in Q4FY23, as against 2% held in Q3FY23.

  • NBCC bags an order to construct roads along the Bangladesh border in Mizoram for Rs 448 crore. The stock is up 3% and gains 38.2% from its 52-week low.

  • Bajaj Finance’s assets under management in FY23 grow 29% YoY to Rs 2.47 lakh crore, while its deposit book surges by 45% YoY. The company’s consolidated net liquidity surplus stood at Rs 11,850 crore as of March 31, indicating a strong liquidity position. The stock shows up in a screener for companies with improving cash flows and high durability scores.

Riding High:

Largecap and midcap gainers today include FSN E-Commerce Ventures Ltd. (136.65, 7.77%), L&T Technology Services Ltd. (3,652.50, 6.32%) and Coforge Ltd. (4,079.20, 5.92%).

Downers:

Largecap and midcap losers today include Ashok Leyland Ltd. (134.75, -4.43%), Aditya Birla Fashion and Retail Ltd. (206.90, -3.90%) and Adani Transmission Ltd. (907.85, -3.77%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (1,940.90, 9.46%), Elgi Equipments Ltd. (466.40, 7.55%) and Aegis Logistics Ltd. (400.05, 6.41%).

Top high volume losers on BSE were Ashok Leyland Ltd. (134.75, -4.43%) and Aditya Birla Fashion and Retail Ltd. (206.90, -3.90%).

Rossari Biotech Ltd. (606.00, 0.61%) was trading at 6.9 times of weekly average. JK Cement Ltd. (2951.15, 1.31%) and J B Chemicals & Pharmaceuticals Ltd. (1,975.00, 0.83%) were trading with volumes 5.0 and 4.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Abbott India Ltd. (22,839.00, 2.62%), Aegis Logistics Ltd. (400.05, 6.41%) and AIA Engineering Ltd. (2,965.70, 0.37%).

25 stocks climbed above their 200 day SMA including Elgi Equipments Ltd. (466.40, 7.55%) and L&T Technology Services Ltd. (3,652.50, 6.32%). 6 stocks slipped below their 200 SMA including Orient Electric Ltd. (246.10, -2.94%) and Hitachi Energy India Ltd. (3,224.05, -2.08%).

 
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