Trendlyne Analysis

Nifty 50 closed at 17,599.15 (42.1, 0.2%), BSE Sensex closed at 59,832.97 (143.7, 0.2%) while the broader Nifty 500 closed at 14,759.20 (49.8, 0.3%). Of the 1,967 stocks traded today, 1,294 were on the uptick, and 635 were down.

Indian indices closed in the green, with the Nifty 50 closing just below the 17,600 mark. Markets rose after RBI's six-member Monetary Policy Committee unanimously voted to keep the repurchase rate at 6.5%, in a surprise move. RBI projected India’s FY24 GDP growth at 6.5%. Additionally, the forecast for inflation for the year was lowered from 5.3% to 5.2%. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty FMCG and Nifty Energy closed higher than Tuesday’s levels. Dabur India closed over 4% lower after its management stated that its Q4FY23 revenue will see a mid-single-digit growth rate. 

European stocks traded higher despite most major Asian indices closing in the red. US indices futures trade lower after closing mixed on Wednesday. Brent crude oil futures traded marginally lower as investors look ahead to key US economic data releases on Friday.

• Avalon Technologies’ Rs 865 crore IPO gets bids for 2.2X the available 1.14 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 84% of the available 20.8 lakh shares on offer.

• Trent beats Shoppers Stop in YoY and QoQ revenue growth, price-to-book value, FII holdings and Piotroski score. But it lags in QoQ net profit growth, PE ratio, one-year returns and broker average target upside.

• Ashoka Buildcon is rising as it bags an order from Maharashtra State Electricity Distribution Company. The Rs 2,285 crore deal is for the development of distribution infrastructure. The stock shows up in a screener with strong annual EPS growth.

• Mazagon Dock Shipbuilders' turnover rises 32% YoY to Rs 7,547 crore in FY23. It shows up in a screener of stocks with the highest recovery from their 52-week lows. ICICI Direct maintains its ‘Hold’ rating on the stock with a target price of Rs 745.

• Cholamandalam Investment & Finance hits an all-time high of Rs 847.5 after reporting a 64% rise in loan disbursements in Q4FY23 to Rs 21,020 crore. The growth is driven by an increase in disbursements in the home loan and MSME segments.

• Angel One is rising as its client base grows 49.5% YoY to 1.37 crore in March. Additionallly, the number of orders increases 26.8% YoY, while the firm’s average daily turnover jumps up 135.5% YoY. The stock shows up in a screener for companies with high TTM EPS growth.

• Kalyan Jewellers India's revenue grows 17% YoY in Q4FY23 and 29% YoY in FY23. The company has added 11 new 'Kalyan' showrooms across non-south markets during Q4, taking the total to 147.

• Dabur India is falling as it expects mid-single-digit growth in its consolidated revenue for Q4FY23. Despite a slight improvement in demand in both urban and rural segments, it has not made a full recovery. The company also expects its gross margin to be impacted due to currency headwinds.

• Zydus Lifesciences receives US FDA approval to manufacture and market Acetazolamide, Carbidopa and Levodopa tablets for the treatment of glaucoma and Parkinson’s disease. These products will be manufactured in Himachal Pradesh and Ahmedabad facilities of the company.

• Nifty FMCG, Nifty IT and Nifty Consumer Durables trade in the red, while Nifty Realty and Nifty Metal gain more than 1% in mid-day trade.

• Go Digit General Insurance refiles its IPO DRHP with a fresh issue of shares worth Rs 1,250 crore and offer for sale (OFS) of 10.9 crore shares.

  #NewsFlash | Go Digit General Insurance refiles IPO DRHP with SEBI
  
  Here’s more ???? pic.twitter.com/NcFzyNrZZf

  — CNBC-TV18 (@CNBCTV18Live) April 6, 2023

• Realty stock Macrotech Developers is rising as it reports a 34% increase in presales to Rs 12,064 crore in FY23, despite a YoY decline in Q4FY23. Its net debt has also fallen by 24% YoY in FY23. It shows up in a screener of stocks with improving net cash flow in the past two years.

• TTK Prestige, L&T Technology Services and ICICI Securities fall 7.2%, 3.6% and 3.4% respectively over the past month, ahead of their Q4FY23 results.

• Ajay Srivastava, Chief Executive Officer of Dimensions Corp, says that the RBI's pause on hiking repo rates will be beneficial for banks. However, he emphasizes that real estate investment may not give good returns at current rates.

  #OnCNBCTV18 | Extremely good #policy for banks & corps, slightly negative for individuals in longer term. #Investing in real estate at current #rates will not give good returns, says Ajay Srivastava of Dimensions Corporate pic.twitter.com/TgXLKAhfhy

  — CNBC-TV18 (@CNBCTV18Live) April 6, 2023

• Capacit'e Infraprojects is rising as it secures a Rs 474.08 crore order from Godrej Residency for building residential towers in Mumbai. The stock ranks high on Trendlyne's checklist score.

• PSU bank stocks like Bank of Maharashtra, State Bank of India, Punjab National Bank and Punjab & Sind Bank are rising in trade as RBI keeps the repo rate unchanged at 6.5%, following six consecutive increases. The broader sectoral index Nifty PSU Bank is also trading in the green.

• ICICI Securities maintains its ‘Add’ rating on Hindalco Industries but lowers its target price to Rs 450 from Rs 495. This indicates an upside of 11.4%. Although the brokerage remains optimistic about the firm’s long-term prospects, it expects short-term performance to be affected by high-interest rates in Europe, declining demand from North America and scrap supply constraints in South America.

• Larsen & Toubro receives an order worth Rs 960.71 crore from Chambal Fertilisers & Chemicals to build a technical ammonium nitrate manufacturing plant, according to reports.

• Amit Sajeja, Vice-President of Research for Commodities & Currencies at Motilal Oswal, says that the rupee is likely to face pressure towards December 2023 due to the slowdown in global economies.

• Growing signs of a slowdown in major global economies could put the domestic currency under pressure going into December, says Amit Sajeja, Vice President Research - Commodities & Currencies at Motilal Oswalhttps://t.co/XbHMtGHAwx

  — ETMarkets (@ETMarkets) April 6, 2023

• Avenue Supermarts is falling despite a 20% increase in revenue to Rs 10,337.12 crore in Q4FY23. However, reports suggest that Citi continues to maintain its ‘Sell’ rating on the stock as the growth rate of average revenue per store and average revenue per square feet is lower than expectated. It shows up in a screener of stocks with declining net cash flow.

• Tata Steel achieves its highest annual crude steel production ever in FY23, with a 4% YoY growth to 19.9 million tonnes. The increase is driven by debottlenecking measures implemented across its sites. In Q4FY23, crude steel production has risen by 5.1% YoY to 5.15 million tonnes.

• Ramkrishna Forgings is rising as it bags an order worth Rs 12,226.5 crore from the Ministry of Railways to manufacture and supply 15.4 lakh forged wheels of different rolling stocks over the next 20 years. It shows up in a screener for stocks with consistent returns over five years.

• The Reserve Bank of India (RBI) keeps repo rate unchanged at 6.5% after raising it for the previous six consecutive meetings.

  India's central bank held its key repo rate steady, after having raised it at each of six previous meetings, as risks to growth have risen following recent global financial turmoil https://t.co/Zz3jauwF90 pic.twitter.com/GQgkQ9HrCn

  — Reuters (@Reuters) April 6, 2023

• Realty stocks like DLF, Godrej Properties, Indiabulls Real Estate and Oberoi Realty are rising in trade. The broader sectoral indices Nifty Realty and BSE Realty are also trading in the green.

• RBI Governer Shantikanta Das says that the GDP growth projection for FY24 is at 6.5%. Additionally, the forecast for inflation for the year has been lowered from 5.3% to 5.2%.

  #RBIPolicy | #FY24 #GDP growth projection at 6.5%. FY24 #inflation projection at 5.2%. Real GDP growth for #Q1FY24 at 7.8%, #Q2FY24 at 6.2%, #Q3FY24 at 6.1%, #Q4FY24 at 5.9%, says @RBI Governor @DasShaktikanta pic.twitter.com/liQaiNSSOf

  — CNBC-TV18 (@CNBCTV18Live) April 6, 2023

• Rail Vikas Nigam bags an order worth Rs 121 crore from the North Central Railway for the installation of E1-based automatic signalling with continuous track circuiting and associated works. It appears in a screener for stocks with improving cash flow.

• Dolly Khanna sells a 0.2% stake in Tinna Rubber and Infrastructure in Q4FY23. She now holds a 1.4% stake in the company.

• KEC International rises as it bags orders worth Rs 1,213 crore across business segments like transmission & distribution, civil and cables. The company's total order inflow in FY23 stands at Rs 22,378 crore, marking a 30% YoY increase.

• Ujjivan Small Finance Bank’s gross loans rise 33% YoY to Rs 24,114 crore as of March 31. The bank's disbursements have increased by 42% in FY23, contributing to the growth in gross loans. Similarly, Equitas Small Finance Bank’s advance grows 36% YoY. Both banks report an increase in deposits in Q4. Ujjivan Small Finance Bank also sees a fall in gross NPA to 2.6%.

• FSN E-Commerce Ventures’ (Nykaa) beauty and personal care segment sees strong demand in Q4FY23. Increasing order values and conversion rates aid revenue growth in Q4. The company expects over 30% revenue growth in FY23.

Riding High:

Largecap and midcap gainers today include Cholamandalam Investment & Finance Company Ltd. (841.40, 7.51%), Godrej Properties Ltd. (1,125.35, 6.52%) and Mahindra & Mahindra Financial Services Ltd. (252.15, 5.28%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (273.20, -4.56%), Avenue Supermarts Ltd. (3,496.10, -4.34%) and Varun Beverages Ltd. (1,393.50, -4.16%).

Volume Rockets

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

Top high volume gainers on BSE included Indian Energy Exchange Ltd. (150.85, 10.51%), Aarti Drugs Ltd. (387.85, 8.44%) and Cholamandalam Investment & Finance Company Ltd. (841.40, 7.51%).

Top high volume losers on BSE were Shoppers Stop Ltd. (612.30, -3.67%), Nuvoco Vistas Corporation Ltd. (338.60, -1.67%) and Fortis Healthcare Ltd. (253.00, -1.06%).

Cholamandalam Financial Holdings Ltd. (579.85, 4.51%) was trading at 10.2 times of weekly average. TCNS Clothing Co. Ltd. (453.85, 2.44%) and Kansai Nerolac Paints Ltd. (391.90, 0.51%) were trading with volumes 8.9 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks made 52-week highs, while 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (22,880.95, 0.15%), Cholamandalam Investment & Finance Company Ltd. (841.40, 7.51%) and Dr. Reddy's Laboratories Ltd. (4,699.40, 0.35%).

Stocks making new 52 weeks lows included - Aditya Birla Fashion and Retail Ltd. (215.85, 4.33%) and V-Mart Retail Ltd. (2,095.00, -2.04%).

25 stocks climbed above their 200 day SMA including Indian Energy Exchange Ltd. (150.85, 10.51%) and Firstsource Solutions Ltd. (111.70, 5.28%). 8 stocks slipped below their 200 SMA including Vedanta Ltd. (273.20, -4.56%) and Route Mobile Ltd. (1,276.75, -4.01%).