Trendlyne Marketwatch
Trendlyne Marketwatch
11 Apr 2023
Market closes higher, IMD expects normal monsoon for India this year

Trendlyne Analysis

Nifty 50 closed at 17,722.30 (98.3, 0.6%), BSE Sensex closed at 60,157.72 (311.2, 0.5%) while the broader Nifty 500 closed at 14,867.25 (76.7, 0.5%). Of the 1,959 stocks traded today, 1,187 were on the uptrend, and 730 went down.

Indian indices extended their gains and closed in the green, with the Nifty 50 rising over the 17,700 mark. India’s volatility index, India VIX, fell below 11 at the close. India’s consumer price index data for March is due to be released tomorrow. Economists expect the CPI to be below 6%, well within the RBI’s upper tolerance limit.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Bank closed sharply higher than Monday’s levels. Nifty IT closed sharply lower despite tech-heavy Nasdaq 100 closing flat on Monday. SBI plans to raise USD 2 billion by overseas bond sales in FY24.

Most European indices extend their gains and trade in the green. Major Asian indices closed higher than Monday’s level as Japanese and South Korean central banks maintain a dovish stance on interest rate hikes. US indices futures trade lower indicating a negative start for the day.

  • Relative strength index (RSI) indicates that stocks like Aurobindo Pharma, Rossari Biotech, Dr. Reddy's Laboratories and JBM Auto are in the overbought zone.

  • Trident rises more than 6% in trade today. The stock ranks high in Trendlyne's checklist with a score of 56.5%. The company also sees a 12% MoM rise in chemical production, while yarn production grows by 15% in March.

  • LTIMindtree sees three broker target price upgrades and one recommendation upgrade in the past month. GAIL (India), InterGlobe Aviation, Varun Beverages and Equitas Small Finance Bank see two broker target price upgrades over the same time period.

  • Following Skymet's forecast of below-normal rainfall, with precipitation expected to reach 94% of LPA (Long Period Average), the Indian Meteorological Department (IMD) has issued a statement saying that the country can expect a normal monsoon this year. IMD predicts rainfall levels to be at 96% of LPA for this year.

  • Nirmal Bang expects Colgate-Palmolive (India) to report a YoY increase of 14.4% in net profit and a 6.4% rise in net sales for Q4FY23. The stock has gained 13% in the past three years and shows up in a screener with improving RoA over the past two years.

  • Bajaj Auto rises over 2% and touches a 52-week high of Rs 4174.1 following reports that Morgan Stanley has raised the stock's target price to Rs 4,486. This upgrade comes after Triumph Motorcycles agreed to transfer its distribution operations to Bajaj.

  • Indus Towers, JSW Energy, Graphite India and Quess Corp are trading below their second support or S2 level.

  • Realty, utilities and cement & construction sectors rise by more than 4.7% over the past month.

  • Bank of Baroda is rising after reporting a 17% YoY increase in its total business in Q4FY23. Motilal Oswal maintains a ‘Buy’ rating on the stock, expecting positive margins and lower cost of funds. JP Morgan projects the bank’s RoE to be at 17% in Q4, in line with private banks.

  • IT stocks like Infosys, Tata Consultancy Services and L&T Technology Services are falling in trade. All constituents of the Nifty IT index are also trading in the red.

  • Ahead of the March CPI inflation data to be released tomorrow, a survey of economists suggests that India’s CPI inflation will likely fall to 5.7% in March, from 6.44% in February.

  • Godrej Properties, Prestige Estate Projects and Indiabulls Real Estate outperform the Nifty 50 index by 15.8%, 12.4% and 13.3% respectively in the past week.

  • ICICI Direct upgrades its rating on Coal India to ‘Buy’ from ‘Hold’ with a target price of Rs 260, implying an upside of 16.8%. The brokerage turns positive on the company’s prospects on the back of healthy growth in production volumes. This growth enables the firm to beat its production guidance of 700 MT for FY23. The brokerage expects the robust traction in production volumes to continue in the coming quarters.

  • Kotak Mahindra Bank rises over 4% in trade today as it is expected to see a higher weightage in the MSCI standard index during the May’23 review.

  • Schaeffler India and Cyient's weekly average delivery volumes rise ahead of their Q4FY23 results in April.

  • Shipping Corp of India is rising as reports suggest that the Centre is set to invite financial bids for the privatization of the company next month. This move is a part of the Indian Government's plans to sell its stake in the shipping company, which were first announced in 2019.

  • JSW Steel is rising as its crude steel production increases 13% YoY to 6.6 million tonnes in Q4FY23. This growth is aided by a capacity utilization rate of 96% in the quarter. The company shows up in a screener of stocks with high momentum scores.

  • Nouriel Roubini, CEO of Roubini Macro Associates, says that the US Federal Reserve will hike interest rates further to achieve its inflation target of 2%. He also warns that additional rate hikes will increase the likelihood of a recession and financial instability in the US.

  • Shilpa Medicare surges as it receives US FDA approval for its apremilast tablets, which are used in treating adult patients with active psoriatic arthritis. The US market for apremilast tablets is approximately $3.55 billion.

  • Star Health and Allied Insurance Co is rising after reporting a 13% YoY increase in gross direct premium in FY23. The health-retail and accident segments have grown 18% and 15%, respectively. However, the health-group segment’s gross premiums fall 31%. The stock is trading above its first resistance or R1 level.

  • Delhivery is rising as reports suggest that 1.2 crore shares (1.62% equity) of the company, amounting to Rs 388.15 crore, change hands in a large trade.

  • PSU bank stocks like Punjab & Sind Bank, Bank of Baroda, Union Bank of India and UCO Bank are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • ICICI Bank, Poonawalla Fincorp and Axis Bank fall 1.2%, 0.8% and 1.8% respectively over the past week, ahead of their Q4FY23 results in April.

  • Morgan Stanley maintains its ‘Overweight’ rating on InterGlobe Aviation (Indigo) with a target price of Rs 2,925. The brokerage expects Indigo’s capacity to grow 45% YoY in Q4FY23.

  • Dolly Khanna sells a 0.2% stake in KCP during Q4FY23. She now holds a 2.3% stake in the company.

  • Cipla signs a licensing agreement with Novartis Pharma AG to market diabetes drug Galvus in India, starting from January 1, 2026. Galvus has registered sales worth Rs 268 crore as per IQVIA's report for the year ending February 2023. The company shows up in a screener of stocks with upgraded recommendations or target prices from brokers.

  • Kalpataru Power Transmission is rising as the company and its subsidiaries bag new orders worth Rs 3,079 crore in the past month. The majority of its order book is constituted by civil work orders worth Rs 1,234 crore, while EPC and water supply projects are each above Rs 700 crore.

  • Bank of Baroda's total advances rise by 19% YoY to Rs 9.7 lakh crore as of March 31, 2023, with domestic advances growing by 16.9% YoY. Total deposits also increase by 15.1% YoY to Rs 12 lakh crore. 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 Adani Total Gas Ltd. (951.45, 5.00%), Adani Green Energy Ltd. (944.10, 5.00%) and Adani Transmission Ltd. (1,050.85, 5.00%).

Downers:

Largecap and midcap losers today include Berger Paints (India) Ltd. (574.00, -3.57%), ABB India Ltd. (3,277.45, -3.54%) and Macrotech Developers Ltd. (913.20, -3.14%).

Volume Rockets

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

Top high volume gainers on BSE included Shilpa Medicare Ltd. (267.35, 14.57%), Trident Ltd. (32.00, 7.38%) and KPR Mill Ltd. (616.90, 6.44%).

Top high volume losers on BSE were Rossari Biotech Ltd. (680.35, -8.18%), Esab India Ltd. (3,331.15, -3.88%) and Radico Khaitan Ltd. (1,079.35, -2.86%).

Zydus Wellness Ltd. (1,514.25, 0.32%) was trading at 16.9 times of weekly average. Eureka Forbes Ltd. (414.95, -2.05%) and Pfizer Ltd. (3,634.90, 0.79%) were trading with volumes 14.4 and 7.6 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, while 2 stocks hit their 52-week lows.

Stocks touching their year highs included - Bajaj Auto Ltd. (4,177.40, 2.85%), Zydus Lifesciences Ltd. (501.00, 0.91%) and Cyient Ltd. (1,081.70, 0.66%).

Stocks making new 52 weeks lows included - United Breweries Ltd. (1,371.25, -1.91%) and TeamLease Services Ltd. (2,166.90, -1.19%).

14 stocks climbed above their 200 day SMA including Kotak Mahindra Bank Ltd. (1,846.50, 4.96%) and Prince Pipes & Fittings Ltd. (587.00, 4.39%). 10 stocks slipped below their 200 SMA including Brigade Enterprises Ltd. (482.00, -1.83%) and VST Industries Ltd. (3,258.65, -1.55%).

 
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