Trendlyne Analysis

Nifty 50 closed at 17,812.40 (90.1, 0.5%), BSE Sensex closed at 60,392.77 (235.1, 0.4%) while the broader Nifty 500 closed at 14,941.55 (74.3, 0.5%). Of the 1,952 stocks traded today, 1,119 were in the positive territory and 797 were negative.

Indian indices extended their gains and closed in the green, with the Nifty 50 rising over the 17,800 mark. The volatility index, India VIX, rose above 12 at the close. India’s consumer price index data for March is due to be released later today. Economists expect the CPI to be in the range of 5.6-5.8%.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Healthcare and Nifty Auto closed sharply higher than Tuesday’s levels. Nifty IT also closed higher despite tech-heavy Nasdaq 100 closing lower on Tuesday. HDFC plans to raise USD 6 billion through bond sales in FY24.

Most European indices trade in the green, tailing Asian indices, which closed higher today. US indices futures trade flat as investors wait for March CPI data to be released later today. Economists expect the US CPI for March to be lower at 5.2% from the earlier 6% in February.

• Money flow index (MFI) indicates that stocks like Dr. Reddy's Laboratories, JBM Auto, Housing Development Finance Corp and Data Patterns (India) are in the overbought zone

• Network 18 Media & Investments, Tamilnad Mercantile Bank and Nestle India fall 1.5%, 1% and 1.4% respectively over the past week, ahead of their Q4FY23 results in April.

• Citi reiterates its ‘Buy’ rating on Jubilant Foodworks with a target price of Rs 619. The brokerage expects store expansion and digital investments to aid the company's growth. The stock is, however, trading near its 52-week low.

• Puravankara is rising as its annual sales increase 29% YoY to a record high of Rs 3,107 crore in FY23. The company’s customer collections surge 57% YoY, while the average price realisation per square foot grows by 14% YoY. In Q4FY23, its quarterly sales value has gone up 21% YoY.

• Data Patterns (India) and KSB reach their all-time highs of Rs 1,674.85 and Rs 2,276.95 per share respectively after a 22.3% and 7.7% increase in the past month.

• Max Healthcare Institute rises as reports suggest that 1.8 crore shares (1.85% equity) of the company, amounting to Rs 807.1 crore, change hands.

  Max Healthcare Large Trade: 1.8 cr shares (1.85% equity) worth Rs 807.1 cr change hands at an average of Rs 451.5/share#BlockDeal pic.twitter.com/2BFYZ14NVU

  — CNBC-TV18 (@CNBCTV18Live) April 12, 2023

• IT stocks like Coforge, Infosys, Mphasis, Persistent Systems and Tech Mahindra are rising in trade. All constituents of the broader sectoral index Nifty IT is also trading in the green.

• Adani Transmission, in its business update, has declared surplus cash of Rs 300 crore as of March 31, 2022. According to the filing, the company funded its capex of Rs 1,310 crore for FY23 through internal accruals.

• Crisil, ICICI Bank and IDFC First Bank's weekly average delivery volumes rise ahead of their Q4FY23 results in April.

• Suzlon Energy wins an order for the development of a 50.4 MW wind power project for Sembcorp’s renewables arm Green Infra Wind Energy. The company will execute the project and provide comprehensive operation and maintenance services post commissioning.

• Pharmaceutical companies like Laurus Labs, Divi’s Laboratories, Biocon, Granules India and Pfizer are rising in trade. The broader sectoral index Nifty Pharma is also trading in the green.

• Brokerage Prabhudas Lilladher releases Q4 estimates for private banks. It expects Axis Bank’s profit to increase 43%, while Kotak Mahindra Bank is projected to record net profit growth of 3.4% YoY in Q4FY23. HDFC Bank and ICICI Bank's profits may rise more than 21% YoY in Q4.

• JP Morgan believes further price hikes for steel in the domestic market are not likely. The brokerage says coking coal prices, which constitute 40-45% of the total raw material cost, have dropped by around 25% from the peak in February and are likely to decline further.

  #OnETNOW | Steel stocks in focus as @jpmorgan does not expect further hikes in the domestic market
  
  Could this impact the cos margins? @Ashesha_A is here with the details#Steel #SteelStocks pic.twitter.com/MpOTW26vdP

  — ET NOW (@ETNOWlive) April 12, 2023

• Sugar stocks like Shree Renuka Sugars, EID Parry (India), Triveni Engineering & Industries, and Dalmia Bharat Sugar and Industries are rising in trade. The broader industry of sugar is also trading in the green.

• Motilal Oswal maintains its ‘Buy’ rating on Maruti Suzuki with a target price of Rs 10,400. This implies an upside of 19.7%. The brokerage expects the company to gain market share and expand its margins in FY24, led by new product launches, a better product lifecycle and product mix, and improved supplies. It estimates the firm’s net profit to grow at a CAGR of 22.6% over FY23-25.

• PSU bank stocks like Punjab & Sind Bank, Central Bank of India, UCO Bank and Canara Bank are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.

• Sula Vineyards is rising as its own brand sales rise 15% YoY to Rs 104.3 crore and revenue from wine tourism grows 18% YoY in Q4FY23. Own brand sales volume crosses 1 million cases in FY23, with elite & premium wine sales volume crossing the 5-lakh mark.

• Credit rating agency Moody’s Investors Service says India’s electric vehicle penetration is 1% at present. However, government initiatives like consumer incentives, state-level subsidies and GST rate cuts will help in increasing EV penetration, the agency adds.

  #ExpressBiz | Govt incentives to drive EV penetration in India, charging infrastructure key: Moody’shttps://t.co/4za5lGhuCE

  — The Indian Express (@IndianExpress) April 12, 2023

• HDFC Bank, Just Dial and Crisil rise 5.7%, 4.2% and 3.8% respectively in the past month, ahead of their Q4FY23 results next week.

• HFCL receives purchase orders worth Rs 123.8 crore from Reliance Projects & Property Management Services for the supply of optical fibre cables. It shows up in a screener of stocks with consistent high returns in the past five years.

• Time Technoplast is rising as it receives an order worth Rs 54 crore from Indraprastha Gas to supply CNG cascades made from composite cylinders. It shows up in a screener for stocks with decreasing promoter pledges.

• Reports suggest that 12.56 lakh shares (0.16% equity) of Cipla, amounting to Rs 114.96 crore, change hands in a large trade.

  #Cipla Large Trade | 12.56 lakh shares (0.16% equity) worth ?114.96 cr change hands at an avg ?915/sh pic.twitter.com/sGvaVX15kM

  — CNBC-TV18 (@CNBCTV18Live) April 12, 2023

• Internet Fund III sells a 1.6% stake (1.2 crore shares) worth Rs 387.8 crore in Delhivery in a bulk deal on Tuesday.

• The International Monetary Fund (IMF) lowers its forecast for India’s GDP growth in FY24 to 5.9%, from the earlier projection of 6.1%.

  IMF cuts India's FY24 GDP growth forecast | At 5.9 pc, country to still emerge as the fastest-growing economy#IMF #Economy https://t.co/Tyf6vHXJoS

  — ET NOW (@ETNOWlive) April 11, 2023

• Dolly Khanna buys a 1.3% stake in Som Distilleries & Breweries in Q4FY23, adding the company to her portfolio.

• Ashish Kacholia buys a 1.97% stake in Venus Pipes & Tubes for approx Rs 30 crore in a bulk deal on Tuesday.

• A consortium led by Bharat Heavy Electricals (BHEL) bags orders worth Rs 9,600 crore to supply 80 Vande Bharat sleeper trains. Titagarh Wagons, another company in the consortium, touches an all-time high of Rs 303.6 in trade today after winning the order from the Railway ministry.

• Delta Corp’s Q4FY23 net profit rises 6% YoY to Rs 51.2 crore and revenue grows by 4% YoY driven by the gaming operations and online skill gaming segments. The stock shows up in a screener for companies with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Divi's Laboratories Ltd. (3,212.10, 9.73%), Laurus Labs Ltd. (323.10, 6.97%) and Max Healthcare Institute Ltd. (479.00, 6.23%).

Downers:

Largecap and midcap losers today include Cholamandalam Investment & Finance Company Ltd. (820.25, -2.45%), ABB India Ltd. (3,203.55, -2.25%) and Power Finance Corporation Ltd. (165.90, -1.95%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Divi's Laboratories Ltd. (3,212.10, 9.73%), IFB Industries Ltd. (828.90, 8.64%) and SIS Ltd. (373.45, 8.17%).

Top high volume losers on BSE were KNR Constructions Ltd. (243.30, -2.72%), Adani Total Gas Ltd. (938.85, -1.32%) and Shoppers Stop Ltd. (604.65, -0.62%).

Prince Pipes & Fittings Ltd. (588.40, 0.24%) was trading at 14.5 times of weekly average. Laurus Labs Ltd. (323.10, 6.97%) and Rashtriya Chemicals & Fertilizers Ltd. (107.20, 6.83%) were trading with volumes 11.9 and 11.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks took off, crossing 52-week highs, while 1 stock was an underachiever and hit its 52-week low.

Stocks touching their year highs included - Bajaj Auto Ltd. (4286.00, 2.60%), Zydus Lifesciences Ltd. (504.60, 0.72%) and Cyient Ltd. (1,095.50, 1.28%).

Stock making new 52 weeks lows included - Orient Electric Ltd. (226.85, -0.87%).

11 stocks climbed above their 200 day SMA including Rashtriya Chemicals & Fertilizers Ltd. (107.20, 6.83%) and Medplus Health Services Ltd. (731.15, 5.66%). 6 stocks slipped below their 200 SMA including KNR Constructions Ltd. (243.30, -2.72%) and AstraZeneca Pharma India Ltd. (3,198.75, -1.88%).