Trendlyne Marketwatch
Trendlyne Marketwatch
18 Apr 2023
Market closes lower, Axis Direct maintains ‘Buy’ rating on HDFC Bank

Trendlyne Analysis

Nifty 50 closed at 17,660.15 (-46.7, -0.3%), BSE Sensex closed at 59,727.01 (-183.7, -0.3%) while the broader Nifty 500 closed at 14,897.00 (-7.3, -0.1%). Of the 1,947 stocks traded today, 983 were on the uptick, and 907 were down.

Indian indices pared their opening gains and closed in the red on a volatile day of trade. The benchmark Nifty 50 index fell over 45 points and closed below the 17,700 mark. Tata Chemicals closed over 5.9% lower after the company cut its soda ash prices by 3-4%.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing in the red. Nifty Media and Nifty Energy closed lower than Monday’s closing levels. Nifty Pharma rose over 1.6% led by heavyweights Divi’s Labs and Cipla.

European indices traded higher, despite major Asian indices closing mixed. investors assessed the global economic growth outlook as China’s GDP growth showed a recovery in Q1CY23. Brent Crude oil futures traded in the green on positive demand outlook from China.

  • Infosys beats Tata Consultancy Services in PE ratio, durability score, FII & MF holdings and broker average rating. But it lags in QoQ revenue and net profit growth, annual RoE & RoCE and one-year dividend yield.

  • Glenmark Pharmaceuticals and Zydus Lifesciences hit their new 52-week highs of Rs 506.8 and Rs 518.5 respectively, with the former rising 14.55% in the past month and the other 8.1%.

  • Electronic components, fertilizers and education industries rise by over 14.8% over the past month.

  • India’s credit card spending rises 15.7% MoM to around Rs 1.4 lakh crore in March 2023, while credit card issuance grows by 15.9% YoY.

  • Axis Direct maintains its ‘Buy’ rating on HDFC Bank with a target price of Rs 1,975, implying an upside of 19.1%. The brokerage believes the bank’s growth momentum will sustain on the back of its distribution network, branch expansion and strong deposit growth. It expects the bank’s net profit to grow at a CAGR of 18.3% over FY23-25.

  • Pharma stocks like Lupin, Biocon, Divi's Laboratories and Aurobindo Pharma are rising in trade. The broader sectoral index Nifty Pharma is also trading in the green.

  • Crisil is falling despite a 19.8% YoY rise in net profit to Rs 145.75 crore in Q4FY23. Its revenue also increases by 20.2% YoY. The stock is trading in the overbought zone, according to the Money Flow Index.

  • Maruti Suzuki India, Syngene International and SBI Life Insurance's weekly average delivery volumes rise ahead of their Q4FY23 results in April.

  • Schaeffler India’s Q4FY23 net profit rises 6% YoY to Rs 219.4 crore. Its revenue also increases 8% YoY, however, revenue from exports falls 3%. The stock ranks high on the Trendlyne Checklist score.

  • Crude oil prices rise as China’s GDP expands 4.5% YoY. Brent crude oil price rises to $85.1 per barrel.

  • HDFC Bank, Infosys and Delta Corp see a QoQ fall in net profit growth after declaring their Q3FY23 results in the past week.

  • Mahindra CIE Automotive, Tata Consumer Products and L&T Technology Services fall 1.2%, 1% and 4.4% respectively over the past week, ahead of their Q4FY23 results in the coming week.

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

  • JP Morgan is positive on the Indian pharma sector and says that India portfolio will likely see the highest price rise during the year. The brokerage adds that easing input and freight costs will help improve margins. Sun Pharmaceuticals and Cipla are its top picks in the space.

  • FIH Mauritius Investments, a subsidiary of Fairfax India Holdings, sells a 1.4% stake (49.9 lakh shares) worth Rs 209.8 crore in 360 One Wam in a bulk deal on Monday.

  • Porinju Veliyath sells a 1% stake in Orient Bell in Q4FY23, reducing his stake to 3.8%. The investor buys a 1.4% stake in Ansal Buildwell during the same period, increasing his stake in the company to 3.4%.

  • OFI Global China Fund, owned by Invesco, sells its entire stake of 5.11% (4.9 crore shares) worth Rs 1,004.3 crore in Zee Entertainment in a bulk deal on Monday. The shares have been picked up by Morgan Stanley Asia Singapore, Goldman Sachs Singapore and Segantii India.

  • Porinju Veliyath sells a 1% stake in Orient Bell in Q4FY23, reducing his stake to 3.8%. The investor buys a 1.4% stake in Ansal Buildwell during the same period, increasing his stake in the company to 3.4%.

  • Varun Beverages is falling as reports suggest that 10.17 lakh shares (0.23% equity) of the company, amounting to Rs 146.4 crore, change hands in a large trade.

  • Vijay Kedia adds a 1.1% stake in Affordable Robotic & Automation during H2FY23. He now holds 13.4%, as against 12.3% in H1FY23.

  • Ashish Kacholia buys a 0.2% stake in Yasho Industries in Q4FY23. He now holds a 4% stake in the company.

  • Tata Chemicals is falling as it cuts soda ash prices by 3-4%. Kotak Institutional Equities says this may have a negative impact on the soda ash market.

  • Shares of Avalon Technologies list at a 1.1% discount to the issue price of Rs 431 on its debut on the bourses. The Rs 865 crore IPO gets bids for 2.34 times the total shares on offer.

  • TV18 Broadcast is trading down as its Q4FY23 net profit falls 76% YoY to Rs 35 crore. Revenue also dips 6% YoY. The stock is trading 63% lower than its 52-week high.

  • Just Dial is rising as its net profit surges 3.7X YoY to Rs 84 crore in Q4FY23. Revenue increases by 40% YoY as user engagement and traffic on the website rise YoY. The stock is trading above its second resistance or R2 level.

  • Angel One is rising as its Q4FY23 net profit increases 30% YoY to Rs 266.9 crore. The company’s revenue has also increased 21% YoY, driven by growth in its total client base. However, the finance and investing activities segment has seen a marginal dip in revenue QoQ. It shows up in a screener of stocks with high TTM EPS growth.

  • Network 18 Media & Investments posts a loss of Rs 36.8 crore in Q4FY23, compared to a net profit of Rs 61.9 crore in Q4FY22. Revenue declines 8.5% YoY due to a weak advertising environment. Rising employee costs, marketing expenses, and other expenses are hitting the firm's profitability, along with declining advertising revenue.

Riding High:

Largecap and midcap gainers today include YES Bank Ltd. (16.65, 8.47%), Lupin Ltd. (698.55, 6.14%) and Bajaj Holdings & Investment Ltd. (6,349.65, 4.14%).

Downers:

Largecap and midcap losers today include Schaeffler India Ltd. (2,942.85, -2.90%), Power Grid Corporation of India Ltd. (230.30, -2.68%) and Varun Beverages Ltd. (1,414.50, -2.59%).

Volume Rockets

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

Top high volume gainers on BSE included YES Bank Ltd. (16.65, 8.47%), Sobha Ltd. (467.10, 7.44%) and Ircon International Ltd. (61.15, 6.44%).

Top high volume losers on BSE were Tata Chemicals Ltd. (932.10, -5.93%), Tata Communications Ltd. (1,212.70, -2.54%) and Kansai Nerolac Paints Ltd. (380.00, -0.03%).

ITI Ltd. (94.70, 3.78%) was trading at 72.4 times of weekly average. Bajaj Holdings & Investment Ltd. (6,349.65, 4.14%) and Just Dial Ltd. (665.95, 2.51%) were trading with volumes 11.5 and 10.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Zydus Lifesciences Ltd. (515.90, 2.75%), Cholamandalam Investment & Finance Company Ltd. (839.60, 0.38%) and Cyient Ltd. (1,108.65, 2.64%).

19 stocks climbed above their 200 day SMA including YES Bank Ltd. (16.65, 8.47%) and Lupin Ltd. (698.55, 6.14%). 15 stocks slipped below their 200 SMA including Tata Chemicals Ltd. (932.10, -5.93%) and Rashtriya Chemicals & Fertilizers Ltd. (102.85, -3.11%).

 
More from Trendlyne Marketwatch
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025, 06:42PM
Market closes lower, Center plans to allocate a defence budget of Rs 7 lakh crore by FY27
Trendlyne Marketwatch | 16 May 2025, 04:01PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021