Trendlyne Analysis

Nifty 50 closed at 17,624.05 (-0.4, 0%), BSE Sensex closed at 59,655.06 (22.7, 0.0%) while the broader Nifty 500 closed at 14,847.10 (-14.7, -0.1%). Of the 1948 stocks traded today, 741 were gainers and 1138 were losers.

Indian indices recoup the losses made in the afternoon session and close flat on a volatile day of trade. The volatility index, India VIX, drops below 11 at the close. According to the data from the oil ministry, state-run oil companies spent Rs 1,14,000 crore on capex in FY23. An increase of 2.6% from the initial outlay for capex.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark. Nifty Realty and Nifty Auto closed sharply lower than Thursday’s levels. Nifty IT closed in the green, led by industry heavyweight TCS and Wipro.

Most European indices trade in the green, despite major Asian indices closing lower today. S&P Global’s preliminary UK service business activity index for April jumped to 54.9 against 52.9 in March.

• Apollo Hospitals Enterprise sees a long buildup in its March 29 future series as its open interest rises 11.6% with a put-call ratio of 0.68.

• Hindustan Zinc reports a fall in net profit by 11.8% YoY to Rs 2,583 crore in Q4FY23 because of a 2.6X YoY surge in finance costs. Power and fuel costs rise YoY but decline 16% QoQ. Revenue also falls 3.8% on the back of decrease in revenue from zinc and lead metals.

• PNC Infratech is rising as it bags an order worth Rs 819 crore from the Ministry of Road Transport & Highways to construct a four-lane highway in Uttar Pradesh. The stock shows up in a screener for companies with their book value per share improving over the past two years.

• Power Finance Corp sanctions a Rs 633 crore loan to Gensol Engineering for the purchase of 5,000 passenger electric vehicles (EV) and 1,000 cargo EVs. The passenger EVs will be leased to BluSmart Mobility, which will use them to expand the number of ride-hailing cabs.

• Bajaj Auto and Carborundum Universal hit their new 52-week highs of Rs 4,337 and Rs 1,078.7 respectively, with the former rising 13.29% in the past month and the other 10.9%.

• Forest materials, healthcare equipment & supplies and hotels, restaurants & tourism sectors rise over 2.4% over the past week.

• ICICI Bank is expected to report a 32.6% YoY increase in net profit and a 29% YoY rise in net interest income for Q4FY23, according to reports. The bank will announce its results on Saturday.

• PSU banks like Central Bank of India, Bank of India, Indian Overseas Bank, UCO Bank and Indian Bank are falling in trade. All constituents of the broader sectoral index Nifty PSU Bank are also trading in the red.

• Aavas Financiers falls in trade on reports of its Managing Director, Sushil Agarwal, selling a 1.8% stake in the company. The stock has touched its 52-week low in trade today.

• Reports suggest that the Centre may not extend the subsidy scheme on EVs (FAME) beyond March 2024. Rajiv Bajaj, Managing Director of Bajaj Auto, says the withdrawal of subsidies will not have a major impact in the long term.

  #CNBCTV18Exclusive | #India cannot build a future with so many subsidies in any sector, Rajiv Bajaj, MD, #BajajAuto. Tells @_prashantnair, @_soniashenoy & @Nigel__DSouza that #FAME subsidies being withdrawn will not have a big impact in the long run. pic.twitter.com/JDKEe8XA4x

  — CNBC-TV18 (@CNBCTV18News) April 21, 2023

• According to reports, the brokerage firm UBS upgrades its rating on Jubilant FoodWorks to ‘Buy’. It believes that the company is trading at an attractive valuation. The brokerage is positive about the company’s prospects given its aggressive store addition plans, improving supply chain, superior operational efficiencies, and focus on new brands.

• Tata Motors, Hindustan Aeronautics and InterGlobe Aviation (Indigo) see a change in FII holdings by more than 1.5% QoQ in Q4FY23. Mutual fund holdings in Tata Motors and Indigo have also seen a 2.1% change in Q4.

• ICICI Securities maintains its ‘Buy’ rating on Tata Communications but lowers its target price to Rs 1,510 from Rs 1,640 due to higher input costs. This implies an upside of 22.2%. The brokerage believes that the firm’s improving order book will lead to strong revenue growth and margin expansion in the coming quarters.

• Infosys, ICICI Lombard General Insurance and Schaeffler India underperform their industries in the past 90 days.

• Vodafone Idea is up 6% in trade today as Kumar Mangalam Birla returns to the board as a non-executive and non-independent Additional Director with effect from April 20.

• Rallis India, Tata Consumer Products and Dalmia Bharat's weekly average delivery volumes rise ahead of their Q4FY23 results on Tuesday.

• Nuvama Institutional Equities maintains its ‘Buy’ rating on Tata Consumer Products with a target price of Rs 865. The brokerage expects the company’s volume to grow 4% YoY in Q4FY23 and adds that the measures taken to improve tea volume will be positive.

  #OnETNOW | Nuvama has maintained a 'Buy' stance on Tata Consumer, @vinnii_motiwala tells us why @TataConsumer #TataConsumer pic.twitter.com/W2fxrn8IPO

  — ET NOW (@ETNOWlive) April 21, 2023

• Finolex Cables announces setting up a plant at the Urse facility in Pune for Rs 290 crore. The plant will manufacture optical fibre preforms and expand its fibre drawing capacity. The stock is trading near its 52-week high.

• Realty stocks like Oberoi Realty, Macrotech Developers, Indiabulls Real Estate, Phoenix Mills and DLF are falling in trade. The broader sectoral index Nifty Realty is also trading in the red.

• JP Morgan and Goldman Sachs maintain their ‘Neutral’ rating on ICICI Prudential Life, while Morgan Stanley continues to retain its 'Overweight' stance. According to the brokerages, Q4 results beat estimates, driven by premiums and high-value transactions.

  Brokerage Radar | Here's what brokerages have to say on @ICICIPruLife @jpmorgan @MorganStanley pic.twitter.com/ZJ0L4YD0dZ

  — ET NOW (@ETNOWlive) April 21, 2023

• Porinju Veliyath sells a 0.2% stake in Duroply Industries in Q4FY23. He now holds a 6.8% stake in the company.

• Rakesh Jhunjhunwala's portfolio reduces stake in Dishman Carbogen Amcis to below 1% in Q4FY23, from 1.6% in Q3FY23.

• JP Morgan downgrades its rating on Tech Mahindra and Mphasis to ‘Underweight’ from ‘Neutral’ and also cuts the target price. The brokerage expects the companies will be impacted by the weakness in the BFSI and telecom verticals in Q4.

  #CNBCTV18Market | JPMorgan downgrades Tech Mahindra & Mphasis to underweight from neutral, says see Tech Mah & Mphasis may get impacted, given high exposure of both to troubled verticals like BFSI pic.twitter.com/xvEMVVRPFZ

  — CNBC-TV18 (@CNBCTV18Live) April 21, 2023

• ICICI Prudential Life Insurance’s consolidated Q4FY23 net profit rises 25.9% YoY to Rs 235.6 crore, with net premiums increasing 11.2%. Its value of new business grows 28% YoY in FY23 and margin expands 400 bps. It shows up in a screener of stocks that declared results in the past two days with YoY and QoQ net profit growth.

• Siemens, through its consortium with Rail Vikas Nigam, receives two orders from the Gujarat Metro Rail Corp. The orders involve equipping Surat Metro Phase 1 and Ahmedabad Metro Phase 2 with rail electrification technologies. Siemens’ share as part of the consortium is Rs 678 crore.

• Cyient touches a 52-week high in early trade as its Q4FY23 net profit rises 4.6% QoQ to Rs 163.2 crore. The company’s revenue has increased by 8.2% because of an increase in revenue across both services and design-led manufacturing segments. It also won five deals worth $185 million in Q4FY23. The board announced a final dividend of Rs 16 per share for FY23.

• HCL Technologies’ Q4FY23 net profit rises 10.9% YoY to Rs 3,983 crore and revenue increases by 17.7% YoY driven by healthy growth across all its business segments. The company bags large deals with a total contract value of $2.1 billion. Its last twelve-month attrition rate falls by 240 bps YoY to 19.5%.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (6.45, 6.61%), Delhivery Ltd. (357.25, 5.98%) and Zomato Ltd. (56.05, 3.41%).

Downers:

Largecap and midcap losers today include Oberoi Realty Ltd. (873.35, -4.40%), Gland Pharma Ltd. (1,311.20, -3.90%) and Macrotech Developers Ltd. (907.80, -3.62%).

Movers and Shakers

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

Top high volume gainers on BSE included FDC Ltd. (290.00, 6.99%), DCM Shriram Ltd. (854.90, 6.94%) and Vodafone Idea Ltd. (6.45, 6.61%).

Top high volume losers on BSE were Brightcom Group Ltd. (12.05, -4.74%), Sterling and Wilson Renewable Energy Ltd. (296.60, -3.43%) and FSN E-Commerce Ventures Ltd. (120.60, -2.55%).

Tata Investment Corporation Ltd. (2,157.30, 4.48%) was trading at 15.0 times of weekly average. Cyient Ltd. (1,159.65, 6.27%) and Mahindra Holidays & Resorts India Ltd. (301.00, 3.47%) were trading with volumes 14.5 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks took off, crossing 52-week highs, while 2 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Bajaj Auto Ltd. (4,308.30, -0.14%), Zydus Lifesciences Ltd. (518.75, 0.98%) and Carborundum Universal Ltd. (1,057.65, 1.97%).

Stocks making new 52 weeks lows included - Aavas Financiers Ltd. (1,579.00, -5.34%) and FSN E-Commerce Ventures Ltd. (120.60, -2.55%).

13 stocks climbed above their 200 day SMA including Westlife Foodworld Ltd. (704.25, 3.19%) and Lupin Ltd. (695.15, 1.59%). 18 stocks slipped below their 200 SMA including Oberoi Realty Ltd. (873.35, -4.40%) and La Opala RG Ltd. (358.70, -3.60%).