Trendlyne Marketwatch
Trendlyne Marketwatch
27 Apr 2023
Market closes higher, Textiles stocks like KPR Mill, Trident and Raymond are rising in trade

Trendlyne Analysis

Nifty 50 closed at 17,915.05 (101.5, 0.6%), BSE Sensex closed at 60,649.38 (348.8, 0.6%) while the broader Nifty 500 closed at 15,075.05 (80.7, 0.5%). Of the 1,952 stocks traded today, 1,131 were on the uptrend, and 757 went down.

Nifty 50 rose over 100 points from its day’s low and closed above the 17,900 mark on a volatile day of trade. RBI Governor Shaktikanta Das stated that Indian Banks are resilient and not adversely impacted by recent global events, but their business models must be reviewed to ensure adequate capital and liquidity buffers.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG closed flat after recovering from the day’s low. All other major sectoral indices closed higher than Wednesday’s levels. According to Trendlyne’s sector dashboard, the Telecom Services was the top-performing sector of the day, rising over 1.6%.

All major European indices traded in the green, tailing major Asian indices that closed higher. US indices futures traded lower as investors waited for US Q1FY23 GDP numbers to be released later today.

The US House of Representatives narrowly passed a bill to raise the government's debt ceiling to USD 3.14 trillion while pushing for major spending cuts, against the wishes of President Joe Biden. The bill is expected to be dead on arrival in the Senate.

  • Relative strength index (RSI) indicates that stocks like Rail Vikas Nigam, Aurobindo Pharma, Gujarat State Fertilizer & Chemicals and Glenmark Pharmaceuticals are in the overbought zone.

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    Reserve Bank of India Governor Shaktikanta Das says that the Indian banking system has not been adversely impacted by the recent banking crisis in advanced economies. He adds that the RBI has started looking into the business models of banks and even nudged them to strengthen their capital buffers during periods of stability.

  • Embassy Office Park REIT's net profit declines 87.3% YoY to Rs 35.4 crore in Q4FY23. However, its revenue rises 15.8% YoY on the back of distributions of Rs 532 crore. According to Vikaash Khdloya, CEO of the company, it is well-positioned to take advantage of global businesses seeking skilled talent and low costs in India.

  • Mankind Pharma’s Rs 4,326.4 crore IPO gets bids for 15.32X the available 2.8 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 92% of the available 1.4 crore shares on offer.

  • Bajaj Finserv is rising as its Q4FY23 net profit increases by 31.4% YoY to Rs 1,769 crore, while its revenue rises 25.3% YoY. This growth is driven by rising interest income and premiums from its insurance business. The stock shows up in a screener for companies with improving book value per share over the past two years.

  • Morgan Stanley maintains its ‘Overweight’ rating on HDFC Life Insurance Co and increases the target price to Rs 700. The brokerage has also raised the APE (annualized premium equivalent) and VNB (value of new business) estimates for FY24/25 by 5% and 1-3% respectively.

  • Textiles stocks like KPR Mill, Trident, Raymond and Alok Industries are rising in trade. The broader sector of textiles is also trading in the green.

  • HDFC Life Insurance, Hindustan Zinc, Lupin and Godrej Consumer Products are trading below their second support or S2 level.

  • CSB Bank, Mangalore Refinery and Petrochemicals and SBI Cards and Payment Services rise 5.2%, 3.2% and 2.1% respectively over the past week, ahead of their Q4FY23 results tomorrow.

  • Hindustan Unilever’s Q4FY23 net profit rises 12.8% YoY to Rs 2,600 crore, with total sales increasing 10.8%. Revenue has also grown across segments like home care, beauty & personal care and food. Sanjiv Mehta, MD & CEO, says that with easing inflation, lowering commodity prices and consumption readjustment, price and volume growth will rebalance.

  • Voltas is falling as its net profit declines 21.3% YoY to Rs 143.9 crore on the back of higher input costs and other expenses. However, the firm’s revenue rises 10.9% YoY driven by growth across all business segments. The company shows up in a screener for stocks trading below their short, medium and long-term averages.

  • Shoppers Stop is surging as it reports a net profit (Rs 14.3 crore) for the fourth consecutive quarter in Q4FY23. Revenue rises 29.5% YoY to Rs 923.9 crore on the back of growth in sales from the private brands and beauty segments. The stock is trading 63.2% higher than its 52-week low of Rs 396.6.

  • Suresh S Iyer, Managing Director and CEO of Can Fin Homes, says the company’s asset quality has improved marginally. He adds that Can Fin’s loan growth will be around 18-20% in FY24.

  • Coforge is rising despite a 44.7% YoY fall in net profit to Rs 114.8 crore due to a provision made by the company in the form of exceptional items worth Rs 52 crore. Revenue for the company has grown 24.5% YoY, with the total order book rising 21% in Q4.

  • HDFC Securities maintains its ‘Buy’ rating on Persistent Systems and raises its target price to Rs 5,880 from Rs 5,820, indicating an upside of 28.4%. The brokerage states that the company is its top pick among mid-tier IT stocks, given its strong order book, consistency in winning large deals, improved client mining and operational efficiencies.

  • Indus Towers’ Q4FY23 net profit dips 23.5% YoY to Rs 1,399.1 crore, while its revenue drops 5.1%. The company has made additional provisions worth Rs 43 crore towards Vodafone Idea, taking cumulative provisions to Rs 5,453 crore on account of doubtful receivables. Indus Towers has fallen 9% in the past three months.

  • Sachin Titekar, Joint Managing Director of KPIT Technologies, says the company’s revenue will grow 27-30% and its EBITDA margin will be 19-20% in FY24. He adds that the company targets to improve its margins to over 20% in the coming years.

  • Realty companies like Macrotech Developers, Godrej Properties, Phoenix Mills, Prestige Estates Projects and Sobha are rising in trade. The broader sectoral index Nifty Realty is also trading in the green.

  • Syngene International is rising as its Q4FY23 net profit increases by 20.9% YoY to Rs 178.7 crore while its revenue grows by 31.2% YoY. The stock shows up in a screener for companies with net profit increasing sequentially for the past three quarters.

  • Mahindra Logistics, Tanla Platforms and Voltas see a QoQ fall in net profit growth after declaring their Q4FY23 results in the past week.

  • L&T Technology Services is rising as its Q4FY23 net profit increases 18% YoY to Rs 309.6 crore. Revenue has increased across all segments, taking total growth to 19%. Amit Chadha, MD & CEO, says that the company targets revenue growth of 20% for FY24. The stock is up 5% in trade.

  • JP Morgan maintains its ‘Overweight’ rating on Bajaj Finance with a target price of Rs 9,000. The brokerage says the company’s NIMs are stable on a QoQ basis in spite of high funding costs. Its AUM has grown 29% YoY.

  • City Union Bank surges after it reappoints N Kamakodi as the Managing Director and Chief Executive Officer, with effect from May 1, 2023.

  • Ipca Laboratories is falling after the US FDA issued a Form 483 with three observations for its Silvassa facility. The stock has touched its 52-week low in the past week.

  • SBI Life Insurance is rising as its Q4FY23 net profit increases 15.6% YoY to Rs 776.8 crore. The company’s new business premium has grown 16% YoY in FY23 and the product mix improved for participating and non-participating products. The stock is trading above its second resistance or R2 level.

  • Bajaj Finance’s Q4FY23 net profit rises 30.5% YoY to Rs 3,157.7 crore. The NBFC’s total loans and assets under management have grown more than 20% and net interest income also rose 28% YoY to Rs 7,771 crore. It shows up in a screener of stocks with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include L&T Technology Services Ltd. (3,731.00, 8.24%), Vodafone Idea Ltd. (6.90, 5.34%) and Tata Elxsi Ltd. (6,578.20, 4.57%).

Downers:

Largecap and midcap losers today include Voltas Ltd. (808.40, -5.41%), Laurus Labs Ltd. (292.05, -2.65%) and HDFC Life Insurance Company Ltd. (517.85, -2.59%).

Volume Shockers

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

Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (60.95, 11.43%), L&T Technology Services Ltd. (3,731.00, 8.24%) and Alok Industries Ltd. (12.70, 7.17%).

Top high volume losers on BSE were Voltas Ltd. (808.40, -5.41%), Laurus Labs Ltd. (292.05, -2.65%) and UTI Asset Management Company Ltd. (657.30, -1.31%).

Network 18 Media & Investments Ltd. (58.90, 7.09%) was trading at 14.6 times of weekly average. Star Cement Ltd. (115.85, 3.53%) and Shoppers Stop Ltd. (644.50, 4.41%) were trading with volumes 9.1 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks hit their 52-week highs, while 4 stocks hit their 52-week lows.

Stocks touching their year highs included - Bajaj Auto Ltd. (4,408.20, 2.54%), Carborundum Universal Ltd. (1,057.75, -0.84%) and Cholamandalam Investment & Finance Company Ltd. (854.40, 1.92%).

Stocks making new 52 weeks lows included - PVR Ltd. (1,458.80, 0.63%) and Aavas Financiers Ltd. (1,400.90, -2.37%).

12 stocks climbed above their 200 day SMA including Mangalore Refinery And Petrochemicals Ltd. (60.95, 11.43%) and L&T Technology Services Ltd. (3,731.00, 8.24%). 7 stocks slipped below their 200 SMA including Lupin Ltd. (693.75, -1.97%) and Shyam Metalics and Energy Ltd. (293.70, -1.33%).

 
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