Trendlyne Analysis

Nifty 50 closed at 18,315.10 (49.2, 0.3%), BSE Sensex closed at 61,940.20 (178.9, 0.3%) while the broader Nifty 500 closed at 15,466.05 (45.5, 0.3%). Of the 1,955 stocks traded today, 1,029 were in the positive territory and 868 were negative.

Indian indices maintained their gains from the afternoon session and closed in the green. The Nifty 50 rose nearly 50 points and closed above the key 18,300 mark. The volatility index, India VIX rose above 13 at close.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green following the benchmark index. Nifty Media and Nifty Realty closed higher than Tuesday’s closing levels. Nifty IT closed lower, tailing the tech-heavy Nasdaq 100 closing in the red on Tuesday. According to Trendlyne’s sector dashboard, media was the top-performing sector of the day as it rose over 2%.

Most European indices traded in the red, tailing the US indices futures, which are trading lower than Tuesday’s closing levels. US President Joe Biden and Republican House Speaker Kevin McCarthy met on Tuesday to discuss raising the debt ceiling, which is essential to prevent the economy from defaulting on its debt. However, they have yet to reach an agreement.

• Relative strength index (RSI) indicates that stocks like Apollo Tyres, Indian Hotels, InterGlobe Aviation and Syngene International are in the overbought zone.

• Tata Motors touches a 52-week high of Rs 512.9 ahead of its Q4FY23 results on Friday. Reports suggest that the company is likely to report an improved performance as total wholesales for Jaguar Land Rover have seen a steady recovery. Trendlyne’s Forecaster expects a 16% QoQ rise in net profit for the company in Q4.

• Deepak Nitrite, Aditya Birla Capital and Eicher Motors are rising ahead of their Q4FY23 results tomorrow.

• Latent View Analytics falls over 10% in trade today as the company’s Q4FY23 net profit decreases 34.8% QoQ to Rs 34.2 crore. The company features in a screener of companies with declining net profits and profit margins (QoQ).

• Amit Jatia, Vice-Chairman of Westlife Foodworld, says that the company targets sales growth of 7-9% moving forward. He expects the company’s margins to improve above 17% in FY24.

  Earnings With ET NOW | Westlife Foodworld - Margin trends to see an uptick in the future?
  
  Amit Jatia, the Vice Chairman of the co, speaks on the results, consumer demand trends, store additions and more @ayeshafaridi1 @avannedubash #WestlifeFood #StockMarket pic.twitter.com/Q32hmW44hZ

  — ET NOW (@ETNOWlive) May 10, 2023

• Sanofi India's board approves the demerger of its consumer healthcare business into a wholly-owned subsidiary, Sanofi Consumer Healthcare India, subject to the approval of its shareholders, as well as regulatory bodies such as the Securities and Exchange Board of India, BSE and NSE.

• Varun Beverages and Equitas Small Finance Bank touch their 52-week highs of Rs 1,585 and Rs 78.95 respectively. Varun Beverage has risen 13.3% in the past month, while the latter increased by 11.55%.

• Alkyl Amines Chemicals, Gujarat State Petronet and Balrampur Chini Mills fall 1.4%, 2.5% and 2.5% respectively over the past week, ahead of their Q4FY23 results tomorrow.

• BofA Securities maintains its ‘Neutral’ rating on Zomato with a target price of Rs 72. The brokerage expects ONDC (Open Network For Digital Commerce), the new entrant, to be an important platform in the food delivery space.

  Brokerage Radar | BofA Securities on Zomato: Maintain Neutral; Expect news flow on ONDC to be continue, may keep Zomato stock price volatile@zomato @Swiggy @ONDC_Official @BankofAmerica #BofASecurites #StockMarket pic.twitter.com/dIIHEqGnQB

  — ET NOW (@ETNOWlive) May 10, 2023

• IndusInd Bank, Cummins India, Petronet LNG and Sundaram Finance are trading above their second resistance or R2 level.

• Electronic components, forest products and construction materials industries rise more than 14% in the past month.

• Alembic Pharma receives an Establishment Inspection Report (EIR) from the US FDA for the inspection carried out at its solid-oral formulation facility at Jarod, Vadodara. The company has also started receiving ANDA approvals for this facility. Despite a flat market, the stock is trading in the green.

• Cipla, Hindustan Petroleum and Max Financial Services’ weekly average delivery volumes rise ahead of their Q4FY23 results on Friday.

• Amit Agarwal, the Group CFO of Raymond, says that the company’s branded apparel segment has achieved a top-line growth of 19% in Q4. He adds that the Ethnix brand is an important segment and the company targets to add 300 stores over three years. Raymond's PAT has surged 103% YoY to Rs 529 crore in Q4.

  Earnings With ET NOW | Raymond's outlook on margins, FY24 guidance
  
  What are the factors aiding recovery for the co? How does the launch pipeline look like?
  
  Amit Agarwal, the Group CFO, also speaks on momentum in real estate & more @nikunjdalmia @avannedubash @TheRaymondLtd pic.twitter.com/jNzIiD46AL

  — ET NOW (@ETNOWlive) May 10, 2023

• PSU bank stocks like Punjab National Bank, Indian Bank, Canara Bank and Bank of Baroda are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.

• The expert panel set up by the Supreme Court to investigate allegations of fraud and stock manipulation by Adani Group (reported in the Hindenburg report) submitted its report to the Court yesterday. The matter is up for hearing before the Chief Justice of India, DY Chandrachud, on May 12.

• Lupin reports a net profit of Rs 235.96 crore in Q4FY23, as against a loss of Rs 517.98 crore in Q4FY22. Its revenue rises 14.6% YoY. The company attributes the profit to a fall in deferred tax expenses. It shows up in a screener for stocks with low debt.

• Castrol India is falling after reporting a decline in net profit by 11.3% YoY to Rs 202.5 crore in Q4FY23. Input costs rise 12% YoY, while revenue increases 4.7%. Managing Director Sandeep Sangwan says that the company’s Q4 performance has been impacted due to high inflation, input costs and fluctuating forex. The company expects forex fluctuations to continue in 2023.

• B Thiagarajan, Managing Director of Blue Star, says the company aims to increase the company's market share from the current 13.5% to 15% by FY25. He adds that the company targets a margin of 8-8.5% in the RAC (room air-conditioning) category.

  #4QWithCNBCTV18 | FY25 market share target is at 15%, we're currently at 13.5% now. Have close to ?500 cr worth of orders for railway electrification, says B Thiagarajan of Blue Star pic.twitter.com/tTyjG92CgW

  — CNBC-TV18 (@CNBCTV18Live) May 10, 2023

• Godrej Agrovet is falling as its Q4FY23 net profit declines 74.6% YoY to Rs 31 crore, while its revenue drops marginally by 1.2%. Commenting on profits, Managing Director BS Yadav says, "Consolidated profitability was adversely impacted mainly due to a drop in operating margins of crop protection, animal feed and dairy businesses."

• JSW Steel's crude steel production in April grows 7% YoY to 17.77 lakh tonnes. Production of rolled flat products increases 16% YoY, while rolled long products fall 9%.

• JP Morgan maintains its ‘Overweight’ rating on Mahanagr Gas with a target price of Rs 1,240. The brokerage says the company’s Q4 results beat estimates on the back of high margins, and adds that the volume growth remains strong.

  Brokerage Radar | @jpmorgan on @mahanagargas : Maintain Overweight; Q4 a beat on higher margins, volume growth remains robust #JPMorgan #MGL #StockMarket pic.twitter.com/tbiWU116Lo

  — ET NOW (@ETNOWlive) May 10, 2023

• BNP Paribas Arbitrage buys a 0.6% stake in Manappuram Finance in a bulk deal on Tuesday.

• Birla Corporation’s Q4FY23 net profit falls 24% YoY to Rs 84.9 crore due to increased expenses, with total expenses rising 13% because of high power, fuel and transport costs. Revenue surges 8.8% YoY in Q4 on rising sales volumes despite sluggish demand in key markets. The stock ranks high on the Trendlyne checklist score.

• Apollo Tyres' Q4FY23 net profit surges 3.7X YoY to Rs 427.4 crore on lower input cost which fell 11.2%. Revenue rises 12% YoY on strong vehicle wholesales and price hikes taken by tyre companies in Q4. Sales have improved across the Asia Pacific, Middle East & Africa (APMEA) and Europe markets. The company declares a final dividend of Rs 4 per share for FY23.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,606.40, 6.71%), Sona BLW Precision Forgings Ltd. (539.40, 3.39%) and Samvardhana Motherson International Ltd. (78.30, 3.16%).

Downers:

Largecap and midcap losers today include Punjab National Bank (48.50, -3.48%), Aditya Birla Fashion and Retail Ltd. (198.95, -2.74%) and Abbott India Ltd. (21,391.00, -2.45%).

Volume Shockers

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

Top high volume gainers on BSE included EPL Ltd. (191.80, 11.38%), TV18 Broadcast Ltd. (32.75, 8.99%) and Cyient Ltd. (1,257.35, 8.13%).

Top high volume losers on BSE were Latent View Analytics Ltd. (335.20, -10.19%), Aarti Industries Ltd. (507.25, -8.96%) and Rain Industries Ltd. (149.75, -4.50%).

Sanofi India Ltd. (5,700.45, 2.29%) was trading at 13.6 times of weekly average. Godrej Industries Ltd. (466.20, 4.95%) and Jubilant Pharmova Ltd. (342.25, 5.68%) were trading with volumes 9.4 and 8.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks took off, crossing 52-week highs, while 1 stock hit its 52-week lows.

Stocks touching their year highs included - Aurobindo Pharma Ltd. (618.80, 0.76%), Bharat Petroleum Corporation Ltd. (372.15, 1.39%) and Cyient Ltd. (1,257.35, 8.13%).

Stock making new 52 weeks lows included - Aditya Birla Fashion and Retail Ltd. (198.95, -2.74%).

18 stocks climbed above their 200 day SMA including Jubilant Pharmova Ltd. (342.25, 5.68%) and Vardhman Textiles Ltd. (328.95, 4.00%). 11 stocks slipped below their 200 SMA including Latent View Analytics Ltd. (335.20, -10.19%) and ITI Ltd. (104.45, -2.06%).