Trendlyne Analysis

Nifty 50 closed at 18,314.40 (111, 0.6%), BSE Sensex closed at 61,963.68 (234, 0.4%) while the broader Nifty 500 closed at 15,504.00 (96.5, 0.6%). Of the 1,995 stocks traded today, 931 were on the uptrend, and 999 went down.

Indian indices closed in the green, with the volatility index, Nifty VIX, rising by nearly 2.8%. The benchmark Nifty 50 index rose over 110 points and closed above the 18,300 mark. Narayana Hrudayalaya’s share price increased by over 7.5% and touched its all-time high after its Q4 net profit surged 1.5x to Rs 173 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Pharma closed above their Friday closing levels. According to Trendlyne’s sector dashboard, commercial services & supplies was the top-performing sector of the day.

Major European indices traded flat or lower, except for UK’s FTSE 100, which traded marginally higher. US indices futures traded flat as investors looked ahead to President Joe Biden’s meeting with House Republican Speaker Kevin McCarthy regarding the US Debt ceiling, scheduled later today.

• Relative strength index (RSI) indicates that stocks like CreditAccess Grameen, Cholamandalam Financial Holdings, Indigo Paints and Cholamandalam Investment & Finance are in the overbought zone.

• Divi's Laboratory rises despite its net profit tanking by 38.4% YoY to Rs 318.8 crore for Q4FY23. The company also faces a 22% YoY drop in revenue and an 18.3 percentage point decrease in EBITDA margins. It appears in a screener of stock with declining revenue for the past three quarters.

• Cochin Shipyard sharply declines as its Q4FY23 net profit drops by 84.9% YoY to Rs 39.3 crore, while its revenue falls by 50.5% YoY due to a severe decline in its shipbuilding and ship repair segments.

• Ramco Industries’ Q4FY23 net profit rises 26.1% YoY to Rs 58.4 crore on the back of a deferred tax adjustment of Rs 19.9 crore. Its revenue declines 11.6% YoY due to a decline in its building products and textiles segments. The stock shows up in a screener for companies with low Piotroski scores.

• The National Company Law Appellate Tribunal (NCLAT) upholds the insolvency proceedings against Go First. This comes as a setback to lessors of the airlines seeking to repossess their aircraft.

  The National Company Law Appellate Tribunal on Monday upheld the insolvency proceedings against cash-strapped airline Go First in a setback to efforts of its lessors to repossess their aircraft.#NCLAT #GoFirst https://t.co/4eufqCJ4Ua

  — Economic Times (@EconomicTimes) May 22, 2023

• Oil And Natural Gas Corp's arm ONGC Videsh partners with Oil India to acquire a 50% stake in Tullow Oil Plc's $3.4 billion oilfield project in Kenya, according to reports.

• Delhivery’s Q4FY23 net loss widens by 32.4% YoY to Rs 158.7 crore, while its revenue falls by 10.2% YoY. However, the firm is rising as net loss is lower than the streets’ expectations, thanks to an 8.7% YoY drop in freight, handling, and service costs. The net loss is 6.4% lower than Trendlyne’s Forecaster estimates. It shows up in a screener for stocks with a low PE ratio.

• Bharat Electronics rises as its Q4FY23 net profit surges by 19.6% YoY to Rs 1,365.4 crore. Revenue expands 2% YoY, and EBITDA margin increases 340 bps YoY due to lower raw materials and finance costs. It features in a screener for stocks with improving ROE for the past two years.

• Bloomberg Opinion says that SEBI's limited enforcement abilities mean that the regulator may not be able to uncover the ownership of the Mauritius funds investing in Adani companies.

  India's regulator may never be able to verify its suspicions about who invested in the infrastructure behemoth, says @andymukherjee70 https://t.co/JczxuuAt3F

  — Bloomberg Opinion (@opinion) May 21, 2023

• Narayana Hrudalaya touches its all-time high of Rs 856 per share as its net profit surges 1.5x to Rs 173 crore in Q4FY23. Revenue improves 30% YoY, while EBITDA margin expands by 400 bps YoY. It shows up in a screener of stocks with increased FII shareholding.

• Larsen & Toubro's power transmission and distribution business wins two orders worth Rs 2,500-5,000 crore. The orders involve the establishment of overhead power transmission lines connecting cities along the Red Sea coast and the construction of a substation in the central region of Saudi Arabia.

• IT companies like Tech Mahindra, LTIMindtree, Infosys, HCL Technologies and Wipro are rising in trade. All the constituents of the broader sectoral index Nifty IT are also trading in the green.

• Balaji Amines hits 52-week low at Rs 1,880 today as Q4FY23 revenues drop 38.9% YoY and net profits decline 56.3% YoY. It appears in a screener for high volume and top losers.

  #MarketsWithMC | Shares of Balaji Amines tanked 18.5% in early trade as #investors shunned the stock after the company's dismal performance on all three fronts of #profit, #revenue and profitability for the fourth quarter.
  
  Read here ????https://t.co/OWh47wtxFX#StockMarket pic.twitter.com/BhkhJMtiEW

  — Moneycontrol (@moneycontrolcom) May 22, 2023

• JSW Steel remains flat as its net profit increases by 12% to Rs 3,741 crore in Q4FY23. Despite flat revenues at Rs 46,962 crore, the company achieves its highest crude steel production and saleable steel sales in the quarter. However, EBITDA margin decreases by 2.5 percentage points YoY. It features in a screener for stocks showing growth in net profit and increasing profit margin QoQ.

• Glenmark Pharmaceuticals is falling as it posts a net loss of Rs 428.3 crore in Q4FY23 due to an exceptional loss of Rs 799.7 crore. However, revenue increases by 12% YoY, driven by increased sales in Europe, North America and the Rest of the World. The company features in a screener of stocks with reduced mutual fund shareholding in the past quarter.

• Indian rupee depreciates 13 paise to Rs 82.2 against the US dollar in early trade today.

  Rupee Falls 13 Paise To 82.80 Against US Dollar https://t.co/IXusmgYS5Y pic.twitter.com/Wie0qipkAa

  — NDTV Profit (@NDTVProfit) May 22, 2023

• Homedge Infracon buys a 0.5% stake worth approximately 163.9 crore in APL Apollo Tubes in a bulk deal on Friday.

• JK Lakshmi Cement is falling as its net profits decline by 40.1% YoY in Q4FY23 due to higher power and fuel expenses, despite a 16.2% YoY increase in revenue. The company shows up in the screener for High volume and top losers in the recent quarter.

• Metal stocks like Adani Enterprises, APL Apollo Tubes, Vedanta and NMDC are rising in trade. The broader sectoral index Nifty Metal is also trading in the green, led by Adani Enterprises.

• Diwakar Aggarwal, promoter of BLS International Services, sells a 2.7% stake in the company in a bulk deal on Friday.

• Transport Corp of India rises as its revenue from operation grows 16.4% YoY to Rs 3,812 crore. EBITDA surges by Rs 39 crore and net profit by 9.5% YoY, driven by increased demand for railway and coastal multimodal services. It appears in a screener of stocks with strong cash-generating capabilities from core business.

• Piramal Pharma rises as it receives zero observations and no action indicated designation for an inspection conducted at its Pithampur facility.

• Muthoot Finance surges despite a marginal fall of 2.4% YoY in Q4FY23 profits to Rs 973.5, while revenue rises 8.4% YoY. The profit decrease is attributed to impairment and employee benefit expenses. The company shows up in a screener for stocks with reduced provisions in the recent quarter.

• Tata Consultancy Services receives a purchase order worth Rs 15,000 crore from BSNL for the deployment of a 4G network across India.

• Dilip Buildcon, in a joint venture with Vijay Kumar Mishra Construction, secures a Rs 699 crore order for the construction of an irrigation project. The Water Resource Department in Madhya Pradesh floats the tender for the project.

• Zee Entertainment rises as the National Company Law Tribunal dismisses IDBI Bank's application to initiate insolvency proceedings on the company.

Riding High:

Largecap and midcap gainers today include Adani Enterprises Ltd. (2,326.10, 18.92%), Adani Wilmar Ltd. (444.30, 9.99%) and Muthoot Finance Ltd. (1,124.20, 8.63%).

Downers:

Largecap and midcap losers today include Gland Pharma Ltd. (893.55, -16.15%), Siemens Ltd. (3,399.70, -8.68%) and Supreme Industries Ltd. (2,731.85, -2.39%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Adani Enterprises Ltd. (2,326.10, 18.92%), Elgi Equipments Ltd. (557.50, 18.06%) and Adani Wilmar Ltd. (444.30, 9.99%).

Top high volume losers on BSE were Gland Pharma Ltd. (893.55, -16.15%), Siemens Ltd. (3,399.70, -8.68%) and JK Lakshmi Cement Ltd. (724.10, -7.33%).

Balaji Amines Ltd. (2,167.30, -6.04%) was trading at 20.4 times of weekly average. Narayana Hrudayalaya Ltd. (831.35, 7.53%) and Muthoot Finance Ltd. (1124.20, 8.63%) were trading with volumes 17.5 and 11.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks hit their 52-week highs, while 5 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Carborundum Universal Ltd. (1,223.00, 1.84%), Cholamandalam Investment & Finance Company Ltd. (1,053.70, 0.99%) and Cyient Ltd. (1,386.75, 6.69%).

Stocks making new 52 weeks lows included - Ipca Laboratories Ltd. (682.15, 1.06%) and Aditya Birla Fashion and Retail Ltd. (189.85, -0.52%).

16 stocks climbed above their 200 day SMA including Suzlon Energy Ltd. (9.25, 8.82%) and Muthoot Finance Ltd. (1,124.20, 8.63%). 14 stocks slipped below their 200 SMA including Cochin Shipyard Ltd. (485.75, -10.40%) and Restaurant Brands Asia Ltd. (110.15, -6.81%).