Trendlyne Analysis

Nifty 50 closed at 18,534.10 (46.4, 0.3%), BSE Sensex closed at 62,547.11 (118.6, 0.2%) while the broader Nifty 500 closed at 15,811.20 (50.9, 0.3%). Of the 1,978 stocks traded today, 1,214 were on the uptick, and 709 were down.

Indian indices maintain their gains and close in the green, with the Nifty 50 hovering above the key 18,500 mark. The volatility index, Nifty VIX , dropped below 12 at the close. Vedanta Group raises USD 450 million from two of its competitors Trafigura Group and Glencore International AG.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Realty and Nifty Metal closed sharply higher than Thursday’s closing levels. According to Trendlyne’s sector dashboard, metals & mining emerged as the top-performing sector of the day with a rise of over 1.48%.

Most European indices trade sharply higher amid positive global cues. US indices futures trade in the green indicating a positive start. Chinese government mulls to provide a relief package to support the real estate sector. Bank of Japan is drafting new policy to bring the economy out of deflation and achieve a 2% inflation target.

• Hero MotoCorp sees a long buildup in its June 29 future series as its open interest rises 11.4% with a put-call ratio of 0.61.

• Healthcare equipment & supplies, media, and realty sectors rise more than 4% in the past week.

• ICICI Securities maintains its ‘Buy’ rating on Lemon Tree Hotels and raises the target price to Rs 137 from Rs 132. This implies an upside of 47.4%. The brokerage remains optimistic about the firm’s prospects, given its plans to increase its room count, open the Mumbai airport hotel, and focus on debt reduction. It expects the company’s revenue to grow at a CAGR of 29.1% over FY23-25.

• Mahindra & Mahindra Financial Services touches its 52-week high of Rs 299.3 per share as its loan disbursement grows by 39% YoY to Rs 4,150 crore in May. The company features in a screener of stocks with high momentum scores.

• MRF, Honeywell Automation India, Page Industries, 3M India and Shree Cements are trading above their second support or S2 levels.

• GST revenue collections rise 12% YoY to Rs 1.57 lakh crore in May, surpassing the Rs 1.4 lakh crore mark for the 14th consecutive month.

  Central and state governments collected ?1.57 trillion in Goods and Services Tax (#GST) in May, 12% more than what they netted from the indirect tax a year ago, the finance ministry said.
  
  (@Firstday75 reports) https://t.co/b7YX3kTsGm

  — Mint (@livemint) June 2, 2023

• CreditAccess Grameen's annual RoCE stands at 44.9%, outperforming the finance industry by 24 percentage points.

• TVS Motor rises as its monthly two-wheeler wholesales in May increase by 11.2% YoY to 3,19,295 units, driven by robust growth in domestic sales. Electric vehicle wholesales also surge by 580.8% YoY to 17,953 units, while its international business suffers a significant decline. It appears in a screener of stocks with strong annual EPS growth.

• Cyient and Craftsman Automation touch their all-time highs of Rs 1,524.7 and Rs 3,865.5 per share respectively. The former has risen 25.9% over the past month, while the latter gained 22.1%.

• IIFL Finance rises over 7% in trade and ranks high on Trendlyne's checklist with a score of 69.6%. The stock is in the 'Buy' zone and also appears in a screener for stocks with a positive breakout at the third resistance level.

• Jefferies upgrades its target price for Bajaj Finance to Rs 8,310 from the earlier Rs 7,280, as it expects loans to grow and funding costs to fall. The brokerage says Bajaj Finance is among their top picks in the financials space and gives a ‘Buy’ rating.

  #MarketsWithMC | Brokerage firm Jefferies upgraded its target price for #BajajFinance to Rs 8,310, a 17% upside from the current market price.
  
  Details ??https://t.co/xIXeF1MPqM#StockMarket

  — Moneycontrol (@moneycontrolcom) June 2, 2023

• NHPC rises as it partners with Vidhyut Utpadan, a Nepal-based company, for developing a 480 MW Phukot Karnali hydroelectric project in Nepal.

• abrdn (Mauritius Holdings) 2006, promoter of HDFC Life Insurance, sells its entire 1.7% stake in the company on Wednesday.

• Chris Wood, Global Head of Equity Strategy at Jefferies, makes changes to his Greed & Fear India Long-only Portfolio. He has initiated an investment in AU Small Finance Bank with a 3% weight and has trimmed his stake in CAMS.

  #ChrisWood of Jefferies makes changes to GREED & Fear’s India Long-only portfolio. He initiates investment in AU SFB and removes CAMS.
  
  On the removal of CAMS, he says, it might seem odd to remove CAMS which is such a long-term play but SEBI’s latest paper w.r.t mutual fund… pic.twitter.com/gtgP36JSk3

  — CNBC-TV18 (@CNBCTV18Live) June 2, 2023

• RateGain Travel Technologies is rising despite Avataar Holdings offloading 55 lakh shares (5% stake) worth Rs 206 crore through an open market transaction. Post this, Avataar Holdings' stake has been reduced to 2.07% from 7.07%.

• MOIL is rising as its manganese ore production in May grows 43% YoY to 1.53 lakh tonnes, while its sales surge by 72% YoY. The stock shows up in a screener for companies with improving cash flows from operations over the past two years.

• Dixon Technologies (India), Astral and G R Infraprojects outperform the Nifty 50 index over the past month post their Q4FY23 results.

• CLSA reports that auto sales in May have received support from the marriage season. The brokerage highlights that market leaders continue to lose their retail share on a YoY basis.

  Brokerage Radar | @CLSAInsights on Auto Sales in May 2023; Multiple launches should keep the excitement going in PVs#Auto #StockMarket pic.twitter.com/pIRyqcSUhq

  — ET NOW (@ETNOWlive) June 2, 2023

• Paras Defence and Space Technologies rises over 7% as it signs an MoU with Israel's CONTROP Precision Technologies. The MoU establishes a joint venture for manufacturing, installation, logistics support, and more in the electro-optic field as part of the Make in India initiative. Paras will hold a 30% stake in the JV, with CONTROP owning the remaining 70%.

• Eicher Motors' monthly sales of 350cc motorcycles grow by 28% YoY to 69,038 units in May 2023, while the international business experiences a significant decline. The total motorcycle sales increase by 22% YoY to 77,461 units. It appears in a screener for stocks with consistently growing revenue over the past four quarters.

• Indian rupee appreciates 10 paise to 82.30 against the US dollar in early trade today.

  Rupee rises 10 paise to 82.30 against US dollar in early trade.#RupeeVsDollar #IndianEconomy #Rupee #Dollar pic.twitter.com/s41vGRJU6B

  — Business Standard (@bsindia) June 2, 2023

• AstraZeneca Pharma surges in trade today as it receives permission from the CDSCO (Central Drugs Standard Control Organization) to import, sell, and distribute Tremelimumab (Imjudo) concentrate. Tremelimumab is used in the treatment of patients with unresectable hepatocellular carcinoma. The stock appears on a screener for companies approaching their 52-week high.

• PSU banks like Indian Overseas Bank, Bank of Maharashtra, Indian Bank, Punjab National Bank and Canara Bank are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

• Hero MotoCorp's monthly two-wheeler sales grow by 6.7% YoY to 5,19,474 units in May 2023. Its domestic sales experience a robust growth of 9% to 5,08,309 units. It appears in a screener of stocks with increasing profit for the past three quarters.

• Tata Motors’ total wholesales in May decline by 1.6% YoY to 74,973 units, with total domestic wholesales falling by 2% YoY to 73,448 units. Its commercial vehicle sales also decrease 12% YoY, while passenger vehicle wholesales rise 6% YoY. The stock shows up in a screener for companies with declining net cash flows.

Riding High:

Largecap and midcap gainers today include FSN E-Commerce Ventures Ltd. (135.75, 7.61%), GlaxoSmithKline Pharmaceuticals Ltd. (1,390.95, 4.80%) and Zomato Ltd. (71.15, 4.71%).

Downers:

Largecap and midcap losers today include Adani Total Gas Ltd. (674.40, -2.87%), Gujarat Gas Ltd. (475.00, -2.71%) and Indraprastha Gas Ltd. (459.25, -2.65%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Graphite India Ltd. (375.45, 11.89%), HEG Ltd. (1,303.40, 9.67%) and TV18 Broadcast Ltd. (39.65, 7.89%).

Top high volume loser on BSE was Cholamandalam Financial Holdings Ltd. (810.00, -0.54%).

Nuvoco Vistas Corporation Ltd. (359.40, 4.93%) was trading at 13.0 times of weekly average. Cyient Ltd. (1,459.00, 6.34%) and FSN E-Commerce Ventures Ltd. (135.75, 7.61%) were trading with volumes 8.6 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks hit their 52-week highs,

Stocks touching their year highs included - 3M India Ltd. (26,200.05, -0.34%), Apollo Hospitals Enterprise Ltd. (4,967.30, 3.18%) and Aurobindo Pharma Ltd. (662.50, 0.58%).

19 stocks climbed above their 200 day SMA including Graphite India Ltd. (375.45, 11.89%) and TV18 Broadcast Ltd. (39.65, 7.89%). 9 stocks slipped below their 200 SMA including Aegis Logistics Ltd. (333.70, -2.53%) and Angel One Ltd. (1,313.00, -2.04%).