Trendlyne Marketwatch
Trendlyne Marketwatch
07 Jun 2023
Market closes higher, IKIO Lighting’s IPO gets bids for 6.83X of the available shares on offer

Trendlyne Analysis

Nifty 50 closed at 18,726.40 (127.4, 0.7%), BSE Sensex closed at 63,142.96 (350.1, 0.6%) while the broader Nifty 500 closed at 16,006.70 (128.3, 0.8%). Of the 1,983 stocks traded today, 1,263 were in the positive territory and 667 were negative.

Indian indices extended their gains in the final hour of the trading session and closed in the green. The benchmark Nifty 50 index closed above the 18,700 mark and is under 1% away from touching its all-time high of 18,887.6 points. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Metal and Nifty FMCG closed higher than Tuesday’s close. According to Trendlyne’s sector dashboard, Telecommunications Equipment was the top-performing sector of the day.

Most Major Asian indices closed flat or higher amid mixed global cues. European stocks traded flat or lower, in line with the US indices futures. Investors look ahead to the US Federal Reserve's policy meeting, scheduled next week. Analysts expect the US Fed to pause interest rates at its June meeting.

  • Money flow index (MFI) indicates that stocks like Birla Corp, IDFC First Bank, IDFC and Mazagon Dock Shipbuilders are in the overbought zone

  • HAL touches a 52-week high today following reports of an upcoming agreement with General Electric to jointly manufacture jet engines in India. It appears in a screener of stocks with no debt.

  • Can Fin Homes, Fine Organic Industries, Apar Industries, Craftsman Automation and Mahanagar Gas outperform their industries in terms of annual growth and capital returns.

  • Varun Beverages is falling as reports suggest that 10.5 lakh shares (0.23% equity) of the company, amounting to Rs 172.6 crore, change hands in a large trade.

  • IKIO Lighting’s Rs 607 crore IPO gets bids for 6.83X the available 1.5 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 5.92X of the available 76.9 lakh shares on offer.

  • Telecommunications equipment companies like ITI, HFCL, Sterlite Technologies and GTL Infrastructure are rising in trade. The broader sector of telecommunications equipment is also trading in the green.

  • Gravita India remains flat as one of its promoters Rajat Agarwal sells a 1.9% equity stake (13,00,000 shares) in the company. The deal has been done through an open market transaction at an average price of Rs 586.04. Meanwhile, Jupiter India Fund has purchased a 1.4% stake (10,00,000 shares) at an average price of Rs 585.

  • Sugar stocks like Shree Renuka Sugars, EID Parry (India), Balrampur Chini Mills and Dalmia Bharat Sugar & Industries are rising in trade. The broader sugar industry is also trading in the green.

  • Deepak Goyal, Director (Operations) and Group CFO at APL Apollo Tubes, expects the company's volumes to grow by 30% and the EBITDA per tonne to improve by 11-12% in FY24. He also highlights that the company has a strong order book under the Jal Jeevan Mission.

  • ICICI Direct maintains its 'Buy' rating on Graphite India with an upgraded target price of Rs 440 per share. This indicates a potential upside of 17%. The brokerage believes that adopting the electric arc furnace (EAF) process will help the company drive demand in the long term. It expects the company's net profit to grow at a CAGR of 93% over FY23-25.

  • Page Industries, Nestle India, Lakshmi Machine Works and Atul are trading above their second resistance or R2 levels.

  • Aster DM Healthcare rises more than 6% and ranks high on Trendlyne's checklist with a score of 63.6%. The stock has 7 buy ratings out of 9 from brokerage firms. It appears in a screener of stocks hitting a new 52-week high today.

  • ICICI Securities maintains its ‘Buy’ rating on Angel One and increases the target price to Rs 1,590 from Rs 1,575. This implies an upside of 11.2%. The brokerage remains optimistic about the company’s prospects due to its aggressive market share expansion, high retail volume share and increasing customer lifecycle value. It expects the firm’s revenue to grow at a CAGR of 15.8% over FY23-25.

  • Lakshmanan R, Senior Research Analyst at CreditSights, highlights the improved credit metrics in FY23 for several Adani companies. Adani Enterprises, Adani Power, and Adani Ports are reported to have moderate leverage levels.

  • Societe Generale buys a 0.74% stake in IFB Industries in a bulk deal for approx Rs 24 crore on Tuesday.

  • Utility stocks like RattanIndia Power, Reliance Power, Torrent Power and SJVN are rising in trade. The broader sectoral index BSE Utility is also trading in the green.

  • KPI Green Energy rises near its 52-week high as it receives a Letter of Intent from Anupam Rasayan India. The order involves the execution of a solar-wind hybrid project of 40 MW capacity (21.5 MW wind and 18.5 MW solar).

  • G R Infraprojects’ arm, GR Hasapur Badadal Highway, executes its concession agreement with the National Highways Authority of India. The agreement involves the construction of a six-lane highway worth Rs 872.2 crore in Maharashtra. The stock shows up in a screener for companies with high TTM EPS growth.

  • Jefferies maintains its 'Buy' rating on Can Fin Homes with a target price of Rs 850. The brokerage expects the company's loan growth to be around 18-20% in FY24, and EPS to grow at 18% CAGR over FY23-26.
  • Varun Beverages fixes June 15 as the record date to determine the eligible shareholders entitled to the stock split in the ratio of 1:2. The company has received approval for the split in a postal ballot on June 2, 2023.

  • Bank of Maharashtra rises in trade today as it approves the QIP issue at an issue price of Rs 28.5 per share. An aggregate of Rs 1,000 crore will be allotted to eligible institutional buyers. It appears on a screener for stocks with strong annual EPS growth.

  • The World Bank projects India's GDP to grow at 6.3% in FY24, making it the fastest-growing economy among emerging markets and developing economies.

  • Media stocks like Hathway Cable & Datacom, TV18 Broadcast, Navneet Education, Network 18 Media & Investments and Zee Entertainment Enterprises are rising in trade. All constituents of the broader sectoral index, Nifty Media, are also trading in the green.

  • R Systems International's board of directors approves the acquisition of a 100% equity stake in Pune-based IT firm Velotio Technologies for Rs 278.8 crore in cash consideration. This will strengthen the company's engineering capabilities and expertise, and expand its delivery presence in Pune, a major talent hub for product engineering in India.

  • Va Tech Wabag secures a Rs 420 crore order from CIDCO in Raigad. The order includes the design, construction and operation of a water treatment plant with a capacity of 270 million litres per day. The project aims to address the future water requirements of Navi Mumbai and is expected to be completed in 42 months.

  • Torrent Power signs an MoU with the Government of Maharashtra to develop three pumped storage hydro projects with a total capacity of 5,700 megawatts. The projects require an investment of approximately Rs 27,000 crore and will be implemented over five years. The company shows up in a screener for affordable stocks with a high RoE and momentum score.

Riding High:

Largecap and midcap gainers today include Torrent Power Ltd. (687.75, 12.34%), Vodafone Idea Ltd. (7.65, 8.51%) and Max Healthcare Institute Ltd. (559.85, 6.86%).

Downers:

Largecap and midcap losers today include Varun Beverages Ltd. (1,647.65, -2.33%), Polycab India Ltd. (3,538.05, -1.60%) and 3M India Ltd. (27,000.00, -1.54%).

Volume Shockers

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

Top high volume gainers on BSE included Suzlon Energy Ltd. (14.45, 18.44%), Torrent Power Ltd. (687.75, 12.34%) and Vodafone Idea Ltd. (7.65, 8.51%).

Top high volume losers on BSE were Wockhardt Ltd. (170.15, -3.32%), KEC International Ltd. (526.75, -1.16%) and Jamna Auto Industries Ltd. (99.90, -0.65%).

ITI Ltd. (113.55, 4.65%) was trading at 14.9 times of weekly average. Sundaram Clayton Ltd. (4,429.60, 2.46%) and Aster DM Healthcare Ltd. (284.80, 5.62%) were trading with volumes 14.1 and 9.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

57 stocks made 52-week highs,

Stocks touching their year highs included - 3M India Ltd. (27,000.00, -1.54%), AIA Engineering Ltd. (3,142.55, 0.95%) and Ajanta Pharma Ltd. (1,449.90, 2.76%).

21 stocks climbed above their 200 day SMA including Jubilant Pharmova Ltd. (352.80, 3.73%) and Manappuram Finance Ltd. (113.00, 2.82%). 5 stocks slipped below their 200 SMA including Ambuja Cements Ltd. (455.75, -0.74%) and UTI Asset Management Company Ltd. (728.50, -0.36%).

 
More from Trendlyne Marketwatch
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025
A car running on flat tires: Pakistan's economy is struggling
The Baseline | 15 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021