Trendlyne Marketwatch
Trendlyne Marketwatch
08 Jun 2023, 03:45PM
Market closes lower, IKIO Lighting’s IPO gets bids for 66.3X the available shares on offer

Trendlyne Analysis

Nifty 50 closed at 18,634.55 (-91.9, -0.5%), BSE Sensex closed at 62,848.64 (-294.3, -0.5%) while the broader Nifty 500 closed at 15,921.05 (-85.7, -0.5%). Of the 1,982 stocks traded today, 677 were on the uptrend, and 1,264 went down.

Indian indices extend the losses from afternoon session and close in the red, with Nifty 50 hovering below 18,700 mark. The volatility index, Nifty VIX, drops below 12 at the close. RBI in its policy meet has kept the interest rate unchanged. RBI guided CPI inflation at 5.1% and GDP growth at 6.5% for FY24.  

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Energy closed higher than Wednesday’s closing levels. All other major sectoral indices closed lower. According to Trendlyne’s sector dashboard, metals and mining emerged as the top-performing sector of the day with a rise of over 0.2%. 

Most European indices trade higher except for UK’s FTSE 100 trading in the red. US indices futures trade flat as investors are gauging the impact of the Bank of Canada’s rate hike decision on the US Fed policy meeting.

  • Relative strength index (RSI) indicates that stocks like Birla Corp, IDFC, Suzlon Energy and Torrent Power are in the overbought zone.

  • Supreme Industries and Cholamandalam Investment & Finance touch their all-time highs of Rs 2,890 and Rs 1,081.7 per share, respectively. The former has risen 2.8% over the past month, while the latter grew by 7.2% over the same period.

  • One97 Communications (Paytm) rises over 6% in trade as BofA Securities upgrades its rating on the company to 'Buy' and revises the target price to Rs 885. The brokerage is optimistic about the company's potential for positive operational leverage. It adds that Paytm enjoys a favourable position due to limited competition.

  • Housing and Urban Development Corporation falls more than 3% and ranks low on Trendlyne's checklist with a score of 35%. The stock is in the 'Strong Sell' zone and appears in a screener with low Piotroski score.

  • Zydus Lifesciences receives the final approval from the US Food and Drug Administration for the oral suspension of esomeprazole magnesium, which is used to treat acid reflux and ulcers. The company will manufacture the product at its facility in Ahmedabad, Gujarat. As of April 2023, the drug has recorded annual sales of $42 million.

  • IKIO Lighting’s Rs 607 crore IPO gets bids for 66.3X the available 1.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 13.9X of the available 76.9 lakh shares on offer.

  • Realty stocks like DLF, Macrotech Developers, Brigade Enterprises and Oberoi Realty are falling in trade. The broader sectoral indices, Nifty Realty and BSE Realty, are also trading in the red.

  • Mazagon Dock Shipbuilders touches its all-time high of Rs 1,079.3 per share as it signs a memorandum of understanding (MoU) with ThyssenKrupp Marine Systems for the construction of submarines. Under the MoU, ThyssenKrupp will provide engineering and design expertise, while Mazagon will undertake the construction and delivery of the submarines.

  • Hatsun Agro Products is rising as its board schedules a meeting on July 5 to discuss the sale of the company's windmill division. The proposed sale will involve the transfer of all assets and liabilities through a slump sale arrangement. It appears in a screener of stocks with zero promoter pledges.

  • Nomura maintains its ‘Buy’ rating on Tata Motors with a target price of Rs 610. The brokerage believes the company can gain market share in the passenger vehicles (PV) segment on the back of new launches.

  • Realty stocks like DLF, Macrotech Developers, Brigade Enterprises and Oberoi Realty are falling in trade. The broader sectoral indices Nifty Realty and BSE Realty are also trading in the red.

  • Inox Wind rises as it receives a turnkey order for a 100 MW wind energy plant from ABEnergia Renewables. The order includes the supply and installation of 3.3 MW turbines and is scheduled to be completed by 2024 at the Dayapar site in Kutch, Gujarat.

  • Aether Industries is rising as it signs a Letter of Intent with a US-based oil field services company to establish a strategic supplier and contract manufacturing partnership. Aether will supply four key products to the US-based company's global energy and oil & gas locations, including a significant supply within India. It appears in a screener of stocks with no debt.

  • Motilal Oswal maintains its ‘Buy’ rating on Trent with a target price of Rs 1,835, implying an upside of 15.4%. The brokerage believes the company is poised for healthy growth given its aggressive store additions, strong productivity and Zudio’s strong brand value. It expects the firm’s revenue to grow at a CAGR of 28.9% over FY23-25.

  • The Organization for Economic Co-operation and Development (OECD) marginally raises its FY24 GDP growth forecast for India to 6% from the earlier estimate of 5.9%. OECD believes that moderating inflation and easing monetary policy in H2FY24 could lead to an improvement in discretionary household spending.

  • IT stocks like Persistent Systems, LTIMindtree and L&T Technology Services are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Lakshmi Machine Works, Cera Sanitaryware, Tata Elxsi, One97 Communications and Aether Industries are trading above their third resistance or R3 levels.

  • Utilities stocks like KPI Green Energy, Torrent Power, NTPC, RattanIndia Power and Reliance Infrastructure are rising in trade. The broader sectoral index of S&P BSE Utilities is also trading in the green.

  • RBI projects India's GDP to grow at a rate of 6.5% in FY24. It also revises the CPI inflation estimate for FY24 to 5.1%, from the earlier 5.2%.

  • Promoters of MTAR Technologies, including D Anitha Reddy, Usha Reddy Chigarapalli, Kavitha Reddy Gangapatnam and K Vamshidhar Reddy, sell a total of 5.32% stake in the company on Monday.

  • Tata Elxsi rises as it partners with the Indian Space Research Organization (ISRO) for the Gaganyaan Mission. The company has designed and developed the crew module recovery models (CMRM) for space mission training. It appears in a screener for stocks with strong quarterly growth.

  • Ashish Kacholia sells a 0.55% stake in D-Link (India) for approx Rs 4.5 crore in a bulk deal on Wednesday.

  • The Reserve Bank of India (RBI) decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee (MPC) meeting.

  • Zen Technologies rises as it receives an order worth Rs 202 crore from the Ministry of Defence. The company provides military training and anti-drone solutions.

  • Gati rises more than 6% as its volume for surface and air express improves marginally by 1% YoY to 98 kt (thousand tonnes) over the month. The company experiences robust growth in the west zone, driven by the recent opening of a superhub in Bhiwandi.

  • Tech Mahindra is rising as Life Insurance of India increases its stake in the company by 2% from November 2022 to May 2023, acquiring shares at Rs 1,050.7 per share. The insurance company now holds an 8.9% stake in the IT company.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (772.00, 6.19%), YES Bank Ltd. (16.75, 3.72%) and Dixon Technologies (India) Ltd. (4,067.40, 3.69%).

Downers:

Largecap and midcap losers today include Varun Beverages Ltd. (1,581.85, -3.99%), Vodafone Idea Ltd. (7.35, -3.92%) and Hindustan Petroleum Corporation Ltd. (265.90, -3.89%).

Volume Rockets

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

Top high volume gainers on BSE included Tata Teleservices (Maharashtra) Ltd. (78.40, 14.70%), One97 Communications Ltd. (772.00, 6.19%) and Alembic Pharmaceuticals Ltd. (590.95, 5.94%).

Top high volume losers on BSE were Indian Energy Exchange Ltd. (136.45, -8.24%), Torrent Power Ltd. (667.70, -2.92%) and Tata Communications Ltd. (1,414.25, -2.21%).

Hatsun Agro Products Ltd. (932.75, 5.44%) was trading at 25.0 times of weekly average. Alok Industries Ltd. (14.40, 5.11%) and Cera Sanitaryware Ltd. (7,977.50, 3.04%) were trading with volumes 7.8 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

41 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,470.00, 1.39%), Apollo Tyres Ltd. (396.20, 0.49%) and Aurobindo Pharma Ltd. (668.50, -0.52%).

18 stocks climbed above their 200 day SMA including Alembic Pharmaceuticals Ltd. (590.95, 5.94%) and Hatsun Agro Products Ltd. (932.75, 5.44%). 9 stocks slipped below their 200 SMA including Indian Energy Exchange Ltd. (136.45, -8.24%) and Nippon Life India Asset Management Ltd. (250.15, -2.49%).

 
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