Trendlyne Marketwatch
Trendlyne Marketwatch
13 Jun 2023
Market closes higher, JSW Steel's monthly crude steel production rises to 21.8 lakh tonnes

Trendlyne Analysis

Nifty 50 closed at 18,716.15 (114.7, 0.6%), BSE Sensex closed at 63,143.16 (418.5, 0.7%) while the broader Nifty 500 closed at 16,048.20 (119.1, 0.8%). Of the 1,988 stocks traded today, 1,146 were on the uptrend, and 793 went down.

Indian indices maintain gains from the afternoon session and close in the green, with the Nifty 50 hovering above the 18,700 mark. The volatility index, Nifty VIX, drops below 12 at the close. India’s passenger vehicle sales increased by 13.5% in May to 3,34,247 units.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Realty closed sharply higher than Monday’s closing levels. Nifty Auto closes flat. All other major sectoral indices closed higher. According to Trendlyne’s sector dashboard, realty emerged as the top-performing sector of the day with a rise of over 2.9%.

Most European indices trade higher. The data released by the UK labor department indicated the unemployment rate at 3.8% in April against 3.9% in March. US indices futures trade in the green as investors await the release of CPI data for May as the Fed starts its interest rate policy meet. The US Fed is expected to maintain the interest rates status quo.

  • Shree Cements beats Ambuja Cements in QoQ revenue & profit growth, YoY revenue growth and FII & MF holdings. But it lags in PE ratio, 3-month price change and broker average rating.

  • Zydus Lifesciences is rising after receiving final approval from the US FDA to produce and sell varenicline tablets for smoking addiction treatment. IQVIA estimates the drug's sales at $501 million in FY23. The tablets will be manufactured at the company's Ahmedabad facility.

  • Paint stocks like Asian Paints, Berger Paints, Kansai Nerolac Paints and Indigo Paints are rising in trade. The broader furnishing paints industry also trades in the green.

  • Sanofi India's annual return on equity (RoE) stands at 48.6% in FY23, rises 32.5 percentage points over the past five years.

  • Tube Investments of India, Adani Total Gas and State Bank of India are trading below their second support or S2 level.

  • Infibeam Avenues rises more than 3% and ranks high on Trendlyne's checklist with a score of 65.2%. The stock is in the 'Strong Buy' zone and appears in a screener of stocks with strong annual EPS growth.

  • Ahluwalia Contracts reaches its 52-week high after bagging a construction project in Aerocity, New Delhi, valued at Rs 426.6 crore. With this order, the company's total order inflow for FY24 reaches Rs 4,177.8 crore. The company shows up in a screener for stocks that have consistently delivered high returns over the past five years.

  • Media stocks like Dish TV India, Nazara Technologies, TV18 Broadcast, Network 18 Media & Investments and New Delhi Television are rising in trade. Barring Zee Entertainment Enterprises, all constituents of the broader sectoral index, Nifty Media, are also trading in the green.

  • Ashwath Ram, Managing Director of Cummins India, expects mid-single-digit growth in the company’s exports in FY24. He adds that Cummins targets to improve its margins by 100 bps.

  • Larsen & Toubro's hydrocarbon business wins an offshore project worth Rs 1,000-2,500 crore from a prestigious overseas client for engineering, procurement, construction and installation of new offshore structures.

  • Axis Direct maintains its ‘Buy’ rating on Ujjivan Small Finance Bank and raises the target price to Rs 45 from Rs 37. This implies an upside of 13.6%. The brokerage remains positive on the bank's prospects, given its improving asset quality and robust business growth, and believes there is further room for the stock to grow despite the recent rally.

  • SJVN is rising as its arm, SJVN Green Energy, bags an order worth Rs 1,400 crore to set up a 200 MW wind power project. The company shows up in a screener for stocks with high TTM EPS growth.

  • Tata Consultancy Services, HDFC Bank, Hindustan Unilever and ITC's TTM price-to-earnings ratios trade above those of their respective industries.                                                                                                                                                     

  • Healthcare stocks like Laurus Labs, Alkem Laboratories, Dr. Lal Path Labs, Cipla and Max Healthcare Institute are rising in trade. All constituents of the Nifty Healthcare index are also trading in the green.                                                              

  • The Society of Indian Automobile Manufacturers (SIAM) reports a 17.6% YoY increase in two-wheeler sales to 14.7 lakh units in May, while passenger vehicle sales reach 3.3 lakh units.

  • Granules India rises as the US FDA approves its abbreviated new drug application (ANDA) for metoprolol succinate extended-release tablets. The tablet is equivalent to Toprol Acquisition's reference listed drug (RLD), Toprol-XL tablets, used for treating hypertension. IQVIA estimates the drug's sales at $321 million for FY23.         

  • Inox Wind Energy surges to an all-time high of Rs 2,148 per share as its board of directors approves the merger scheme with Inox Wind. Under the scheme, shareholders of Inox Wind Energy will receive 158 equity shares of Inox Wind for every 10 equity shares they hold in the company, with a face value of Rs 10 per share.     

  • JSW Steel rises as its monthly crude steel production increases by 7% YoY to 21.8 lakh tonnes. Its combined production grows by 8% YoY, driven by strong performance in India and USA operations. The company secures preferred bidder status for a mining lease of iron ore minerals (9.8 MMT block VI and 65.7 MMT block IX) from the Directorate of Mines and Geology, Goa.                                     

  • JP Morgan initiates coverage on Mankind Pharma with an 'Overweight' rating and a target price of Rs 1,730. The brokerage highlights the company's strong volume growth and positions it as one of the fastest-growing pharma companies. It expects Mankind Pharma to further expand its market share.

  • Go Fashion is rising as ICICI Prudential Life Insurance Company, Societe Generale, Kuwait Investment Authority Fund and BNP Paribas Arbitrage purchase a 4.5% equity stake (24,44,836 shares) in the company. The deal has been executed through an open market transaction at an average price of Rs 1135 per share.

  • FMCG stocks like Colgate-Palmolive (India), Godrej Consumer Products, Hindustan Unilever and Nestle India are rising in trade. The broader sectoral indices, Nifty FMCG and BSE FMCG, are also trading in the green.

  • Societe Generale sells a 0.5% stake in Balrampur Chini Mills in a bulk deal for approx Rs 44.1 crore on Monday.

  • India’s CPI inflation eases to a 25-month low of 4.25% in May, down from 4.7%% in April. This decline is due to softening food and fuel prices. Meanwhile, the index of industrial production (IIP) has risen by 4.2% in April compared to 1.1% in March.

  • HFCL is rising as it bags an order worth Rs 80.9 crore from the Delhi Metro Rail Corp to supply, install and commission a fibre optic transmission system for three priority corridors of Phase IV of the Delhi Metro Rail project. The stock shows up in a screener for companies with low debt.

  • Engineers India rises as it receives orders worth Rs 472.7 crore from Oil & Natural Gas Corporation (ONGC) for the replacement of three channel service unit (CSU) off-gas compressors and six regeneration gas compressors at the Uran plant in Maharashtra.

  • SEBI bans Zee Entertainment Enterprises’ CEO Punit Goenka and Essel Group Chairman Subhash Chandra from holding key managerial positions in listed companies or their subsidiaries until further notice. The move comes as SEBI finds that Chandra and Goenka abused their powers and diverted funds from Zee Entertainment for personal gain.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (679.60, 10.73%), Tata Communications Ltd. (1,598.40, 8.11%) and Trent Ltd. (1,685.65, 5.66%).

Downers:

Largecap and midcap losers today include InterGlobe Aviation Ltd. (2,340.00, -2.94%), Schaeffler India Ltd. (3,100.35, -2.07%) and Torrent Power Ltd. (670.25, -1.89%).

Movers and Shakers

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

Top high volume gainers on BSE included Tanla Platforms Ltd. (963.45, 16.52%), Bombay Burmah Trading Corporation Ltd. (1,055.10, 11.00%) and Devyani International Ltd. (192.85, 8.16%).

Top high volume losers on BSE were InterGlobe Aviation Ltd. (2,340.00, -2.94%), Container Corporation of India Ltd. (651.05, -1.86%) and Zee Entertainment Enterprises Ltd. (193.95, -0.46%).

Bayer Cropscience Ltd. (4,236.65, -0.09%) was trading at 12.1 times of weekly average. Oracle Financial Services Software Ltd. (3,797.50, 5.61%) and Supreme Industries Ltd. (3,004.30, 3.61%) were trading with volumes 9.0 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

41 stocks overperformed with 52-week highs, while 1 stock hit its 52-week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (3,251.00, -0.50%), Apollo Tyres Ltd. (408.00, 0.29%) and Aurobindo Pharma Ltd. (681.60, 2.70%).

Stock making new 52 weeks lows included - V-Mart Retail Ltd. (1,985.00, 0.54%).

19 stocks climbed above their 200 day SMA including Sundaram Clayton Ltd. (4,726.00, 3.71%) and Vodafone Idea Ltd. (7.70, 2.67%). 2 stocks slipped below their 200 SMA including SRF Ltd. (2,344.85, 0.30%) and Vedant Fashions Ltd. (1,306.00, 1.00%).

 
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