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Trendlyne Marketwatch
14 Jun 2023
Market closes higher, fertilizer stocks are rising in trade

Trendlyne Analysis

Nifty 50 closed at 18,755.90 (39.8, 0.2%), BSE Sensex closed at 63,228.51 (85.4, 0.1%) while the broader Nifty 500 closed at 16,084.05 (35.9, 0.2%). Of the 1,986 stocks traded today, 1,034 were on the uptick, and 884 were down.

Indian indices closed marginally higher, with the benchmark Nifty 50 index closing above the 18,750 mark. KEC International closed over 3% higher as it secured orders worth Rs 1,373 crore across various business segments including railways, civil, transmission & distribution, and cables.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Energy and Nifty Metal closed higher than Tuesday’s close. According to Trendlyne’s sector dashboard, Fertilizers was the top-performing sector of the day.

Major European indices traded in the green, in line with the US indices futures. Most Asian indices closed flat or higher, except for Hong Kong’s Hang Seng index, which closed in the red. Investors look ahead to the U.S. Federal Reserve’s latest policy-setting decision, to be announced tomorrow. Analysts expect the US Fed to pause rates for the first time since January 2022.

  • Money flow index (MFI) indicates that stocks like Power Finance Corp, Tata Communications, Astral and C.E. Info Systems are in the overbought zone

  • The Fertilizers & Chemicals Travancore rises 14.4% in trade, positioning it in a screener for stocks near their 52-week high. It also ranks high on Trendlyne's checklist with a score of 72.7% and is in the 'Sell' zone.

  • Maruti Suzuki India, Housing Development Finance Corp, Kotak Mahindra Bank and Larsen & Toubro have TTM PE ratios that trade above their respective industries by 2.19, 0.58, 6.31, and 2.37 points, respectively.

  • Jefferies reportedly maintains its ‘Buy’ rating on SBI Cards and Payment Services and raises the target price by 19% from its previous target price to Rs 1,100 per share. The brokerage highlights favorable industry growth outlook, strong spending growth, increased net interest income, and improved credit costs as reasons for the upgrade.

  • V-Mart is rising as 5.8 lakh shares (3% equity) of the company, amounting to Rs 116 crore, change hands in a large trade, according to reports.

  • Fertilizer stocks like Coromandel International, The Fertilisers & Chemicals Travancore, Gujarat Narmada Valley Fertilizers & Chemicals and Rashtriya Chemicals & Fertilizers are rising in trade. The broader fertilizers sector is also trading in the green.

  • Galaxy Surfactants rises more than 5% and ranks high on Trendlyne's checklist with a score of 69.6%. The stock is in the 'Buy' zone and has five buy ratings out of eight from brokerages. It appears in a screener of stocks with high momentum scores.

  • IPCA Laboratories is falling as the US FDA issues Form 483 with 11 observations regarding the company's manufacturing facility in Ratlam, Madhya Pradesh, after conducting an inspection from June 5 to June 13.

  • Central Depository Services (India) is falling as reports suggest that 56.3 lakh shares (5.4% equity) of the company, amounting to Rs 586 crore, change hands in a large trade today.

  • Metal stocks like APL Apollo Tubes, JSW Steel, Tata Steel, Jindal Stainless and Hindustan Copper are rising in trade. Barring Hindustan Zinc, all other constituents of the broader index, Nifty Metal, are also trading in the green.

  • Dhampur Sugar rises as it completes the expansion of its grain-based distillery's capacity to 100 KLPD (kilolitres per day). This increased capability can be used interchangeably for molasses, syrup, and grain. It appears in a screener of stocks with increasing quarterly profits.

  • The Securities and Exchange Board of India (SEBI) imposes Rs 40 lakh fine on Brightcom Group's promoters after finding them guilty of violating the provisions of insider trading from April 2020 to August 2021.

  • HDFC Securities maintains its ‘Buy’ rating on UltraTech Cement and raises the target price to Rs 9,305 from Rs 8,670. This implies an upside of 12.3%. The brokerage remains positive about the company’s prospects on the back of strong volume growth, falling raw material prices and a healthy balance sheet. It expects the firm’s revenue to grow at a CAGR of 8.5% over FY23-25.

  • India’s WPI inflation falls to -3.48% in May, down from -0.92% in April, driven by lower prices of mineral oils, basic metals, food products, and crude petroleum.

  • Granules India is rising as it gets US FDA approval for its Abbreviated New Drug Application (ANDA) for levetiracetam tablets, which are used for seizure therapy. The annual US market for the drug is approximately $247 million as of March 2023. It appears in a screener for stocks with low debt.

  • Vodafone Idea surges as it reportedly plans to raise Rs 14,000 crore through new share issuance, with half of the amount contributed by promoters Aditya Birla Group and UK's Vodafone Group. The promoters will invest Rs 2,000 crore as fresh equity, while an additional Rs 7,000 crore will be raised from external investors.

  • Ramkrishna Forgings touches a new 52-week high today as it bags a 4.5 million euro order for supplying undercarriage parts for a prominent European railway passenger coach manufacturer. It appears on a screener for stocks with strong momentum.

  • Indian rupee appreciates 9 paise to 82.28 against the US dollar in early trade today, led by a weak dollar, falling crude oil prices, and foreign fund inflows.

  • Zydus Lifesciences rises as its Ahmedabad unit receives a clean chit from the US Food and Drug Administration with no observations. It appears in a screener of low-debt stocks.

  • Societe Generale sells a 0.6% stake in Nazara Technologies for approx Rs 27.3 crore in a bulk deal on Tuesday.              

  • JP Morgan downgrades its rating on Persistent Systems to ‘Underweight’ from ‘Neutral’ and cuts the target price to Rs 4,100 from Rs 4,200. The brokerage emphasizes that the company's high exposure to discretionary spending (83%) sets it apart from its peers.

  • Plutus Wealth Management buys a 0.78% stake in Zee Entertainment Enterprises for approx Rs 143 crore in a bulk deal on Tuesday.

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

  • KEC International rises as it secures orders worth Rs 1,373 crore across various business segments including railways, civil, transmission & distribution, and cables. The company appears in a screener for stocks with no promoter pledge.

  • Anupam Rasayan India signs a letter of intent worth $256 million (Rs 2,186 crore) with a Japanese specialty chemical company. The order involves the supply of a new-age patented life science active ingredient for five years from 2025. The stock shows up in a screener for companies with book value per share increasing over the past two years.

Riding High:

Largecap and midcap gainers today include 3M India Ltd. (28,500.00, 5.76%), Tata Consumer Products Ltd. (862.50, 5.20%) and Patanjali Foods Ltd. (1,094.60, 4.78%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (74.10, -5.36%), Macrotech Developers Ltd. (649.75, -4.39%) and Sona BLW Precision Forgings Ltd. (509.85, -3.74%).

Volume Rockets

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

Top high volume gainers on BSE included PCBL Ltd. (158.55, 8.52%), Shyam Metalics and Energy Ltd. (340.45, 7.26%) and V-Mart Retail Ltd. (2,099.65, 6.07%).

Top high volume losers on BSE were KPIT Technologies Ltd. (1,039.70, -4.85%), Tata Chemicals Ltd. (977.95, -2.21%) and Welspun India Ltd. (93.35, -2.20%).

Anupam Rasayan India Ltd. (1,073.30, -1.12%) was trading at 7.0 times of weekly average. KEC International Ltd. (566.80, 2.66%) and Tata Coffee Ltd. (251.10, 5.93%) were trading with volumes 6.8 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

52 stocks overperformed with 52-week highs,

Stocks touching their year highs included - 3M India Ltd. (28,500.00, 5.76%), AIA Engineering Ltd. (3,293.55, 1.08%) and Astral Ltd. (1,968.65, -1.91%).

11 stocks climbed above their 200 day SMA including Motilal Oswal Financial Services Ltd. (693.40, 4.04%) and Kansai Nerolac Paints Ltd. (450.10, 1.94%). 3 stocks slipped below their 200 SMA including HDFC Asset Management Company Ltd. (1,933.85, -2.14%) and Supreme Petrochem Ltd. (378.55, -0.51%).

 
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