Trendlyne Marketwatch
Trendlyne Marketwatch
16 Jun 2023, 03:46PM
Market closes higher, ICICI Securities maintains its ‘Buy’ rating on KEC International

Trendlyne Analysis

 

Nifty 50 closed at 18,826.00 (137.9, 0.7%) , BSE Sensex closed at 63,384.58 (467.0, 0.7%) while the broader Nifty 500 closed at 16,181.45 (123.2, 0.8%). Of the 1,979 stocks traded today, 1,187 were on the uptick, and 712 were down.

Indian indices extend gains from the afternoon session and close in the green, with Nifty 50 hovering above the 18,800 mark. The volatility index, Nifty 50 VIX, drops below 11 at the close.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Bank and Nifty Media closed sharply higher than Thursday’s closing levels. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day with a rise of over 2.6%.

Most European indices trade in the green. US indices futures trade higher indicating a positive start. Major global banks like J. P. Morgan, UBS and Standard Chartered have cut China’s GDP growth forecast for 2023 from 5.5%– 6.0% to 5.0%– 5.5% range.

  • Relative strength index (RSI) indicates that stocks like Dixon Technologies (India), Olectra Greentech, Tanla Platforms and Brightcom Group are in the overbought zone.

  • Route Mobile and Exide Industries hit their 52-week highs of Rs 1,597 and Rs 217 respectively. Route Mobile has risen 15.3% in the past month, while the other increased by 12.8%.

  • Capri Global Capital falls more than 6.5% and ranks low on Trendlyne's checklist with a score of 43.5%. The stock is in the 'Strong Sell' zone and appears in a screener with no promoter pledge.

  • PSU Bank stocks like Punjab National Bank, Bank of Baroda, Canara Bank and State Bank of India are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • ICICI Securities maintains its ‘Buy’ rating on KEC International and raises the target price to Rs 664 from Rs 590. This implies an upside of 20.3%. The brokerage expects the company’s order execution to pick up in FY24, driven by a robust order book, stability in commodity prices and an improving supply chain. It anticipates the firm’s revenue to grow at a CAGR of 15% over FY23-25.

  • Reports suggest that SoftBank may sell small stakes in One97 Communications (Paytm) and Zomato over the next few sessions. The investment bank holds around 11% and 3.4% stakes in Paytm and Zomato respectively.

  • Bajaj Auto is trading below its third support or S3 level despite the market trading in the green.

  • Media Stocks like Zee Entertainment Enterprises, Network 18 Media & Investments, Saregama India and TV18 Broadcast are rising in trade. The broader media sector is also trading in the green.

  • Triveni Engineering & Industries' annual return on equity (RoE) stands at 67.2% in FY23, rising 54.6 percentage points over the past five years.

  • Angel One, Fine Organic Industries, Aditya Birla Capital and Brightcom Group outperform their industries in terms of annual growth and capital returns.

  • Shipping companies like Mazagon Dock Shipbuilders, Great Eastern Shipping Co, Garden Reach Shipbuilders and Shipping Corp of India are rising in trade. The broader shipping industry is also trading in the green.

  • Macquarie downgrades its rating on Mphasis to ‘Underperform’ from ‘Neutral', but maintains ‘Outperform’ on Mastek. The brokerage says Q1FY24 will be a weak quarter for IT companies due to the possible impact of a recession in the US.

  • Vedant Fashions, Coforge, Crompton Greaves Consumer Electricals and Affle (India) witness an increase in mutual fund holdings in the past month.

  • Retailing, healthcare equipment & supplies and general industrials sectors rise more than 4% over the past week.

  • Axis Direct maintains its ‘Buy’ rating on Sundaram Finance and raises the target price to Rs 3,015 from Rs 2,605. This implies an upside of 16.2%. The brokerage remains positive about the firm’s outlook due to its robust AUM growth momentum, improving asset quality and healthy disbursement growth. It expects the company’s net profit to grow at a CAGR of 13.7% over FY23-25.

  • PDS experiences a rise in its stock price as its subsidiary, PDS Lifestyle, successfully completes the acquisition of a 100% stake in New Lobster. The acquisition positions New Lobster as the global hub for PDS' Ted Baker brand, serving as a core licensee and operating partner. It appears in a screener of stocks with strong momentum.

  • Private banks like IDFC First Bank, RBL Bank, Bandhan Bank, Federal Bank and HDFC Bank are rising in trade. All constituents of the broader sectoral index, Nifty Private Bank, are also trading in the green.

  • Kalyan Jewellers surges over 10% in trade today as reports suggest that 6.41 cr shares (6.2% equity) of the company, amounting to Rs 725 crore, change hands through block deals.

  • BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV sell a sum of 0.73% stake in Axis Bank in a block deal on Thursday. According to reports, Bain Capital is the likely seller.

  • Shares of IKIO Lighting debut on the bourses with a 37.7% premium to the issue price of Rs 285. The Rs 607 crore IPO has received bids for 28.99 times the total shares on offer.

  • JP Morgan has an 'Overweight' rating on Ashok Leyland with a target price of Rs 175. According to the brokerage, the company plans to improve its market share in the M&HCV & LCV segments. It adds that Ashok Leyland is also focused on improving margins in the CV space.

  • Paras Defence and Space Technologies is rising as it secures a Rs 53 crore contract from the Ministry of Defense for the realization of optronic Periscopes for ICS. It appears in a screener of stocks with strong momentum.

  • Tech Mahindra appoints Mohit Joshi as the Managing Director and Chief Executive Officer of the company, effective from December 20, 2023, subject to approval from shareholders. He has also been appointed as a Whole Time Director and designated as Managing Director (Designate) from June 20, 2023, until December 19, 2023.

  • RITES rises as it secures an order worth $8,11,75,500 (Rs 665.1 crore) from the National Railways of Zimbabwe. The contract involves the supply of rolling stock, including 3000 HP diesel-electric locomotives and high-sided open wagons. It appears in a screener of stocks with no promoter pledge.

  • A consortium of Ramkrishna Forgings and Titagarh Rail Systems bags a contract worth Rs 12,226.5 crore from the Ministry of Railways to manufacture and supply 15.4 lakh forged wheels over 20 years. According to the agreement, the consortium will deliver 40,000 wheels in the first year, followed by 60,000 wheels in the second year and 80,000 wheels in each subsequent year.

Riding High:

Largecap and midcap gainers today include Emami Ltd. (403.00, 5.59%), HDFC Life Insurance Company Ltd. (609.55, 5.43%) and Schaeffler India Ltd. (3,184.55, 4.97%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (624.20, -3.68%), Adani Wilmar Ltd. (419.35, -2.74%) and JSW Energy Ltd. (256.60, -2.19%).

Movers and Shakers

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

Top high volume gainers on BSE included Kalyan Jewellers India Ltd. (131.10, 14.80%), Mazagon Dock Shipbuilders Ltd. (1,187.60, 12.62%) and Wockhardt Ltd. (215.20, 11.50%).

Top high volume losers on BSE were Bajaj Auto Ltd. (4,641.95, -1.69%), Solar Industries India Ltd. (3,799.15, -1.20%) and Equitas Small Finance Bank Ltd. (86.20, -1.20%).

Mangalore Refinery And Petrochemicals Ltd. (71.80, 7.40%) was trading at 11.2 times of weekly average. Polyplex Corporation Ltd. (1,357.65, 5.65%) and Adani Transmission Ltd. (810.90, -0.47%) were trading with volumes 9.1 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

46 stocks overperformed with 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,477.00, 4.49%), Apollo Hospitals Enterprise Ltd. (5,200.05, -0.36%) and Bharat Electronics Ltd. (125.20, 2.67%).

20 stocks climbed above their 200 day SMA including Wockhardt Ltd. (215.20, 11.50%) and Alok Industries Ltd. (15.40, 9.22%). 1 stock slipped below their 200 SMA including Wipro Ltd. (381.30, -1.97%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five stocks to buy from analysts this week - June 17, 2025
The Baseline | 17 Jun 2025, 05:50PM
Chart of the Week: FIIs raise bets in consumer-driven sectors over the year
The Baseline | 16 Jun 2025, 05:21PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021