Trendlyne Marketwatch
Trendlyne Marketwatch
19 Jun 2023
Market closes lower, ICICI Sec lowers rating on Prince Pipes & Fittings to ‘Add’ from ‘Buy’

Trendlyne Analysis

Nifty 50 closed at 18,755.45 (-70.6, -0.4%), BSE Sensex closed at 63,168.30 (-216.3, -0.3%) while the broader Nifty 500 closed at 16,142.15 (-39.3, -0.2%). Of the 2,005 stocks traded today, 872 were in the positive territory and 1,058 were negative.

Indian indices closed in the red, with the Indian volatility index, Nifty VIX, rising by over 3.6%. The benchmark Nifty 50 index fell over 70 points and closed below the 18,800 mark. Shriram Finance closed nearly 5% higher after 99.2 lakh shares (2.65% equity) amounting to Rs 1,390 crore, changed hands in a block deal.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, outperforming the benchmark index. Nifty Pharma and Nifty IT closed higher than Friday’s close. According to Trendlyne’s sector dashboard, Diversified was the top-performing sector of the day.

Major Asian indices closed in the red, except for Australia’s ASX All Ordinaries index, which closed higher. European indices traded in the red, despite the US indices futures trading in the red. US markets will remain closed today due to Juneteenth National Independence Day. Brent crude oil futures recovered from their day low and traded marginally higher on a volatile day of trade.

  • Money flow index (MFI) indicates that stocks like HEG, Poly Medicure, One97 Communications and Home First Finance are in the overbought zone

  • Five-Star Business Finance rises 9% in trade, aiding it in appearing in a screener of stocks near their 52-week highs. According to Trendlyne's Forecaster, the stock has a consensus recommendation of 'Strong Buy' from three analysts. It has also risen 20.3% over the past month, enabling the company to be featured in a screener of stocks that have been overbought by the money flow index (MFI).

  • Tata Consultancy Services, HDFC Bank, ICICI Bank and Hindustan Unilever have TTM PE ratios that trade above their respective industries by 0.1, 1.1, 0.5, and 0.7 points, respectively.

  • IIFL Finance is rising as DSP Mutual Fund purchases a 1.3% equity stake (50,00,000 shares) in the company. The deal has been executed at an average price of Rs 500 per share.

  • The Centre announces the sale of 92.44 lakh shares (0.15% equity) of Coal India to eligible employees of the company through an offer for sale (OFS). The employee OFS is scheduled to open on Wednesday.

  • Hindustan Petroleum rises as it wins a major long-term contract from ONGC Petro additions (OPaL). HPCL has secured the contract through competitive bidding against a tender by OPaL. Under this contract, the company has agreed to supply OPaL with 13.5 trillion British thermal units (Btu) of Natural Gas from October 2023 to May 2026.

  • Global oil prices drop by more than 1% amid concerns over China's faltering post-Covid recovery. Brent crude oil price falls to $75.94 per barrel.

  • ICICI Securities downgrades its rating on Prince Pipes and Fittings to ‘Add’ from ‘Buy’ with a target price of Rs 703. This implies an upside of 4.7%. The brokerage cites the stock price run-up in the past three months for lowering its rating on the firm. However, it maintains a positive outlook on the company due to its comprehensive product portfolio, focus on expanding distribution and emphasis on branding.

  • Aavas Financiers is rising despite Small Cap World Fund offloading a 0.9% equity stake (7,08,978 shares) in the company at an average price of Rs 1,350 per piece

  • Astra Microwave Products, Kalpataru Projects International, Mankind Pharma and Engineers India witness an increase in mutual fund holdings in the past month.

  • PSU banks like Central Bank of India, Bank of Baroda, Bank of India, UCO Bank and Punjab & Sind Bank are rising in trade. Barring State Bank of India, all other constituents of the broader sectoral index, Nifty PSU Bank, are trading in the green.

  • CreditAccess Grameen rises more than 5% and ranks high on Trendlyne's checklist with a score of 56.5%. The stock is in the 'Strong Buy' zone and has 'Buy' ratings from 11 out of 12 brokerage firms. It appears in a screener of stocks with strong annual EPS growth.

  • Kotak Institutional Equities upgrades its rating on Jindal Steel and Power to ‘Buy’ from ‘Reduce’ and raises the fair value by 27.6% to Rs 740. The brokerage says that the company is best placed among its peers in terms of risk-reward ratio.

  • Healthcare services companies like Dr. Lalpath Labs, Metropolis Healthcare, Vijaya Diagnostic Centre, Thyrocare Technologies and Kovai Medical Center and Hospital are rising in trade. The broader healthcare services industry is also trading in the green.

  • Sharekhan maintains its ‘Buy’ rating on Can Fin Homes and raises the target price to Rs 880 from Rs 720. This implies an upside of 16.8%. Can Fin Homes remains the brokerage’s top pick among housing finance companies due to its healthy loan growth, stable asset quality and improving margins. The brokerage expects the company’s net profit to grow at a CAGR of 18.4% over FY23-25.

  • Dr. Reddy's Laboratories is rising as the US FDA concludes its good market practice (GMP) inspection of the company's active pharmaceutical ingredient (API) facility in Bollaram, Hyderabad. During the inspection from June 12 to June 16, no observations have been made.

  • Gufic BioSciences touches a new 52-week high today as it receives approval from the National Medical Products Administration (NMPA), China, for its product Prilocaine (API). The company believes this approval will help the expansion of the product in China and enable the exploration of the Chinese market. It appears in a screener of stocks with strong momentum.

  • Reports suggest that 99.2 lakh shares (2.65% equity) of Shriram Finance, amounting to Rs 1,390 crore, change hands in a block deal. TPG India Investment Fund is the likely seller in this transaction.

  • Kalyan Jewellers rises as Nomura India Investment Fund Mother Fund, Franklin Templeton Mutual Fund and BNP Paribas Arbitrage buy a 3.3% equity stake (3,39,55,978 shares) in the company at an average price of Rs 113.1. Meanwhile, Highdell Investment sells a 6.2% equity stake (6,41,02,561 shares) at the same price.

  • JP Morgan highlights the significant loan growth in the NBFC sector, surpassing that of banks. The brokerage adds that both domestic and foreign investors have allocated less capital to this segment. It maintains Bajaj Finance and L&T Finance as its top picks.

  • Castrol India is rising as it signs an agreement with Mahindra Insurance Brokers to sell eligible vehicle insurance policies through Castrol Auto Service workshops. The workshops will also be able to register as cashless claim sites with other insurance companies.

  • Mohnish Pabrai buys a 2.07% stake in Edelweiss Financial Services on June 8, 2023. He now holds a 9.09% stake in the company.

  • Adani Enterprises' subsidiary, Adani Digital Labs, signs an agreement to acquire a 100% equity stake in Stark Enterprises, commonly known as Trainman. Trainman is an online platform for train booking and information services.

  • CDPQ sells a 0.9% stake in Piramal Pharma for approximately Rs 99.8 crore in a bulk deal on Friday, while VTIAX picks up a 0.5% stake for Rs 58.7 crore.

Riding High:

Largecap and midcap gainers today include Jindal Steel & Power Ltd. (574.50, 5.57%), Shriram Finance Ltd. (1,469.85, 4.88%) and FSN E-Commerce Ventures Ltd. (150.45, 4.23%).

Downers:

Largecap and midcap losers today include Adani Enterprises Ltd. (2,401.40, -4.31%), CG Power and Industrial Solutions Ltd. (364.50, -3.34%) and Tata Motors Limited (DVR) (311.30, -2.89%).

Movers and Shakers

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

Top high volume gainers on BSE included Alok Industries Ltd. (17.00, 10.39%), Mangalore Refinery And Petrochemicals Ltd. (78.70, 9.61%) and Five-Star Business Finance Ltd. (650.20, 8.42%).

Top high volume losers on BSE were Adani Enterprises Ltd. (2,401.40, -4.31%), CG Power and Industrial Solutions Ltd. (364.50, -3.34%) and Chalet Hotels Ltd. (418.65, -2.16%).

Krishna Institute of Medical Sciences Ltd. (1,702.00, 4.24%) was trading at 12.4 times of weekly average. CreditAccess Grameen Ltd. (1,272.65, 8.10%) and Borosil Renewables Ltd. (548.75, 3.63%) were trading with volumes 8.2 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

47 stocks made 52-week highs,

Stocks touching their year highs included - Abbott India Ltd. (23,133.00, 1.86%), Ashok Leyland Ltd. (167.95, 2.16%) and Aurobindo Pharma Ltd. (678.05, -0.67%).

16 stocks climbed above their 200 day SMA including Alok Industries Ltd. (17.00, 10.39%) and Infibeam Avenues Ltd. (15.85, 4.62%). 7 stocks slipped below their 200 SMA including Vodafone Idea Ltd. (7.60, -2.56%) and Kotak Mahindra Bank Ltd. (1,824.55, -1.77%).

 
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