
Trendlyne Analysis
Nifty 50 closed at 18,665.50 (-105.8, -0.6%), BSE Sensex closed at 62,979.37 (-259.5, -0.4%) while the broader Nifty 500 closed at 16,011.80 (-129, -0.8%). Of the 1,973 stocks traded today, 486 were on the uptick, and 1,429 were down.
Indian indices extended their losses from the afternoon session and closed in the red. The benchmark Nifty 50 index fell over 100 points and closed below the 18,700 mark. Adani Group companies closed deep in the red after Bloomberg reported that US authorities are looking into what representations Adani Group made to its American investors following Hindenburg Research’s report.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty Metal and Nifty Media closed over 2% lower than their Thursday’s close. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment was the top-performing sector of the week.
Most Major European indices traded in the red, taking cues from the Asian indices. US index futures also trade in the red amid weak global cues. Brent crude oil futures traded over 1.2% lower after falling nearly 3.6% on Thursday.
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Bharat Petroleum Corp sees a short buildup in its June 29 future series as its open interest rises 14.8% with a put-call ratio of 0.34.
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Shilpa Medicare's stock rises as its board approves a rights issue of equity shares worth Rs 325 crore. The board also approves the amalgamation of Shilpa Therapeutics into the company. The company appears in a screener of stocks with low debt.
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Bank of Maharashtra, NMDC Steel and Union Bank of India trade below their second support or S2 levels as market trades lower.
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Adani Group stocks like Adani Enterprises, Adani Power, Adani Transmission and Adani Ports & SEZ are falling as reports suggest that US regulatory authorities have sent inquiries to American investors with large holdings in the conglomerate. The investigation follows Hindenburg Research's report. Adani Group claims that it is not aware of any subpoenas to investors.
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ABB India, Titan Co, Godrej Properties, Siemens and APL Apollo Tubes outperform the Nifty 500 index over a five-year period.
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HMA Agro Industries’ Rs 480 crore IPO gets bids for 1.6X the available 60.5 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 0.96X of the available 30.3 lakh shares on offer.
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UPL falls as it transfers its specialty chemical business to its subsidiary, UPL Specialty Chemicals, on a slump sale basis. The transaction is valued at Rs 3,572 crore based on fair market value. The company appears in a screener of stocks with reduced MF holdings.
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Nomura remains positive on the banking sector in the medium to long term on the back of decade-low NPLs (non-performing loans), strong return on assets (RoAs), and bank capitalisation at or near all-time highs. The brokerage identifies ICICI Bank, Axis Bank and IndusInd Bank as its top picks.
ICICI Bank, Axis Bank & IndusInd Bank among Nomura's top banking picks; downgrades AU Bank@apex_pawan https://t.co/761PGRi3D7
— Business Today (@business_today) June 23, 2023 -
Movies & entertainment, electronic components, advertising & media and healthcare services industries rise more than 6% in the past week.
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Lupin is rising as it launches rufinamide oral solution, a generic version of banzel oral suspension used for preventing and controlling epileptic seizures. The drug has an estimated sales of $72 million in the US in the year ending April 2023, according to IQVIA.
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KRChoksey maintains its ‘Buy’ rating on Hindustan Unilever with a target price of Rs 3,109. This indicates an upside of 18%. The brokerage is optimistic about the company’s prospects given its market share gains, volume growth, premiumisation efforts and expansive distribution network. It expects the firm’s revenue to grow at a CAGR of 9.6% over FY23-25.
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PSU bank stocks like State Bank of India, Punjab National Bank, Canara Bank and Union Bank of India are falling in trade. Barring Bank of Baroda and Indian Bank, all other constituents of the broader sectoral index, Nifty PSU Bank, are trading in the red.
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Rajesh Sharma, Managing Director of Capri Global Capital, says the company targets growth of more than 30% in FY24. He also expects net interest margins (NIMs) to improve and exceed 11%.
#OnCNBCTV18 | Expect strong business momentum to continue. Gold loans will become 25-30% of #AUM. #NIM will increase as capital has been raised, expect it to be above 11% for #FY24, says Rajesh Sharma of Capri Global Capital pic.twitter.com/8BSs0luR5e
— CNBC-TV18 (@CNBCTV18Live) June 23, 2023 -
Consumer durables stocks like Rajesh Exports, Voltas, Havells India, VIP Industries and Blue Star are falling in trade. Barring Crompton Greaves Consumer Electricals, all other constituents of the broader sectoral index, BSE consumer durables, are trading in the red.
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Jefferies upgrades its rating on Shriram Finance to a 'Buy' rating from 'Hold' with an upgraded target price of Rs 2,130, according to reports. This indicates a potential upside of 28.6%. The brokerage believes that factors like increasing demand outlook in the commercial vehicles segment and clearance of overhang concerns will aid the lender to drive revenue growth. It expects the company's net profit to grow at a CAGR of 16% over FY23-26.
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Adani Enterprises falls more than 6% and ranks low on Trendlyne's checklist with a score of 43.5%. The stock is in the 'Sell' zone and appears in a screener with high promoter pledge.
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Voltas is falling as UBS downgrades its rating to ‘Neutral and lowers the target price by 30% to Rs 840. The brokerage expects the industry challenges to persist, making it difficult for Voltas to expand its market share and improve its operating profit margin.
Brokerage Radar | @UBS on Voltas: Downgarde to Neutral; Significant consolidation in the supply chain will dilute large importers' advantage@myvoltas #StockMarket pic.twitter.com/wStQUaKlX0
— ET NOW (@ETNOWlive) June 23, 2023 -
Aether Industries is falling despite raising Rs 750 crore through a qualified institutional placement (QIP) approved by its board of directors. The QIP involved issuing 80 lakh equity shares to 36 qualified institutional buyers at an issue price of Rs 936 per share. SBI Mutual Fund, Axis Mutual Fund, and Edelweiss Mutual Fund emerged as the largest buyers, acquiring stakes of 40%, 11.1%, and 6.7% respectively.
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Metal stocks like Adani Enterprises, Hindalco Industries, National Aluminium Co, APL Apollo Tubes and Jindal Steel & Power are falling in trade. The broader sectoral index, Nifty Metal, is also trading in the red.
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Khurshed Yazdi Daruvala, promoter of Sterling and Wilson Renewable Energy, sells a 0.79% stake in the company on Thursday. He now holds a 2.87% stake.
- Reports suggest that 44.56 lakh shares (11% equity) of Landmark Cars, amounting to Rs 293 crore, have changed hands in a block deal. TPG Capital is the likely seller in this transaction.
Landmark Cars Large Trade| 44.56 lk shares worth ?293 cr change hands at ?658/Sh in block deal window https://t.co/WHicEZadA0 pic.twitter.com/OoGBaqmSfF
— CNBC-TV18 (@CNBCTV18Live) June 23, 2023 -
Vedanta denies media reports about the sale of the Sterlite Copper Plant in Tamil Nadu. The firm says that the news articles are wrong, baseless and incorrect. It shows up in a screener for stocks with low PE ratios.
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Murali S, promoter of Craftsman Automation, sells a 3.79% stake in the company on Thursday. He now holds 5.2%.
- BofA Securities maintains its ‘Buy’ rating on One97 Communications (Paytm) with a target price of Rs 1,020. The brokerage expects a rapid improvement in the company’s margins. However, it highlights the risks of increased competition from peers, including PhonePe and Jio Financial Services.
Brokerage Radar | BofA on @Paytm: Maintain Buy; Key risk is higher-than-expected competition@BofA_News #StockMarket pic.twitter.com/Tq5ENREDcJ
— ET NOW (@ETNOWlive) June 23, 2023 -
Man Infraconstruction rises after securing a letter of acceptance for an order worth Rs 680 crore from Bharat Mumbai Container Terminal. The order is for the implementation of phase two infrastructure works at the fourth container terminal at Jawaharlal Nehru Port, Navi Mumbai. The project is expected to be completed within 2.5 years.
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Coforge completes the acquisition of the remaining 20% stake in its subsidiary, Coforge Business Process Solutions, for Rs 336.9 crore. This brings the company's total stake to 80%. It shows up in a screener for stocks with improving cash flows from operations over the past two years.
Riding High:
Largecap and midcap gainers today include Aurobindo Pharma Ltd. (699.15, 4.09%), IndusInd Bank Ltd. (1,308.70, 2.83%) and Aditya Birla Capital Ltd. (175.00, 1.95%).
Downers:
Largecap and midcap losers today include Adani Enterprises Ltd. (2,233.55, -6.83%), Adani Transmission Ltd. (757.50, -5.83%) and Adani Power Ltd. (242.40, -5.53%).
Volume Rockets
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Natco Pharma Ltd. (674.00, 7.50%), ICICI Securities Ltd. (563.05, 7.04%) and DCM Shriram Ltd. (917.40, 5.86%).
Top high volume losers on BSE were Voltas Ltd. (750.50, -4.04%), Bharat Petroleum Corporation Ltd. (359.60, -3.70%) and Sterling and Wilson Renewable Energy Ltd. (289.15, -2.97%).
Chemplast Sanmar Ltd. (440.60, -1.40%) was trading at 5.2 times of weekly average. HLE Glasscoat Ltd. (661.80, -1.50%) and Gillette India Ltd. (4,835.00, 5.44%) were trading with volumes 4.8 and 4.3 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
11 stocks overperformed with 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.
Stocks touching their year highs included - Aurobindo Pharma Ltd. (699.15, 4.09%), Blue Star Ltd. (785.85, -1.03%) and InterGlobe Aviation Ltd. (2,475.05, -0.08%).
Stocks making new 52 weeks lows included - City Union Bank Ltd. (119.90, -3.27%) and Adani Total Gas Ltd. (634.30, -3.18%).
7 stocks climbed above their 200 day SMA including DCM Shriram Ltd. (917.40, 5.86%) and Swan Energy Ltd. (271.25, 1.84%). 22 stocks slipped below their 200 SMA including India Cements Ltd. (209.70, -3.90%) and Dr. Lal Pathlabs Ltd. (2,109.85, -3.24%).