Trendlyne Analysis

Nifty 50 closed at 18,691.20 (25.7, 0.1%), BSE Sensex closed at 62,970.00 (-9.4, 0.0%) while the broader Nifty 500 closed at 16,066.15 (54.4, 0.3%). Of the 1,984 stocks traded today, 1,067 showed gains, and 843 showed losses.

Indian indices close flat, with the Nifty 50 hovering below the 18,700 mark. The volatility index, Nifty VIX, rose above 11 at the close.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, with the benchmark index closing flat. Nifty Auto and Nifty Healthcare closed higher from Friday’s closing levels. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day with a rise of over 1.6%.

Most European indices trade in the red. US indices futures trade lower indicating a negative start. European energy stocks gained in early trade as Russian political unrest led to a rise in oil prices.

• Info Edge (India) sees a long buildup in its June 29 future series as its open interest rises 26.3% with a put-call ratio of 0.72.

• HDFC Securities upgrades Bharat Petroleum Corp to a 'Buy' from 'Add', with an upgraded target price of Rs 442. This indicates a potential upside of 22.8%. The upgrade is based on the company's strong gross refining margins (GRM) and swift recovery in auto fuel gross marketing margin, supported by the decline in Brent crude prices. The brokerage expects the company’s net sales to grow at a CAGR of 7.9% over FY22-25.

• Aurobindo Pharma and V-Guard Industries touch their 52-week highs of Rs 725.3 and Rs 277.6 respectively. The former has risen 19.4% over the past month, while the latter increased by 9.1%.

• RailTel Corporation of India rises as it receives an order worth Rs 294.4 crore from the Tamil Nadu State Marketing Corporation (TASMAC). The project aims to implement an integrated solution to computerise and connect the core and support functions of TASMAC. The implementation process is expected to span over five years.

• Shree Cements is falling as reports emerge of a tax evasion amounting to Rs 23,000 crore discovered during raids conducted at the company's offices in Beawar, Jaipur, Chittorgarh, and Ajmer.

• ideaForge Technology’s Rs 567 crore IPO gets bids for 3.7X the available 46.5 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 12.5X of the available 8.4 lakh shares on offer.

• Commercial services & supplies stocks like Adani Enterprises, Container Corporation of India, Redington and Century Textiles & Industries are rising in trade. The broader commercial services & supplies sector is also trading in the green.

• Pharmaceuticals stocks like Natco Pharma, Gland Pharma and Aurobindo Pharma are rising in trade. All constituents of the broader Nifty Pharma index are also trading in the green.

• SBI Cards and Payment Services is falling as Nomura downgrades its rating to 'Reduce' and lowers the target price by 32% to Rs 700. Nomura believes that the company's profitability will continue to face pressure and points out that the growth of the credit card industry is moderating.

  Shares of #SBI Cards & Payment Services fell over 3% in the opening trade today after the global brokerage Nomura downgraded the stock and slashed its target price.https://t.co/0ip72njMzU

  — Mint (@livemint) June 26, 2023

• PB Fintech rises over 5.5% to reach a new 52-week high of Rs 698.9 and ranks high on Trendlyne's checklist with a score of 52.9%. The stock has 'Buy' ratings from 9 out of 12 brokerage firms. It appears in a screener of stocks with strong momentum.

• Capacite Infraprojects rises after securing a contract worth Rs 452.5 crore from a reputable client in the sector. The order involves the construction of a residential and commercial tower in the National Capital Region (NCR). The company appears in a screener of stocks with strong EPS growth.

• S&P Global Ratings maintains its forecast for India's FY24 GDP growth at 6% and says that it will be the fastest-growing economy in the Asia Pacific region. The rating agency also anticipates a decline in India's retail inflation to 5% in FY24 and expects the RBI to initiate interest rate cuts by early 2024.

  #ExpressBiz | S&P Global Ratings on Monday retained India's GDP growth forecast at 6 per cent saying it will be the fastest growing economy among Asia Pacific nations.https://t.co/FkwUEx0YYD

  — The Indian Express (@IndianExpress) June 26, 2023

• Infosys enters into a strategic partnership with Danske Bank with an estimated deal value of $454 million (Rs 3,720.64 crore) for a period of 5 years. As part of the agreement, Infosys will also acquire Danske Bank's IT centre in India. The IT firm expects the transactions to be completed before Q2FY24.

• HDFC Life Insurance receives a GST demand notice of Rs 942 crore from the government for claiming input tax credit on ineligible services. The insurer has deposited Rs 250 crore as a protest.

• Larsen & Toubro's power & transmission business secures three orders worth Rs 1,000 to 2,500 crore in the Middle East and India. Two orders in the Middle East involve upgrading electrical networks in large industrial facilities by installing gas-insulated substations with high-voltage cable systems. The third order is for building a 765 kV transmission line in India.

• ICICI Bank schedules a board meeting on Thursday to consider the proposal for delisting its arm, ICICI Securities.

  The board of directors of India's second largest private lender #ICICIBank will meet on June 29, Thursday, to consider a proposal for delisting of its institutional and #retail #broking arm #ICICISecuritieshttps://t.co/3Zv56mo8d9

  — Economic Times (@EconomicTimes) June 26, 2023

• ideaForge Technology raises Rs 254.9 crore from anchor investors ahead of its IPO by allotting 37.92 lakh shares at Rs 672 per share. Investors include Pinebridge Global Funds, Nomura Funds, Ashoka India Equity Investment Trust Plc, HSBC Mutual Fund and Goldman Sachs Funds.

• Nishant Pitti, promoter of Easy Trip Planners, sells a 3.6% stake in the company on Friday. He now holds a 28.7% stake.

• Citigroup maintains its ‘Buy’ rating on Apollo Tyres with a target price of Rs 445. The brokerage believes the company’s volume and revenue growth will be led by an improvement in demand momentum for TBR (Truck, Bus and Radial) tyres and PCR (Passenger Car Radial) tyres in FY24.

  #CNBCTV18Market | Citi gives buy rating on Apollo Tyres, says management expects mid to high single-digit volume & revenue growth in FY24 pic.twitter.com/k80yZgbMFm

  — CNBC-TV18 (@CNBCTV18Live) June 26, 2023

• Sunil Singhania buys a 2.12% stake in Landmark Cars on Friday in multiple bulk and block deals.

• Zydus Lifesciences' subsidiary, Zydus Animal Health and Investments, signs an agreement to buy a 6.5% stake in Mylab Discovery Solutions. The stake will be purchased from Rising Sun Holdings for Rs 106 crore.

• Rail Vikas Nigam emerges as the lowest bidder in an auction conducted by the Maharashtra Metro Rail Corp (MMRCL) for the design and construction of a 6.9 km elevated metro viaduct, with a contract value of Rs 394.9 crore. The project is expected to be completed within 30 months.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (698.50, 6.32%), Varun Beverages Ltd. (799.20, 4.32%) and Gland Pharma Ltd. (1,021.00, 4.18%).

Downers:

Largecap and midcap losers today include Shree Cements Ltd. (23,702.15, -5.74%), Star Health and Allied Insurance Company Ltd. (537.10, -2.43%) and Schaeffler India Ltd. (3,131.40, -2.29%).

Movers and Shakers

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

Top high volume gainers on BSE included ICICI Securities Ltd. (621.90, 10.45%), Sun Pharma Advanced Research Company Ltd. (210.90, 9.08%) and SJVN Ltd. (42.00, 6.60%).

Top high volume losers on BSE were Shree Cements Ltd. (2,3702.15, -5.74%), Vedant Fashions Ltd. (1,288.90, -0.90%) and Vinati Organics Ltd. (1,822.05, -0.02%).

Zydus Wellness Ltd. (1488.10, 0.68%) was trading at 9.6 times of weekly average. Alembic Pharmaceuticals Ltd. (634.40, 4.99%) and Hatsun Agro Products Ltd. (957.80, 2.97%) were trading with volumes 8.0 and 6.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks hit their 52-week highs, while 1 stock hit their 52-week lows.

Stocks touching their year highs included - Aurobindo Pharma Ltd. (721.35, 3.18%), Dr. Reddy's Laboratories Ltd. (5,041.60, 0.96%) and FDC Ltd. (323.70, 2.91%).

Stock making new 52 weeks lows included - Adani Total Gas Ltd. (644.00, 1.53%).

12 stocks climbed above their 200 day SMA including Sun Pharma Advanced Research Company Ltd. (210.90, 9.08%) and Gillette India Ltd. (5,081.00, 5.10%). 14 stocks slipped below their 200 SMA including Shree Cements Ltd. (23,702.15, -5.74%) and Godfrey Phillips India Ltd. (1,625.60, -3.09%).