Trendlyne Analysis

Nifty 50 closed at 18,972.10 (154.7, 0.8%), BSE Sensex closed at 63,915.42 (499.4, 0.8%) while the broader Nifty 500 closed at 16,277.20 (113.7, 0.7%). Of the 1,967 stocks traded today, 923 were in the positive territory and 979 were negative.

Indian indices maintained their gains from the afternoon session and closed in the green, with Nifty 50 hovering just below the 19,000 mark. The volatility index, Nifty VIX, fell below 11 at the close.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Healthcare closed higher compared to Tuesday's closing levels. According to Trendlyne's sector dashboard, commercial services & supplies sector emerged as the top-performing sector of the day, with a rise of over 3%.

Most European indices are trading in the green, while US indices futures are trading lower, indicating a negative start. A Wall Street Journal report suggested that the US could impose more restrictions on exporting artificial intelligence chips to China. Chip manufacturing firms like NVIDIA, AMD, and Broadcom dropped in post-market hours on Tuesday.

• Relative strength index (RSI) indicates that stocks like V-Guard Industries, Patanjali Foods, The Fertilisers and Chemicals Travancore and Poly Medicure are in the overbought zone.

• Piramal Enterprises rises over 4.5% and ranks high on Trendlyne's checklist with a score of 65.2%. The stock is in the 'Strong Buy' zone and has 'Buy' ratings from 8 brokerage firms. It appears in a screener of stocks with strong momentum.

• The Indian housing market’s uptrend continues despite rising home loan rates. The number of housing units sold across the top seven cities in India rises 36% YoY to 1.15 lakh units in Q2CY23.

Despite increasing #HomeLoan rates and global economic headwinds, Indian #housing market's bull run continued in Q2 of 2023 with approx 1.15 lakh units getting sold across top 7 cities, a 36% yearly rise.

A look at latest data??https://t.co/T5L9pNPuJb#RealEstate #India…

— Moneycontrol (@moneycontrolcom) June 28, 2023

• Cyient DLM’s Rs 592 crore IPO gets bids for 7.6X the available 1.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 64.48X of the available 23.1 lakh shares on offer.

• ideaForge Technology’s Rs 567 crore IPO gets bids for 50.3X the available 46.5 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 56X of the available 8.4 lakh shares on offer.

• Titan Co and JSW Steel reach their all-time highs of Rs 3,040.7 and Rs 791.45 per share, respectively. The former has risen 10.8% over the past month, while the latter grew 12.2%.

• Narayana Hrudayalaya falls as Kotak Institutional Equities downgrades its rating on the stock to ‘Reduce’ from ‘Add’. The brokerage considers the stock overvalued, given its uptrend over the past year, and recommends booking profits.

Midcap Spotlight | #NarayanaHealth slips in trade after #KotakInstlEquities downgrades its rating to #Reduce from #Add. The brokerage recommends booking profits. @Reematendulkar lines up the key reasons pic.twitter.com/EHOlIWlADg

— CNBC-TV18 (@CNBCTV18News) June 28, 2023  

• Commercial services & supplies stocks like EPL, Delta Corp, Century Textiles & Industries, SIS and Redington are rising in trade. The broader commercial services & supplies sector is also trading in the green.

• Energy and oil & gas stocks like Adani Transmission, NTPC, Bharat Petroleum Corp, Reliance Industries and Oil & Natural Gas Corp are rising in trade. Barring Adani Green Energy, all other constituents of the broader sectoral index, Nifty Energy, are trading in the green.

• India’s current account deficit falls 92.3% QoQ and 90.3% YoY to $1.3 billion in Q4FY23 due to a moderation in the trade deficit and robust services exports.

  India’s current account deficit (CAD) decreased to US$ 1.3 billion (0.2 per cent of GDP) in Q4:2022-23 from US$ 16.8 billion (2.0 per cent of GDP) in Q3:2022-231, and US$ 13.4 billion (1.6 per cent of GDP) a year ago [i.e., Q4:2021-22], says Reserve Bank of India (RBI) pic.twitter.com/0eMuWJlstx

  — ANI (@ANI) June 27, 2023

• Nifty 50 reaches its all-time high of Rs 19,011.25. It rises for three consecutive days.

• Housing Development Finance Corp, a promoter of HDFC Life Insurance, buys 1,48,80,000 equity shares in the company at an average price of Rs 667.1 per share, totalling to Rs 992.6 crore.

• BEML is rising as it bags orders worth Rs 385 crore from Bharat Dynamics and Bharat Electronics for the supply of high-mobility vehicles. The stock shows up in a screener for companies with low debt.

• Tata Motors rises as SEBI approves the IPO of its subsidiary, Tata Technologies. The IPO is purely an offer for sale (OFS), with shareholders planning to sell 9.57 crore equity shares, equivalent to around 23.6% of the total paid-up share capital. Tata Motors plans to offload a 20% stake in the company through the OFS.

• Swan Energy's board approves a preferential issue of 2.3 crore equity shares with a face value of Re 1 each. The issue will be done at a premium of Rs 299, resulting in a share price of Rs 300. The total amount raised through this issue will be Rs 690 crore. The company appears in a screener of stocks with improving book value per share.

• Metal stocks like Adani Enterprises, JSW Steel, Ratnamani Metals & Tubes and Hindustan Copper are rising in trade. The broader sectoral index Nifty Metal is also trading in the green.

• Infosys, JBM Auto, Adani Transmission, and UTI Asset Management Company are trading above their third resistance or R3 levels.

• CLSA maintains its "Buy" rating on SBI Life Insurance Company with a target price of Rs 1,550. The brokerage expects healthy revenue growth in FY24 and margins to remain stable between 29-31%.

  Brokerage Radar | CLSA on SBI Life: Maintain Buy; SBI’s push will continue; other banks to grow at faster pace@CLSAInsights @SBILife #StockMarket #SBI pic.twitter.com/PU8xQFhiT1

  — ET NOW (@ETNOWlive) June 28, 2023

• Motilal Oswal maintains its ‘Neutral’ rating on Wipro with a target price of Rs 360, implying a downside of 5.7% from the current market price. The brokerage expects the company’s FY24 growth to be one of the lowest among the top-tier IT firms, with its margin missing the management’s guidance of 17-17.5%. It estimates the company’s revenue to grow at a CAGR of 7.8% over FY23-25.

• Aditya Birla Fashion & Retail (ABFRL) and TCNS Clothing Co (TCNS) are rising as reports suggest that the Competition Commission of India has approved the acquisition of TCNS by ABFRL. In May, Aditya Birla Fashion announced that it had entered into definitive agreements to acquire a 51% stake in TCNS for Rs 1,650 crore.

• Zydus Family Trust, promoter of Zydus Wellness, buys a 0.41% stake in the company through an open market transaction. It now holds a 9.5% stake in the company.

• Gland Pharma receives one 483 observation from the US FDA during their pre-approval and good manufacturing practice inspections. The inspections took place at the company's Pashamylaram facility in Hyderabad between June 15 and June 27.

• According to reports, 75.6 lakh shares (3% equity) of Bikaji Foods International, amounting to Rs 322.6 crore, have changed hands in a large trade.

  Bikaji Large Trade | 75.6 lakh shares (3% equity) worth Rs 322.6 cr change hands#Bikaji #LargeTrade #BlockDeal pic.twitter.com/HPD70oq98G

  — CNBC-TV18 (@CNBCTV18Live) June 28, 2023

• Titagarh Rail Systems rises as it receives letter of acceptance for an order worth Rs 857 crore from Gujarat Metro Rail Corporation. The order encompasses the complete process of designing, manufacturing, supplying, commissioning, and training for a total of 72 standard gauge cars required for the Surat Metro Rail Phase-I Project.

• Shapoorji Pallonji and Company, promoter of Sterling and Wilson Renewable Energy, sells a 1.85% stake in the company on Tuesday.

Riding High:

Largecap and midcap gainers today include Adani Transmission Ltd. (819.15, 5.94%), Adani Enterprises Ltd. (2,402.00, 5.15%) and Adani Ports & Special Economic Zone Ltd. (756.50, 5.03%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (693.10, -3.29%), HDFC Life Insurance Company Ltd. (651.95, -2.29%) and Bandhan Bank Ltd. (233.45, -1.91%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included EPL Ltd. (221.00, 7.33%), Quess Corp Ltd. (446.50, 5.27%) and Adani Enterprises Ltd. (2,402.00, 5.15%).

Top high volume losers on BSE were Vedant Fashions Ltd. (1,254.80, -1.51%), Bikaji Foods International Ltd. (424.10, -1.17%) and Max Healthcare Institute Ltd. (603.30, -1.04%).

Sheela Foam Ltd. (1,214.25, 3.61%) was trading at 17.7 times of weekly average. Adani Green Energy Ltd. (956.65, -0.30%) and IFB Industries Ltd. (818.75, 2.41%) were trading with volumes 13.3 and 12.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

35 stocks hit their 52-week highs, while 1 stock was an underachiever and hit its 52-week low.

Stocks touching their year highs included - Abbott India Ltd. (23,277.55, 2.51%), Aurobindo Pharma Ltd. (738.75, 2.86%) and Zydus Lifesciences Ltd. (582.45, 2.06%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (542.35, -0.38%).

12 stocks climbed above their 200 day SMA including Quess Corp Ltd. (446.50, 5.27%) and Adani Ports & Special Economic Zone Ltd. (756.50, 5.03%). 9 stocks slipped below their 200 SMA including Rain Industries Ltd. (162.10, -3.45%) and Restaurant Brands Asia Ltd. (108.50, -2.60%).