
Trendlyne Analysis
Nifty 50 closed at 19,322.55 (133.5, 0.7%) , BSE Sensex closed at 65,205.05 (486.5, 0.8%) while the broader Nifty 500 closed at 16,527.95 (98.0, 0.6%). Of the 1,998 stocks traded today, 1,073 were gainers and 863 were losers.
Indian indices maintain gains from the afternoon session and close in the green, with the Nifty 50 closing above the 19,300 mark. The volatility index, Nifty VIX, rises above 11 at the close.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty FMCG closed higher from Friday’s closing levels. According to Trendlyne’s sector dashboard, telecommunications equipment emerged as the top-performing sector of the day with a rise of over 3%.
Most European indices trade in the green. US indices futures trade higher indicating a positive start. Tesla stock price surged post-market hours as the June quarter vehicle deliveries beat analyst estimates by 4%. According to Goldman Sachs, Tesla’s recent price cut measures to boost sales have paid off.
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Bank of Baroda sees a long buildup in its July 27 future series as its open interest rises 6.5% with a put-call ratio of 0.72.
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Piramal Enterprises' annual return on equity (RoE) stands at 32.1% in FY24, rises 12.7 percentage points over the past five years.
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Bajaj Auto is falling as its total monthly wholesales in June decline by 2% YoY to 3,40,981 units on the back of its overall two-wheeler wholesales falling by 7% YoY. This dip in sales is due to a fall in exports in the two-wheeler and commercial vehicle segments. The stock shows up in a screener for companies with declining net cash flows.
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Lakshmi Machine Works, Ultratech Cement, Kennametal India and Reliance Industries are trading above their third resistance or R3 levels.
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Asset management cos, biotechnology and movies & entertainment industries rise by more than 9% over the past week.
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Zee Entertainment is rising as reports suggest that the firm has settled all its dues with IndusInd Bank. In light of this settlement, the National Company Law Appellate Tribunal (NCLAT) closes the insolvency resolution process.
- IIFL finance raises Rs 1433.7 crore through the external commercial borrowing (ECB) route from HSBC, Union Bank and Bank of Baroda. The company expects these funds to strengthen their ALM position and support core business growth.
#JustIn | IIFL Finance raises $175 m from #HSBC, #UnionBank & #BoB Via #ECB route pic.twitter.com/Qxg5eLLBqq
— CNBC-TV18 (@CNBCTV18Live) July 3, 2023
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PKH Ventures’ Rs 379 crore IPO gets bids for 30% of the available 2.6 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 45% of the available 89.7 lakh shares on offer.
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PSU Banks like Canara Bank, Bank of Maharashtra, Bank of India, Punjab National Bank and Bank of Baroda are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.
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Maruti Suzuki India is falling as its total wholesales in June grows marginally by 2.3% to 1,59,418 units, while its total domestic sales increases by 5.8% YoY. The firm’s total domestic passenger vehicle wholesales rise 8.4% YoY. The company believes that the shortage of electronic components has had a minor impact on the production of vehicles.
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Adani Ports' cargo handled grows 11.5% YoY to 101.4 MMT in Q1FY24, backed by growth in the container, liquids & oil and dry bulk segments.
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Metal & mining stocks like NMDC, Jindal Steel & Power, APL Apollo Tubes, Steel Authority of India and National Aluminium Co are rising in trade. All constituents of the broader sectoral index, BSE Metal, are also trading in the green.
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Goldman Sachs maintains its 'Buy' rating on Ultratech Cement with a target price of Rs 8,270. The brokerage highlights the company's strong volume growth of 20% in Q1FY24, surpassing their estimate of 16%. While the sector has limited upside, Ultratech Cement remains their top pick.
Brokerage Radar | Goldman Sachs on UltraTech Cement: Maintain 'Buy'; Q1 volume growth at 20% Vs 16% Goldman Sachs estimates and 14% street estimates#UltraTechCement #UltraTechCement #StockMarket pic.twitter.com/TqU6ffIRyc
— ET NOW (@ETNOWlive) July 3, 2023
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ICICI Securities initiates coverage on Chalet Hotels with a ‘Buy’ rating and a target price of Rs 603, implying an upside of 37.7%. The brokerage is optimistic about the company’s strategy of expanding its hotel portfolio through the ownership route and long-term leases during the industry upcycle. It believes the firm’s robust operating cash flows are sufficient to fund its capex plans. It expects the firm’s revenue to grow at a CAGR of 19.1% over FY23-26.
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Ashish Kacholia buys a 2.74% stake in Vasa Denticity for approximately Rs 13.3 crore in a bulk deal on Friday.
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APL Apollo Tubes is rising as it reports a record-high increase of 56% YoY in sales volume for Q1FY24, supported by the highest contribution from its value-added segment.
- India’s manufacturing PMI falls to 57.8 in June compared to 58.7 in May. The PMI reading, however, stays above the 50-mark on the back of strong demand and output.
India's manufacturing industry expanded at the second-fastest rate this year in June, albeit at a slightly slower pace than in May, supported by robust demand despite higher inflationary pressures, data showed Monday. #PMIhttps://t.co/tsqlUYQmmq
— Economic Times (@EconomicTimes) July 3, 2023
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Mahindra & Mahindra is rising as its overall automobile wholesales in June increase by 15% YoY to Rs 62,429 units, led by a 22% YoY growth in SUV sales. The firm’s farm equipment sector’s total tractor wholesales improve by 6.3% YoY on the back of healthy domestic demand. It shows up in a screener for stocks with improving net cash flows over the past two years.
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TVS Motor Co’s total monthly wholesales grow 3% YoY to 3,16,411 units, driven by domestic two-wheeler wholesales rising 22% YoY. However, the company’s total exports decline by 30.8% YoY due to a sharp fall in two-wheeler exports.
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Kansai Nerolac Paints rises as reports indicate that the management has approved the sale of a land parcel in Kavesar, Maharashtra, for Rs 671 crore to Shoden Developers, a part of House of Hiranandani. It appears in a screener of stocks with strong momentum.
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Oil & gas stocks like Hindustan Petroleum Corp, Gujarat Gas, Bharat Petroleum Corp, Indian Oil Corp and Indraprastha Gas are rising in trade. All constituents of the broader sectoral index, BSE Oil & Gas, are also trading in the green.
- Morgan Stanley downgrades its rating on Apollo Tyres to ‘Equal-weight’ from Overweight with a target price of Rs 425, citing limited upside for the stock. However, the brokerage says the company is on track to meet its RoCE target.
#CNBCTV18Market | MS downgrades Apollo Tyres to equal-weight rating, says co is on track to meet its RoCE targets pic.twitter.com/kk3xjqrJBf
— CNBC-TV18 (@CNBCTV18Live) July 3, 2023
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Coal India is falling despite a 12.4% YoY increase in monthly production volumes to 58 million tonnes (MT) in June. The company's production during Q1FY24 has grown by nearly 10% YoY to 175.5 MT and the management believes it is on track to achieving its production target of 780 MT for FY24.
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The Securities and Exchange Board of India imposes a fine of Rs 30 lakh on Vedanta for incorrect disclosures on the exchange and the company's website regarding announcements made last year.
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Mazagon Dock Shipbuilders is rising as it signs a contract worth Rs 2,724.6 crore with the Indian Navy for medium refit cum life certification (MRLC) of a second Shishumar class submarine, INS Shankush.
Riding High:
Largecap and midcap gainers today include JSW Energy Ltd. (289.00, 5.96%), Canara Bank (318.50, 5.52%) and Bank of India (77.30, 5.03%).
Downers:
Largecap and midcap losers today include Persistent Systems Ltd. (4,861.75, -2.98%), Cummins India Ltd. (1,890.00, -2.73%) and Bandhan Bank Ltd. (235.45, -2.73%).
Volume Rockets
27 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included L&T Finance Holdings Ltd. (137.35, 7.56%), Latent View Analytics Ltd. (374.90, 6.61%) and IDFC Ltd. (109.20, 6.33%).
Top high volume losers on BSE were Anupam Rasayan India Ltd. (1,004.60, -2.47%), Krishna Institute of Medical Sciences Ltd. (1,756.30, -1.75%) and Tamilnad Mercantile Bank Ltd. (431.00, -1.56%).
Godrej Agrovet Ltd. (473.05, 4.26%) was trading at 21.0 times of weekly average. HLE Glasscoat Ltd. (676.40, 4.29%) and Rallis India Ltd. (204.55, 3.78%) were trading with volumes 11.2 and 8.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
50 stocks made 52 week highs,
Stocks touching their year highs included - Abbott India Ltd. (23,239.00, -0.77%), Amara Raja Batteries Ltd. (688.35, 1.05%) and Ashok Leyland Ltd. (167.15, -0.15%).
23 stocks climbed above their 200 day SMA including Latent View Analytics Ltd. (374.90, 6.61%) and JSW Energy Ltd. (289.00, 5.96%). 7 stocks slipped below their 200 SMA including Bandhan Bank Ltd. (235.45, -2.73%) and JK Lakshmi Cement Ltd. (707.25, -1.57%).