Trendlyne Marketwatch
Trendlyne Marketwatch
10 Jul 2023
Market closes flat, SEBI submits affidavit before SC regarding Adani-Hindenburg case

Trendlyne Analysis

Nifty 50 closed at 19,355.90 (24.1, 0.1%), BSE Sensex closed at 65,344.17 (63.7, 0.1%) while the broader Nifty 500 closed at 16,553.75 (-11.2, -0.1%). Of the 1990 stocks traded today, 751 were on the uptick, and 1181 were down.

Indian indices fell from their day highs and closed flat, with the Nifty 50 settling just above the 19,350 mark. The Indian volatility index, Nifty VIX, fell below 11.5%. Rail Vikas Nigam closed in the green after it received an order worth Rs 808.5 crore from the National Highway Authority of India (NHAI).

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty Energy and Nifty Infra closed higher than Friday's levels. According to Trendlyne's sector dashboard, Oil & Gas was the top-performing sector of the day.

Major Asian indices closed flat or higher, except for Japan’s Nikkei 225 and Australia’s ASX All Ordinaries, which closed in the red. European stocks traded in the green, despite the US index futures trading in the red. Brent crude oil futures traded lower after rising 2.3% on Friday.

  • Money flow index (MFI) indicates that stocks like Olectra Greentech, BSE, Hindustan Zinc and Exide Industries are in the overbought zone.

  • According to a poll of economists, India's CPI inflation is expected to rise to 4.6% in June from 4.25% in May.

  • SEBI files an affidavit before the Supreme Court, seeking appropriate orders in the Adani-Hindenburg case.

  • Sula Vineyards is rising as its own brands segment grows 24% YoY to Rs 103.5 crore in Q1FY24. Its elite and premium brands segment also increases by 30% YoY. Focusing on its premiumisation efforts, the company has divested its lowest-priced heritage brand. The stock shows up in a screener for companies with low debt.

  • Larsen & Toubro and Navantia (Spain) sign a teaming agreement to submit a techno-commercial bid to deliver six conventional submarines equipped with air-independent propulsion for the Indian Navy’s P75 (India) submarine program. The project is valued at over 4.8 billion euros.

  • Mazagon Dock Shipbuilders rises over 8% and ranks high on Trendlyne's checklist with a score of 72.7%. The stock has 'Buy' ratings from 2 out of 4 brokerage firms. It appears in a screener of stocks with increasing FII/FPI shareholdings.

  • Emkay Global initiates coverage on Delhivery with a ‘Buy’ rating and target price of Rs 465. The brokerage believes that the e-commerce shipments market in India will at least double by FY26. It expects a turnaround in the company’s PAT in FY26 and a revenue CAGR of 24% over FY23-26.

  • Medical equipment, shipping and movies & entertainment industries rise by more than 23% over the past month.

  • Metal stocks like Welspun Corp, Steel Authority of India, Tata Steel and Jindal Steel & Power are rising in trade. The broader sectoral index Nifty Metal is also trading in the green.

  • ICICI Securities keeps its ‘Add’ rating on Balkrishna Industries with a target price of Rs 2,577. This implies an upside of 12%. The brokerage is optimistic about the company's efforts to increase its global off-highway tyre market share from 6.5% to 10% over the next four years. It expects portfolio diversification, capacity expansion, and entry into new markets to drive market share gains. It expects the company’s net profit to grow at a CAGR of 34.1% over FY23-25.

  • Rail Vikas Nigam rises as it receives an order worth Rs 808.5 crore from the National Highway Authority of India. The order involves the rehabilitation and upgradation of the Chandikhole-Paradip section of NH-53 in Odisha from 4 to 8 lanes. The project is expected to be completed in 24 months. The company appears in a screener of stocks with strong momentum.

  • Easy Trip Planners rises as it enters into a General Sales Agreement (GSA) with SpiceJet Airlines to sell, promote and market passenger tickets and other products & services in India, effective from August 1, 2023. It appears in a screener of stocks with no debt.                                                                                                                                          

  • Mutual Funds' net equity inflow rises 2.8X MoM to Rs 8,245 crore in June from Rs 2,906 crore in May, according to data released by the Association of Mutual Funds in India (AMFI).

  • Hindustan Aeronautics rises as it receives an order worth Rs 458.9 crore from the Ministry of Defence. The order involves the delivery of two Dornier aircraft for the Indian Coast Guard and to provide associated engineering services. The company appears in a screener of stocks with increasing quarterly revenue.

  • IT stocks like HCL Technologies, LTIMindtree, L&T Technology Services and Tech Mahindra are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Max Ventures and Industries rises in trade as it achieves pre-formal launch sales of over Rs 1,800 crore for its first luxury residential project, Estate 128, located in Noida, UP. It appears in a screener of stocks with strong momentum.

  • Zee Entertainment Enterprises is falling as the Securities Appellate Tribunal (SAT) refuses to grant an interim stay on SEBI’s order against Subash Chandra and Punit Goenka. SEBI had issued an interim order on June 12, barring them from holding any key managerial positions in listed entities or their subsidiaries because of an alleged fund diversion.

  • Shares of Cyient DLM debut on the bourses at a 52.1% premium to the issue price of Rs 265. The Rs 592 crore IPO has received bids for 67.3 times the total shares on offer.

  • Vijay Kedia sells a 0.2% stake in Elecon Engineering in Q1FY24. He now holds a 1.8% stake in the company.

  • IRB Infrastructure rises as its toll collection surges by 16.5% YoY to Rs 383.4 crore on the back of robust growth in tollways like MP Expressway and Kishangarh-Gulabpura highway. The company appears in a screener of stocks with improving annual net profits.

  • Morgan Stanley downgrades its rating on Titan Co to 'Equal-weight' with a target price of Rs 3,207, citing a possible halt in its outperformance. The brokerage expects high gold prices to impact discretionary consumption and a slowdown in the company's business growth for the next few quarters.

  • Ashish Kacholia reduces his stake in United Drilling Tools to below 1% in Q1FY24, compared to 2.8% in Q4FY23.

  • Aurobindo Pharma's subsidiary, CuraTeQ, enters into an exclusive licensing agreement with USA's BioFactura to commercialize the generic drug Ustekinumab. Under the agreement, CuraTeQ will receive 57-60% of the profits, and in return, will pay BioFactura $33.5 million as license fees.

  • Indian Oil Corporation rises as its board approves a rights issue to raise funds worth Rs 22,000 crore. The company has also formed a joint venture with Sun Mobility Singapore for the battery swapping business in India. Indian Oil plans to invest Rs 1,800 crore in equity and $78.31 million in IOCL Singapore for the purchase of preference shares and warrants of Sun Mobility.

  • Tata Motors is rising as it reports a 5% YoY increase in global wholesales to 3.2 lakh units in Q1FY24, driven by growth in wholesales of commercial and passenger vehicles. Jaguar Land-rover, its subsidiary, has contributed 28.9% of the global wholesales.

Riding High:

Largecap and midcap gainers today include Reliance Industries Ltd. (2,735.05, 3.85%), ICICI Prudential Life Insurance Company Ltd. (595.00, 3.79%) and Steel Authority of India (SAIL) Ltd. (90.05, 3.74%).

Downers:

Largecap and midcap losers today include Balkrishna Industries Ltd. (2,284.60, -4.38%), Hindustan Zinc Ltd. (327.85, -3.74%) and Deepak Nitrite Ltd. (1,986.85, -3.66%).

Volume Shockers

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

Top high volume gainers on BSE included Akzo Nobel India Ltd. (2,683.00, 6.63%), Sun Pharma Advanced Research Company Ltd. (224.40, 6.05%) and Caplin Point Laboratories Ltd. (821.95, 4.54%).

Top high volume losers on BSE were Prism Johnson Ltd. (124.95, -5.77%) and Crisil Ltd. (3,818.00, -0.16%).

Gland Pharma Ltd. (1,084.75, 3.69%) was trading at 10.7 times of weekly average. Hatsun Agro Products Ltd. (945.20, 1.67%) and DCM Shriram Ltd. (910.30, 1.85%) were trading with volumes 8.6 and 8.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

27 stocks overperformed with 52-week highs, while 1 stock was an underachiever and hit its 52-week low.

Stocks touching their year highs included - Akzo Nobel India Ltd. (2683.00, 6.63%), Apollo Tyres Ltd. (428.85, 2.56%) and Bajaj Auto Ltd. (4,897.95, 1.32%).

Stock making new 52 weeks lows included - Aarti Industries Ltd. (454.10, -3.81%).

8 stocks climbed above their 200 day SMA including Aegis Logistics Ltd. (360.85, 6.67%) and Praj Industries Ltd. (409.25, 2.99%). 14 stocks slipped below their 200 SMA including Deepak Nitrite Ltd. (1,986.85, -3.66%) and Infibeam Avenues Ltd. (15.40, -2.84%).

 
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