Trendlyne Analysis

Nifty 50 closed at 19,384.30 (-55.1, -0.3%), BSE Sensex closed at 65,393.90 (-223.9, -0.3%) while the broader Nifty 500 closed at 16,641.05 (-7.0, 0.0%). Of the 1,961 stocks traded today, 999 were on the uptick, and 891 were down.

Indian indices fell from their day highs and closed in the red, with the Nifty 50 falling below the 19,400 mark. Indian volatility index, Nifty VIX, closed below 11%. Lupin rose over 2.9% and hit a new 52-week high after receiving an establishment inspection report from the US FDA for its Pithampur unit-2 facility,

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing in the red. Nifty Media and Nifty PSU Bank closed higher than Tuesday’s levels. According to Trendlyne's sector dashboard, Hardware Technology & Equipment was the top-performing sector of the day.

Major European indices traded in the green, despite the Asian indices closing mixed. European stocks traded higher, in line with the US index futures as investors awaited US CPI inflation data, which is set to be released later today. Brent crude oil futures extended gains from Tuesday and traded in the green after closing nearly 2% higher in the previous trading session.

• HDFC Asset Management sees a long buildup in its July 27 future series as its open interest rises 14.8% with a put-call ratio of 0.83.

• Ahluwalia Contracts is rising as it bags an order worth Rs 199.6 crore from Indian Financial Technology and Allied Services. The project involves work for Enterprise Computing and Cybersecurity Training Institute at Bhubaneshwar, Odisha. The company’s order inflow in FY24 stands at Rs 4,377.4 crore.

• J B Chemicals & Pharmaceuticals rises over 5% to touch a new 52-week high of Rs 2,773.9 and ranks high on Trendlyne's checklist with a score of 69.6%. The stock has 'Buy' ratings from 11 out of 13 brokerage firms. It appears in a screener of stocks with no promoter pledge.

• SpiceJet is falling as reports suggest that the Directorate General of Civil Aviation (DGCA) has put the airline under enhanced surveillance. The move is aimed at ensuring compliance with safety obligations in light of the company's ongoing financial challenges. However, a SpiceJet spokesperson says that no such communication has been received from the DGCA.

• Utkarsh Small Finance Bank's Rs 500 crore IPO gets bids for 4.7X the available 12.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 13.75X of the available 2.2 crore shares on offer.

• Kamlesh Shah, Group CFO of Elecon Group, anticipates a correction in the company’s margins due to a change in products. He has given a revenue guidance of Rs 2,000 crore on a consolidated basis for FY24. The company reports a 72.5% YoY increase in its net profit and a 26.4% rise in revenue in Q1FY24.

  #OnETNOW | Kamlesh Shah, Group CFO, Elecon Group talks about the co's significant margin jumps, opportunities in North Africa and more
  
  Watch the full interview: https://t.co/FXbv1tyqss pic.twitter.com/frbphROGih

  — ET NOW (@ETNOWlive) July 12, 2023

• Steel Strips Wheels is falling as its net profit remains flat at Rs 47.4 crore in Q1FY24. Its revenue grows by 3.9% QoQ but EBIDTA margin drops by 20 bps QoQ owing to higher employee benefits, finance and other expenses. The company appears in a screener of stocks with declining quarterly revenue and net profit.

• Tatva Chintan Pharma Chem's board approves the raising of Rs 200 crore via equity-linked instruments with a face value of Rs 10 per share. It appears on a screener for volume shockers.

• Bharti Airtel signs an agreement to acquire an aggregate of 45.6% equity stake in Lavelle Networks. Currently, the company holds a 25% stake in Lavelle Networks. The acquisition of an additional 20.6% stake will occur in multiple tranches.

• ICICI Securities downgrades its rating on Gujarat Gas to ‘Hold’ from ‘Buy’ and lowers the target price to Rs 494 from Rs 585, implying an upside of 4.5%. The brokerage believes the company will face strong margin pressures in FY24 due to declining LPG and propane prices. It adds that the firm might find it difficult to focus on volume growth and margin expansion at the same time.                                                                                                                                  

• The Society of Indian Automobile Manufacturers (SIAM) reports a 1.7% YoY increase in two-wheeler sales to 13.3 lakh units in June, while passenger vehicle sales reach 3.3 lakh units.

  #NewsAlert ???? June SIAM Data: Passenger Vehicle sales up 2.2% at 3.27 lakh units Vs 3.20 lakh units YoY#SIAM #Sales #PassengerVehicle #Vehicle @siamindia pic.twitter.com/CbHxb2YnZM

  — Moneycontrol (@moneycontrolcom) July 12, 2023

• Marksans Pharma rises to a new 52-week high of Rs 103 today as it receives final approval from the US FDA for its abbreviated new drug application. The approval is for its over-the-counter pain-relieving drugs, Acetaminophen and Ibuprofen tablets.

• Prestige Estates Projects rise as it reportedly acquires land in south Mumbai from DB Realty for Rs 704 crore. It appears in a screener of stocks with strong momentum.

• Jahangir Aziz, Head of Emerging Market Economics at JP Morgan, anticipates at least one more rate hike by the US Fed. He says India's core inflation is easing, however, food inflation is still an issue. He also expects India's growth to slow down in the second half of FY23.

  #OnCNBCTV18 | Data will indicate if there is another rate hike by the US Fed. There is relief on core inflation in India, but food inflation is an issue, says Jahangir Aziz of JPMorgan pic.twitter.com/0D9MUXwkdv

  — CNBC-TV18 (@CNBCTV18Live) July 12, 2023

• PSU bank stocks like Punjab & Sind Bank, Indian Bank, UCO Bank and Central Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

• Sterlite Technologies is rising as it forms a partnership with Windstream, a US-based communications and technology company, to assist in its fiber expansion projects. Kinetic, a subsidiary of Windstream, plans to invest $2 billion to expand gigabit internet services across its presence in 18 states.

• PVR INOX is rising as the GST Council lowers the tax on food and beverages at cinema halls to 5% from 18%. The stock shows up in a screener for companies with decreasing promoter pledges.

• Piramal Pharma is rising as Nuvama Wealth initiates coverage with a ‘Buy’ rating and a target price of Rs 130. The brokerage expects a strong recovery in the company’s business in the coming years, driven by factors like normalisation of macro headwinds and capital expansion.

  Stocks in News | Nuvama on Piramal Pharma: Expect a strong recovery in the overall business in subsequent years#StockMarket #Nuvama #PiramalPharma pic.twitter.com/PaEXaEk6Vg

  — ET NOW (@ETNOWlive) July 12, 2023

• Utkarsh Small Finance Bank raises Rs 222.8 crore from anchor investors ahead of its IPO by allotting 8.9 crore shares at Rs 25 per share. Investors include SBI Mutual Fund, ICICI Prudential AMC, Goldman Sachs Funds, SBI Life Insurance Co, Edelweiss Trusteeship and Founders Collective Fund.

• Dolly Khanna sells a 0.6% stake in KCP in Q1FY23. She now holds a 1.7% stake in the company.

• Citi downgrades its rating on Pidilite from 'Buy' to 'Sell' and lowers the target price by 21.4% to Rs 2,200. The brokerage believes that the firm's FY24 estimates already account for margin expansion.

  #CNBCTV18Market | Citi gives a double downgrade to sell rating to Pidilite, cuts target, says downgrade is on premise that FY24 estimates already factor in margin expansion pic.twitter.com/qCcfFho0Fp

  — CNBC-TV18 (@CNBCTV18Live) July 12, 2023

• Elgi Equipments rises to a new 52-week high of Rs 619 as it secures a 10-year supply order from Siemens. The order involves the supply and maintenance of air generation and treatment units, as well as compressors. The company appears in a screener of stocks with strong momentum.

• Ashish Kacholia reduces his stake in D-Link (India) to below 1% in Q1FY24, compared to 2.1% in Q4FY23.

• Online gaming stocks like Nazara Technologies and Delta Corp are falling as the GST Council imposes a 28% tax on online gaming, casinos and horse racing. The tax is likely to be levied on the total value of bets placed on a platform. Nazara Technologies declines despite clarifying that the GST levy applies only to the skill-based real money gaming segment, which contributed 5.2% to its revenue in FY23.

• Lupin rises to a new 52-week high of Rs 930 as it receives an establishment inspection report from the US FDA. The report is for its Pithampur unit-2 facility, which manufactures oral solids and ophthalmic dosage. The inspections were conducted from March 21 to 29.

• Wipro announces the launch of Wipro ai360, an AI-first innovation ecosystem, aimed at integrating Artificial Intelligence (AI) across its platforms. Along with this, the firm will invest $1 billion in advancing AI capabilities over the next three years. Wipro also plans to provide AI training to all 2.5 lakh employees.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (854.75, 5.95%), PB Fintech Ltd. (734.40, 5.46%) and Indian Bank (324.30, 4.58%).

Downers:

Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (2,695.55, -2.42%), LTIMindtree Ltd. (4816.20, -2.19%) and Gujarat Gas Ltd. (470.40, -2.12%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Mazagon Dock Shipbuilders Ltd. (1,731.85, 8.79%), Elgi Equipments Ltd. (583.20, 6.91%) and J B Chemicals & Pharmaceuticals Ltd. (2,603.50, 6.28%).

Top high volume losers on BSE were Delta Corp Ltd. (189.50, -23.19%), Swan Energy Ltd. (230.00, -7.28%) and Poly Medicure Ltd. (1,104.05, -3.56%).

Aarti Drugs Ltd. (492.65, 5.32%) was trading at 16.8 times of weekly average. Just Dial Ltd. (777.55, 2.65%) and Housing Development Finance Corporation Ltd. (2,724.30, -0.84%) were trading with volumes 13.7 and 8.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

51 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - 3M India Ltd. (28,300.00, 1.17%), Akzo Nobel India Ltd. (2,724.90, 0.94%) and Apollo Tyres Ltd. (432.60, -0.17%).

9 stocks climbed above their 200 day SMA including Sun TV Network Ltd. (488.90, 2.66%) and Shree Cements Ltd. (2,4261.40, 1.28%). 5 stocks slipped below their 200 SMA including Delta Corp Ltd. (189.50, -23.19%) and Swan Energy Ltd. (230.00, -7.28%).