Trendlyne Analysis

Nifty 50 closed at 19,564.50 (150.8, 0.8%), BSE Sensex closed at 66,060.90 (502.0, 0.8%) while the broader Nifty 500 closed at 16,765.45 (141.6, 0.9%). Of the 1,954 stocks traded today, 1,287 were in the positive territory and 606 were negative.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,564. The volatility index, Nifty 50 VIX, dropped by 2.4% and closed at 10.7 points. Q1FY24 exports of India's services and merchandise declined by 7.3% YoY to $182.7 billion, while imports dropped by 10.2% to $205.3 billion.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty IT and Nifty Metal closed sharply higher compared to Thursday’s closing levels. All other major sectoral indices closed higher. According to Trendlyne’s sector dashboard, software & services emerged as the top-performing sector of the day with a rise of over 3.7%.

Most European indices trade in the green, except for Germany’s DAX trading lower. US indices futures trade flat as earnings reports from big banks like JP Morgan, Citigroup and Wells Fargo are awaited later today. The shutdown of Libyan oil fields due to leakage resulted in higher Brent crude prices.

• Money flow index (MFI) indicates that stocks like UTI Asset Management, Star Health and Allied Insurance, Indian Bank and Mahindra Holidays & Resorts India are in the overbought zone.

• Unichem Laboratories rises as its net loss narrows by 97.1% YoY to Rs 0.67 crore in Q1FY24 on the back of reduced inventory and finance costs. Its revenue rises by 36.7% YoY. The company appears in a screener of stocks with increasing quarterly profits.

• Orient Electric falls 6.4% in trade today, causing it to appear in a screener of stocks trading below the third support or S3 level. The stock is in the 'Sell' zone and has an analyst consensus of 'Buy'.

• Gland Pharma rises as the US FDA concludes its inspection of the company's Dundigal Facility in Hyderabad, with one 483 observation issued. The inspections were conducted from July 2 to 14. The company appears in a screener of stocks with improving book value per share.

• Hardware technology & equipment, forest materials and transportation sectors rise by more than 29% over the past 90 days.

• Great Eastern Shipping Co and SKF India touch their all-time highs of Rs 820 and Rs 5,350 respectively. While the former has risen by 9% over the past month, the latter increased by 10.2%.

• India's merchandise exports in June amount to around $33 billion, while imports reach $53.1 billion. Its trade deficit narrows to $20.1 billion, compared to $22.1 billion in May.

  Merchandise exports stood at $32.97 billion, while imports were $53.10 billion in June.https://t.co/kxN49fT2Xz

  — Mint (@livemint) July 14, 2023

• Monte Carlo Fashions is rising as its sales in Q1FY24 rise 20% QoQ, driven by healthy demand during the festive and wedding seasons in India. The stock shows up in a screener for companies with book value per share increasing over the past two years.

• Utkarsh Small Finance Bank's Rs 500 crore IPO gets bids for 51.26X the available 12.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 58.42X of the available 2.2 crore shares on offer.

• Axis Direct downgrades its rating on HCL Technologies to ‘Hold’ from ‘Buy’ and lowers the target price to Rs 1,200 from Rs 1,245. This implies an upside of 4.5%. The brokerage lowers its rating as the IT giant misses its revenue and profit estimates for Q1FY24. Also, given the delay in spending by clients and the supply-side constraints still persisting, the brokerage sees a challenging environment for the company in the near term.

• Granules India rises as its wholly owned foreign subsidiary, Granules Pharmaceuticals, gets approval from the USFDA for its abbreviated new drug application (ANDA) for Acetaminophen and Ibuprofen tablets. It appears in a screener of stocks with low debt.

• Media stocks like Zee Entertainment Enterprises, Dish TV India, New Delhi Television, Navneet Education and Sun TV Network are rising in trade. Barring PVR INOX, all other constituents of the broader sectoral index, Nifty Media, are trading in the green.

• India’s WPI inflation declines to -4.1% in June from -3.5% in May. The decrease is due to a fall in the prices of mineral oils, basic metals and crude petroleum, among others.

  India’s wholesale price-based inflation deflated for the third straight month as it contracted to 4.12 per cent in June on an annual basis from a contraction of 3.48 per cent seen in May #WPI https://t.co/fQojTAZl91

  — Economic Times (@EconomicTimes) July 14, 2023

• Patanjali Foods is surging as its promoters decide against exercising the oversubscription option from its offer for sale. The company announced the sale of 7% equity shares through an AFS on Thursday.

• GMR Power and Urban Infra is rising as it receives orders from Purvanchal Vidyut Vitran Nigam and Dakshinanchal Vidyut Vitran Nigam to implement a smart metering project in Uttar Pradesh. The company will install, integrate and maintain 75.7 lakh smart meters. The stock shows up in a screener for companies with strong annual EPS growth.

• According to economists, falling crude oil prices are unlikely to reduce domestic inflation as the benefits from the decline in prices are yet to be passed on to retail customers.

  Falling crude oil prices, on the back of concerns over a global slowdown, are unlikely to bring down domestic #inflation sharply, as the benefits of the drop are yet to be passed on to retail customers, said economists.
  
  (@RhikKundu reports)https://t.co/o9w7BHneBS

  — Mint (@livemint) July 14, 2023

• IT stocks like Mphasis, Tech Mahindra, Coforge, L&T Technology Services and LTIMindtree are rising in trade. The broader sectoral index, Nifty IT, is also trading in the green.                                                                                                 

• Oil and Natural Gas Corp (ONGC) touches a new 52-week high of Rs 169.8 per share as it reportedly signs three agreements with Indradhanush Gas Grid (IGGL). Under these agreements, ONGC will utilise IGGL's pipelines to supply natural gas from the Jorhat, Silchar and Tripura facilities to its customers in the northeastern states.                                      

• Nalin Gupta, Managing Director of J Kumar Infra, says the company is expected to grow at a CAGR of 15-16% in the next few years. He adds that its EBITDA margin is at 14-15% and aims to improve margins in the future.

  #OnCNBCTV18 | #FY23 was slightly disappointing in terms of #order inflows. ?4200 cr topline in FY23, expect to #grow at #CAGR of 15-16% in coming years. #Targetting a topline of ?20,000 cr by #FY27, says Nalin Gupta of J Kumar Infra pic.twitter.com/jsGB4gzCX4

  — CNBC-TV18 (@CNBCTV18Live) July 14, 2023

• JBM Auto touches a 52-week high as it receives an order to supply around 5,000 electric buses to different STUs in Gujarat, Haryana, Delhi, Telangana, Orissa, and other regions. The company will also supply these buses to multiple Fortune 500 organisations and top corporates in India. It appears in a screener of stocks with strong momentum.

• Shares of Senco Gold debut on the bourses at a 35.6% premium to the issue price of Rs 317. The Rs 405 crore IPO has received bids for 77.3 times the total shares on offer.

• Omers Administration Corp sells a 2.1% stake in CSB Bank for approx Rs 105.8 crore in a bulk deal on Thursday.

• Morgan Stanley maintains its 'Equal-weight' rating on Federal Bank with a target price of Rs 145. The brokerage says NIM (net interest margin) recovery will be slow-paced. The bank's net profit has risen 42% YoY to Rs 854 crore in Q1FY24, and NII increased by 19.6%.

  Brokerage Radar | Morgan Stanley on Federal Bank; The re-rating cycle looks likely to be delayed#MorganStanley #FederalBank #StockMarket pic.twitter.com/hqhAW9We7t

  — ET NOW (@ETNOWlive) July 14, 2023

• Vanderbilt University sells a 0.58% stake in Century Textiles & Industries for approx Rs 58.7 crore in a bulk deal on Thursday.

• Angel One rises as its net profit increases by 22% YoY to Rs 181.6 crore in Q1FY24. Its revenue also grows by 18% YoY on the back of robust growth in client base and orders. The company appears in a screener of stocks with improving quarterly net profit.

• Realty stocks like Macrotech Developers, Godrej Properties, Phoenix Mills, Mahindra Lifespace Developers and Oberoi Realty are rising in trade. Barring Sobha, all other constituents of the broader sectoral index, BSE Realty Index, are trading in the green.

• Wipro’s Q1FY24 net profit falls 6.7% QoQ to Rs 2,870.1 crore, while its revenue declines by 1.6% QoQ. The company’s performance is impacted by the weakness in the banking and insurance sectors. The consensus recommendation on the company from 40 analysts is ‘Sell’.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (216.00, 8.60%), MphasiS Ltd. (2,069.55, 7.67%) and L&T Technology Services Ltd. (4,094.95, 5.41%).

Downers:

Largecap and midcap losers today include REC Ltd. (160.30, -3.02%), Max Healthcare Institute Ltd. (600.75, -2.97%) and PB Fintech Ltd. (741.85, -2.75%).

Volume Rockets

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

Top high volume gainers on BSE included JBM Auto Ltd. (1,466.60, 11.44%), Mastek Ltd. (2,151.50, 9.29%) and Aptus Value Housing Finance India Ltd. (284.30, 8.28%).

Top high volume losers on BSE were Angel One Ltd. (1,708.30, -2.06%), Power Grid Corporation of India Ltd. (240.05, -1.25%) and Bosch Ltd. (18,901.55, -1.20%).

Sonata Software Ltd. (1,053.65, 6.40%) was trading at 9.9 times of weekly average. Saregama India Ltd. (428.50, 7.31%) and Welspun India Ltd. (103.15, 7.84%) were trading with volumes 6.9 and 6.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks hit their 52-week highs,

Stocks touching their year highs included - 3M India Ltd. (28,285.00, -1.93%), Bajaj Holdings & Investment Ltd. (7,534.75, 1.71%) and Zydus Lifesciences Ltd. (595.35, 0.66%).

20 stocks climbed above their 200 day SMA including Aptus Value Housing Finance India Ltd. (284.30, 8.28%) and MphasiS Ltd. (2,069.55, 7.67%). 6 stocks slipped below their 200 SMA including Orient Electric Ltd. (240.65, -6.76%) and Sobha Ltd. (555.50, -1.84%).