Trendlyne Analysis

Nifty 50 closed at 19,711.45 (147.0, 0.8%), BSE Sensex closed at 66,589.93 (529.0, 0.8%) while the broader Nifty 500 closed at 16,872.05 (106.6, 0.6%). Of the 1,989 stocks traded today, 1,179 were gainers and 750 were losers.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at an all-time high of 19,711. The volatility index, Nifty 50 VIX, increased by 6% and closed at 11.3 points. Ashok Leyland won an order worth Rs 800 crore for the supply of logistics vehicles, field artillery tractors and gun-towing vehicles to the Indian army.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Bank closed sharply higher compared to Friday’s closing levels. According to Trendlyne’s sector dashboard, media emerged as the top-performing sector of the day with a rise of over 2.7%.

Most European indices trade in the red as China’s GDP numbers dampened investor sentiment. US indices futures trade mixed as investors parse through earnings reports from big banks. Citi Bank held its ‘Buy’ rating on Nvidia despite its rally of 211% year to date. According to Citi, the growing demand for graphic processing units and the China ban will help sustain Nvidia’s growth momentum.

• Ashok Leyland sees a long buildup in its July 27 future series as its open interest rises 7.7% with a put-call ratio of 0.65.

• Ircon International is rising as it bags an order worth Rs 144 crore from N F Railway Construction for the supply, installation and commissioning of integrated tunnel communication systems in the Jiribam-Khongsang section.

• Karur Vysya Bank rises as its net profit increases by 56.7% YoY in Q1FY24 to Rs 358.6 crore and its net interest income grows by 20.3% YoY. Its asset quality improves with net and gross NPAs declining by 134 bps and 429 bps respectively. The company appears in a screener of stocks with strong annual EPS growth.

• KRChoksey maintains its ‘Buy’ rating on Wipro and raises the target price to Rs 486 from Rs 479. This implies an upside of 16.9%. The brokerage is positive about the IT giant’s prospects on the back of its large deal wins and increasing engagement with existing clients. It also believes that the stock is trading at an attractive valuation. It expects the company’s net profit to grow at a CAGR of 13% over FY23-25.

• Netweb Technologies India's Rs 631 crore IPO gets bids for 2.3X the available 88.6 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 3X of the available 44.9 lakh shares on offer.

• Power Grid Corporation of India's board approves an investment of Rs 4067.3 crore for advanced metering infrastructure projects. The board has also revised the investment proposal for a pilot data centre at Power Grid's Manesar substation to Rs 713.8 crore.

• Mirae Asset Capital Markets India predicts a promising quarter for Varun Beverages. The company is expected to benefit from favourable weather conditions, organic growth, capacity expansions, and plans to expand distribution to remote areas of the country.

  Varun Beverages is set to profit from the expanded distribution of its products to remoter parts of the country, while sales should also benefit from the trend toward increasing temperatures, analysts say.https://t.co/aGcG49v44R

  — ETMarkets (@ETMarkets) July 13, 2023

• Rallis India is rising despite its Q1FY24 net profit declining 6% YoY to Rs 63 crore, while its revenue falls 9.4% YoY. This decline in growth is attributable to weakness in the crop care segment on the back of steep price drops, delayed monsoon and high inventories. According to Trendlyne’s Forecaster, the consensus recommendation from 14 analysts for the company is ‘Sell’.

• Media stocks like Zee Entertainment Enterprises, TV18 Broadcast and New Delhi Television rise more than 3% in trade. All constituents of the broader Nifty Media index are also trading in the green, aiding it to rise more than 2%.

• Citi maintains its 'Buy' rating on Federal Bank with a target price of Rs 160 as the brokerage expects it to surpass system-wide credit growth by 4-7% points across the board. It also anticipates faster TD pricing, scale-up of high-yielding products, and equity infusion to boost NIMs in the coming quarters.

  Brokerage Radar | @Citi on Federal Bank: Maintain 'Buy'; Expect it to outpace system-wide credit growth by 4-7% points broad-based across segments@FederalBankLtd #StockMarket pic.twitter.com/1V39B7zjNT

  — ET NOW (@ETNOWlive) July 17, 2023

• HDFC Bank is rising as its Q1FY24 standalone net profit increases 30% YoY to Rs 11,951.8 crore and its net interest income (NII) grows by 21% YoY. The bank’s asset quality marginally improves as its Net and Gross NPAs decline by 5 bps and 11 bps YoY respectively. The stock shows up in a screener for companies with improving cash flows and high durability.

• Larsen & Toubro rises as it bags a large order of Rs 2,500 to 5,000 crore for its water & effluent treatment business. The order is given by the State Water & Sanitation Mission, Uttar Pradesh, to construct a water supply scheme in Ballia and Firozabad. The project involves designing and constructing an intake structure, a water treatment plant, and transmission & distribution pipelines.

• Ashok Leyland hits a 52-week high of Rs 174.6 as it wins a defence sector order worth Rs 800 crore for the supply of logistics vehicles, field artillery tractors and gun-towing vehicles to the Indian army.

• The Union Power Ministry expects to raise approximately Rs 15,000 crore through asset monetization in FY24, a figure close to the previous year's estimate of rs 15,308 crore. They could fulfil their objective of Rs 27,000 crore in FY24 with a strong pipeline of assets from Power Grid, NHPC, SJVN, and NTPC.

  The Union power ministry aims to raise around ?15,000 crore through asset monetization in FY24, close to the previous year’s target of ?15,308 crore.
  
  (@riturajbaruah1 reports) https://t.co/nnOk6pXqny

  — Mint (@livemint) July 17, 2023

• JSW Energy is falling as its net profit decreases by 48.3% YoY to Rs 289.9 crore in Q1FY24. Its revenue also drops by 3.3% YoY due to lower realization in the thermal sector and a decline in coal prices. It appears in a screener of stocks in the 'Sell' zone.

• Nestle India is rising as the Odisha state government approves the company’s proposal to set up a food processing unit in Mundaamba, Khordha district. The firm plans to invest Rs 894.1 crore in the plant.       

• GTPL Hathway is surging as its revenue grows by 22.8% YoY to Rs 774.4 crore in Q1FY24, owing to increased revenue from the cable TV and internet services segments. However, the net profit falls by 17% YoY to Rs 35.9 crore due to a rise in finance, employee benefit, and operating expenses. The company features in a screener of stocks with declining net profit and profit margin (YoY).                                                                                                                

• Jefferies maintains its 'Buy' rating on HDFC Bank with a target price of Rs 2,100. According to brokerage, it is the fastest growing bank with the highest RoE in the 100 billion dollar market cap category. It expects a 17% CAGR in profit and a 16% growth in RoE, driven by asset growth in housing, CRB, and consumption retail segments.

  Brokerage Radar | @Jefferies on HDFC Bank: Maintain 'Buy'; Asset growth led by housing, CRB and consumption retail@HDFC_Bank #StockMarket pic.twitter.com/WzoqoPNenl

  — ET NOW (@ETNOWlive) July 17, 2023

• Angel One falls as the National Stock Exchange passes an order against the company for allegedly failing to monitor the operations of its Authorized Persons (APs). As a result, the company has to pay a penalty of Rs 1.7 crore and is prohibited from onboarding new APs for six months.

• Rakesh Jhunjhunwala's portfolio sells a 1.4% stake in Autoline Industries in Q1FY24. It now holds a 2.5% stake in the company.

• Ashish Kacholia adds SG Finserve to his portfolio in Q1FY24. He buys a 1.2% stake in the company.

• Vijay Kedia buys a 6.5% stake in Atul Auto in Q1FY24. He now holds a 14.9% stake in the company.

• JK Lakshmi Cement rises as it invests an additional Rs 350.1 crore in its subsidiary, Udaipur Cement Works (UCW). With this investment, the company acquires a 2.5% equity stake (19.5 crore shares) in UCW. As a result, its total shareholding in UCW increases from 72.5% to 75%.

• Route Mobile is falling as its promoter plans to sell the entire 57.5% stake of expanded voting share capital to Proximus group. The transaction is valued at Rs 5,922 crore, with a share price of Rs 1,626.4.

  #JustIn | #RouteMobile promoter to sell entire stake in company representing 57.56% of expanded voting share capital at ?1,626.40/share aggregating to ?5,922 cr pic.twitter.com/ASJCQ15ZIg

  — CNBC-TV18 (@CNBCTV18Live) July 17, 2023

• Orient Electric's MD and CEO Rajan Gupta resigns from his position, effective from July 14. In his place, Desh Deepak Khetrapal has been appointed as the MD of the company for a one-year term.

• Bandhan Bank is falling as its net profit declines by 18.7% YoY to Rs 721.1 crore in Q1FY24. However, revenue grows 11.5% YoY on the back of an increase in revenue from the retail and commercial segments. The bank's asset quality improves at gross NPA drops by 49 bps YoY. It shows up in a screener of stocks where mutual funds have decreased their shareholding in the past quarter.

• Archean Chemical Industries rises as its MD and promoter Ranjit Pendurthi acquires a 1.3% equity stake (16.1 lakh shares) in the company. His shareholding now stands at approximately 23% of the paid-up share capital.

• Avenue Supermarts is rising as its net profit grows 2.5% YoY to Rs 658.8 crore in Q1FY24. Revenue increases 18.2% YoY on the back of growth in general merchandise sales. But its EBITDA margin declines by 130 bps YoY due to higher expenses. It appears in a screener of stocks where analysts have upgraded their recommendation and target price over the past three months.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (229.65, 6.32%), Indus Towers Ltd. (171.55, 4.73%) and Adani Transmission Ltd. (770.45, 3.79%).

Downers:

Largecap and midcap losers today include JSW Energy Ltd. (293.30, -3.71%), Avenue Supermarts Ltd. (3,713.55, -3.26%) and Zomato Ltd. (80.15, -2.91%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Sterling and Wilson Renewable Energy Ltd. (333.50, 15.66%), Indiabulls Real Estate Ltd. (68.30, 10.97%) and Piramal Pharma Ltd. (101.10, 9.18%).

Top high volume losers on BSE were Route Mobile Ltd. (1,488.00, -8.45%), Angel One Ltd. (1,587.85, -7.05%) and CCL Products India Ltd. (678.90, -6.99%).

Vaibhav Global Ltd. (330.00, 8.64%) was trading at 13.6 times of weekly average. Ratnamani Metals & Tubes Ltd. (2,628.05, 7.57%) and Latent View Analytics Ltd. (390.40, 5.50%) were trading with volumes 11.6 and 10.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

71 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (5,219.30, 0.92%), Ashok Leyland Ltd. (172.40, 0.38%) and Bajaj Electricals Ltd. (1,288.05, 4.85%).

23 stocks climbed above their 200 day SMA including Sterling and Wilson Renewable Energy Ltd. (333.50, 15.66%) and Vaibhav Global Ltd. (330.00, 8.64%). 7 stocks slipped below their 200 SMA including Aptus Value Housing Finance India Ltd. (275.95, -3.31%) and Avenue Supermarts Ltd. (3,713.55, -3.26%).