Trendlyne Analysis

Nifty 50 closed at 19,347.45 (4.8, 0.0%), BSE Sensex closed at 65,087.25 (11.4, 0.0%) while the broader Nifty 500 closed at 16,968.95 (41.7, 0.3%). Of the 1,920 stocks traded today, 1,204 were in the positive territory and 664 were negative.

Indian indices pared their gains from the afternoon session and closed flat, with the Nifty 50 settling just below the 19,350 mark. The Indian volatility index, Nifty VIX, fell 3.5% and closed at 11.8 points. The Centre extended the PLI scheme for automobiles and auto components by one year. Post extension, the five-year scheme will be active until FY28.

Nifty Smallcap 100 rose 1% and closed in the green, outperforming the benchmark index. Nifty FMCG and Nifty IT settled above their Tuesday’s close. According to Trendlyne's sector dashboard, Hotels, Restaurants & Tourism was the top-performing sector of the day as it rose 3.9%.

Major European indices traded lower, except for the UK’s FTSE index, which traded marginally higher. Spanish CPI inflation rose for the second month in a row to 2.6% in August. Asian indices closed flat or higher. US index futures traded in the red, indicating a negative start to the trading session. Brent crude oil futures extended their gains from Tuesday and traded higher.

• ICICI Bank sees a long buildup in its August 31 future series as its open interest rises 23.6% with a put-call ratio of 0.5.

• MTAR Technologies rises as it receives the defence industrial license for the production of various mechanical and electronic subsystems.

• Control Print and DCX Systems touch their 52-week highs of Rs 794.7 and Rs 347.8 respectively. The former has risen 14.9% over the past month, while the latter increased by 21.2%.

• HDFC Bank, Fortis Healthcare, Eris Lifesciences and Amara Raja Batteries witness a significant surge in mutual fund holdings in the past month.

• IT stocks like Mphasis, Coforge, Persistent Systems, LTIMindtree and HCL Technologies are rising in trade. All the constituents of the broader sectoral index, Nifty IT, are also trading in the green.

• Cipla sees five analyst target price upgrades and one recommendation upgrade in the past month. InterGlobe Aviation (IndiGo), Trent, Hero MotoCorp and Dabur India see four analyst target price upgrades over the same time period.

• Rishabh Instruments' Rs 490.8 crore IPO gets bids for 0.7X the available 77.9 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 39 lakh shares on offer.

• Titagarh Rail Systems rises as it wins an order from the Gujarat Metro Rail Corp worth Rs 350 crore for the supply of 30 standard gauge cars for Ahmedabad metro.

• The Centre extends the PLI scheme for automobiles and auto components by one year. Post extension, the five-year scheme will be active until FY28. It also plans to disburse incentives on a quarterly basis, instead of yearly, and add two more agencies for testing vehicle components as per the industry’s suggestions.

  The government on Tuesday has decided to extend the deadline of production linked incentive (PLI) scheme for automobile and auto component, by another year to 2027-28, reports @ronendrasingh .#PLI #Automobileshttps://t.co/kisjSSwzhM

  — businessline (@businessline) August 30, 2023

• Zee Entertainment Enterprises is rising as the Securities Appellate Tribunal (SAT) refuses to stay the Supreme Court's order to bar Punit Goenka from the boards of Zee Group.

• Prabhudas Lilladher maintains its ‘Buy’ rating on Reliance Industries and raises the target price to Rs 2,898 from Rs 2,822. This implies an upside of 19.4%. The brokerage remains positive about the company’s prospects due to its transition towards new-age technologies and robust cash flows to fuel growth coming from its refining and petrochemical segment. It expects the firm’s net profit to grow at a CAGR of 10.7% over FY23-25.

• Metal stocks like Welspun Corp, Steel Authority of India (SAIL), Hindustan Copper and Tata Steel are rising in trade. All constituents of the broader Nifty Metal index are also trading in the green.

• APL Apollo Tubes rises as its promoter Rahul Gupta exits the company by selling 0.5% equity stake (15 lakh shares). The deal was executed through an open market transaction at an average price of Rs 1,621.5 per share aggregating to Rs 243.4 crore.

• Oil & gas stocks like Chennai Petroleum Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp are falling in trade as the government reduces LPG Cylinder prices to Rs 903 from Rs 1,103.

• India witnesses a record power shortage of 9.11 gigawatts (GW), shows data from the Grid Controller of India. Power demand has been rising since July hitting record levels in August, leading to an increase in shortage of power.

  According to data from the Grid Controller of India, the country saw a record peak shortage of 9.11 gigawatts (GW)—or over 4% of the peak demand—on 21 August, when peak demand was 226GW.
  
  (@riturajbaruah1 & @UjjvalJauhari report)https://t.co/1cZIPKmYmc

  — Mint (@livemint) August 30, 2023

• Strides Pharma is rising as its subsidiary, Strides Pharma Global, Singapore receives final approval from the US FDA for its mycophenolate mofetil oral suspension. The drug is a generic version of reference listed drug (RLD), cellcept oral solution by Roche Palo Alto. It has a market value of $41 million according to IQVIA.

• MPS rises as its subsidiary MPS Interactive Systems is set to acquire 65% stake in Liberate Group, Australia and New Zealand. The acquisition will be done at AUD 9.3 million (Rs 49.8 crore). The company appears in a screener of stocks with no debt.

• Shakti Pumps (India) touches a new 52-week high today as it receives an order for  7,781 pumps worth Rs 358 crore from Haryana Renewable Energy Department (HAREDA) under the KUSUM-3 scheme. It appears on a screener for stocks with strong momentum.

• Shashank Srivastava, Senior Executive Officer (Marketing and Sales) at Maruti Suzuki India, anticipates robust sales across the auto industry in August. He sees an uptrend in production due to the ease in supply of semiconductors. However, he expects production to moderate in a few models.

  #OnETNOW | "High inventory not a result of sales slowing down," Maruti Suzuki's Shashank Srivastava said.@shashankdrives @Maruti_Corp pic.twitter.com/92EQdsebVc

  — ET NOW (@ETNOWlive) August 30, 2023

• Rishabh Instruments raises Rs 147.2 crore from anchor investors ahead of its IPO by allotting 33.4 lakh shares at Rs 441 each. Investors include HDFC Mutual Fund, Aditya Birla Sun Life Insurance Co, Quant Mutual Fund, 3P India Equity Fund 1 and Tata Multicap Fund.

• Lupin rises as its subsidiary Lupin Pharma Canada announced launch of Propranolol LA (long-acting) capsules. The drug is used for the treatment of various cardiovascular conditions. The company appears in a screener of stocks with improving net cash flows.

• Dalmia Bharat appoints Puneet Dalmia as the new Managing Director & CEO, he will be succeeding Mahindra Singh, whose decade-long tenure will come to an end on December 8. The board has decided to retain the services of Mahindra Singh as Director and Strategic Advisor to the MD & CEO.

• Suzlon Energy touches a 52-week high of Rs 25.8. Reports suggest that 9 crore shares (1% equity) of the company, amounting to Rs 232 crore, have changed hands in a block deal.

  #SuzlonEnergy Large Trade | 9 cr shares (1% equity) worth ?232 cr change hands in block deal window#BlockDeal pic.twitter.com/hw6XOvAn5M

  — CNBC-TV18 (@CNBCTV18Live) August 30, 2023

• Zomato rises as approx 10 crore shares, aggregating to 1.2% stake in the company, change hands in block deals.

• IndiaMART InterMESH trades flat despite submitting a letter of offer for buyback of 12.5 lakh shares with a face value of Rs 10. The amount shall not exceed Rs 500 crore by way of tender offer on a proportionate basis. The company appears in a screener of stocks nearing 52-week high with significant volumes.

• Mahindra Lifespace Developers, Indiabulls Real Estate, Macrotech Developers, Oberoi Realty and Phoenix Mills are rising in trade. All the constituents of the broader sectoral index, Nifty Realty, are also trading in the green.

• G R Infraprojects’ wholly owned subsidiaries execute a concession agreement with the National Highways Authority of India for two projects in Karnataka worth Rs 1,457 crore. The stock shows up in a screener for companies with book value per share improving over the past two years.

Riding High:

Largecap and midcap gainers today include Indian Hotels Company Ltd. (416.65, 5.95%), Zomato Ltd. (99.80, 5.39%) and Jio Financial Services Ltd. (231.25, 4.99%).

Downers:

Largecap and midcap losers today include Indian Bank (380.55, -2.86%), JSW Energy Ltd. (356.80, -2.57%) and Hindustan Petroleum Corporation Ltd. (257.70, -2.35%).

Movers and Shakers

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

Top high volume gainers on BSE included Uflex Ltd. (463.30, 19.99%), Sterlite Technologies Ltd. (165.85, 8.72%) and Sun Pharma Advanced Research Company Ltd. (249.75, 8.56%).

Top high volume losers on BSE were Hindustan Petroleum Corporation Ltd. (257.70, -2.35%), TTK Prestige Ltd. (777.70, -1.38%) and Aavas Financiers Ltd. (1,586.90, -0.89%).

Polyplex Corporation Ltd. (1,216.70, 8.33%) was trading at 17.2 times of weekly average. Mahindra Lifespace Developers Ltd. (559.35, 4.15%) and Prestige Estates Projects Ltd. (610.50, 6.56%) were trading with volumes 9.7 and 8.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks hit their 52-week highs, while 1 stock was an underachiever and hit its 52-week low.

Stocks touching their year highs included - Axis Bank Ltd. (983.35, 0.27%), Berger Paints (India) Ltd. (715.65, -0.67%) and Bharat Forge Ltd. (1,057.15, -1.21%).

Stock making new 52-week lows included - Rajesh Exports Ltd. (493.15, 1.19%).

21 stocks climbed above their 200 day SMA including Sterlite Technologies Ltd. (165.85, 8.72%) and TeamLease Services Ltd. (2,434.10, 4.15%). 4 stocks slipped below their 200 SMA including Bandhan Bank Ltd. (230.85, -2.10%) and State Bank of India (567.40, -1.30%).