Trendlyne Analysis

Nifty 50 closed at 19,574.90 (46.1, 0.2%) , BSE Sensex closed at 65,780.26 (152.1, 0.2%) while the broader Nifty 500 closed at 17,252.10 (71.2, 0.4%), of the 1,941 stocks traded today, 1,069 were on the uptick, and 834 were down.

Indian indices recovered from the day’s low and closed in the green, with the Nifty 50 closing at 19,575. The volatility index, Nifty VIX, dropped by 1.3% and closed at 10.8 points. According to a Fitch report, India’s power demand is expected to grow more than 70% by 2032.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Pharma and Nifty Media closed sharply higher, compared to Monday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 3.4%.

Most European indices trade in the red except for England’s FTSE 100 trading in the green US indices futures trade lower, indicating a negative start. The data released by Hamburg Commercial Bank (HCOB) indicated that the Eurozone’s composite PMI for August contracted to 46.7 against estimates of 47. The composite PMI for July stood at 48.6.

• Relative strength index (RSI) indicates that stocks like Indian Railway Finance Corp, BSE, Linde India and Rail Vikas Nigam are in the overbought zone.

• Som Distilleries & Breweries rises as its board approves the raising of Rs 350 crore through public and private offerings or qualified institutional placements, or a mix of these options. The company appears in a screener of stocks with improving RoE.

• Indian Energy Exchange rises as its total electricity volumes grow by 21% YoY to 8,469 million units. The overall volume traded during the month has also increased by 13.3% YoY. The company appears in a screener of stocks with no debt.

• GAIL’s Executive Director, KB Singh, has reportedly been arrested by the Central Bureau of Investigation (CBI) for allegedly accepting a bribe of Rs 50 lakh. The arrest followed raids at multiple locations, including Singh’s residence. The CBI has also arrested four others, including the person who paid the bribe.

• Jupiter Life Line Hospitals, a multi-specialty healthcare provider, opens for IPO subscription tomorrow. The price band for the issue is Rs 695-735 per share. The issue size is Rs 869.1 crore, with a fresh issue of Rs 542 crore and an offer for sale of Rs 327.1 crore.

• HDFC Securities keeps its ‘Buy’ rating on Nuvoco Vistas Corp with a target price of Rs 475, implying an upside of 26.6%. The brokerage remains positive about the firm’s prospects due to its premium brand presence and focus on reducing debt. It expects the company’s revenue to grow at a CAGR of 8.8% over FY23-25.

• Patel Engineering rises as it, along with a joint venture (JV) partner, wins an urban infrastructure development project worth Rs 1,275.3 crore from Madhya Pradesh Jal Nigam. With a 35% stake in the JV, the company's share in the project amounts to Rs 446.36 crore.

• Ratnaveer Precision Engineering's Rs 165 crore IPO gets bids for 21.8X the available 1.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 23.1X the available 58.9 lakh shares on offer.

• According to reports, 2.9 crore shares (0.3% equity) of NHPC, amounting to Rs 154.2 crore, change hands in multiple large trades.

  #NHPC has 2.91 crore shares change hands in multiple trades. #BQStocks
  
  Read latest #stockmarket updates: https://t.co/ELGUdNKahe pic.twitter.com/y5VZw3MWfP

  — BQ Prime (@bqprime) September 5, 2023

• Telecommunications equipment, media and textiles, apparels & accessories sectors rise by more than 11% over the past month.

• Dilip Buildcon rises over 4% on receiving a letter of acceptance for the Narmada-Gambhir MVS MPJNM project (Multi Village Drinking Water Supply Scheme) in a deal worth Rs 1,275.3 crore. The project involves complete engineering, construction, testing, commissioning, and 10-year operation & maintenance in the Ujjain district. It appears in a screener for stocks with strong momentum.

• Angel One falls despite its client base rising 46.3% YoY to 1.6 crore and its overall average daily turnover surging by 129.3% YoY to Rs 28.4 lakh crore. The company appears in a screener of stocks with improving net cash flow from operations.

• Raymond rises over 9% and touches a new all-time high of Rs 2,240 today. This comes after Jefferies initiated coverage on the company with a ‘Buy’ rating and target price of Rs 2,600. According to the brokerage, Raymond is focusing on growth and simplification, as observed across businesses. It also highlights the firm's plans to list its lifestyle and real estate businesses separately.

  Brokerage Radar | @Jefferies on Raymond: Initiate 'Buy'; Expect the co to grow revenues/earnings at 13%/24% CAGR over FY23-26 pic.twitter.com/ysE1EGONi9

  — ET NOW (@ETNOWlive) September 5, 2023

• Bombay Dyeing & Manufacturing Co is rising as it settles its dispute with Axis Bank. The company has executed a conveyance deed in favour of Axis Bank, effecting the transfer of land measuring 11,541 square meters. This will enable independent and exclusive access to the bank’s headquarters for a sum of Rs 149 crore.                                                 

• Vishnu Prakash R Punglia's shares debut on the bourses at a 67% premium to the issue price of Rs 99. The Rs 308.9 crore IPO has received bids for 87.8 times the total shares on offer.                                                                                    

• Zen Technologies is rising as its bags an order worth Rs 123.3 crore from the Ministry of Defence, Government of India. Currently, the company’s total order book stands at Rs 1,275.3 crore. The stock shows up in a screener for companies with high TTM EPS growth.                                                                                                                            

• Retail sales in the automotive industry rise by 8.6% YoY to 18.2 lakh units in August, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales also increase by 6.3% YoY, while that of cars improve by 6.5% YoY.

  FADA August Data | Total vehicle retail sales up 8.6% at 18.18 lk units vs 16.74 lk units YoY
  
  Total 2-wheeler sales up 6.3% at 12.54 lakh units vs 11.80 lakh units YoY, 3-wheeler sales up 66.2% at 99,907 units vs 60,132 units YoY#FADAData #FADAAugustData pic.twitter.com/TGMynUecKt

  — CNBC-TV18 (@CNBCTV18Live) September 5, 2023

• Oil India rises as it approves an equity infusion of Rs 1,738 crore into its joint venture company, North East Gas Distribution Company. This aims to support the execution of city gas distribution projects in Assam. The company appears in a screener for stocks with strong momentum.

• Media stocks like Dish TV India, Network18 Media & Investments, Nazara Technologies and Zee Entertainment Enterprises are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

• Vijay Kedia buys a 2.6% stake in Om Infra for approx Rs 15.2 crore in a bulk deal on Monday.

• India’s Services PMI falls to 60.1 in August from 62.3 in July. However, the PMI reading remains above the 50-mark for 25 consecutive months.

  India's services activity continued to expand in August but the purchasing managers' index (PMI) for the sector fell to 60.1.
  
  Here’s the latest data????https://t.co/Rl7VStbKmO#India #Economy #PMI

  — Moneycontrol (@moneycontrolcom) September 5, 2023

• Oracle Financial Services Software's Managing Director and Chief Executive Officer Chaitanya Kamat resigns, with effect from October 4, 2023.

• Cipla's South African arm inks an agreement with Actor Holdings to acquire 100% of the equity stake in Actor Pharma for $48.6 million.

• Rail Vikas Nigam rises as it bags an order worth Rs 174.3 crore under a joint venture with MPCC from Western Railway. The project involves all civil engineering works in the Petlad-Bhadran patch of Vadodra. The company appears in a screener of stocks nearing 52-week high with significant volumes.

• Hero MotoCorp plans to invest Rs 550 crore in Ather Energy.  Currently holding a 33.1% stake in Ather, Hero's shareholding will be determined upon the completion of the capital raise round.

Riding High:

Largecap and midcap gainers today include Bayer Cropscience Ltd. (5,240.50, 8.48%), Indian Railway Finance Corporation Ltd. (72.25, 8.32%) and IDBI Bank Ltd. (70.15, 8.09%).

Downers:

Largecap and midcap losers today include ICICI Prudential Life Insurance Company Ltd. (536.85, -3.02%), YES Bank Ltd. (18.15, -2.42%) and Samvardhana Motherson International Ltd. (99.95, -2.34%).

Volume Shockers

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

Top high volume gainers on BSE included MMTC Ltd. (63.00, 20.00%), KIOCL Ltd. (258.45, 15.90%) and Raymond Ltd. (2,172.45, 9.85%).

Top high volume losers on BSE were Carborundum Universal Ltd. (1,176.25, -0.91%), Bajaj Holdings & Investment Ltd. (7,170.00, -0.78%) and Symphony Ltd. (897.80, -0.15%).

Mas Financial Services Ltd. (873.55, 7.76%) was trading at 19.2 times of weekly average. Devyani International Ltd. (215.55, 8.56%) and Bayer Cropscience Ltd. (5,240.50, 8.48%) were trading with volumes 15.2 and 12.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

77 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bank of Maharashtra (41.70, 0.12%), Bharat Forge Ltd. (1,097.40, 1.12%) and Bharat Heavy Electricals Ltd. (138.40, -0.25%).

21 stocks climbed above their 200 day SMA including NOCIL Ltd. (240.50, 7.82%) and Petronet LNG Ltd. (229.15, 4.63%). 1 stock slipped below their 200 SMA including Aegis Logistics Ltd. (357.80, -0.60%).