Trendlyne Marketwatch
Trendlyne Marketwatch
08 Sep 2023
Markets closes higher, Axis Direct maintains its ‘Buy’ rating on Birla Corp

Trendlyne Analysis

Nifty 50 closed at 19,819.95 (92.9, 0.5%), BSE Sensex closed at 66,598.91 (333.4, 0.5%) while the broader Nifty 500 closed at 17,487.45 (102.0, 0.6%), of the 1,911 stocks traded today, 962 showed gains, and 906 showed losses.

Indian indices extended the gains from afternoon session and closed in the green, with the Nifty 50 closing at 19,820. The volatility index, Nifty VIX, dropped by 0.8% and closed at 10.8 points. Exide Industries invests Rs 100 crore in its subsidiary Exide Energy Solutions (EESL) by rights issue. EESL is involved in manufacturing advanced chemistry battery cells.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Realty and Nifty Infra closed sharply higher, compared to Thursday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 2.4%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. The data released by the German Federal Statistical Office indicated that Germany’s consumer price index (CPI) for August increased by 6.1% YoY, in line with market expectations. The CPI for July stood at 6.2%.

  • Relative strength index (RSI) indicates that stocks like BSE, MMTC, Cochin Shipyard and Coal India are in the overbought zone.

  • Indian Railway Catering & Tourism Corporation (IRCTC) rises as the Ministry of Railways has determined that catering services for all coaches and trains reserved under the full tariff rate (FTR) will be provided by IRCTC. The customers must exclusively arrange catering services through IRCTC for special coaches and trains, except when booking FTR trains with a pantry car.

  • Axis Direct maintains its ‘Buy’ rating on Birla Corp and raises the target price to Rs 1,400 from Rs 1,250. This implies an upside of 9.3%. The brokerage expects the firm’s operating performance to improve on the back of a healthy demand environment, ramp up in production capacity, and increase in sales of premium products.

  • Landmark Cars is surging as it announces the signing of a letter of intent with Mahindra & Mahindra (M&M) to open a dealership in Howrah, West Bengal. The deal will include the sale and after-sale of M&M’s vehicles, catering to the regions of Howrah, Hooghly, Kolkata, North 24 Parganas, and South 24 Parganas.

  • Brent crude price falls by 0.4% to $89.59 per barrel amid concerns about slow global demand. Earlier in the week, the price reached a 10-month high as Saudi Arabia and Russia extended their voluntary supply curbs through the end of the year.

  • EMS' Rs 321.3 crore IPO gets bids for 3.7X the available 1.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 4.7X the available 54.6 lakh shares on offer.

  • Puneet Chhatwal, MD and CEO of Indian Hotels Co, expects inbound tourism to improve and recover to pre-covid levels from November. He says the upcoming festive season, the cricket World Cup and the opening of new hotels in Tier 2 and 3 cities will drive occupancies and rates for hotels.

  • Jupiter Life Line Hospitals' Rs 869.1 crore IPO gets bids for 63.7X the available 85 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 7.7X the available 42.9 lakh shares on offer.

  • Realty stocks like Sobha, Macrotech Developers, Mahindra Lifespace Developers and DLF are rising in trade. The broader sectoral indices, Nifty Realty and BSE Realty, are also trading in the green.

  • PB Fintech rises as reports suggest that the company is looking to enter into the insurance manufacturing market. Following necessary approvals, the company will move up in the value chain from being an insurance aggregator. The company appears in a screener of stocks with strong momentum.

  • BSE sees four analyst target price upgrades and two recommendation upgrades in the past month. Bharat Forge, Berger Paints, Astral and ABB India see three analyst target price upgrades over the same time period.

  • According to a poll of economists, retail inflation in India may have decreased to 7% in August, from a 15-month high of 7.44% in July, due to a decline in vegetable prices from their recent highs.

  • Shipping stocks like Mazagon Dock Shipbuilders, Great Eastern Shipping Co, Shipping Corp of India and Seamec are rising in trade. The broader shipping industry is also trading in the green.

  • Sanofi India's annual return on equity (RoE) stands at 48.6% in FY24, showing a rise of 32.5 percentage points over the past five years.

  • HDFC Securities maintains its ‘Buy’ rating on Sobha and raises the target price to Rs 1,024 from Rs 935. This implies an upside of 52.7%. The brokerage is optimistic about the firm’s prospects on the back of new launches, declining debt and healthy cash-flow generation. It also believes that the stock is trading at an attractive valuation and sees the company’s revenue growing at a CAGR of 11.3% over FY23-26.

  • Tata Power Co rises over 3% in trade and touches a new 52-week high today. According to reports, 52.5 lakh shares (0.2% equity) of the company, amounting to Rs 155 crore, have changed hands.

  • Tejas Networks rises to an all-time high of Rs 934.9 as it receives a mobilization advance payment of Rs 750 crore from Tata Consultancy Services. This payment is for the supply of radio access network equipment for BSNL’s 4G/5G network. The company appears in a screener of stocks with improving net cash flow.

  • Natco Pharma declines as it is named a defendant in a US antitrust lawsuit. The lawsuit is filed by Blue Cross & Blue Shield of Louisiana and HMO Louisiana, regarding Pomalidomide. It appears in a screener for companies with their current TTM PE ratios less than the 3-year, 5-year and 10-year PE.

  • CLSA maintains its 'Buy' rating on Bharti Airtel with a target price of Rs 1,100. The brokerage believes that there has been a significant increase in data customers and postpaid subscribers. It highlights that the company's market share has improved significantly.

  • Power stocks like Tata Power Co, NTPC, JSW Energy, CG Power and Industrial Solutions and Bharat Heavy Electricals are rising. Barring NHPC, all other constituents of the broader sectoral index, BSE Power, are also trading in the green.

  • Mazagon Dock Shipbuilders rises to an all-time high of Rs 2280 as it signs a master ship repair agreement with the US Government. The company appears in a screener of stocks with strong annual EPS growth.

  • Exide Industries rises to a new 52-week high of Rs 276.9 as it invests Rs 100 crore in its subsidiary, Exide Energy Solutions (EESL), through a rights issue. EESL is involved in manufacturing advanced chemistry battery cells. The company appears in a screener of stocks with strong momentum.

  • Reserve Bank of India approves the appointment of Dipak Gupta as the interim Managing Director and CEO of Kotak Mahindra Bank for a period of two months, with effect from September 2. The stock shows up in a screener for companies with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Power Finance Corporation Ltd. (305.10, 12.23%), REC Ltd. (270.15, 10.02%) and Havells India Ltd. (1,450.25, 5.83%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (277.15, -2.19%), NHPC Ltd. (52.80, -2.13%) and General Insurance Corporation of India (225.00, -2.07%).

Volume Shockers

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

Top high volume gainers on BSE included Bombay Burmah Trading Corporation Ltd. (1,276.70, 15.31%), Power Finance Corporation Ltd. (305.10, 12.23%) and Sobha Ltd. (682.15, 10.89%).

Top high volume loser on BSE was Honeywell Automation India Ltd. (39,000.00, -0.36%).

Graphite India Ltd. (518.30, 8.05%) was trading at 21.8 times of weekly average. HEG Ltd. (1,821.15, 3.62%) and Sunteck Realty Ltd. (401.15, 7.14%) were trading with volumes 16.6 and 14.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

69 stocks made 52 week highs,

Stocks touching their year highs included - Bank of Maharashtra (42.05, -0.59%), Bharat Electronics Ltd. (143.30, 2.47%) and Bharat Heavy Electricals Ltd. (145.30, 5.52%).

6 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (16.10, 8.05%) and Indian Energy Exchange Ltd. (142.00, 2.90%). 1 stock slipped below their 200 SMA including Chambal Fertilisers & Chemicals Ltd. (283.45, -1.51%).

 
More from Trendlyne Marketwatch
Recommended
Five Interesting Stocks Today - May 09, 2025
The Baseline | 09 May 2025
Market closes lower, Intellect Design Arena's Q4 net profit surges 93% QoQ to Rs 135.3 crore
Trendlyne Marketwatch | 09 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021