Trendlyne Marketwatch
Trendlyne Marketwatch
11 Sep 2023, 03:45PM
Market closes higher, Geojit upgrades rating on Equitas Small Finance Bank to ‘Buy’ from 'Hold'

Trendlyne Analysis

Nifty 50 closed at 19,996.35 (176.4, 0.9%) , BSE Sensex closed at 67,127.08 (528.2, 0.8%) while the broader Nifty 500 closed at 17,653.35 (165.9, 1.0%) of the 1,960 stocks traded today, 1,034 were on the uptick, and 879 were down.

Indian indices extended their gains from the afternoon session and closed in the green. The benchmark Nifty 50 index hit its new all-time high and breached the 20,000 mark but settled just below it at 19,996.4 points. The Indian volatility index fell 1.6% and closed at 11.4 points. The Society of Indian Automobile Manufacturers (SIAM) reported a 0.6% YoY rise in two-wheeler sales to 15.7 lakh units in August, while passenger vehicle sales increased by 9.4% YoY to reach 3.6 lakh units.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Auto and Nifty Energy closed higher than their Friday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 7.1%.

Major European indices traded in the green, despite the Asian indices closing mixed. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded lower after closing in the green on Friday.

  • Money flow index (MFI) indicates that stocks like BSE, Cochin Shipyard, Coal India and Indian Railway Finance Corp are in the overbought zone.

  • Automobile stocks like Tube Investments of India, Sona BLW Precision Forgings, Maruti Suzuki India, Samvardhana Motherson International and Hero MotoCorp are rising in trade. All the constituents of the broader sectoral index, Nifty Auto, are also trading in the green.

  • Medplus Health Services, Coforge, Suzlon Energy and BSE witness an increase in mutual fund holdings in the past month.

  • Geojit BNP Paribas upgrades its rating on Equitas Small Finance Bank to ‘Buy’ from 'Hold' and raises the target price to Rs 102 from Rs 74. This implies an upside of 16.8%. The brokerage believes the bank’s growth will be driven by strong business growth, investments in technology, product innovations and improving asset quality. It expects the bank’s net profit to grow at a CAGR of 29.9% over FY23-25.

  • Railway companies like Rail Vikas Nigam, Indian Railway Finance Corporation and Ircon International touch their 52-week highs following the US-EU agreement on the Mideast-India Rail and Shipping Corridor at the G-20.

  • Tata Consultancy Services is rising as it enters a partnership with Dassault Systems to refine its model and simulation to develop accurate, personalized digital human heart models for the Living Heart project.

  • HFCL rises as its subsidiary HTL bags an order worth Rs 82.6 crore from domestic telecom service providers for the supply of optical fiber cables. It appears on a screener for stocks with high TTM EPS growth.

  • EMS' Rs 321.3 crore IPO gets bids for 15X the available 1.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 16.6X the available 54.6 lakh shares on offer.

  • KV Pradeep, MD of Olectra Greentech, says that the company currently has around 9,000 bus orders valued at more than Rs 10,000 crore. He adds that their plan to deliver 1,200 buses in FY24 and over 2,500 buses in FY25 is on track, and they are seeking tenders for around 10,000 buses.

  • Utilities stocks like SJVN, JSW Energy, Gujarat Industries Power and Adani Power surge more than 7% in trade. The broader S&P BSE Utiliti index is trading 2% higher.

  • ITI surges as it develops a laptop and micro PC. Branded as ‘SMAASH’, the products have already been deployed in the market, and ITI has won many tenders.

  • ICICI Securities maintains its ‘Buy’ rating on GAIL (India) and raises the target price to Rs 154 from Rs 149. This implies an upside of 21.2%. The brokerage believes that the company will grow in the coming two to three years, driven by the increasing domestic gas supplies, LNG liquefaction capacity, and the normalisation of LPG prices.

  • Mutual Funds' net equity inflow surges MoM to Rs 20,161 crore in August, according to data released by the Association of Mutual Funds in India (AMFI).

  • Telecom stocks like ITI, Vodafone Idea, Tata Teleservices (Maharashtra), Tata Communication and Indus Towers are rising in trade. The broader sectoral index, S&P BSE Telecom, is also trading in the green.

  • Tata Communications touches a new 52-week high as reports suggest that it has signed an agreement with the US-based chipmaker Nvidia to assist the company in establishing an AI cloud in India. It aims to supply crucial infrastructure to support the next generation of computing. This partnership will enable swift data processing for businesses. It appears in a screener of stocks with strong momentum.

  • Coffee Day Enterprises plunges more than 10% as IDBI Trusteeship Services files an insolvency and bankruptcy plea before the National Company Law Tribunal. The move comes after the company defaults on a loan worth Rs 228.4 crore owed to IDBI Trusteeship.

  • Reliance Industries is rising as reports suggest that it has partnered with the US-based chipmaker Nvidia to set up cloud-based AI Infrastructure in India. Nvidia will provide Reliance Jio Infocomm access to its most advanced cloud-based supercomputing service to build AI applications.

  • The Society of Indian Automobile Manufacturers (SIAM) reports a 0.6% YoY rise in two-wheeler sales to 15.7 lakh units in August, while passenger vehicle sales increase by 9.4% YoY to reach 3.6 lakh units.

  • SJVN surges as its arm, SJVN Green Energy, inks a power purchase agreement with Bhakra Beas Management Board for 18 MW solar power.

  • Ratnaveer Precision Engineering’s shares debut on the bourses at a 25.7% premium to the issue price of Rs 98. The Rs 165 crore IPO has received bids for 94 times the total shares on offer.

  • Rishabh Instruments’ shares debut on the bourses at a 4.3% premium to the issue price of Rs 441. The Rs 490.8 crore IPO has received bids for 31.6 times the total shares on offer.

  • Citi maintains its 'Sell' rating on Persistent Systems with a target price of Rs 3,790. The brokerage believes that its Q2FY24 results will likely be muted compared to expectations. Although the company has fared well in recent months, the stock price does not account for the near-term downturn. It also keeps the stock on a 90-day downside catalyst watch.

  • IDFC First Bank is rising as GQG Partners acquires 5.1 crore shares of the bank from V Vaidyanathan, the MD & CEO of the bank, in a block deal worth Rs 478.7 crore. Vaidyanathan plans to use the proceeds from the deal to increase his stake in the bank to 1% from 0.6% by exercising stock options.

  • PSU banks like Bank of India, Canara Bank, Indian Overseas Bank, Union Bank of India, Bank of Maharashtra and Punjab National Bank are rising in trade. All constituents of the broader sectoral index, Nifty PSU Bank, are also trading in the green.

  • Anand Vijay Sankeshwar, the promoter of VRL Logistics, sells 35 lakh shares (4% stake) of the company for Rs 238.4 crore on Friday. SBI Mutual Funds buys 19.3 lakh shares (2.2% stake) for Rs 131.4 crore.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (3,691.25, 11.42%), Indian Railway Finance Corporation Ltd. (84.75, 9.92%) and JSW Energy Ltd. (431.25, 9.30%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (654.85, -1.57%), United Breweries Ltd. (1,658.00, -1.31%) and Indian Railway Catering & Tourism Corporation Ltd. (717.40, -1.12%).

Volume Shockers

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

Top high volume gainers on BSE included SJVN Ltd. (76.80, 20.00%), ITI Ltd. (149.30, 19.97%) and Infibeam Avenues Ltd. (18.50, 14.91%).

Top high volume losers on BSE were Natco Pharma Ltd. (813.30, -7.76%), Shyam Metalics and Energy Ltd. (451.25, -3.54%) and Mahanagar Gas Ltd. (1,051.70, -0.47%).

Praj Industries Ltd. (591.65, 14.12%) was trading at 5.8 times of weekly average. Quess Corp Ltd. (427.00, 0.05%) and Computer Age Management Services Ltd. (2,604.60, 5.68%) were trading with volumes 5.8 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

78 stocks overperformed with 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,803.00, 2.14%), Axis Bank Ltd. (1,000.40, 2.05%) and Bank of Maharashtra (44.30, 5.35%).

9 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (18.50, 14.91%) and Adani Enterprises Ltd. (2,614.95, 3.80%). 1 stock slipped below their 200 SMA including Chambal Fertilisers & Chemicals Ltd. (284.05, 0.21%).

 
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