Trendlyne Marketwatch
Trendlyne Marketwatch
13 Sep 2023
Market closes higher, Motilal Oswal maintains its ‘Buy’ rating on ICICI Bank

Trendlyne Analysis

Nifty 50 closed at 20,070.00 (76.8, 0.4%), BSE Sensex closed at 67,466.99 (245.9, 0.4%) while the broader Nifty 500 closed at 17,526.75 (66.2, 0.4%), of the 1,917 stocks traded today, 1,250 showed gains, and 630 showed losses.

Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50 closing above the 20,070 mark. The Indian volatility index, Nifty VIX, rose 1.2% and closed at 11.8 points. India’s Index of Industrial Production or IIP grew to a five-month high of 5.7% in July, up from 3.7% in June, led by robust growth in the mining and power sector.

Nifty Smallcap 100 outperformed the benchmark Nifty 50 index and closed 1% higher. Nifty Metal and Nifty Media closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 9.4%.

Major Asian indices closed flat or lower, except for India’s BSE Sensex, which closed in the green. European indices traded in the red amid mixed global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures extended their gains from Tuesday and traded in the green for a fourth straight trading session.

  • Money flow index (MFI) indicates that stocks like ITI, Cholamandalam Financial Holdings, Indian Railway Finance Corp and TVS Motor are in the overbought zone.

  • Can Fin Homes is rising as Jefferies reportedly maintains its ‘Buy’ rating on the stock with a target price of Rs 970, implying an upside of 25%. The brokerage believes that the firm is well-placed to benefit from the rising home loan demand. It points out that the company has tightened internal controls following the Ambala branch fraud case.

  • Indiabulls Housing Finance rises after 22.5 lakh shares worth Rs 40.8 crore exchange hands in a large block deal.

  • Motilal Oswal maintains its ‘Buy’ rating on ICICI Bank with a target price of Rs 1,150, implying an upside of 16%. The brokerage remains positive about the bank’s prospects due to its healthy growth in the retail segment, robust asset quality, strong balance sheet and improving digital capabilities. It expects the company’s net profit to grow at a CAGR of 17.4% over FY23-25.

  • Alkem Laboratories, Titan Company, Ajanta Pharma, Bharti Airtel and Glenmark Pharmaceuticals are trading above their third resistance or R3 levels.

  • Supreme Industries, VIP Industries, Ashok Leyland, and Campus Activewear witness a decrease in mutual fund holdings in the past month.

  • Rail Vikas Nigam's joint venture with MPCC emerges as the lowest bidder in a Rs 245.7 crore auction held by the Vadodara Division of Western Railway. The bid focuses on civil engineering tasks for a gauge conversion project between Nadiad and Petlad.

  • UBS maintains its ‘Buy’ rating on MCX but raises the target price to Rs 2,100 citing strong options volume. The brokerage notes that options trading has been robust in India since August, with an average daily value (ADV) of Rs 87,000-89,000 crore.

  • R R Kabel's Rs 1,964 crore IPO gets bids for 0.3X the available 1.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 66 lakh shares on offer.

  • Mining companies like Coal India, Vedanta, MOIL, Nalco and NMDC are rising as the government proposes a 25% incentive to exploration agencies under the National Mineral Exploration Trust to promote exploration of essential minerals.

  • Coffee Day Enterprises is rising as it reportedly reaches a settlement with IndusInd Bank to withdraw insolvency litigation. This resolution was addressed in the Chennai bench of NCLAT. Meanwhile, IDBI Trusteeship Services has filed a case against the company for an alleged default of Rs 228.5 crore in the Bengaluru bench of NCLAT.

  • India’s Index of Industrial Production or IIP grows to a five-month high of 5.7% in July, up from 3.7% in June, led by robust growth in the mining and power sector.

  • PSU Bank stocks like Punjab National Bank, Central Bank of India, Canara Bank and Union Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

  • GMR Power and Urban Infra is rising as its arm, GMR Smart Electricity Distribution, bags a project worth Rs 2,469.7 crore. The order is from Dakshinanchal Vidyut Vitran Nigam to install 25.2 lakh smart meters in the Dakshinanchal area (Agra and Aligarh zone), Uttar Pradesh.

  • GE Power India surges as it wins an order worth Rs 25 crore from Vedanta for the combustion modification of a boiler.

  • India’s CPI inflation eases to 6.8% in August compared to 7.4% in July, due to a moderation in food and vegetable prices MoM.  Food inflation declined to 9.9% from 11.5% in July. However, the inflation rate remains above RBI’s tolerance limit of 2-6% for the second consecutive month.

  • Tata Power rises as its subsidiary, Tata Power Solar Systems, signs an MoU with Small Industries Development Bank of India (SIDBI) to offer easy financing to MSMEs for solar adoption. Together they are launching The Big Solar Fest, offering customized & innovative financing solutions with zero processing fees for solar loans. It appears in a screener for stocks with strong momentum.

  • Realty stocks like DLF, Macrotech Developers, Godrej Properties, Oberoi Realty and Phoenix Mills are falling in trade. The broader sectoral index, Nifty Realty, is also trading in the red.

  • ICICI Securities upgrades its rating on NMDC to ‘Buy’ from ‘Add’ and raises the target price to Rs 180 from Rs 130. This implies an upside of 30.9%. The brokerage expects the company's sales volumes and production volumes to see robust growth as its focus returns to the mining business after the steel plant demerger. It expects the firm’s revenue to grow at a CAGR of 15.1% over FY23-25.

  • Sanjeev Singhal, the Director of Finance at Mazagon Dock Shipbuilders, expects the company’s revenue to grow by 12-15% in FY24, up from the earlier guidance of 10-12%. He adds that its order book stands at 39,000 crore as of June 30, and believes that order visibility will improve in the next 6-12 months.

  • R R Kabel raises Rs 585.6 crore from anchor investors ahead of its IPO by allotting around 56.6 lakh shares at Rs 1,035 each. Investors include HSBC Global, Elara India Opportunities Fund, Abu Dhabi Investment Authority, TIMF Holdings, HDFC Mutual Fund, Franklin Mutual Fund and Mirae Asset.

  • Setu Securities sells a 0.6% stake (16.1 lakh shares) in Shyam Metalics and Energy for nearly Rs 71 crore in a bulk deal on Tuesday.

  • NTPC rises as it concludes the unit 1 (800 MW) trial run for the Telangana Super Thermal Power Project's first stage. This project has a total capacity of 2 X 800 MW. NTPC now has a total installed capacity of 57,838 MW. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • KEC International bags orders worth Rs 1,012 crore across its various business segments. These projects include the construction of a data centre, the establishment of a manufacturing facility for an FMCG company, transmission & distribution projects, and the supply of cables

Riding High:

Largecap and midcap gainers today include Punjab National Bank (72.55, 8.53%), Indian Overseas Bank (35.00, 8.19%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,542.50, 5.52%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (582.70, -5.78%), Indian Railway Finance Corporation Ltd. (78.90, -4.71%) and Schaeffler India Ltd. (3,295.70, -4.15%).

Movers and Shakers

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

Top high volume gainers on BSE included Indiabulls Housing Finance Ltd. (188.35, 12.18%), Poly Medicure Ltd. (1,424.75, 6.36%) and Ajanta Pharma Ltd. (1,821.25, 6.15%).

KEC International Ltd. (683.15, 2.69%) was trading at 20.2 times of weekly average. Suven Pharmaceuticals Ltd. (518.35, 0.95%) and Restaurant Brands Asia Ltd. (119.00, 2.45%) were trading with volumes 17.9 and 16.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,821.25, 6.15%), Aurobindo Pharma Ltd. (902.50, 3.59%) and Axis Bank Ltd. (1,014.45, 1.35%).

7 stocks climbed above their 200 day SMA including Eureka Forbes Ltd. (505.50, 5.87%) and EID Parry (India) Ltd. (519.50, 2.82%). 18 stocks slipped below their 200 SMA including Honeywell Automation India Ltd. (39,344.65, -1.49%) and Sumitomo Chemical India Ltd. (424.50, -1.22%).

 
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