Trendlyne Marketwatch
Trendlyne Marketwatch
28 Sep 2023
Market closes lower, Motilal Oswal maintains its ‘Buy’ rating on Kajaria Ceramics

Trendlyne Analysis

 

Nifty 50 closed at 19,523.55 (-192.9, -1.0%), BSE Sensex closed at 65,508.32 (-610.4, -0.9%) while the broader Nifty 500 closed at 17,170.45 (-171.2, -1.0%). Market breadth is in the red. Of the 1,925 stocks traded today, 722 were in the positive territory and 1,153 were negative.

Indian indices fell from their day highs and closed in the red, with the Nifty 50 closing at 19,526.6 points. The Indian volatility index, Nifty VIX, rose sharply by 10.7% and closed at 12.8 points. RBI’s data showed India’s current account deficit (CAD) widening QoQ to $9.2 billion in Q1FY24, making up 1.1% of the GDP.

Nifty Smallcap 100 and Nifty Midcap 100 closed down, taking cues from the benchmark index. Nifty Metal and Nifty Media closed over 1% lower than their Wednesday’s close. According to Trendlyne's sector dashboard, Forest Materials was the top-performing sector of the day in a weak market.

Major European indices pared their gains from open and traded in the red. Asian indices closed flat or lower, except for Taiwan’s TSEC 50 Index closing in the green. US index futures traded down, indicating a negative start to the trading session. Brent crude oil futures traded lower after rising 2% on Wednesday.

  • Money flow index (MFI) indicates that stocks like Tata Investment Corp, Gujarat Ambuja Exports, Varroc Engineering and Apar Industries are in the overbought zone.

  • KSB is rising as it bags an order worth Rs 55 crore from Nuclear Power Corp of India to supply vertical safety class pumps.

  • Coforge is falling as it receives an income tax demand of Rs 82.9 crore for FY20, including an interest liability of Rs 25.7 crore. The company shows up in a screener for companies in the 'Sell' zone.

  • Cholamandalam Investment and Finance Co rises to an all-time high of Rs 1,249.5 following reports of its plan to raise Rs 2,000 crore through qualified institutional placements (QIP). The floor price for the QIP is likely to be Rs 1,160-1,180. The company appears in a screener of stocks with improving RoE.

  • According to Anarock, home sales in India's top seven cities reached an all-time high of 1,20,280 units from July to September. It notes that the sales have increased by 36.3% compared to 88,230 units sold during the same months in 2022.

  • Valiant Laboratories' Rs 152.5 crore IPO gets bids for 0.7X of the available 76.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1.3X the available 38.1 lakh shares on offer.

  • Oberoi Realty is falling despite entering into an agreement to develop a 13,450 square-meter plot in Mumbai. The company shows up in a screener for stocks with book value per share improving over the past two years.

  • Valiant Laboratories' Rs 152.5 crore IPO gets bids for 0.6X of the available 76.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1X the available 38.1 lakh shares on offer.

  • Barbeque-Nation Hospitality falls despite signing a joint agreement with its subsidiary, Red Apple, to acquire a 53.3% stake in Blue Planet Foods for Rs 39,844 per share, totalling for Rs 23.1 crore. With this acquisition, the company plans to expand offerings in its a-la-carte restaurants segment. It appears in a screener of stocks with low debt.

  • Happiest Minds Technologies declines more than 3% as 15.5 lakh shares (1% equity), amounting to Rs 138 crore, reportedly change hands in a large trade.

  • HDFC Securities keeps its 'Buy' rating on Multi-Commodity Exchange of India (MCX) and raises the target price to Rs 2,400 from Rs 1,780. This implies a 15.7% upside. The brokerage expects the company to grow due to increased trading volumes and new products. It also expects profitability to improve as the company shifts to a new software platform, which will lead to a sharp reduction in software support charges.

  • CE Info Systems surges more than 7% to touch its all-time high of Rs 2,108.9 per share. It ranks high on Trendlyne's checklist with a score of 59.1%. However, the company is in the 'Sell' zone. It appears on a screener of stocks with the biggest price gains since the open.

  • As per RBI data, India’s current account deficit (CAD) widens QoQ to $9.2 billion in Q1FY24, making up 1.1% of the GDP. It also highlights a YoY decline in net FDI inflow, which now stands at $5.1 billion.

  • Rane (Madras) rises as it approves setting up an arm in Mexico to manufacture steering and linkage auto components catering to customers in Mexico and North American Region.

  • Promoters Fortitude Trade & Investment and Emerging Market Investment buy a 1.7% and 0.5% stake, respectively, in Adani Power from September 5 to September 25.

  • Motilal Oswal maintains its ‘Buy’ rating on Kajaria Ceramics with a target price of Rs 1,580. This implies an upside of 18.5%. The brokerage believes the company is well-placed to benefit from the real estate upcycle due to its extensive distribution network, higher advertising spending and healthy balance sheet. It expects the company’s net profit to grow at a CAGR of 26% over FY23-26.

  • Tech stocks like Tech Mahindra, Persistent Systems, LTIMindtree and Infosys are falling in trade. All constituents of the broader Nifty IT index are trading in the red.

  • Reliance Jio gains 39.1 lakh wireless subscribers in July on a net basis, while Bharti Airtel adds 15.2 lakh. Vodafone Idea's subscribers continue to decline, with a loss of 13.2 lakh users on a net basis.

  • Dixon Technologies rises to its 52-week high of Rs 5,378.8 per share as its subsidiary Padget Electronics enters an agreement with Xiaomi. The agreement is to manufacture Xiaomi mobiles in the company's manufacturing facility in Noida.

  • Gensol Engineering rises as its EV-focused leasing solutions arm wins an order for over 500 Tata Ace Cargo EVs. The order is valued at Rs 75 crore.

  • Yatra Online’s shares debut on the bourses at a 10.2% discount to the issue price of Rs 142. The Rs 775 crore IPO has received bids for 1.6 times the total shares on offer.

  • Ajit Venkataraman, Chief Executive Officer of Finolex Industries, says that demand is strong but rainfall has led to a temporary slowdown. He expects the fittings business to rise by up to 15% and the pipes business to increase by over 10%. He also mentions that the company's non-agricultural segment is outpacing industry growth, expanding at a rate of 15%.

  • HLE Glasscoat's promoters Nilesh Patel, Himanshu Patel and Harsh Patel sell 1.5%, 1.5% and 0.7% stake in the company respectively in a block deal on Wednesday.

  • ICICI Lombard General Insurance is falling as the Directorate General of GST Intelligence issues a show cause-cum-demand notice to the company for not paying Rs 1,728.9 crore in taxes.

  • NBCC rises as it announces the sale of a commercial space in New Delhi's World Trade Centre for Rs 5,716 crore. The area offered for sale is 14.8 lakh square feet and will be sold through an e-auction. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • PNC Infratech is rising as it submits an eligible dispute to the National Highways Authority of India under the government's Vivad se Vishwas II scheme for Rs 259.1 crore. The company will also receive interest at a rate of 9% per annum on this amount until it receives an acknowledgement from the parties concerned.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (46.35, 3.00%), FSN E-Commerce Ventures Ltd. (153.15, 2.72%) and PB Fintech Ltd. (760.00, 2.32%).

Downers:

Largecap and midcap losers today include Berger Paints (India) Ltd. (569.55, -5.66%), Tech Mahindra Ltd. (1.229.50, -4.59%) and Hindustan Zinc Ltd. (297.95, -4.20%).

Volume Rockets

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

Top high volume gainers on BSE included Multi Commodity Exchange of India Ltd. (2,096.55, 8.24%), C.E. Info Systems Ltd. (2,037.70, 7.41%) and Finolex Cables Ltd. (1,195.55, 6.73%).

Top high volume losers on BSE were Hindustan Zinc Ltd. (297.95, -4.20%), Happiest Minds Technologies Ltd. (872.95, -4.15%) and United Breweries Ltd. (1,540.20, -2.40%).

TeamLease Services Ltd. (2,593.80, 0.02%) was trading at 14.1 times of weekly average. Oil India Ltd. (292.25, 1.65%) and Global Health Ltd. (715.10, 2.92%) were trading with volumes 8.1 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks made 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (1,219.80, 1.79%), Coal India Ltd. (290.20, -0.46%) and Finolex Cables Ltd. (1,195.55, 6.73%).

Stocks making new 52 weeks lows included - Gujarat Gas Ltd. (414.95, -1.41%) and Vedanta Ltd. (208.35, -0.31%).

3 stocks climbed above their 200 day SMA including Crompton Greaves Consumer Electricals Ltd. (305.75, 2.24%) and Avenue Supermarts Ltd. (3,665.00, 0.67%). 19 stocks slipped below their 200 SMA including Happiest Minds Technologies Ltd. (872.95, -4.15%) and Honeywell Automation India Ltd. (39,141.20, -3.42%).

 
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