Trendlyne Marketwatch
Trendlyne Marketwatch
12 Oct 2023
Market closes flat, HDFC Asset Management's net profit rises 19.9% YoY to Rs 436.5 crore

Trendlyne Analysis

Nifty 50 closed at 19,794.00 (-17.4, -0.1%), BSE Sensex closed at 66,408.39 (-64.7, -0.1%) while the broader Nifty 500 closed at 17,419.70 (12.4, 0.1%). Market breadth is in the green. Of the 1,980 stocks traded today, 1,139 were in the positive territory and 802 were negative.

Indian indices pared the gains from the afternoon session and closed flat, with the Nifty 50 closing at 19,794. The volatility index, Nifty VIX, dropped by 3.4% and closed at 10.6 points. HDFC Asset Management’s Q2FY24 net profit increased by 19.9% YoY to Rs 436.5 crore beating the forecaster estimates by 2.7% and its revenue grew by 18.1% YoY to Rs 643.1 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, with the benchmark index closing flat. Nifty Media and Nifty Energy closed higher than Wednesday’s closing levels. According to Trendlyne’s sector dashboard, media emerged as the top-performing sector of the day, with a rise of over 3.2%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. The data released by the World Bank indicated that the UK’s GDP in August increased by 0.5% YoY against the estimates of a 0.4% growth.

  • Maruti Suzuki India sees a long buildup in its October 26 future series as its open interest rises 14.6% with a put-call ratio of 0.6.

  • Linde India surges over 14% in trade today. The company ranks high on Trendlyne’s Checklist scoring 78.3%. It features in a screener of companies with prices above short, medium, and long-term moving averages.

  • Telecommunications equipment, coal and realty sectors rise by more than 6.9% over the past week

  • PCBL, Zensar Technologies and L&T Technology Services rise 15.4%, 5.7% and 3.9% respectively over the past week, ahead of their Q2FY24 results on Tuesday.

  • Grasim Industries rises to an all-time high of Rs 2,022 as its board considers fund-raising on October 16. They plan to raise funds through rights issues, qualified institutional placements or preferential issues. The company appears in a screener of stocks with improving book value per share.

  • Hero Motocorp receives a stay order from the Delhi High Court in a cheating case involving the company's MD and CEO, Pawan Munjal. The stay order will remain in force till the next hearing, which will be held on December 6.

  • HDFC Asset Management Co is rising as its Q2FY24 revenue grows by 18.1% YoY to Rs 643.1 crore. Its net profit also increases by 19.9% YoY to Rs 436.5 crore due to reduced depreciation and commission expenses. The stock shows up in the screener for companies with strong momentum.

  • Zomato touches a 20-month high as brokerages raise their target prices in anticipation of high volumes during the holiday season and the ICC Men's Cricket World Cup 2023. Kotak Institutional Equities and ICICI Securities retain their constructive view on Zomato, revising their target prices, implying a potential upside of 14% and 50%, respectively.

  • Sterlite Technologies is rising as it collaborates with Hygenco to supply green hydrogen to its manufacturing plants. According to the agreement, Hygenco will build, own and operate a green hydrogen facility, which will be commissioned in 15 to 18 months and will operate for the next 20 years.

  • Oil & gas stocks like GAIL (India), Indraprastha Gas, Bharat Petroleum Corp, Hindustan Petroleum Corp and Petronet LNG are rising in trade. Barring Adani Total Gas, all the other constituents of the broader sectoral index, BSE Oil & Gas, are trading in the green.

  • Delta Corp is falling as its Q2FY24 revenue marginally grows by 0.2% YoY to Rs 270.6 crore. The growth in the casino gaming division has been offset by a drop in the online skill gaming division. However, its net profit increases by 1.7% YoY to Rs 69.4 crore due to a decline in raw material costs. The stock shows up in the screener for companies with declining net cash flow.

  • Retail sales for the automotive industry rise around 9% YoY to 1.1 crore units in H1FY24, as per data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 7% YoY, while cars increase by 6.2% YoY.

  • BoB Capital Markets maintains its ‘Hold’ rating on Siemens India with a target price of Rs 3,900. This implies an upside of 8.9%. The brokerage points out that the company expects rising domestic public capex will create a healthy capex environment for private companies in India in the medium term. The management is optimistic that this will lead to a surge in orders from private companies in the medium-to-long term.

  • Sula Vineyards is rising as its revenue from sales grows by 14% YoY to Rs 116.2 crore in Q2FY24. Revenue from the wine tourism segment also improves by 26% YoY to Rs 12.1 crore. It features in a screener of stocks with rising return on capital employed (RoCE) over the past two years.

  • Sunil Singhania buys a 0.1% stake in Rupa & Co in Q2FY24. He now holds a 4.2% stake in the company.

  • G Shivakumar, the CFO of Great Eastern Shipping Co, says that shipments have remained unaffected by geopolitical tensions. He highlights that Israel isn't a significant trade route for the company and adds that dry bulk costs for larger vessels have risen to $25,000.

  • Ashish Kacholia sells a 0.2% stake in Safari Industries in Q2FY24. He now holds a 2.1% stake in the company.

  • Glenmark Pharmaceuticals rises as its wholly owned subsidiary, Ichnos Sciences, enters into a licensing agreement with Astria Therapeutics for the development of OX40 Antagonist Monoclonal Antibody Portfolio. These antibodies are used to treat inflammatory and immune diseases. The company appears in a screener of Nifty 500 stocks with consistently high returns over five years.

  • Media stocks like Network18 Media & Investments, TV18 Broadcast, Hathway Cable & Datacom, PVR Inox and Sun TV Network are rising in trade. The broader sectoral index, Nifty Media, is also trading in the green.

  • Morgan Stanley notes that steel companies have performed well in recent months. However, they remain cautious due to a less favourable global macro environment and unattractive valuations. The brokerage expects no material expansion in spreads over the next few months. It maintains an 'Equal-weight' rating on SAIL and Tata Steel but 'Underperform' on JSW Steel and JSPL.

  • Aster DM Healthcare rises amid reports of the potential sale of its India business for an estimated valuation of $1.9 billion. Private equity firms like BPEA EQT, Ontario Teachers' Pension Plan Board, Blackstone Inc and KKR & Co have shown interest in the acquisition. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Plaza Wires’ shares debut on the bourses at a 40.7% premium to the issue price of Rs 54. The Rs 71.3 crore IPO has received bids for 161 times the total shares on offer.

  • EMS rises to its all-time high of Rs 334.4 per share as it bags an order worth Rs 270.8 crore to build, commission and maintain a sewerage system in Jaipur.

  • IndusInd Bank rises as the RBI approves SBI Mutual Fund to acquire a 10% stake in the bank. The acquisition will be completed in one year. The company appears in a screener of stocks with improving RoE.

  • Tata Consultancy Services falls despite its net profit growing by 2.4% QoQ to Rs 11,342 crore in Q2FY24. Revenue remains flat at Rs 59,692 crore on the back of the communication, media & technology, and life sciences & healthcare segments. The company has also announced to buy back 4.1 crore shares worth approximately Rs 17,000 crore.

  • Nifty 50 was trading at 19,829.85 (18.5, 0.1%), BSE Sensex was trading at 66,525.54 (52.5, 0.1%) while the broader Nifty 500 was trading at 17,447.65 (40.3, 0.2%)

  • Market breadth is surging up. Of the 1,752 stocks traded today, 1,390 were in the positive territory and 305 were negative.

Riding High:

Largecap and midcap gainers today include NMDC Ltd. (159.00, 5.79%), GAIL (India) Ltd. (129.35, 4.69%) and Indraprastha Gas Ltd. (478.20, 3.87%).

Downers:

Largecap and midcap losers today include Tech Mahindra Ltd. (1,198.75, -2.67%), Delhivery Ltd. (428.85, -2.33%) and Gujarat Fluorochemicals Ltd. (2,820.75, -2.05%).

Volume Rockets

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

Top high volume gainers on BSE included MMTC Ltd. (70.55, 19.88%), Linde India Ltd. (6,654.10, 13.80%) and Network18 Media & Investments Ltd. (80.55, 11.57%).

Top high volume losers on BSE were Sterling and Wilson Renewable Energy Ltd. (304.85, -2.85%), Apollo Hospitals Enterprise Ltd. (4,993.85, -1.94%) and Rajesh Exports Ltd. (455.70, -1.80%).

Eureka Forbes Ltd. (502.40, 2.03%) was trading at 37.2 times of weekly average. Aster DM Healthcare Ltd. (339.20, 4.97%) and Computer Age Management Services Ltd. (2,562.90, 6.12%) were trading with volumes 21.5 and 11.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

35 stocks hit their 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (950.35, -0.55%), Bosch Ltd. (20,435.00, 3.74%) and Caplin Point Laboratories Ltd. (1113.05, 3.87%).

Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (455.70, -1.80%) and V-Mart Retail Ltd. (1,945.00, -0.26%).

8 stocks climbed above their 200 day SMA including NOCIL Ltd. (236.20, 4.68%) and Sterlite Technologies Ltd. (162.10, 2.99%). 2 stocks slipped below their 200 SMA including Bharat Dynamics Ltd. (1,006.40, -2.58%) and Godrej Consumer Products Ltd. (977.00, -0.90%).

 
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