Trendlyne Marketwatch
Trendlyne Marketwatch
13 Oct 2023
Market closes lower, HDFC Life Insurance Co's Q2FY24 net profit rises 15.5% YoY

Trendlyne Analysis

Nifty 50 closed at 19,751.05 (-43.0, -0.2%) , BSE Sensex closed at 66,282.74 (-125.7, -0.2%) while the broader Nifty 500 closed at 17,390.35 (-29.4, -0.2%), of the 1,974 stocks traded today, 905 were on the uptrend, and 1015 went down.

Indian indices recovered from their day lows but still closed lower, with the Nifty 50 closing at 19,751.1 points. The Indian volatility index, Nifty VIX, closed flat at 10.6 points. One97 Communications (Paytm) fell 2.6% as RBI imposed a penalty of Rs 5.4 crore on its associate Paytm Payments Bank for non-compliance with know your customer (KYC) norms.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, in line with the benchmark index. Nifty Realty and Nifty FMCG closed higher than their Thursday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 9.9%.

Major European indices traded lower as investors assessed Inflation reports from Spain and France. French CPI rose 4.9% YoY in September, while the Spanish CPI climbed 3.5% YoY. Major Asian indices closed in the red, except for India’s BSE Sensex, which closed flat. Brent crude oil futures traded in the green after rising 0.9% on Thursday.

  • Relative strength index (RSI) indicates that stocks like Nippon Life India Asset Management, Kaynes Technology India, Solar Industries India and Safari Industries (India) are in the overbought zone.

  • ITI and MMTC are trading at Rs 271.1 and Rs 75.3 per share, which are 47.2% and 39.5% higher than their respective week-lows.

  • Ashok Leyland bags an order from the Tamil Nadu Government to supply 1,666 passenger bus chassis. The stock shows up in a screener for companies with declining promoter pledges.

  • HDFC Life Insurance Company rises as its Q2FY24 net profit increases by 15.5% YoY to Rs 376.8 crore. Its revenue remains unchanged at Rs 22,974.3 crore, but the value of new business grows by 4% YoY. The company appears in a screener of stocks with increasing quarterly profits.

  • P. Radhakrishnan, the Whole-time Director & CEO of Kesoram Industries, says the company plans to produce 8 metric tonnes of cement in FY24. They expect the EBITDA per tonne to exceed 700 in H2FY24. He adds that the company has increased cement prices by Rs 30 per bag. Radhakrishnan anticipates that their Rayon business will break even by Q4 and that high-cost debt will be refinanced by then.

  • Foreign institutional investors make the highest investment worth Rs 4,808.8 crore in stock futures over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 65,033.6 crore from foreign investors. Mutual Funds invest Rs 3,110 crore in the equity market over the same period.

  • PSU banks like Indian Bank, Indian Overseas Bank, Bank of Baroda, State Bank of India and Punjab & Sind Bank are falling in trade. Barring Bank of Maharashtra, all the other constituents of the broader sectoral index, Nifty PSU Bank, are also trading in the red.

  • One97 Communications (Paytm) falls as RBI imposes a penalty of Rs 5.4 crore on its associate Paytm Payments Bank for non-compliance with know your customer (KYC) norms. The company appears in a screener of stocks with falling book value per share.

  • According to data from the Directorate General of Civil Aviation (DGCA), domestic air traffic in India increased by 18.3% YoY in September. Domestic airlines carried around 1.2 crore passengers last month. IndiGo gained 10 bps market share in September to 63.4%. Vistara had a 10% market share in September, while Air India's market share stayed at 9.8%.

  • Indian Oil Corp is rising as it invests Rs 1,660.2 crore in its joint venture (JV), IndianOil NTPC Green Energy. The JV is a 50-50 partnership between IOCL and NTPC.

  • Landmark Cars receives a letter of intent (LoI) from MG Motor India to open a dealership in Goa. The dealer will be established by Landmark's subsidiary, Aeromark Cars, and will be operational by Q3FY24.

  • Motilal Oswal keeps its ‘Buy’ rating on Tata Consultancy Services and raises the target price to Rs 4,060 from Rs 3,790. This implies an upside of 13.9%. Although the brokerage expects the firm to see near-term weakness, it remains optimistic about the company’s long-term prospects given its order book, long-duration projects and healthy margins.

  • India's IIP growth rate increases to a 14-month high of 10.3% in August, up from 6% in July. The expansion was aided by increased output in the mining, manufacturing, and electricity sectors. Mining output increased by 12.3%, while manufacturing and electrical output nearly doubled.

  • IRB Infrastructure Developers is rising as it enters definitive agreements with affiliates of GIC and Samakhiyali Tollway. These agreements aim to implement the Samakhiyali Santalpur BOT Project worth Rs 2,092 crore. IRB Infrastructure Trust will buy a 99.9% stake in Samayakhali Tollway for Rs 116.2 crore.

  • Anand Rathi Wealth falls despite its Q2FY24 net profit rising by 33.9% YoY to Rs 57.5 crore. Its revenue increases by 36.9% YoY, aided by growth in the mutual fund & distribution segment. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Ircon International and Rites rise sharply as the Department of Public Enterprise grants the 'Navratna' status to both companies.

  • SJVN rises as it wins a Letter of Award (LOA) in a competitive bidding conducted by Rajasthan Urja Vikas Nigam Limited (RUVNL) for the development of a 100MW solar power project on a build, own, and operate (BOO) basis amounting to Rs 600 crore. It appears in a screener for Nifty 500 stocks with consistently high returns over five years.

  • India’s CPI inflation eases to 5% in September compared to 6.8% in August, driven by a moderation in food and vegetable prices. Food and beverage inflation declined to 6.3% from 9.2% in August.

  • Angel One hits its all-time high of Rs 2,249.2 per share as its net profit grows by 43.9% YoY to Rs 305.3 crore in Q2FY24. Revenue improves by 40.6% YoY on the back of higher active clients, average daily turnover and number of orders. It appears in a screener of Trendlyne's high-return technically strong value stocks.

  • Porinju Veliyath sells a 1.3% stake in Shalimar Paints for approx Rs 18.8 crore in a bulk deal on Thursday.

  • Porinju Veliyath adds Singer India to his portfolio in Q2FY24. He buys a 1% stake in the company.

  • HDFC Bank declines as 46.7 lakh shares (0.1% equity), amounting to Rs 719.6 crore, reportedly change hands in a block deal.

  • Dolly Khanna adds KCP Sugar & Industries Corp and Prakash Industries to her portfolio in Q2FY24. She buys 1.3% and 1% stakes in the companies respectively.

  • HCL Technologies is rising as its Q2FY24 net profit rises 8.4% QoQ to Rs 3,832 crore, while its EBIT margin increases by 152 bps QoQ. Its revenue grows 1.4% QoQ led by growth in the IT & business services and engineering and R&D services segments. The company shows up in a screener for stocks with strong momentum.

  • Infosys’ Q2FY24 net profit rises 4.5% QoQ to Rs 6,212 crore as its EBIT margin increases by 40 bps QoQ. Its revenue grows by 2.8% QoQ, driven by growth in the retail, manufacturing and life sciences segments. The stock shows up in a screener for companies with no debt.

Riding High:

Largecap and midcap gainers today include Tata Motors Ltd. (667.10, 4.73%), Tata Motors Limited (DVR) (441.85, 3.81%) and HDFC Asset Management Company Ltd. (2,855.50, 3.63%).

Downers:

Largecap and midcap losers today include Bandhan Bank Ltd. (240.70, -4.10%), MphasiS Ltd. (2,376.20, -3.24%) and One97 Communications Ltd. (933.10, -2.55%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Ircon International Ltd. (149.65, 10.12%), Gujarat State Fertilizer & Chemicals Ltd. (186.85, 6.68%) and MMTC Ltd. (74.60, 5.74%).

Top high volume losers on BSE were Angel One Ltd. (2,069.60, -1.79%), Honeywell Automation India Ltd. (38,051.15, -0.86%) and Mas Financial Services Ltd. (917.10, -0.11%).

Sundram Fasteners Ltd. (1,275.25, 0.60%) was trading at 11.6 times of weekly average. Gujarat Alkalies & Chemicals Ltd. (766.25, 5.09%) and Rites Ltd. (498.45, 5.30%) were trading with volumes 10.2 and 9.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

29 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Balkrishna Industries Ltd. (2,585.25, -0.39%), Bosch Ltd. (20,541.80, 0.42%) and Coal India Ltd. (307.95, 0.24%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (445.60, -2.22%).

4 stocks climbed above their 200 day SMA including Petronet LNG Ltd. (231.05, 1.18%) and Hindustan Zinc Ltd. (318.60, 0.28%). 6 stocks slipped below their 200 SMA including Elgi Equipments Ltd. (479.00, -2.18%) and Sterlite Technologies Ltd. (159.55, -1.57%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five stocks to buy from analysts this week - June 17, 2025
The Baseline | 17 Jun 2025, 05:50PM
Chart of the Week: FIIs raise bets in consumer-driven sectors over the year
The Baseline | 16 Jun 2025, 05:21PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021