Trendlyne Analysis

Nifty 50 closed at 19,675.45 (231.9, 1.2%), BSE Sensex closed at 65,675.93 (742.1, 1.1%) while the broader Nifty 500 closed at 17,508.05 (189.5, 1.1%). Market breadth is in the green. Of the 1,988 stocks traded today, 1,212 were on the uptrend, and 728 went down.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,675.5 points. Narayana Hrudayalaya hit its all-time high and closed 5.1% higher after its Q2FY24 net profit rose by 34.2% YoY to Rs 226.6 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, taking cues from the benchmark index. Nifty Energy and Nifty Realty closed higher than their Monday close. According to Trendlyne's sector dashboard, Realty was the top-performing sector of the day as it rose 2.5%.

European indices traded in the green, in line with the Asian indices amid positive global cues. UK consumer price inflation (CPI) fell to 4.6% YoY in October against 6.7% in September. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the red after closing 0.2% lower on Tuesday.

• Money flow index (MFI) indicates that stocks like Trent, Central Depository Services (India), Alkem Laboratories and Ratnamani Metals & Tubes are in the overbought zone.

• Jaiprakash Associates is rising as it enters into a settlement pact to transfer 18.9 core shares to its lender, ICICI Bank. The company shows up in a screener for companies with strong momentum scores.

• India's trade deficit widens to a record high of around $31.5 billion in October due to higher imports. India’s merchandise exports stand at $33.6 billion in October, while imports jump to $65 billion.

  Commerce Secretary Sunil Barthwal announced that India's merchandise trade deficit for October amounted to $31.46 billion.
  
  Read on here????https://t.co/kGk9ypTrRy#India #TradeDeficit #Export #Import

  — Moneycontrol (@moneycontrolcom) November 15, 2023

• Natco Pharma is falling despite its Q2FY24 net profit jumping 6.5X YoY to Rs 369 crore and revenue surging by 138.7% YoY to Rs 1,031.4 crore. This is driven by robust growth in formulation exports and the domestic agrochemical business. The company shows up in a screener for stocks in the PE buy zone with high durability scores and rising momentum scores.

• Karur Vysya Bank, Tata Elxsi, Bajaj Auto and CIE Automotive India outrperform the Nifty 50 index over the past month post their Q2FY24 results.

• PSU bank stocks like Bank of Baroda, Canara Bank, Bank of India and Union Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the red.

• Morgan Stanley maintains its ‘Underweight’ rating on Indiabulls Housing Finance with a target price of Rs 103. The brokerage says that the company’s Q2 earnings have been in line with its estimates and PPOP (pre-provision operating profit) beat estimates by 43%, driven by higher assignment income and lower operating costs.

  Brokerage Radar | Morgan Stanley maintains underweight on Indiabulls Housing with target price of Rs.103@MorganStanley @ibhomeloans pic.twitter.com/KeAmP74Efp

  — ET NOW (@ETNOWlive) November 15, 2023

• Cipla completes the sale of its 51.8% stake in Cipla Quality Chemicals, through its subsidiaries Cipla EU and Meditab Holdings, for $25 million (around Rs 207.9 crore).

• Gland Pharma receives tentative approval from the US Food and Drug Administration (US FDA) for its angiotensin injection. It has reported sales of $38 million in the US over the past 12 months ending September 2023. The stock shows up in a screener for companies with zero promoter pledge.

• Aster DM Healthcare falls as it reports a net loss of Rs 30.8 crore in Q2FY24, against a net profit of Rs 46.2 crore in Q2FY23, due to rising raw material and employee benefit expenses. However, its revenue grows by 17.3% YoY, aided by the hospitals, clinics and retail pharmacies segments. The company appears in a screener of stocks with declining net profit and margins.

• Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, reports a 35% revenue growth in Q3 so far. He adds that it plans to add nine stores in Q3 and 12-13 stores in Q4. He notes a reduction of Rs 115 crore in gross debt in Q2FY24 and targets a 15% debt reduction for FY24.

  #OnCNBCTV18 | EBITDA #margin will continue to reduce as share of revenue from franchise store 7 will see margin settle around 6.5-7%. We will add 9 stores in #Q3 & 12-15 stores in #Q4 , says Ramesh Kalyanaraman of Kalyan Jewellers pic.twitter.com/jfafTl7QBK

  — CNBC-TV18 (@CNBCTV18Live) November 15, 2023

• Siemens is rising as its parent company, Siemens AG, plans to acquire an 18% stake in the company from Siemens Energy for 2.1 billion euros (approximately Rs 18,976 crore). Post the acquisition, Siemens AG will hold a 66% stake, while Siemens Energy will retain a 6% stake in the company.

• KRChoksey downgrades its rating on Dr. Reddy’s Laboratories to ‘Add’ from ‘Buy’ and lowers the target price to Rs 5,826 from Rs 6,555. This implies an upside of 7.3%. The brokerage cites expected lower margins and weakness in the India business as reasons for the revision. It forecasts the company’s net profit to grow at a CAGR of 9.3% over FY23-25.

• Tech stocks like MphasiS, Coforge, Tech Mahindra and LTIMindtree rise more than 2% in trade. All constituents of the broader Nifty IT index are also trading in the green.

• Narayana Hrudayalaya rises to an all-time high of Rs 1,182 as its Q2FY24 net profit surges by 34.2% YoY to Rs 226.6 crore. Its revenue grows by 12.9% YoY, aided by higher average revenue per patient. The company appears in a screener of stocks with high TTM EPS growth.

• The MSCI Global Standard Index adds IndusInd Bank, Suzlon Energy, One97 Communications (Paytm) and Persistent Systems, among others, in its November review. The index has not excluded any Indian stocks during the rejig.

  IndusInd Bank, One 97 Communications, Tata Motors DVR and Suzlon Energy shares are among nine stocks that have been included in the MSCI Global Standard Index.https://t.co/lHkITqQpCQ

  — Mint (@livemint) November 15, 2023

• ASK Automotive’s shares debut on the bourses at a 7.5% premium to the issue price of Rs 282. The Rs 833.9 crore IPO has received bids for 51.1 times the total shares on offer.

• Rajesh Exports is falling as its Q2FY24 net profit drops 87.9% YoY to 45.3 crore, while its revenue plummets by 52.6% YoY to Rs 38,079.4 crore. The stock shows up in a screener for companies with net profit declining sequentially over the past two quarters.

• Asian Paints is rising as it upgrades its original installed production capacity of the Khandala plant to 4 lakh KL per annum from 3 lakh KL. The company has invested Rs 385 crore for this expansion through internal accruals.

• Realty stocks like Phoenix Mills, Oberoi Realty, Indiabulls Real Estate and Prestige Estates Projects surge more than 3% in trade today. All constituents of the broader BSE Realty index are also trading in the green.

• India’s WPI inflation contracts to -0.5% in October, continuing its negative trend for the seventh consecutive month. This is due to a fall in the prices of chemical & chemical products, paper & paper products, basic metals, food products, and textiles.

  WPI #inflation at -0.52% for the seventh consecutive month in October, @ShivaRajora7 reports.#WPI #India #inflation #economy https://t.co/wcSnyL6GMQ

  — Business Standard (@bsindia) November 14, 2023

• Grasim Industries rises as its Q2FY24 net profit grows by 15.3% YoY to Rs 1,163.8 crore. Its revenue increases by 10% YoY, aided by the cement and financial services segments. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

• Rail Vikas Nigam is rising as it bags an order worth Rs 311.2 crore from the Central Railway to construct four tunnels and 28 bridges in Madhya Pradesh.

• Mohnish Pabrai sells a 0.5% stake in Nuvama Wealth Management for approx Rs 50.2 crore in a bulk deal on Monday.

• Manappuram Finance surges over 9% as its Q2FY24 net profit grows by 20.4% YoY to Rs 419.9 crore. Revenue rises 16.5%, aided by the gold loan and microfinance segments. It appears in a screener of stocks with broker upgrades in target price or recommendations over the past three months.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (6,559.25, 5.81%), Oberoi Realty Ltd. (1,302.70, 5.62%) and Eicher Motors Ltd. (3,848.30, 5.57%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (169.80, -3.11%), Honeywell Automation India Ltd. (35,901.65, -2.99%) and Supreme Industries Ltd. (4,151.85, -2.80%).

Movers and Shakers

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

Top high volume gainers on BSE included Network18 Media & Investments Ltd. (83.60, 10.00%), Star Cement Ltd. (171.15, 9.89%) and Motilal Oswal Financial Services Ltd. (1,223.85, 8.25%).

Top high volume losers on BSE were Rajesh Exports Ltd. (403.40, -8.05%), La Opala RG Ltd. (414.65, -7.32%) and Natco Pharma Ltd. (758.65, -4.48%).

Phoenix Mills Ltd. (2,228.05, 5.58%) was trading at 8.4 times of weekly average. Narayana Hrudayalaya Ltd. (1,133.45, 4.50%) and Manappuram Finance Ltd. (150.50, 7.23%) were trading with volumes 7.3 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,949.30, 4.30%), Bajaj Auto Ltd. (5,536.70, 2.06%) and Balkrishna Industries Ltd. (2,630.05, 2.20%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (403.40, -8.05%).

10 stocks climbed above their 200 day SMA including Tech Mahindra Ltd. (1,173.75, 3.75%) and HFCL Ltd. (68.35, 3.72%). 3 stocks slipped below their 200 SMA including Zydus Wellness Ltd. (1,506.50, -1.15%) and Avanti Feeds Ltd. (391.95, -0.47%).