Trendlyne Marketwatch
Trendlyne Marketwatch
16 Nov 2023, 03:45PM
Market closes higher, Axis Direct keeps its ‘Buy’ rating on Healthcare Global Enterprises

Trendlyne Analysis

Nifty 50 closed at 19,765.20 (89.8, 0.5%) , BSE Sensex closed at 65,982.48 (306.6, 0.5%) while the broader Nifty 500 closed at 17,593.10 (85.1, 0.5%), of the 1,990 stocks traded today, 949 were gainers and 990 were losers.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,765. The volatility index, Nifty VIX, rose by 4.6% and closed at 11.6 points. Goldman Sachs buys a 1.2% stake (23.2 lakh shares) in the ASK Automotives at an average price of Rs 310 per share.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark index. Nifty Realty and Nifty Healthcare closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, software & services emerged as the top-performing sector of the day, with a rise of over 2.3%.

Most European indices trade in the green except for England’s FTSE 100 and Switzerland’s SMI index trading in the red. US indices futures trade lower indicating a negative start. The data released by Japan’s Ministry of Finance indicated that Japan’s exports for October expanded by 1.6% YoY against an expectation of 1.2% growth.

  • Coforge sees a long buildup in its November 30 future series as its open interest rises 19.8% with a put-call ratio of 1.3.

  • Dr. Reddy's Laboratories rises following the launch of Nerivio, a wearable migraine management device suitable for patients aged 12 and above. The company appears in a screener for stocks with improving book value per share.

  • Axis Direct keeps its ‘Buy’ rating on Healthcare Global Enterprises with a target price of Rs 410, implying an upside of 13.2%. The brokerage expects the company to outpace the oncology industry's growth rate in the medium term, driven by its market leadership position. It also expects the firm to benefit from increased international patient volume.

  • Jio Financial Services is rising as the RBI approves the appointment of Isha Ambani, Anshuman Thakur and Hitesh Kumar Sethia as its directors.

  • General Insurance Corp of India surges over 8% to touch its 52-week high of Rs 246.9 per share. It ranks high in Trendlyne's checklist with a score of 72.7%. It is in the buy zone and appears in a screener for undervalued growth stocks.

  • Mazagon Dock Shipbuilders, BLS International Services, and Safari Industries’ stock prices increase 553.2%, 413.1% and 359.1% respectively over the past two years.

  • Pharmaceuticals and healthcare companies like Glenmark Pharmaceuticals, Dr. Reddy’s Laboratories, Dr. Lal Pathlabs, Lupin and Max Health Institute are rising in trade. Barring Torrent Pharmaceuticals, all the other constituents of the broader sectoral index, Nifty Healthcare, are trading in the green.

  • KRChoksey downgrades its rating on UNO Minda to ‘Add’ from ‘Buy’ but keeps its target price unchanged at Rs 680. This implies an upside of 6.4%. The brokerage believes that the firm is well-placed to benefit from the rising demand for vehicles, rising content per vehicle, and premiumisation. However, it has revised the recommendation as it believes the stock is trading at expensive valuations.

  • According to reports, 35.4 lakh shares (0.2% equity) of Petronet LNG, amounting to approximately Rs 70.1 crore, change hands in a large trade.

  • PTC India is reportedly set to become debt-free after selling its stakes in its arm, PTC Energy, to ONGC for an enterprise value of Rs 2,021 crore.

  • Pennar Industries rises more than 8% as it bags orders worth Rs 669 crore for various business verticals. These orders have been placed by various domestic and international clients. The company appears in a screener of stocks with high TTM EPS growth.

  • Divi's Laboratories receives a GST demand notice for Rs 82 crore from the Commissioner of Central Tax. The company has filed an appeal with the Appellate Authority.

  • The Centre slashes the windfall tax on locally produced crude oil to Rs 6,300 per tonne from Rs 9,800 earlier. It also cuts the export tax on diesel to Rs 1 per litre, while maintaining it a ‘Nil’ tax rate on aviation turbine fuel (ATF) and petrol.

  • Vikas Lifecare wins an order worth Rs 45.9 crore for the supply of 40,000 gas meters from Gujarat Gas for its material subsidiary, Genesis Gas Solutions.

  • IT stocks like Coforge, Tata Consultancy Services, Tech Mahindra, Mphasis and Infosys are rising in trade. The broader sectoral, Nifty IT, is also trading in the green.

  • Cyient is rising as it signs a letter of intent (LoI) with Thales to reduce carbon emissions. Thales is working with its strategic suppliers to achieve its CO2 emissions reduction targets for 2030.

  • Global engineering services firm Tata Technologies sets the price band for its IPO at Rs 475-500 per share. The size of the issue is Rs 3,042.5 crore, and is completely an offer for sale. The issue opens on November 22.

  • Puravankara secures redevelopment rights for two housing societies in Mumbai with a potential gross development value of Rs 1,500 crore, according to reports. The company shows up in a screener for stocks with consistently high returns over the past five years.

  • Dabur India is rising as its US subsidiaries, Dabur International and Dermoviva Skin Essentials, are removed as defendants from multiple lawsuits filed in a US court. The lawsuits are related to allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other health issues.

  • ASK Automotive rises as Goldman Sachs buys a 1.2% stake (23.2 lakh shares) in the company at an average price of Rs 310 per share, amounting to Rs 72 crore. The deal has been executed through an open market transaction.

  • Jefferies maintains its ‘Buy’ rating on Grasim Industries with a target price of Rs 2,300. The brokerage says that Grasim's Q2 EBITDA missed estimates due to a weaker chemical segment. However, its VSF (viscose staple fibre) segment has performed better on improved volumes. Jefferies adds that the focus remains on the paint launch in the next 3-4 months.

  • Suzlon Energy rises to an all-time high of Rs 42 following the announcement of an updated model and manufacture listing for its S144 wind turbines with an extendable capacity of 3.1 MW. The company appears in a screener of stocks with strong momentum.

  • The US International Development Finance Corp (DFC) commits $553 million (around Rs 4,600 crore) to Adani Ports’ joint venture in Sri Lanka, the Colombo port terminal project. The stock shows up in a screener for companies with decreasing promoter pledges.

  • Bajaj Finance falls following an RBI directive to stop loan sanctions and disbursal through its 'eCOM, and 'insta EMI card' products, citing violations in digital lending norms, particularly non-issuance of key fact statements to borrowers. The company appears in a screener of stocks with declining net cash flow.

  • Tata Consultancy Services fixes November 25 as the record date for its Rs 17,000 crore buyback. It will buy back nearly 4.1 crore shares at Rs 4,150 each. The stock shows up in a screener for companies with improving cash flows from operations over the past two years.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (241.95, 7.63%), Coforge Ltd. (5,701.10, 6.70%) and Bosch Ltd. (20,589.15, 4.39%).

Downers:

Largecap and midcap losers today include Union Bank of India (110.30, -2.04%), Supreme Industries Ltd. (4,070.55, -1.96%) and Bayer Cropscience Ltd. (5,465.60, -1.70%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Alok Industries Ltd. (21.30, 9.79%), Sterlite Technologies Ltd. (157.15, 8.83%) and General Insurance Corporation of India (241.95, 7.63%).

Top high volume losers on BSE were 360 One Wam Ltd. (543.10, -3.04%) and Kalpataru Projects International Ltd. (653.60, -0.67%).

TCI Express Ltd. (1,390.65, 4.12%) was trading at 19.6 times of weekly average. CESC Ltd. (96.05, 5.20%) and Happiest Minds Technologies Ltd. (853.70, 1.60%) were trading with volumes 14.6 and 13.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,930.10, -0.98%), Apollo Hospitals Enterprise Ltd. (5,338.75, 2.18%) and Bajaj Auto Ltd. (5,550.90, 0.26%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (392.65, -2.66%).

16 stocks climbed above their 200 day SMA including Sterlite Technologies Ltd. (157.15, 8.83%) and Tech Mahindra Ltd. (1,207.20, 2.85%). 4 stocks slipped below their 200 SMA including La Opala RG Ltd. (396.50, -4.38%) and Chemplast Sanmar Ltd. (441.70, -1.68%).

 
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