Trendlyne Marketwatch
Trendlyne Marketwatch
17 Nov 2023, 03:55PM
Market closes lower, Motilal Oswal reiterates its ‘Buy’ rating on Grasim Industries

Trendlyne Analysis

Nifty 50 closed at 19,731.80 (-33.4, -0.2%), BSE Sensex closed at 65,794.73 (-187.8, -0.3%) while the broader Nifty 500 closed at 17,600.50 (7.4, 0.0%). Market breadth is holding steady. Of the 1,986 stocks traded today, 973 were on the uptick, and 983 were down.

Indian indices recovered from their day lows and closed marginally lower, with the benchmark Nifty 50 index closing at 19,731.8 points. GMR Airport Infrastructure closed in the green as reports suggested a 19% YoY growth in its total passenger traffic for October, reaching 98.4 lakh. 

Nifty Smallcap 100 and Nifty Midcap 100 closed marginally higher, outperforming the benchmark index. Nifty Pharma and Nifty FMCG closed higher than their Thursday close. According to Trendlyne's sector dashboard, Hardware Technology & Equipment was the top-performing sector of the week as it rose 7.8%.

Major European indices traded flat or higher, despite the Asian indices closing mixed. US index futures traded marginally higher, indicating a positive start to the trading session. Brent crude oil futures traded in the green after falling 4.3% on Thursday and are set to post weekly losses for a fourth straight week.

  • Relative strength index (RSI) indicates that stocks like Suzlon Energy, Alkem Laboratories, Ratnamani Metals & Tubes and Solar Industries India are in the overbought zone.

  • BSE and The New India Assurance touch their 52-week highs of Rs 2,445 and Rs 155.2 per share, respectively. The former has risen by 22.2% over the past week, while the latter rose 10.5%.

  • Multi Commodity Exchange of India, MTAR Technologies, Cholamandalam Financial Holdings, and PCBL witness a decrease in mutual fund holdings in the past month.

  • Lupin receives approval from the US Food and Drug Administration for its abbreviated new drug application for ganirelix acetate injection. This injection had an estimated annual sales of $84 million in the US till September 2023.

  • Reports suggest that telecom operators are expected to lose Rs 250 crore in SMS revenue to the OTT segment as OTT messaging traffic in India is expected to reach 2,440 crore by 2028.

  • Tata Investment Corp surges over 18.4% to an all-time high of Rs 3,884.8 per share. It ranks high in Trendlyne's checklist with a score of 59.1%. However, it is in the strong sell zone. It appears in a screener of stocks with strong momentum.

  • Motilal Oswal reiterates its ‘Buy’ rating on Grasim Industries with a target price of Rs 2,380. This implies an upside of 20.3%. The brokerage is positive about the firm’s prospects on the back of its viscose staple fibre segment. It also expects its EBITDA margin to expand in the coming quarters. The brokerage expects the company’s revenue to grow at a CAGR of 9.5% over FY23-25.

  • Hardware technology & equipment, software & services and realty sectors rise by more than 4.3% over the past week.

  • Dinesh Khara, Chairman of State Bank of India expects the bank's capital requirements to grow by 55-60 bps due to the increase in credit risk weight to 125%. He also states that the board of directors has approved raising Rs 10,000 crore.

  • Foreign institutional investors invest Rs 5,913.4 crore in the equity market over the past week, according to Trendlyne's FII dashboard. However, index options witness the highest outflow of Rs 86,783.5 crore from foreign investors.

  • GMR Airport Infrastructure rises as reports suggest a 19% YoY growth in its total passenger traffic for October, reaching 98.4 lakh. The company appears in a screener of stocks with improving annual net profit for the past two years.

  • Reports suggest that India's weightage in the MSCI emerging markets (EM) index is expected to rise by 42 bps to 16.3%, aided by the inclusion of nine new stocks. This change will come into effect from November 30, increasing India's representation to 131 stocks, which is an all-time high.

  • Delhivery is falling as reports suggest that Softbank is looking to offload its 4% stake worth $150 million (Rs 1,249.2 crore) in the company through a block deal. The company shows up in a screener for stocks with low Piotroski scores, implying weak financials.

  • Kotak Mahindra Bank appoints Ashok Vaswani as the Managing Director and Chief Executive Officer, with effect from January 1, 2024.

  • Anup Bagchi, the Chief Executive Officer of ICICI Prudential Life Insurance, expects its average premium equivalent (APE) to reach the industry average by the end of FY25. He also expects retail protection to stabilise at 25-30%.

  • IRB Infrastructure Developers rises to an all-time high of Rs 38.4 after Moody's confirmed the company's good long-term financial rating. Moody's maintains its Ba1 CFR rating, indicating confidence in IRB's financial stability, despite expecting some temporary weakening over the next 12-18 months.

  • Technocraft Industries (India) falls as it discontinues the production of melange yarn in its Murbad, Maharashtra, factory. The segment currently contributes 5.7% to the total revenue. The company appears in a screener of stocks with declining net profit and margins.

  • Apple's Chinese component manufacturer, Luxshare, invests $330 million (approximately Rs 2,747 crore) in Vietnam instead of India. The move comes after the company failed to expand in India due to the political tension with China.

  • HDFC Securities maintains its ‘Buy’ rating on KNR Constructions with a target price of Rs 341, implying an upside of 21.2%. The brokerage remains optimistic about the company’s prospects due to its strong balance sheet, robust execution capabilities and strong order pipeline. It expects the firm’s net profit to grow at a CAGR of 10.4% over FY23-26.

  • SJVN rises as it signs a 200 MW wind power purchase agreement with Solar Energy Corp of India. The project, to be developed by SJVN Green Energy, is expected to cost Rs 1,400 crore and is slated for commissioning by November 2025. The company appears in a screener of stocks with increasing quarterly profits.

  • PSU banks like Union Bank of India, State Bank of India, Punjab National Bank and Bank of India are falling in trade as the Reserve Bank of India increases credit risk weight to 125% from 100%. All constituents of the broader Nifty PSU Bank index are also trading in the red.

  • AGS Transact Technologies wins an order worth Rs 1,100 crore from State Bank of India. This contract, to be executed over the next seven years, involves deploying over 2,500 ATMs as part of the bank's outsourced/managed services portfolio.

  • Brigade Enterprises surges more than 4% as it signs a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs. The JDA aims to develop 2 million square feet of residential housing in Yelahanka, Bengaluru, with a gross development value (GDV) of Rs 2,100 crore.

  • DCX Systems rises as its board approves the raising of Rs 500 crore in one or more tranches through public issues, preferential issues, rights issues, private placements, QIP or any combination. The company appears in a screener of stocks with high TTM EPS growth.

  • JSW Infrastructure is rising as it bags an order worth Rs 4,119 crore from the Karnataka Maritime Board to develop the Keni port in Karnataka. The port will begin operations with a capacity of 44 MTPA and then expand to 117 MTPA by 2035.

Riding High:

Largecap and midcap gainers today include FSN E-Commerce Ventures Ltd. (167.65, 9.25%), Solar Industries India Ltd. (7,390.50, 7.94%) and General Insurance Corporation of India (259.00, 7.05%).

Downers:

Largecap and midcap losers today include Aditya Birla Capital Ltd. (170.95, -5.66%), SBI Cards and Payment Services Ltd. (732.85, -5.14%) and IDBI Bank Ltd. (62.65, -4.50%).

Volume Rockets

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (3,908.90, 20.00%), Varroc Engineering Ltd. (554.75, 16.88%) and FSN E-Commerce Ventures Ltd. (167.65, 9.25%).

Top high volume losers on BSE were RBL Bank Ltd. (234.80, -7.76%), Aditya Birla Capital Ltd. (170.95, -5.66%) and SBI Cards and Payment Services Ltd. (732.85, -5.14%).

Delhivery Ltd. (399.75, -3.41%) was trading at 45.1 times of weekly average. Rossari Biotech Ltd. (726.15, -0.34%) and Rites Ltd. (477.25, 6.11%) were trading with volumes 12.1 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

62 stocks hit their 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,921.40, -0.45%), Apollo Hospitals Enterprise Ltd. (5,478.95, 2.63%) and Bajaj Auto Ltd. (5,631.50, 1.45%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (377.90, -3.76%).

11 stocks climbed above their 200 day SMA including Pidilite Industries Ltd. (2,510.30, 2.08%) and Godrej Consumer Products Ltd. (996.95, 1.75%). 7 stocks slipped below their 200 SMA including Aditya Birla Capital Ltd. (170.95, -5.66%) and State Bank of India (563.05, -3.69%).

 
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