Trendlyne Analysis

Nifty 50 closed at 19,802.00 (-9.9, -0.1%), BSE Sensex closed at 66,017.81 (-5.4, 0.0%) while the broader Nifty 500 closed at 17,639.40 (11.7, 0.1%), of the 1,976 stocks traded today, 1,067 showed gains, and 863 showed losses.

Indian indices closed flat, with the benchmark Nifty 50 index closing at 19,802 points. The volatility index, India VIX, fell 4.6% and closed at 11.3 points. Honasa Consumer rose sharply and closed 20% higher after its Q2FY24 net profit grew by 73.2% YoY to Rs 29.4 crore.

Nifty Smallcap 100 closed in the green and outperformed the benchmark index. Nifty Metal and Realty closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 1.4%.

Major European indices traded in the green, except for the Swiss Market Index, which traded in the red. Major Asian indices closed flat or higher amid positive global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the red after falling 1.1% on a volatile day of trade on Wednesday.

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

• Cipla falls by over 7% as the US FDA issues a warning letter to its manufacturing facility in Pithampura. The US FDA has pointed out violations of good manufacturing practices and regulations concerning product quality at this site.

• Equitas Small Finance Bank rises as HDFC Mutual Fund acquires a 2.1% stake (2.3 crore shares) in the company. After the acquisition, the AMC holds 6.2% of the bank.

• Jindal Stainless, JSW Energy, Mphasis and Metro Brands outperform the Nifty 50 index over the past month post their Q2FY24 results.

• Motilal Oswal maintains its ‘Buy’ rating on Coal India and raises its target price to Rs 380 from Rs 290, indicating an upside of 14.1% from the current market price. The brokerage is optimistic about the company's prospects, noting it is on track to meet its FY24 production target of 780 million tonnes, aligned with rising demand. It also adds that the e-auction premium remaining stable at 85-90% augurs well for the firm.

• Gandhar Oil Refinery's Rs 500.7 crore IPO gets bids for 15.3X the available 2.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 17.2X the available 1.1 crore shares on offer.

• Flair Writing Industries' Rs 593 crore IPO gets bids for 6.1X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 7.1X the available 72.1 lakh shares on offer.

• According to CLSA, Reliance Jio Infocomm's initial public offering (IPO) will be a stock-rerating catalyst for Bharti Airtel. The brokerage has a 'Buy' rating on both Bharti Airtel and Reliance Industries. Jio's market leadership and digital expansion vision justify a premium in valuation.

  Reliance Jio IPO to be a stock rerating catalyst for Bharti Airtel, says CLSA@amit_mudgill https://t.co/PYYwl3ZTYb

  — Business Today (@business_today) November 23, 2023

• Fedbank Financial Services' Rs 1,092.3 crore IPO gets bids for 0.9X the available 5.6 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.3X the available 2.8 crore shares on offer.

• Tata Technologies' Rs 3,042.5 crore IPO gets bids for 14.9X the available 4.5 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 11.2X the available 1.8 crore shares on offer.

• Indian Renewable Energy Development Agency's Rs 2,150.2 crore IPO gets bids for 38.8X the available 47.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 7.7X the available 23.5 crore shares on offer.

• Goldman Sachs maintains its ‘Buy’ rating on Adani Ports & Special Economic Zone but increases the target price to Rs 855. The brokerage considers the company’s FY24 volume guidance of 370-390 MT (million tonnes) conservative and believes it could achieve a volume of 405 MT. It also highlights the strong growth in the logistics segment.

  Brokerage Radar | Goldman Sachs increases target price on Adani Ports: See the FY24 volume guidance of 370-390mnt as conservative@GoldmanSachs @AdaniOnline @Adaniports #AdaniPorts pic.twitter.com/wwrfJEwlsT

  — ET NOW (@ETNOWlive) November 23, 2023

• Realty companies like Indiabulls Real Estate, Sobha, Oberoi Realty, Prestige Estates Projects and Brigade Enterprises are rising in trade. Barring Godrej Properties, all the other constituents of the broader sectoral index, BSE Realty, are trading in the green.

• Servotech Power Systems is rising as it bags an order for 2,649 EV chargers from Bharat Petroleum Corp. The company will manufacture, supply and install EV chargers across India.

• Strides Pharma Science rises as its unit, Strides Pharma Global, gets US FDA approval for a generic drug equivalent to Braintree Labs' Suprep Bowel Prep Kit. The drug has an estimated market share of $143 million in the USA, as per IQVIA. The company appears in a screener of stocks with strong momentum.

• Jitendra Kumar Agarwal, Joint MD of Genus Power Infrastructures, expects the company to close FY24 with revenues between Rs 1,200-1,300 crore. For FY25, he anticipates a quarterly revenue run rate of Rs 500-700 crore. He also expects the company's margins to remain in the mid-teens, and the order book is projected to exceed Rs 20,000 crore by year-end.

  GENUS POWER
  
  Will end FY24 with 1200-1300 Cr in revenue
  
  Target 500-700 Cr/Qtr Revenue run rate in FY25
  
  Margins seen at mid-teens
  
  Capacity Utilization at 40-45%, will cross 80-90% by year end
  
  Will end the year with >20000 Cr in orderbook https://t.co/sz5mPsOcQ1

  — Mangalam Maloo (@blitzkreigm) November 23, 2023

• KRChoksey downgrades its rating on Balaji Amines to ‘Add’ from ‘Buy’ and cuts its target price to Rs 2,172 from Rs 2,803. This implies an upside of 7.5%. The brokerage believes the company’s revenue and profitability will be severely impacted over the next few quarters due to the slowdown in demand and drop in price realisations.

• Pharmaceutical companies like Cipla, Aurobindo Pharma, Lupin, Ipca Laboratories and Divi’s Laboratories are falling in trade. The broader sectoral index, Nifty Pharma, is also trading in the red.

• Central Depository Services (India) rises as it becomes the first depository to surpass 10 crore Demat accounts. This is due to the post-pandemic increase in equity investors. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

• According to Bloomberg's data analysis, India is the world's most popular emerging market this year. Despite foreign investors withdrawing funds from many other developing economies, India has attracted billions of dollars in investments this year. Analysts predict more broad-based spending in 2024 and expect a recovery in rural demand from its multiyear slump.

  Foreigners have poured billions of dollars into Indian equities this year, says @andymukherjee70. But small caps have become pricey, and elections are around the corner https://t.co/9xWInKTv3y via @opinion

  — Bloomberg Asia (@BloombergAsia) November 23, 2023

• Power Grid Corporation of India's Committee of Directors approves the Maheshwaram (PG) Substation project in Telangana, estimated at Rs 142.7 crore, and a transmission system development project in Khavda, Gujarat, valued at Rs 224.4 crore. It appears in a screener for stocks with strong momentum.

• TVS Motor rises to its all-time high of Rs 1,784.9 per share as it enters the Vietnamese market with Minh Long Motors as its distribution partner.

• InterGlobe Aviation trades flat as the Commissioner of Income Tax (Appeals) stays the tax demand orders of Rs 739.6 crore and Rs 927 crore for FY17 and FY18, respectively.

• Home First Finance is falling as reports suggest that 86.2 lakh shares (9.8% equity), amounting to Rs 754.4 crore, change hands in a block deal.

  Home First Finance #LargeTrade | 86.2 lakh shares (9.78% equity) worth ?754.4 crore changes hands at ?872/share via block#BlockDeal #HomeFirstFinance pic.twitter.com/nBZQVvepX8

  — CNBC-TV18 (@CNBCTV18Live) November 23, 2023

• Telecom stocks like Tata Teleservices (Maharashtra), GTL Infrastructure, Optiemus Infracom and Sterlite Technologies are rising in trade. All constituents of the broader BSE Telecom index are also trading in the green.

• Ashish Kacholia sells a 1.1% stake in SJS Enterprises for approx Rs 21.8 crore in a bulk deal on Wednesday.

• Welspun Corp is rising as its subsidiary, Sintex BAPL, receives an approval from the government of Odisha to invest Rs 479.5 crore in establishing a pipe manufacturing unit in Sambalpur. The unit, with a production capacity of 37,520 MT per annum, is expected to be operational in the next three years.

• Honasa Consumer rises to an all-time high of Rs 388 as its Q2FY24 net profit grows by 73.2% YoY to Rs 29.4 crore. Its revenue increases by 20.8% YoY driven by volume growth. The company appears in a screener of stocks with growing net profit and margins.

Riding High:

Largecap and midcap gainers today include Hindustan Petroleum Corporation Ltd. (326.70, 6.94%), Aditya Birla Fashion and Retail Ltd. (226.30, 5.26%) and YES Bank Ltd. (20.15, 4.95%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (3,422.45, -8.25%), Cipla Ltd. (1,170.65, -7.93%) and Persistent Systems Ltd. (6,378.85, -3.26%).

Movers and Shakers

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

Top high volume gainers on BSE included EID Parry (India) Ltd. (532.10, 8.37%), Praj Industries Ltd. (615.90, 6.22%) and Indiabulls Real Estate Ltd. (84.25, 5.97%).

Top high volume losers on BSE were Cipla Ltd. (1,170.65, -7.93%), Mas Financial Services Ltd. (842.45, -6.45%) and Home First Finance Company India Ltd. (877.20, -4.08%).

Quess Corp Ltd. (495.25, 1.04%) was trading at 8.4 times of weekly average. Vedant Fashions Ltd. (1,299.00, -0.18%) and Ingersoll-Rand (India) Ltd. (2,931.50, 0.29%) were trading with volumes 8.4 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

28 stocks made 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,951.40, 1.71%), Bajaj Auto Ltd. (5,925.25, 3.02%) and Bharat Petroleum Corporation Ltd. (411.30, 2.29%).

9 stocks climbed above their 200 day SMA including EID Parry (India) Ltd. (532.10, 8.37%) and Aditya Birla Fashion and Retail Ltd. (226.30, 5.26%). 8 stocks slipped below their 200 SMA including VIP Industries Ltd. (624.00, -0.87%) and PNC Infratech Ltd. (323.85, -0.63%).