Trendlyne Marketwatch
Trendlyne Marketwatch
07 Dec 2023
Market closes lower, ICICI Direct maintains its ‘Buy’ rating on IndusInd Bank
By Trendlyne Analysis

Nifty 50 was trading at 20,915.25 (-22.5, -0.1%), BSE Sensex was trading at 69,546.71 (-107.0, -0.2%) while the broader Nifty 500 was trading at 18,709.35 (29.4, 0.2%), of the 1,973 stocks traded today, 1,188 showed gains, and 753 showed losses.

Indian indices extended the losses from the afternoon session and closed in the red, with the Nifty 50 closing at 20,901. The volatility index, Nifty VIX, dropped by 7.8% and closed at 12.7 points. One97 Communications (Paytm) announced plans to scale down its disbursements of unsecured loans under Rs 50,000 in response to the regulatory changes. Loans under Rs 50,000 make up for 50% of its disbursements.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, with the benchmark index closing lower. Nifty Consumer Durables and Nifty Energy closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 6.2%.

Most European indices trade in the red, except for Europe’s Euronext 100 and France’s CAC 40 trading higher. US indices futures trade lower, indicating a negative start. German factory orders for October contracted by 3.7% against estimates of 0.2% growth.

  • Relative strength index (RSI) indicates that stocks like Hindustan Aeronautics, Adani Green Energy, Adani Total Gas and Trent are in the overbought zone.

  • NHPC rises 5.7% in trade and touches a new 52-week high today. The company ranks high on Trendlyne’s checklist, scoring 52.2%. It also features in a screener of stocks with prices above short, medium and long-term moving averages.

  • ICICI Prudential Life Insurance Company falls as its new business premium in November rises marginally by 2.1% YoY to Rs 1,290 crore. The company's new business sum assured improves by 32.6% YoY. It appears in a screener of stocks with declining net cash flow.

  • ICICI Direct maintains its ‘Buy’ rating on IndusInd Bank with a target price of Rs 1,800. This indicates an upside of 20%. The brokerage is optimistic due to the bank's ongoing expansion of its branch network, increasing focus on the retail segment, and steady asset quality. It expects the company’s net profit to grow at a CAGR of 18% over FY23-26.

  • PSP Projects is rising as it bags an order worth Rs 101.7 crore from the Gujarat government for the construction of a building in GIFT City. The company is also the lowest bidder for a Rs 409.9 crore project involving the development of the Sabarmati waterfront in Ahmedabad, Gujarat.

  • Utility stocks like Tata Power, NHPC, Reliance Infrastructure and SJVN surge more than 4% in trade today. The broader BSE Utilities index is also trading more than 2% higher.

  • Tata Power surges to an all-time high after JM Financial reportedly upgrades its rating to 'Buy' from 'Hold' and increases its target price by 40% to Rs 350. The brokerage remains positive on the back of Tata Power's focus on renewable energy opportunities, exiting low-value businesses, venturing into brownfield hydrostorage, and expanding its transmission business beyond distribution.

  • Stationery and art materials manufacturing firm DOMS Industries sets the price band for its IPO at Rs 750-790 per share. The issue size is Rs 1,200 crore, with a fresh issue of Rs 350 crore and an offer for sale of Rs 850 crore. The issue opens on December 13.

  • KRChoksey initiates coverage on Varun Beverages with a ‘Buy’ rating and a target price of Rs 1,273. This implies an upside of 17.9%. The brokerage believes the company is well-placed to benefit from the rise in demand for carbonated drinks in India due to its extensive distribution network, capacity expansion, entry into new territories and new launches. It expects the firm’s net profit to grow at a CAGR of 26.2% over CY22-25.

  • SpiceJet rises 20% to touch its 52-week high of Rs 52.3 per share as the airline schedules a board meeting on Monday. At the meeting, the board will consider raising fresh capital through the issuance of equity shares and convertible securities on a preferential basis.

  • Dixon Technologies, Laxmi Organic Industries, Power Mech Projects, and Yatra Online witness an increase in mutual fund holdings in the past month.

  • Bharti Airtel is falling as 1.8 crore shares (0.8% equity), amounting to Rs 1,856 crore, change hands in a block deal, according to reports. Global private equity firm Warburg Pincus is a likely seller in this transaction.

  • Network18 Media & Investments and TV18 Broadcast plunge over 7% as Network18 Group approves their merger. As per the agreement, TV18 shareholders will receive 100 shares of Network18 for every 172 shares they hold in TV18.

  • One97 Communications (Paytm) is falling as it plans to reduce disbursements of unsecured loans below Rs 50,000 due to regulatory changes. JP Morgan reportedly downgrades the firm to ‘Neutral’ from ‘Overweight’ and reduces the target price to Rs 900 from Rs 1,200. This adjustment of small-ticket unsecured loans will impact the platform's loan generation, as the segment makes up 50% of the total disbursements.

  • 360 One Wam's promoters, Nirmal Jain, Madhu Jain and Venkataraman Rajamani, sell 1.4%, 0.8% and 0.6% stakes in the company, respectively.

  • IDFC First Bank is falling as 13.2 crore shares (around 2% equity), amounting to Rs 1,135 crore, change hands in a block deal, according to reports.

  • Sapphire Foods India's promoter, Arinjaya (Mauritius), sells a 4.2% stake in the company. It now holds 3.8%.

  • Dr. Reddy's Laboratories rises as it partners with Coya Therapeutics to commercialize COYA 302, a treatment for amyotrophic lateral sclerosis (ALS). The company will make an upfront payment of $7.5 million (approx Rs 62.5 crore) to Coya Therapeutics for this.

  • Alok Industries is rising as it signs a facility agreement with State Bank of India for a Rs 1,750 crore loan to repay existing debt. The company will also receive Rs 90 crore for working capital requirements.

  • Macquarie maintains its ‘Outperform’ rating on Hindustan Unilever with a target price of Rs 3,000. The brokerage expects the company’s Q3 demand and volume growth to be similar to Q2FY24 levels. Channel checks suggest that there is no festive season boost in demand trends.

  • Brigade Enterprises enters a joint development agreement to develop a 0.2 million square feet office space in Bengaluru with a gross development value of Rs 500 crore.

  • Ircon International falls sharply amid government plans to sell an 8% stake through an offer for sale at a floor price of Rs 154 per share. The offer will open for non-retail investors on December 7 and for retail investors on December 8. The company appears in a screener of stocks with zero promoter pledges.

  • Delta Corp rises over 4% as its subsidiary, Datatech Gaming, receives interim relief from the Calcutta High Court in a case involving a Rs 6,384.3 crore tax demand. The court has also ordered that any decision made by the Tax Authority on the show cause notice should not be implemented until further notice.

  • Bharat Electronics rises to an all-time high of Rs 161.8 as it bags orders worth Rs 3,915 crore. This includes a Rs 580 crore order from the Indian Army for radars and Rs 3,335 crore in defence orders since September 15. The company appears in a screener of stocks with strong momentum.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (1,146.85, 8.88%), Tata Power Company Ltd. (319.70, 8.69%) and Life Insurance Corporation of India (791.30, 6.07%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (669.80, -17.62%), Aditya Birla Capital Ltd. (168.20, -2.80%) and Bank of India (113.75, -2.49%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included ITI Ltd. (314.80, 15.97%), KIOCL Ltd. (342.15, 10.00%) and MMTC Ltd. (55.75, 9.96%).

Top high volume losers on BSE were One97 Communications Ltd. (669.80, -17.62%), Praj Industries Ltd. (616.50, -3.66%) and Balrampur Chini Mills Ltd. (421.30, -2.43%).

Finolex Industries Ltd. (213.80, 3.74%) was trading at 6.3 times of weekly average. HFCL Ltd. (70.75, 6.47%) and Tube Investments of India Ltd. (3407.90, 2.21%) were trading with volumes 4.7 and 4.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

51 stocks hit their 52 week highs,

Stocks touching their year highs included - Apollo Tyres Ltd. (464.30, 0.40%), Bajaj Finserv Ltd. (1,706.95, 0.39%) and Bajaj Holdings & Investment Ltd. (8,143.55, 3.36%).

11 stocks climbed above their 200 day SMA including HFCL Ltd. (70.75, 6.47%) and Devyani International Ltd. (187.20, 1.68%). 7 stocks slipped below their 200 SMA including One97 Communications Ltd. (669.80, -17.62%) and Aditya Birla Capital Ltd. (168.20, -2.80%).

 
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