Trendlyne Marketwatch
Trendlyne Marketwatch
29 Apr 2024
Market closes higher, ICICI Direct retains its 'Buy' rating on IndusInd Bank
By Trendlyne Analysis

 

Nifty 50 closed at 22,643.40 (223.5, 1%), BSE Sensex closed at 74,635.11 (905.0, 1.2%) while the broader Nifty 500 closed at 20,992.20 (152.9, 0.7%). Market breadth is balanced. Of the 2,103 stocks traded today, 1,034 were in the positive territory and 1,019 were negative.

Indian indices extended their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 12.1% and closed at 12.2 points. KPIT Technologies closed sharply higher after its Q4FY24 profit grew by 5.9% QoQ to Rs 165.9 crore and revenue increased by 4.6% QoQ. The European region contributed the most towards the company’s revenue growth.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green but underperformed the benchmark index. Nifty Energy and Nifty Bank closed higher than their Friday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 2.6%.

European indices traded in the green, taking cues from the Asian indices. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded marginally lower after rising 1.1% on a volatile day on Friday.

  • Relative strength index (RSI) indicates that stocks like Motilal Oswal Financial Services, Voltas, Aegis Logistics and Aditya Birla Capital are in the overbought zone.

  • ICICI Direct retains its 'Buy' rating on IndusInd Bank with an upgraded target price of Rs 1,850, indicating a potential upside of 24.6%. The brokerage forecasts an increase in the bank’s revenue, driven by improved granularity in assets and liabilities, growth in the new retail and SMSE segments, and strong asset quality. It expects the bank's net interest income (NII) to grow at a CAGR of 17% over FY24-26.

  • Metals & mining, telecommunications equipment, and fertilizers sectors rise more than 15% in the past month.

  • Mahindra Lifespace Developers falls sharply as its revenue plunges by 94.4% YoY to Rs 14.3 crore in Q4FY24, impacted by the projects, project management, and development segments. However, net profit surges 134.9 times YoY, driven by a decrease in raw material costs. The company features in a screener of stocks that have underperformed their industries in the past quarter.

  • HSBC Global Research downgrades its rating on SBI Cards and Payment Services to ‘Reduce’ and cuts the target price to Rs 650 due to higher credit costs and asset quality pressures. SBI Cards’ Q4FY24 net profit rises 11% YoY to Rs 662.4 crore, and revenue increases 15.5% YoY. Credit costs grow 50% YoY during the quarter.

  • Shakti Pumps (India) hits the upper circuit as profit rises to Rs 89.7 crore in Q4FY24 from Rs 2.2 crore in Q4FY23. Its revenue grows by 233% YoY to Rs 610.1 crore on the back of Indian operations, while revenue from overseas operations falls. The company appears in a screener for stocks with low debt.

  • KPIT Technologies rises as its Q4FY24 profit grows by 5.9% QoQ to Rs 165.9 crore and revenue increases by 4.6% QoQ. The European region contributes the most towards revenue growth. The company appears in a screener for stocks with growth in net profit, with increasing profit margin.

  • Techno Electric & Engineering reaches a 52-week high of Rs 1,067.6 as it bags multiple orders worth Rs 4.063 crore from domestic entities. The orders include the establishment/execution of 765 kV substation packages for PowerGrid Corp and Adani Power, and the installation and operation of smart meters.

  • Sanjay Agarwal, MD of Au Small Finance Bank, highlights the bank’s target to double its balance sheet size to Rs 2.5 lakh crore in three years. He says this will be driven by the merger with Fincare SFB and the country’s growing consumption trend.

  • PSU bank stocks like Bank of India, Union Bank of India, Indian Bank and Central Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank are also trading in the green, helping the index touch its all-time high of 7,502.6.

  • Multi Commodity Exchange of India is falling as the Securities and Exchange Board of India (SEBI) demands the company to pay a higher regulatory fee based on the annual turnover, including the notional value of options contracts.

  • Yes Bank rises sharply as its net profit surges by 123.2% YoY to Rs 451.9 crore in Q4FY24, helped by a reduction in provisions and a tax return, compared to a tax expense in Q4FY23. Revenue increases by 19.8% YoY due to improvements in the treasury, corporate, and retail banking segments. The bank’s asset quality also improves, with gross and net NPAs contracting by 50 bps and 20 bps YoY, respectively.

  • IREDA is rising as it receives the 'Navaratna' status from the Centre’s Department of Public Enterprises. Pradip Kumar Das, the CMD, says the company’s next target is to achieve the Maharatna status. He adds that the firm aims to continue 30% revenue growth, and expects the share of emerging businesses to increase to 45-50%.

  • Gland Pharma receives US FDA approval for Cetrorelix Acetate for Injection, a bioequivalent and therapeutically equivalent of Cetrotide, used to prevent premature LH surges. It has annual sales of approx $129 million.

  • Ircon International rises as its joint venture with Dineshchandra R Agrawal Infracon wins a construction order worth Rs 1,198.1 crore from East Coast Railway.

  • Apollo Hospitals Enterprise falls sharply as its board approves a Rs 2,475 crore investment in its subsidiary, Apollo Hospitals Co. by Advent International. Apollo Hospitals Co, in turn, acquires an 11.2% stake in Keimed for Rs 625.4 crore.

  • Amit Kumar Sinha, the CEO of Mahindra Lifespace Developers, says Q4 has been a strong quarter for the company in terms of pre-sales. He adds that the new launch in Kandivali, Mumbai, has driven bookings. Sinha also expects the company to exceed the FY25 guidance of Rs 2,500 crore in terms of bookings.

  • BSE falls after SEBI orders the company to pay a regulatory fee on the annual turnover, including the options contract fee.

  • IDFC First Bank falls sharply as its net profit declines by 9.8% YoY to Rs 724.4 crore in Q4FY24. However, revenue increases by 27.9% YoY to Rs 8,219.2 crore, driven by loans and advancements. The bank's asset quality is also improving, with gross and net NPAs contracting by 63 bps and 26 bps YoY, respectively. It appears in a screener of stocks with high interest payments compared to earnings.

  • Glenmark Pharmaceuticals receives US FDA approval for Acetaminophen and Ibuprofen tablets. Acetaminophen, a bioequivalent to Advil, has annual sales of $84.1 million.

  • Morgan Stanley maintains its ‘Overweight’ rating on InterGlobe Aviation (IndiGo) with an upgraded target price of Rs 4,615. The brokerage believes that the company has a large and sustainable moat. It expects a ramp-up in outbound travel and sees an expansion in the domestic and international markets to 370 million passengers in FY30.

  • ATC Telecom Infrastructure sells a 2.2% stake in Vodafone Idea for approx Rs 1,840.3 crore in a bulk deal on Friday.

  • ICICI Bank reaches its all-time high of Rs 1,131.7 as its net profit grows by 17.4% YoY to Rs 10,707.5 crore in Q4FY24. Revenue increases by 22.3% YoY to Rs 37,948.4 crore, driven by improvements in the deposits, domestic loans, retail loans, and business banking segments. It features in a screener of stocks with increasing revenue over the past eight quarters.

  • Maruti Suzuki is rising as its net profit surges 47.1% YoY to Rs 3,952.3 crore in Q4FY24. Revenue increases by 19.1% YoY to Rs 36,694.2 crore, helped by the domestic and export markets. It appears in a screener of stocks with growth in net profit and profit margin (QoQ).

  • HCL Technologies is falling as its net profit declines 8.4% QoQ to Rs 3,986 crore in Q4FY24 due to higher inventory, employee benefits and finance costs. Revenue remains flat at Rs 28,499 crore, with growth in the IT & business services segment offset by reductions in the engineering & R&D services and HCL software segments. It features in a screener of stocks where mutual funds have reduced their shareholding in the past quarter.

  • Nifty 50 was trading at 22,491.05 (71.1, 0.3%), BSE Sensex was trading at 73,981.92 (251.8, 0.3%) while the broader Nifty 500 was trading at 20,916.45 (77.1, 0.4%).

  • Market breadth is overwhelmingly positive. Of the 1,910 stocks traded today, 1,585 were gainers and 268 were losers.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (4,955.15, 14.2%), Au Small Finance Bank Ltd. (637.95, 6.4%) and Indian Bank (559.05, 6.2%).

Downers:

Largecap and midcap losers today include HCL Technologies Ltd. (1,387.40, -5.9%), Apollo Hospitals Enterprise Ltd. (5,968.35, -4.6%) and Vodafone Idea Ltd. (13.45, -3.9%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Supreme Industries Ltd. (4,955.15, 14.2%), Jamna Auto Industries Ltd. (141.75, 7.3%) and JBM Auto Ltd. (1,907.50, 7.1%).

Top high volume losers on BSE were HCL Technologies Ltd. (1,387.40, -5.9%), Apollo Hospitals Enterprise Ltd. (5,968.35, -4.6%) and IDFC Ltd. (121.65, -4.4%).

BLS International Services Ltd. (349.95, 6.2%) was trading at 10.2 times of weekly average. AIA Engineering Ltd. (3,771.85, -3.4%) and Vaibhav Global Ltd. (425.30, 6.1%) were trading with volumes 10.1 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks made 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (696.15, 9.5%), Axis Bank Ltd. (1,159.25, 2.6%) and Bank of Maharashtra (71.05, 5.0%).

16 stocks climbed above their 200 day SMA including Vaibhav Global Ltd. (425.30, 6.1%) and Finolex Cables Ltd. (1,035.05, 3.1%). 8 stocks slipped below their 200 SMA including Craftsman Automation Ltd. (4,423.50, -5.6%) and IDFC Ltd. (121.65, -4.4%).

 
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