Share Market Today: Sensex, Nifty End With Slim Gains; FPIs Stay Net Sellers

Overseas Investors in Indian equities remained net sellers for the fourth day in a row on Wednesday.

Foreign portfolio investors net sold equities worth Rs 789.86 crore, according to data from the National Stock Exchange.

Domestic institutional investors remained net buyers and bought equities worth Rs 413.75 crore.

Institutions have net bought Rs 8,700.57 crore worth of equities so far in November, and net sold Rs 22,996.34 crore worth of Indian equities till date in 2022.

Yield on the 10-year bond closed flat at 7.29% after opening at 7.27%. It closed 7.28% on Tuesday.

Source: Bloomberg

The local currency depreciated by 10 paise to close at Rs 81.78 against the greenback on Wednesday. It opened at Rs 81.81, depreciating 14 paise.

On Tuesday, it closed at Rs 81.67.

Source: Bloomberg

India's stock benchmarks closed with little gains on Wednesday, paring its opening gains as advances in banking, metals and oil and gas stocks were offset by declines in information technology and FMCG stocks.

Sensex ended 0.07% up at 61,462.02. The Nifty 50 closed 0.13% higher at 18,267.25.

Out of 50 Nifty 50 constituents, 25 declined, while 25 advanced. Apollo Hospitals Enterprise, JSW Steel, State Bank of India, HDFC Life Insurance Co, Bajaj Finance were the top Nifty gainers.

Adani Enterprises, Hero MotoCorp, Power Grid Corporation of India, Adani Ports SEZ and Tech Mahindra were the worst performers of the gauge.

The broader indices outperformed their larger peers with mid-cap and small-cap gaining 0.20% and 0.54% respectively.

Twelve out of the 19 sectoral measures complied by BSE advanced, with BSE Bankex, Metal and Oil & Gas gaining the most.

The market breadth is skewed in the favour of bulls. About 1,865 stocks rose, 1,631 fell and 131 remained unchanged.

• Quess Corp-owned Monster.com said it will now rebrand to Foundit.in, a talent management platform in Asia Pacific and Middle East.

• It will now offer features such as a mentorship marketplace, skills validation, personalised recommendations and self enhancement tools.

• In 2018, Quess Corp had acquired Monster Worldwide’s Asia Pacific and Middle East businesses. Monster had raised Rs 137.5 crore in 2021.

Source: Exchange filing

MBL Infrastructure Ltd. surged after an arbitral tribunal passed a Rs 9.29 crore-award plus interest in favour of the company.

The stock surged as much as 9.73%-the most this week. Total traded volume is 5.8 times the 30-day average. The price crossed the 50-day simple moving average, indicating a potential upward price momentum.

The arbitral tribunal passed an award worth Rs 9.29 crore plus interest of 10% per annum in favour of the company against Public Works Department, Delhi for a residential complex project in Delhi.

The tribunal also gave a declaratory award that the remaining work of the project is to be completed by the company on a payment basis and the further expenditure and rehabilitation and repairs of existing works to borne by both the parties in the ratio of 2:1.

Source: Bloomberg, Exchange filing

KPIT Technologies Ltd. gained after the company was selected by Renault Group as a strategic software scaling partner for next-generation SDV programs.

The stock gained as much as 5.36%- the most since Oct. 21. Total traded volume is 2.8 times the 30-day average.

Of the 13 analysts tracking the company, six maintain 'buy', four suggest 'hold' and three recommend 'sell'. The potential downside of the stock is 4.5%.

Source: Bloomberg, Exchange filing

India's stock benchmarks sustained gains as banking, metal and services stocks advanced.

At 12:47p.m., the Sensex traded with 0.17% gains at 61,521.29, while the Nifty 50 advanced 0.14% to 18,269.

Among Nifty 50 stocks, 30 stocks advanced and 18 declined, while two remained unchanged.

Apollo Hospitals Enterprise, Bajaj Finance, JSW Steel, HDFC Life Insurance and State Bank of India were the top Nifty 50 gainers.

Adani Enterprises, Power Grip Corporation of India, Hero MotoCorp, Adani Ports SEZ and Larsen & Toubro were the top laggards.

The broader indices outperformed their larger peers, with the mid-cap and small-cap index gaining 0.34% and 0.65% respectively. Large-cap index almost mirrored its large peers, gaining 0.17%.

Nineteen out of the 20 sectoral measures complied by BSE Ltd. advanced, with BSE Metal and Services gaining the most.

The market breadth is skewed in favour of the bulls. About 1,935 stocks rose, 1,441 fell and 136 remained unchanged.

Shares of Tata Teleservices (Maharashtra) Ltd. gained after its unit expanded cloud communication suite with WhatsApp Business Platform.

The stock rose as much as 4.46%. Total traded quantity is 1.6 times the 30-day average.

Tata Tele Business Services has expanded its cloud communication suite Smartflo with WhatsApp Business Platform. This expansion will enable the company to accelerate user engagement and enhance customer experience.

Smartflo, along with WhatsApp Business Platform, will provide an integrated omnichannel solution that includes different channels and methods of connecting with customers and integrating them.

Source: Bloomberg, Exchange filings

Dynacons Systems & Solutions Ltd. shares increased after it bagged an order worth Rs 14.07 crore from Bharat Sanchar Nigam Ltd.

The stock advanced as much as 1.89%.

The project is for the design, setting up, installation, testing, and support of Cyber Security Solution for Rajkot Smart City project. The duration of the project is five years.

Source: Bloomberg, Exchange filings

Shares of Time Technoplast Ltd. gained after the company said the restructuring of overseas business is progressing "very well".

The stock gained as much as 4.03%-the most since Oct. 31. Total traded quantity is two times the 30-day average. The potential upside of the stock is 31%.

Time Technoplast, along with its advisors JP Morgan India and Ernst & Young India, are at final stage of negotiations and discussions with the prospective investor.

The company also added that its management is confident of closing the deal and receiving the sale proceeds this year. The proceeds will be directed towards debt repayment, capex for composite cylinders and for shareholder benefit.

Source: Bloomberg, Exchange filings

Shares of Siemens declined after the company posted its fourth quarter results.

The stock went down as much as 4%- the most since Aug 3. The total traded quantity is 12.1 times the 30-day average.

Of the 30 analysts tracking the company, twenty-two maintain 'buy', six suggest 'hold' and two recommend 'sell'. The potential upside of the stock is 9.2%

Siemens Q4 (Consolidated, YoY)

• Revenue up 8.4% at Rs 4,657.1 crore.

• Ebitda up 16% at Rs 515.9 crore.

• Margins at 11.1% versus 10.4%.

• Net profit at Rs 652.3 crore versus Rs 320 crore (includes Rs 356 crore gain from sale of discontinued operations).

Source: Bloomberg, Exchange Filings

Shares of Delhivery Ltd. plunged to a 52-week low after large trade.

At least 12.8 lakh shares changed hand in at least one bunched trade, according to Bloomberg data.

The stock fell as much as 4.90% to Rs 318.5. Total traded quantity is 3.3 times the 30-day average. The relative strength index is 22, indicating that the stock might be oversold.

Of the 12 analysts tracking the company, eight maintain 'buy', three suggest 'hold' and one recommends 'sell'. The return potential of the stock implies and upside of 57%.

Source: Bloomberg

Shares of DCW Ltd. rose 4.18% after it announced plans to double its chlorinated polyvinyl chloride or CPCV capacity.

The specialty chemicals company said it will double the CPVC capacity by adding another 10KT capacity.

DCW added that it also plans to increase the capacity utilisation of its SIOP plant to 100%. The company is investing around Rs 125 crore on both of these projects.

CPCV project is expected to be commissioned in second-half of FY24, and SIOP to be completed by Q1 of FY24.

Total traded quantity is three times the 30-day average.

Source: Bloomberg, Exchange filings

Shares of Punjab National Bank Ltd. gained after multiple large trades.

The stock rose as much as 4.46%- the most this week. Total traded quantity is 3.8 times the 30-day average. The relative strength index is 77, suggesting that the stock might be overbought.

At least 28.6 lakh shares changed hands in at least two bunched trades, according to Bloomberg data.

Of the 18 analysts tracking the company, five maintain 'buy', six suggest 'hold' and seven recommend 'sell'. The potential downside of the stock is 20.8%.

Source: Bloomberg

• Shares of Inox Green Energy Services Ltd. listed at Rs 60.5 per share on the BSE, a discount of 6.92% to its IPO price of Rs 65.

• On the NSE, the stock listed at Rs 60, a 7.7% discount.

• Its IPO was subscribed 1.55 times.

Source: BSE, NSE

Shares of FSN E-Commerce Ventures Ltd., the owner of beauty and apparel platform Nykaa, fell 3.54% on Wednesday, on course to decline for third straight day.

The stock movement was triggered after the company, in a stock exchange filing on Tuesday evening, said its Chief Financial Officer Arvind Agarwal has resigned to pursue other opportunities in the digital economy and startup space.

Agarwal's resignation comes days after Nykaa's year-long lock-in expiry which led to investor offloading their holdings.

Total traded volume is 1.5 times the 30-day average. Of the 19 analysts tracking the company, 13 maintain 'buy', four suggest 'hold' and two recommend 'sell'. The return potential of the stock is 49.2%.

Source: Bloomberg, Exchange filing

India's stock benchmarks opened higher on Wednesday after corporate earnings and indications of slower rate hikes by the U.S Federal Reserve triggered a Wall Street rally.

Sensex rose 0.59% to open at 61,779.71. While the Nifty 50 gained 0.44% to open at 18,325.20.

Among Nifty 50 stocks, 44 stocks advanced and 5 declined. Hindalco Industries, Cipla, Dr Reddy's Laboratories, Grasim Industries and Tata Motors were the top Nifty 50 gainers.

Meanwhile, NTPC, ITC, Hindustan Unilever and ONGC were the top laggards.

The mid-cap underperformed its larger peers with a rise of 0.36%, while the small-cap mostly mirrored its larger peers with a gain of 0.49%.While large-cap underperformed with a gain of 0.31%.

All the sectoral measures complied by BSE advanced, with BSE Auto gaining the most.

The market breadth is skewed in the favour of bulls. About 1,611 stocks rose, 767 fell and 126 remained unchanged.

Yield on the 10-year bond fell 1bps to 7.27% at the open on Wednesday.

Source: Bloomberg

Indian currency depreciated by 14 paise to 81.81 at the open against the greenback on Wednesday. It closed at 81.67 on Tuesday.

Source: Bloomberg

• U.S. Dollar Index at 107.10.

• U.S. 10-year bond yield at 3.76% on Tuesday.

• Brent crude up 1.04% to $88.36 per barrel.

• Nymex crude at $81.21 per barrel.

• SGX Nifty up 0.34% to 18,349.5 as of 6:38 a.m.

• Bitcoin up 0.20% to $16,162.09.

Inox Green Energy Services: The equity shares of the company will be listed on the exchanges on Nov. 23. Its IPO price was Rs 65 per share. The IPO was subscribed 1.55 times between Nov. 11 and Nov. 15. The QIB portion was subscribed 1.05 times, while 47% of the non-institutional investor portion was subscribed. The retail portion was subscribed 4.7 times.

• FSN E-Commerce Ventures: Chief Financial Officer Arvind Agarwal resigned to pursue other opportunities in the digital economy and startup space.

• Vedanta: The board has approved the third interim dividend for FY23 of Rs 17.5 per share, amounting to a total payout of Rs 6,505 crore.

• Reliance Industries/Bharti Airtel/Vodafone Idea: Embattled telco Vodafone Idea continued to lose subscribers in September as rivals Bharti Airtel and Reliance Industries strengthened their customer bases, showed TRAI data.

• Adani Enterprises: The board of the company will meet on Nov. 25 to consider raising funds through a further public offering, preferential allotment, including a QIP, or through any other mode.

• DCW: The company will invest Rs 125 crore towards capacity expansion in CPVC and debottlenecking SIOP under its long-term strategy of making inroads into specialty chemicals segment.

• Bharti Airtel: The company’s data centre subsidiary Nxtra will invest Rs 600 crore to set up its new hyper-scale data centre in Kolkata.

• Wipro: The company launched its strategic cybersecurity consulting offering in Europe.

• BASF: Alexander Gerding appointed as managing director of the company's board for five years, effective Jan. 1, 2023.

• Infosys: The company entered a strategic collaboration with Envision AESC to digitise and automate processes at latter's EV battery manufacturing plants.

• MBL Infrastructure: The arbitral tribunal passed an award worth Rs 9.29 crore plus interest in favour of the company against Public Works Department, Delhi for a residential complex project in Delhi.

• Life Insurance Corporation of India: The insurer increased its stake in Tech Mahindra from 4.86% to 6.87%.

• UPL: The company announced victory in a lawsuit protecting the intellectual property rights for its patented Everest crop protection agricultural input.

• Time Technoplast: The company informed that the progress on consolidation cum restructuring of overseas business is progressing very well and the management along with advisors JP Morgan India and Ernst & Young India are at final stage of negotiation/discussion with the prospective investor.

Siemens Q4 (Consolidated, YoY)

• Revenue up 8.4% at Rs 4,657.1 crore.

• Ebitda up 16% at Rs 515.9 crore.

• Margins at 11.1% versus 10.4%.

• Net profit at Rs 652.3 crore versus Rs 320 crore (includes Rs 356 crore gain from sale of discontinued operations).

Stocks advanced in Asia on Wednesday after Wall Street rallied on corporate earnings and indications that the Federal Reserve is open to slowing the pace of interest rate hikes.

Oil rose amid an uncertain supply outlook alongside a proposal by the European Union to soften sanctions on Russian crude oil. 

Gold changed little, while Bitcoin held recent gains after rising as much as 4.2% Tuesday, snapping from the lowest price since November 2020.

Domestic benchmark indices closed higher on Tuesday to end their three-day losing streak, boosted by gains in metal and IT stocks.

The rupee emerged from its four-day-long slump against the U.S. dollar as the global currency shed gains.

At 8:07 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.32% to 18,346.5.