Stock Market Today: Sensex, Nifty Log Worst Weekly Loss In Eight Months; FPIs Remain Net Sellers

Overseas investors in Indian equities remained net sellers for the third day in a row on Friday.

Foreign portfolio investors offloaded equities worth Rs 1,470.34 crore, according to data from the National Stock Exchange.

Domestic institutional investors were net buyers for the third day in a row and mopped up stocks worth Rs 1,400.98 crore.

Foreign institutions have remained net sellers of Rs 45,973.6 crore of Indian stocks so far in 2023.

The yield on the 10-year bond closed 2 bps higher at 7.39% on Friday. It closed at 7.37% on Thursday.

Source: Bloomberg

The local currency closed flat at 82.75 against the greenback on Friday.

Source: Bloomberg

Indian equity benchmarks declined in trade after opening higher on Friday dragged by metal, PSU banking and Adani Group company stocks.

The market fell for the sixth consecutive trading session on Feb. 24, 2023, which has been the longest losing streak since the final week of September, last year.

Additionally, the indices slupmmed over 2% in trade this week.

Most Asia markets retreated, European stocks rose, while the U.S. index futures fell, as investors hunted for pockets of value amid hawkish central banks, disappointing earnings. Contracts on the S&P 500 and Nasdaq 100 slipped at least 0.2% each.

The S&P BSE Sensex closed down 142 points or 0.24% at 59,463.93 while the NSE Nifty 50 was 46 point or 0.26% lower at 17,465.80.

ONGC Ltd., Divi's Laboratories Ltd., Asian Paints Ltd., Adani Ports and SEZ Ltd., and Coal India Ltd. were the top gainers in the gauge.

Whereas, Hindalco Industries Ltd., Adani Enterprises Ltd., Mahindra and Mahindra Ltd., JSW Steel Ltd., and Tata Steel Ltd. were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices were ended marginally lower; S&P BSE MidCap was down 0.17% whereas S&P BSE SmallCap was lower by 0.15%.

Fifteehn out of the 19 sectors compiled by BSE declined while four advanced in trade.

The market breadth was skewed in favour of the bears. About 1,510 stocks rose, 1,937 declined, and 181 remained unchanged on the BSE.

After falling for six straight sessions, the headline indices logged steep declines this week.

Nifty logged it's lowest weekly loss in over eight months since the third week of June. This week, S&P BSE Sensex was down 2.52%, whereas NSE Nifty 50 was lower by 2.67% in trade.

Indices ended higher in trade lask week, Sensex rose 0.32% and Nifty was up 0.22%.

All the sectors declined in trade this week with Nifty Metal, Realty and Media being the top losers.

• Revenue rose 2% to Rs 2,317 crore Vs Rs 2,263 crore

• Net Profit rose 160% to Rs 110.5 crore vs Rs 42.5 crore

• EBITDAR at Rs 89.83 crore Vs Rs 250 crore

• EBITDAR margin at 3.9% Vs 11%

Source: Exchange filing

Shares of Macrotech Developers Ltd. declined 8.02% to Rs 741.25 apiece in trade on Friday.

The stock fell as much as 8.05% intraday to Rs 741 apiece, falling the most in 52 weeks or a year.

Total traded volume stood at 3.7 times its 30-day average. The relative strength index was at 15, implying that the stock maybe oversold.

Out of the 17 analysts tracking the company, 13 maintain a 'buy' rating, three recommend a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 70% over the next 12 months.

Source: Bloomberg

• Ignis is now equipped with Electronic Stability Program and Hill Hold Assist as standard feature across all the variants.

• It is also compliant with the upcoming E20 and Real Driving Emission norms.

• The price change varies across models and will range up to Rs 27,000, effective from Feb. 24, 2023.

Source: Exchange filing

• Tiger Global along with Internet Fund III, a venture capital fund managed by Tiger Global Management have sold 2.9% stake in Delhivery.

• The open market sale was conducted from the period starting June 2022 to February 2023.

• After the said sales Internet Fund III holds 2.55% stake in the company, whereas Tiger Global Investments Fund, which held 0.15% stake earlier, has no direct position in the company.

Source: Exchange filing

• GR Infraprojects Ltd. has emerged as the highest bidder for the development, operation and maintenance of multi modal logistics  park in Indore near Pithampur, Madhya  Pradesh.

• Company has secured the order through Public Private Partnership.

• The estimated cost of the project is pegged at Rs 758.10 crore with a completion period of two years and operation and maintenance period of 45 years.

Source: Exchange filing

• NCLAT grants IndusInd Bank two weeks to file a reply.

• Matter will be heard next on Mar 29.

Source: Court proceedings

Shares of Power Grid Corp of India Ltd. advanced 0.16% to Rs 213.6 apiece in trade on Friday after 30.3 lakh equity shares changed hands in a bunched trade.

The stock rose as much as 0.59% intraday to Rs 214.5 apiece, rising the most since Feb. 21, 2023. The relative strength index was at 46.1.

Out of the 23 analysts tracking the company, 19 maintain a 'buy' rating, four recommend to 'hold' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 15.8% over the next 12 months.

Source: Bloomberg

• All Adani Group company stocks declined in trade on Friday, except Ambuja Cements Ltd.

Source: Bloomberg

Indian equity benchmarks turned volatile after opening higher in trade on Friday.

Stocks in Asia retreated, while contracts for the U.S. equities edged lower as investors awaited key data for clues on the Federal Reserve’s rate-hike campaign.

Hong Kong-listed tech stocks led the drop following results from e-commerce giant Alibaba Group Holding Ltd., with analysts staying cautious on the company’s revenue outlook.

As of 12:04 p.m., the S&P BSE Sensex was down 7 points or 0.01% at 59,598.98 while the NSE Nifty 50 was 9 point or 0.05% lower at 17,502.40.

Divi's Laboratories Ltd., Asian Paints Ltd., Bajaj Finserv Ltd., ONGC Ltd., and Axis Bank Ltd. were the top gainers in the gauge.

Whereas, Adani Enterprises Ltd., Hindalco Industries Ltd., JSW Steel Ltd., Eicher Motors Ltd., and Tata Steel Ltd. were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices were trading marginally higher; S&P BSE MidCap was up 0.04% whereas S&P BSE SmallCap was higher by 0.09%.

Ten out of the 20 sectors compiled by BSE declined while the other 10 advanced in trade.

The market breadth was split between buyers and sellers. About 1,618 stocks rose, 1,622 declined, and 181 remained unchanged on the BSE.

Shares of Mahindra CIE Automotive Ltd. hit 52-week high in trade on Friday after the company reported its fourth-quarter earnings for the calendar year 2022.

Company's shares rose despite reporting a net loss for the October to December quarter.

It posted a consolidated net loss at Rs 657.81 crore as compared to Rs 80.23 crore profit in the same period of the previous fiscal.

The decline in profits was triggered by the loss of Rs 923.37 crore on fair valuation of assets and liabilities of discontinued operations during the quarter under review.

Company's fourth-quarter revenue was up 34.6% at Rs 2,246.84 crore compared with Rs 1,669.2 crore, in the same period a year back. It missed the consensus analyst estimates pooled by Bloomberg, which stood at Rs 2,818.85 crore.

Mahindra CIE Automotive Q4 CY2022 (Consolidated, YoY)

• Revenue up 34.6% at Rs 2246.84 crore (Bloomberg estimate: Rs 2,818.85 crore)

• Ebitda up 62.19% at Rs 292.40 crore (Bloomberg estimate: Rs 357.15 crore)

• Ebitda Margin at 13.01% vs 10.8% (Bloomberg estimate: 12.7%)

• Net loss of Rs 657.81 crore vs net profit of Rs 80.23 crore (Bloomberg estimate: Rs 196.45 crore profit)

• The company recorded a loss of Rs 923.37 crore on fair valuation of assets and liabilities of discontinued operations during the quarter under review.

Shares of Mahindra CIE Automotive Ltd. rose 7.41%, as of 11:20 a.m., to Rs 416.25 apiece in trade on Friday.

The stock rose as much as 9.35% intraday, rising to its 52-week high of Rs 423.8.

The total traded volume stood at 3.2 times its 30-day average. The relative strength index was at 65.2.

Out of the six analysts tracking the company, five maintain a 'buy' rating and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 9.3% over the next 12 months.

Source: Bloomberg, Exchange filing

• The USFDA had inspected the facility between July 1 to July 7, 2022.

• A form 483 was issued to the facility with one observation.

• The company informed the exchange that it had received the Establishment Inspection Report.

• This indicates that the inspection was closed and facility has been cleared.

Source: Exchange filing

Shares of DLF Ltd. advanced 1.33% to Rs 347.45 apiece in trade on Friday after the company said in an exchange filing that it will prepay 5,000 NCDs aggregating to Rs 500 crore.

The aforementioned, non-convertible debentures of the face value of Rs 10,00,000 each are maturing on March 2024,

but the company has exercised the option to prepay the NCDs one year ahead of the schedule on annual interest reset date of March 25, 2023.

The company will redeem the outstanding principal amount

along with the accrued annual interest on March 24, 2023.

The stock rose as much as 2.45% intraday to Rs 351.3 apiece, rising the most since Feb. 16, 2023. The relative strength index was at 40.1.

Out of the 22 analysts tracking the company, 19 maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 29.2% over the next 12 months.

Source: Bloomberg, Exchange filing

• Company agreed to acquire 10.41 lakh equity shares or a 25.63% stake in Fintech Products and Solutions India for Rs 6.5-crore.

• A subsidiary of Fintech Products is licensed by RBI to carry out the business of account aggregator.

• As per the agreement KFin can further acquire an additional equity share of Fintech Products up to 75.01%.

Source: Exchange filing

Shares of Olectra Greentech Ltd. advanced 12.94% to Rs 454.35 apiece in trade on Friday after the company developed a Hydrogen bus with its technology partner, Reliance.

The stock rose as much as 13.85% intraday to Rs 458 apiece, rising the most in seven weeks since Jan. 5, 2023.

Total traded volume stood at 60.8 times its 30-day average. The relative strength index was at 51.8.

Source: Bloomberg, Exchange filing

Shares of Redington Ltd. advanced 2.21% to Rs 175.9 apiece in trade on Friday after 18.86 crore shares or 24.1% equity change hands in a bunched trade.

The stock rose as much as 6.68% intraday to Rs 183.6 apiece. Total traded volume stood at 6.6 times its 30-day average. The relative strength index was at 46.4.

Eight analysts tracking the company maintain a 'buy' rating on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 24.3% over the next 12 months.

Source: Bloomberg

Shares of Zee Entertainment Enterprises Ltd. declined 3.65% to Rs 191.4 apiece in trade on Friday after it hit a 52-week low of Rs 176.55, by falling 14.44% on Thursday.

Appellate tribunal NCLAT has listed the plea challenging insolvency proceedings against the company on Friday for hearing. The National Stock Exchange has excluded the company from the futures and options segment following the bankruptcy board's move to admit it for insolvency proceedings.

The stock declined as much as 5.36% intraday to Rs 188 apiece. Total traded volume stood at 5.3 times its 30-day average. The relative strength index was at 20, implying that the stock must be oversold.

Out of the 24 analysts tracking the company, 21 maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 48.2% over the next 12 months.

Source: Bloomberg

• Adani Total Gas Ltd., Adani Transmission Ltd., Adani Green Energy Ltd., and Adani Power Ltd. declined in trade.

• Whereas, Adani Enterprises Ltd., Adani Wilmar Ltd., Adani Ports and SEZ Ltd., ACC Ltd., Ambuja Cements Ltd., and NDTV Ltd. advanced in trade.

Source: Bloomberg

The broader market indices were trading hiher; S&P BSE MidCap was up 0.49%. whereas S&P BSE SmallCap was higher by 0.63%.

Six out of the 20 sectors compiled by BSE declined while 14 advanced, led by S&P BSE Services, S&P BSE IT and S&P BSE Bankex.

The market breadth was skewed in the favour of the bulls. About 1,757 stocks rose, 635 declined, and 101 remained unchanged on the BSE.

Indian equity benchmarks opened higher in trade on Friday after closing lower for the fifth consecutive session in trade on Thursday.

Asian equities gave up most of their gain, with Hong Kong-listed tech stocks leading the declines. The yen fluctuated as the nominee to become Bank of Japan governor spoke in parliament.

U.S. share futures fell slightly after Wall Street benchmarks closed higher on Thursday in a volatile session as investors await inflation data for clues on the Federal Reserve’s rate-hike campaign.

At pre-open, the S&P BSE Sensex opened up 254 points or 0.43% at 59,859.48 while the NSE Nifty 50 was 80 point or 0.46% higher at 17,591.35.

Adani Ports and SEZ Ltd., Divi's Laboratories Ltd., Bajaj Finserv Ltd., Bharti Airtel Ltd., and Infosys Ltd. were the top gainers in the gauge.

Whereas, Hindalco Industries Ltd., Eicher Motors Ltd., JSW Steel Ltd., Titan Co., and Tata Steel Ltd. were the top losers amongst the NSE Nifty 50 constituents.

The S&P BSE Sensex opened up 254 points or 0.43% at 59,859.48 while the NSE Nifty 50 was 80 point or 0.46% higher at 17,591.35.

The yield on the 10-year bond opened lower by 3 bps at 7.34% on Friday. It closed at 7.37% on Thursday.

Source: Bloomberg

The local currency strengthened by 6 paise to 82.68 against the greenback at open on Friday. It closed at 82.74 on Thursday.

Source: Bloomberg

• U.S. Dollar Index at 104.6

• U.S. 10-year bond yield at 3.87%

• Brent crude up 0.72% to $82.80 per barrel

• Nymex crude at $76.00 per barrel

• SGX Nifty up 0.34% to 17,651.5 as of 8:20 a.m.

• Bitcoin up 0.41% to $23,974.75

• Emami: Promoter group Suraj Finvest created a pledge of 11 lakh shares and Suraj Finvest revoked a pledge of 10 lakh shares between Feb. 21-22.

• Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 20 lakh shares on Feb. 20.

Sanofi India Q4 CY22 (YoY)

• Revenue down 2.33% at Rs 671.9 crore (Bloomberg estimate: Rs 705.67 crore)

• Ebitda up 31.21% at Rs 166.9 crore (Bloomberg estimate: Rs 178.47 crore)

• Ebitda Margins at 24.84% vs 18.5% (Bloomberg estimate: 25.3%)

• Net profit up 44.8% at Rs 130.9 crore (Bloomberg estimate: Rs 161.8 crore)

• The company recommended a final dividend of Rs 194 per share and a second special dividend of Rs 183 per share.

KSB Q4 CY22 (Consolidated, YoY)

• Revenue up 18% at Rs 524.6 crore

• Ebitda up 36.2% at Rs 76.8 crore

• Ebitda margins at 14.64% vs 12.69%

• Net profit up 42% at Rs 55.9 crore

• The board recommended a dividend of Rs 15 per share.

Q3 Earnings Results Today

• SpiceJet

• Axis Bank: The lender sees reasonable possibility of completing the acquisition of India consumer business from Citibank NA and NBFC consumer business from Citicorp Finance (India) by March 1.

• Rail Vikas Nigam: The company received a letter of award for a project worth Rs 196.7 crore in Bhopal region of MP Madhya Kshetra Vidyut Vitaran Company Ltd.

• Zee Enterprises: Appellate tribunal NCLAT has listed the plea challenging insolvency proceedings against the company on Friday for hearing. The National Stock Exchange has excluded the company from the futures and options segment following the bankruptcy board's move to admit it for insolvency proceedings.

• Isgec Heavy Engineering: The company received an order from a major steel company for seven waste heat recovery boilers for its DRI sponge iron kiln.

• Adani Transmission: Fitch Ratings affirmed the 'BBB-' ratings on the $400 million senior secured notes issued by the restricted group of the company, with stable outlook.

• Mahindra Lifespace Developers: Arvind Subramanian has resigned from the position of managing director and chief executive officer of the company, with effect from close of business on May 22, to pursue personal interests. Amit Kumar Sinha assume the office from May 23 for a period of five years.

• Alkem Laboratories: The company submitted a detailed corrective and preventive action plan to the U.S. FDA against one observation issued by the regulator after inspecting the company’s Indore plant in July. The inspection has now been closed.

• Bharat Forge: The company has decided to house all its defense related investments under subsidiary KSSL for a better strategic alignment, transferring its stake in another subsidiary Aeron.

• West Coast Paper Mill: The contract workers’ strike was called off and production at the paper and paper board division at the company’s Dandeli facility was restarted with marginal production loss.

Asian markets were mixed at opening after U.S. stocks closed higher in a volatile session as investors await inflation data for clues on the Federal Reserve’s rate-hike campaign.

The S&P 500 came back higher on Thursday, halting a four-day selloff, while the Nasdaq 100 outperformed. Oil rose after snapping its longest losing streak since December as commodity currencies strengthened, an indication that risk appetite may be picking up.

The yield on 10-year Treasury notes advanced to 3.87%. Crude oil prices were trading around the $82 mark, while Bitcoin was trading below the $24,000 level.

At 8:20 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.34% at 17,651.5.

On the day of monthly F&O expiry, domestic benchmark indices Sensex and Nifty closed marginally lower after struggling with volatility throughout the session on Thursday.

The rupee extended gains from the opening trade to close higher against the U.S. dollar, snapping a two-day fall.

Overseas investors in Indian equities remained sellers for the second day in a row on Thursday. Foreign portfolio investors offloaded equities worth Rs 1,417.2 crore, while, the domestic institutional investors were buyers for the second-straight day and mopped up stocks worth Rs 1,586.1 crore.