
Nifty 50 closed at 21,647.20 (28.5, 0.1%), BSE Sensex closed at 71,721.18 (63.5, 0.1%) while the broader Nifty 500 closed at 19,584.35 (66.5, 0.3%), of the 2,030 stocks traded today, 1,243 were gainers and 751 were losers.
Indian indices closed flat, with the benchmark Nifty 50 index closing at 21,647.2 points. The Indian volatility index, Nifty VIX, fell 1.5% and closed at 12.8 points. Bank Of India closed 2.4% higher after its global business increased by 9.9% YoY to Rs 12.8 lakh crore and global deposits grew by 8.7% YoY in Q3FY24.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Energy and Nifty Auto closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Oil & Gas was the top-performing sector of the day as it rose 2.3%.
European indices traded flat or higher amid positive global cues. Major Asian indices closed in the green, except for South Korea’s KOSPI closing flat. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded in the green after falling 1% on a volatile day on Thursday.
- Relative strength index (RSI) indicates that stocks like Alok Industries, Gujarat Gas, Olectra Greentech and JBM Auto are in the overbought zone.
Mangalore Refinery And Petrochemicals rises 19.2% in trade and reaches a new 52-week high of Rs 161. The company ranks high on Trendlyne’s Checklist, scoring 68.2%. It also features in a screener of companies with strong cash-generating ability from core business.
Jindal Saw, Network18 Media & Investment and TV18 Broadcast surge by 9.1%, 44.8% and 23.6%, respectively, ahead of their results on Tuesday.
Allied Digital surges to its upper circuit of 20%, as the company is chosen as the master system aggregator (MSA) to integrate CCTV surveillance with the existing ITMS control room for the Ayodhya Smart City Project.
HDFC Asset Management is rising as its net profit surges by 32.6% YoY to Rs 489.7 crore in Q3FY24. Its revenue improves by 20% YoY to Rs 671.3 crore during the quarter. It appears in a screener of stocks with increasing revenue for the past two quarters.
Vedanta rises as its subsidiary, Cairn Oil & Gas, submits its first plan to start gas production at its onshore rig in Bharuch, Gujarat. The plan involves an initial output of 2,000 barrels of oil equivalent per day.
Jyoti CNC Automation's Rs 1,000 crore IPO gets bids for 15.7X the available 1.8 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 21.8X the available 31.6 lakh shares on offer.
Auto stocks like Hero MotoCorp, Bajaj Auto, TVS Motor and Eicher Motors are rising in trade. All constituents of the broader Nifty Auto index are also trading in the green, touching its all-time high of Rs 18,817.2.
Reports indicate the Centre may reduce import duties on mobile phone components, potentially aiding India's exports and companies like Apple. Current duties on parts like camera modules and chargers are in the range of 2.5-20%, according to the India Cellular and Electronics Association (ICEA).
India is considering import duty cuts on components key to producing high-end mobile phones, which would potentially be a boost for companies like Apple and the country's exports.#India#exports#Apple#importdutyhttps://t.co/HEgNu0ZHiM
— Business Standard (@bsindia) January 11, 2024Ajmera Realty & Infra Indiasurges almost 6% to reach its all-time high of Rs 521, as its sales value grows by 98% YoY to Rs 253 crore in Q3FY24. Collections also improve by 30% YoY during the quarter. The company has bagged a redevelopment project in Versova with a gross development value of Rs 360 crore.
Unichem Laboratoriesrises to an all-time high of Rs 479 as it receives US FDA approval for its abbreviated new drug application for Doxazosin. The drug is used for the treatment of hypertension.
Consumer durables stocks like Voltas, Havells India, Dixon Technologies (India)and Blues Starare rising in trade. All constituents of the broader Nifty Consumer Durablesindex are also trading in the green, touching its all-time high of Rs 32,033.2.
Chetan Ahya, Chief Asia Economist at Morgan Stanley, says India will benefit from the fall in commodity prices. He predicts India’s GDP growth at 6.5% in FY25. Ahya also highlights that central banks will face difficulties in easing monetary policy, and expects the US Fed to begin rate cuts in June.
#OnCNBCTV18 | Investors are diversifying both into Japan & India. Don’t expect much improvement in real growth basis for China, says Chetan Ahya of Morgan Stanley pic.twitter.com/xsJUE9csUd
— CNBC-TV18 (@CNBCTV18Live) January 11, 2024Sundram Fasteners rises on reports of a Rs 1,411 crore investment over four years in its Tamil Nadu factories. The funds will be used to expand the capacity for electric vehicle (EV) components.
Maruti Suzuki India rises as reports suggest that the company will start exporting EVs to Europe and Japan. The company plans to export battery packs worth Rs 750 crore to both regions.
AXISCADES Technologiessurges over 6%, reaching its all-time highof Rs 850, as its board approves a qualified institutional placement (QIP) of shares worth Rs 500 crore. It has set the floor price at Rs 696.7 per share.
HSBC Global Research maintains its 'Buy' rating on Zomato with an upgraded target price of Rs 150. The brokerage expects muted performance in 2024 and a moderation in the gross-order value growth of its food delivery business. It also highlights the possibility of a short-term correction.
#HSBCGlobalResearch does not expect #Zomato's Q3 to beat expectations.
— NDTV Profit (@NDTVProfitIndia) January 11, 2024
Read more ??https://t.co/NE5tjMOyc5Shyam Metalics and Energyrises to an all-time high of Rs 683.4 as its monthly sponge iron volumes increase by 200.1% YoY to 1.1 lakh tonnes. Its steel volume also improves by 51.1% YoY.
Kalyani Steelssurges over 9% to touch its all-time highof Rs 579 as it successfully bids Rs 450 crore for the assets of Kamineni Steel & Power India, including land, buildings, machinery and plants.
Bank Of Indiarises as its global business increases by 9.9% YoY to Rs 12.8 lakh crore and global deposit grows by 8.7% YoY in Q3FY24. The bank's domestic deposit also surges by 7.6% YoY. It appears in a screener of stocks nearing their 52-week high with significant volumes.
Rajendra V Gogri, Managing Director of Aarti Industries, says the company expects the company to deliver an EBITDA of roughly Rs 950-1,000 crore in FY24, and Rs 1,400-1,600 crore in FY25. He also states that the non-renewal of the EU contract for S Metolachlor will have a 3-4% impact on intermediate volumes.
Aarti Industries
— Nigel D'Souza (@Nigel__DSouza) January 11, 2024
EU is not a big market for S Metolachlor
???? Impact on Aarti’s intermediate volumes will be around 3-4% due to no renewal from EU
EBITDA Guidance
FY24???? ?950-1000 cr
FY25 ?????1400-1600 cr#StockMarket#StockToWatchhttps://t.co/HZ5mftaW0aPolycab India plunges to its 15% lower circuit following reports of the Income Tax Department uncovering unaccounted cash sales of Rs 1,000 crore.
Dolly Khanna cuts stake in Nitin Spinners to below 1% in Q3FY24. She held a 1.2% stake in Q2FY24.
Sunil Singhania sells a 0.6% stake in Ion Exchange (India) in Q3FY24. He now holds a 2.1% stake in the company.
SpiceJet rises as it announces in its annual general meeting (AGM) that it will invest Rs 2,250 crore for network expansion. The airlines has rights to Lakshadweep and plans to launch flights to Agatti Island.
Riding High:
Largecap and midcap gainers today include Solar Industries India Ltd. (7,347.05, 6.85%), Shriram Finance Ltd. (2,279.75, 6.03%) and Gujarat Gas Ltd. (541.10, 5.03%).
Downers:
Largecap and midcap losers today include Polycab India Ltd. (3,878.45, -21.04%), Zee Entertainment Enterprises Ltd. (251.15, -3.33%) and Delhivery Ltd. (412.05, -2.40%).
Volume Rockets
28 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (160.60, 19.67%), Easy Trip Planners Ltd. (51.80, 17.06%) and Engineers India Ltd. (216.40, 9.82%).
Top high volume losers on BSE were Polycab India Ltd. (3,878.45, -21.04%), KEI Industries Ltd. (2,980.95, -5.31%) and Eureka Forbes Ltd. (498.00, -1.17%).
Just Dial Ltd. (880.70, 4.86%) was trading at 20.0 times of weekly average. Ratnamani Metals & Tubes Ltd. (3,392.00, 1.43%) and Jamna Auto Industries Ltd. (113.30, 5.20%) were trading with volumes 13.7 and 11.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
71 stocks made 52 week highs,
Stocks touching their year highs included - Abbott India Ltd. (25,330.00, 2.93%), Alembic Pharmaceuticals Ltd. (836.50, 4.54%) and Apollo Hospitals Enterprise Ltd. (5869.90, 1.19%).
11 stocks climbed above their 200 day SMA including Jamna Auto Industries Ltd. (113.30, 5.20%) and Aditya Birla Capital Ltd. (180.55, 4.18%). 4 stocks slipped below their 200 SMA including Polycab India Ltd. (3,878.45, -21.04%) and Hindustan Unilever Ltd. (2,536.20, -1.60%).