Trendlyne Analysis
Nifty 50closed at 19,783.40 (89.4, 0.5%), BSE Sensexclosed at 65,930.77 (275.6, 0.4%) while the broader Nifty 500closed at 17,627.60 (54.0, 0.3%). Market breadth is in the green. Of the 1,989 stocks traded today, 1,038 showed gains, and 899 showed losses.
Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50closing at 19,783.4 points. The Indian volatility index, Nifty VIX, rose 0.6% and closed at 12.2 points. Godrej Properties closed 2.2% higher after its Executive Chairperson, Pirojsha Godrej, said the company is on track to meet its sales target of Rs 14,000 crore in FY24, according to reports.
Nifty Midcap 100 and Nifty Smallcap 100 closed flat, underperforming the benchmark index. Nifty Realty and Nifty Media closed higher than their Monday close. According to Trendlyne's sector dashboard, Commercial Services & Supplies was the top-performing sector of the day as it rose 1.4%.
Major Asian indices closed flat or higher, except for Hong Kong’s Hang Seng index closing in the red. European indices trade mixed after opening higher. US index futures trade marginally lower, indicating a cautious start to the trading session. Brent crude oil futures trade in the red after rising 5.8% in the past two trading sessions.
Indian Energy Exchange sees a long buildup in its November 30 future series as its open interest rises 9.6% with a put-call ratio of 0.6.
Godrej Properties is rising as its Executive Chairperson, Pirojsha Godrej, says the company is on track to meet its sales target of Rs 14,000 crore in FY24, according to reports. The company’s H1FY24 sales bookings grow by 48% YoY to Rs 7,288 crore.
Infosys rises as it collaborates with Proximus, a digital services and communications solutions provider from Belgium, for an IT modernization and consolidation project. This agreement will allow Proximus to upgrade its IT stack and increase its offering portfolio. It appears in a screener for stocks with strong momentum.
Angel One, Apar Industries and eClerx Services' annual return on capital employed(RoCE) stands at 56.7%, 46.6% and 34.8%, respectively, outperforming their industries by 8.8, 24.5 and 14.8 percentage points.
KRChoksey maintains its ‘Buy’ rating on Tata Motors with a target price of Rs 784, implying an upside of 15%. The brokerage expects Jaguar-Land Rover to see an uptick in sales volumes, higher commercial vehicle realisations, and expanding margins in the passenger vehicle segment, led by new launches. It expects the firm’s revenue to grow at a CAGR of 17% over FY23-25.
Retailers and white goods manufacturers are concerned about the RBI's revision of the risk weight for unsecured consumer loans, including personal and credit card loans, on November 17. They fear this may impact their margins and are waiting for more clarity on the matter.
Indian Renewable Energy Development Agency's Rs 2,150.2 crore IPO gets bids for 2X the available 47.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 2X the available 23.5 crore shares on offer.
Datamatics Global Services signs a contract with a US-based company to provide digital experience services. The client targets to spend $36 million (approx Rs 300 crore) over five years. The stock shows up in a screener for companies with high TTM EPS growth.
Realty companies like Oberoi Realty, Godrej Properties, Prestige Estates Projects, Brigade Enterprises and Mahindra Lifespace Developersare rising in trade. Barring Phoenix Mills, all the other constituents of the broader sectoral index, BSE Realty, are trading in the green.
Goldman Sachs raises its Nifty target to 21,800 by the end of 2024, indicating a 10.7% increase over Monday's closing level of 19,694. According to their analysts, returns are likely to be back loaded given the challenging global backdrop and political uncertainty ahead of the 2024 elections.
Strides Pharma Science is rising as its subsidiary, Strides Pharma Global Pte, receives approval from the USFDA for its Levetiracetam Oral Solution USP, 100 mg/ml, which is used in the treatment of seizures. The oral solution has a market size of approximately $55 million in the US (as per IQVIA).
Motilal Oswalkeeps its ‘Buy’ rating on NMDC and raises its target price to Rs 190 from Rs 135, implying an upside of 11.3%. The brokerage remains optimistic about the company’s prospects, expecting increased volumes, better iron ore prices, and strong demand. It estimates the firm’s revenue to grow at a CAGR of 14.5% over FY23-25.
ICICI Lombard General Insurance appoints Sanjeev Mantri as Managing Director and Chief Executive Officer for a period of five years, effective December 1, 2023.
According to Bizom, a retail intelligence platform, FMCG sales, excluding staples like edible oils, wheat, and rice, have increased by 4.4% YoY during Diwali. The growth is driven by robust demand in the dairy, home care and confectionary categories. Meanwhile, the beverages segment reports a 4.7% YoY decline in demand.
RateGain Travel Technologies is rising after successfully raising Rs 600 crore from qualified institutional buyers through the issue of 93.3 lakh shares at a price of Rs 643 each. The company plans to use these funds for strategic investments and acquisitions. The stock shows up in a screener for companies with improving RoCE over the past two years.
Som Distilleries & Breweries is rising as it receives approval from the Excise department to expand its beer capacity at the Hassan plant.
HDFC Life Insurance rises as it enters into a corporate tie-up with Karnataka Bank to offer life insurance products to the bank's customers. The company appears in a screener of stocks nearing 52-week high with significant volumes.
Incred Wealth downgrades its rating on SBI Cards and Payment Services to 'Reduce' and cuts the target price to Rs 600. The brokerage believes that the company will be adversely affected by the RBI increasing the risk weight on credit card receivables. It also lowers its margin and growth expectations and foresees the gradual rise in cost of funds to harm the company's margins.
KEC International rises as it bags orders worth Rs 1,005 crore for railways, transmission & distribution (T&D) and cables projects across India, the Middle East, Europe, Africa and America. It appears in a screener for stocks with improving cash flow and good durability.
State Bank of India appoints Vinay Tonse as Managing Director, with his tenure extending till November 30, 2025, reports suggest.
Consumer durables stocks like Rajesh Exports, Voltas, Havells India and Titan are rising in trade. All constituents of the broader BSE Consumer Durables index are also trading in the green.
Antony Cherukara, CEO of VST Tillers Tractors, says that the company has lowered its growth guidance for tractors to a low single-digit in FY24, from the earlier projection of 10-15%. He anticipates a revenue growth of 20%, with the tiller segment growing by 15-20%. He also highlights the firm’s target to achieve a revenue of Rs 3,000 crore by FY26.
Indian Renewable Energy Development Agency raises Rs 643.3 crore from anchor investors ahead of its IPO by allotting 20.1 crore shares at Rs 32 each. Investors include Goldman Sachs, Societe Generale, BNP Paribas Arbitrage, ICICI Prudential Mutual Fund, Nippon Life India, Kotak Mahindra Life Insurance and SBI Life Insurance Co.
ABB India is rising as it partners with Titagarh Rail Systems to supply propulsion systems for metro rolling stock projects in India. The partnership has already won orders to design and supply equipment for metro coaches in Gujarat.
Container Corp of Indiais rising as it signs a memorandum of understanding with Indraprastha Gasto set up liquified natural gas (LNG) and compressed natural gas (CNG) infrastructure at its terminals. Both companies will also explore the feasibility of transporting LNG through railway rakes from LNG terminals near sea ports to various locations in India.
Vascon Engineersis surging as it receives a letter of intent worth Rs 356.8 crore from Pimpri Chinchwad Municipal Corporation (PCMC). The order involves the construction of a general hospital building for PCMC hospital. The company appears in a screenerof stocks with growing net profit and margins
Riding High:
Largecap and midcap gainers today include Oberoi Realty Ltd. (1,406.60, 4.27%), Ashok Leyland Ltd. (178.05, 3.43%) and Zee Entertainment Enterprises Ltd. (251.75, 3.35%).
Downers:
Largecap and midcap losers today include Coal India Ltd. (334.20, -3.90%), Oil And Natural Gas Corporation Ltd. (191.20, -3.36%) and Max Healthcare Institute Ltd. (604.30, -2.78%).
Crowd Puller Stocks
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Rallis India Ltd. (235.75, 9.17%), SJVN Ltd. (81.50, 7.31%) and KNR Constructions Ltd. (298.45, 6.06%).
Top high volume losers on BSE were Thermax Ltd. (2,687.75, -3.59%), Gujarat State Petronet Ltd. (272.60, -1.45%) and AIA Engineering Ltd. (3454.60, -0.85%).
Sunteck Realty Ltd. (472.30, 4.08%) was trading at 9.3 times of weekly average. BASF India Ltd. (3,052.40, 3.77%) and EPL Ltd. (198.95, 2.90%) were trading with volumes 9.3 and 7.3 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
44 stocks overperformed with 52 week highs, while 1 stock tanked below their 52 week lows.
Stocks touching their year highs included - Ajanta Pharma Ltd. (1,969.15, -0.13%), Aurobindo Pharma Ltd. (10,27.25, 2.92%) and Bajaj Auto Ltd. (5,685.95, 0.63%).
Stock making new 52 weeks lows included - Alkyl Amines Chemicals Ltd. (2,130.00, -0.07%).
16 stocks climbed above their 200 day SMA including Chemplast Sanmar Ltd. (447.00, 4.35%) and VIP Industries Ltd. (633.35, 3.79%). 2 stocks slipped below their 200 SMA including Sterlite Technologies Ltd. (149.00, -2.36%) and Marico Ltd. (526.60, 0.16%).