Nifty 50closed at 20,906.40 (-90.7, -0.4%), BSE Sensexclosed at 69,551.03 (-377.5, -0.5%) while the broader Nifty 500closed at 18,686.80 (-83.4, -0.4%). Market breadth is in the red. Of the 1,992 stocks traded today, 738 were gainers and 1,217 were losers.
Indian indices extended the losses from the afternoon session and closed in the red, with the Nifty 50closing at 20,906. The volatility index, Nifty VIX, dropped by 0.4% and closed at 12.7 points. Yes Bank invited expressions of interest for selling corporate and retail non-performing assets (NPAs) worth Rs 4,234 crore.
Nifty Smallcap 100 closed flat, while Nifty Midcap 100 closed lower following the benchmark index. Nifty Mediaand Nifty Metalclosed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, forest materials emerged as the top-performing sector of the day, with a rise of over 4.5%.
Most European indices trade in the green. US indices futures trade higher indicating a positive start. Oracle shares fell 8% today as the firm provided a 2024 revenue guidance of 6% growth, while estimates pointed at around 8%.
Relative strength index (RSI) indicates that stocks like Hindustan Aeronautics, Adani Total Gas, Power Finance Corp and Container Corp of India are in the overbought zone.
SpiceJet falls over 4% despite its net loss contracting by 46.1% YoY to Rs 449 crore in Q2FY24. Its revenue declines by 29% YoY due to a lag in the air transport services and freighter & logistics services segments. In addition, the company's board has approved the issuance of 32.1 crore shares at Rs 10 each on a preferential basis.
Sun Pharma is falling as it revises the bid to acquire 100% of its US Subsidiary, Taro Pharmaceutical, from $38 per share to $43.
According to reports, AstraZeneca Pharma India agrees to acquire infectious disease vaccine developer, Icosavax, for a total consideration of $1.1 billion. The company expects this acquisition to bolster its vaccine portfolio. The company shows up in a screener for stocks with no debt.
- Rahul Talele, Group CEO of Kolte-Patil Developers, anticipates the company to achieve sales of Rs 3,500 crore in FY25. He adds that the sales contribution from Mumbai and Bengaluru will be around 30%.
Oil & gas stocks like Adani Green Total, Bharat Petroleum Corp, Indraprastha Gas and GAIL (India) are falling in trade today. Barring Indian Oil Corp, all constituents of the broader BSE Oil & Gas index are trading in the red.
Prabhudas Lilladher maintains its ‘Add’ rating on Kansai Nerolac Paints with a target price of Rs 370, implying an upside of 13.5%. The brokerage expects improved sales growth and profitability on the back of its strong presence in the industrial paints segment. However, it foresees rising competition to pose a threat to its market share and profitability. It estimates the firm’s net profit to grow at a CAGR of 25% over FY23-26.
Mishra Dhatu Nigam rises as it bags an order worth Rs 357 crore, bringing its total open orders to Rs 1,750 crore. The company appears in a screenerof stocks with improving book value per share.
The Society of Indian Automobile Manufacturers (SIAM) reports a 31.3% YoY growth in two-wheeler sales to 16.2 lakh units in November. Sales of passenger vehicles are up 3.7% YoY to 3.3 lakh units.
Safari Industries (India) is rising as reports suggest that Nomura Institutional Equities believes that the company’s next leg of growth will be driven by its capacity expansion and the launch of its premium brand, Urban Jungle.
Yes Bankrises over 7% as it invites expressions of interest for selling corporate and retail non-performing assets (NPAs) worth Rs 4,234 crore.
Power stocks like Adani Energy Solutions, Adani Green Energy, NHPC, ABB Indiaand JSW Energyare falling in trade. All the constituents of the broader sectoral index, BSE Power, are also trading in the red.
Jewellery retailer Motisons Jewellers sets its IPO price band at Rs 52-55 per share. The issue, valued at Rs 151.1 crore, is completely a fresh issue and opens on December 18.
JTEKT India rises sharply as it bags an order worth Rs 182.7 crore from an international entity to supply individual components for automotive assembly. The company appears in a screener of stocks with improving net profit over the past two years.
Axis Direct maintains its ‘Buy’ rating on Cyient with a target price of Rs 2,195. This implies an upside of 11%. The brokerage remains positive due to the company's growing order book and superior execution abilities. It also expects the company to benefit from the aerospace spending cycle amid high passenger growth. It projects Cyient’s net profit to grow at a CAGR of 28.4% over FY23-26.
Thermax secures orders worth Rs 500 crore through one of its subsidiaries to set up five bio-CNG plants in Rajasthan, Madhya Pradesh, Maharashtra, and Uttar Pradesh. The plants will have a capacity to produce 110 tonnes of bio CNG per day (TPD).
Neerad Sharma, Head of Strategy and Investor Relations of NCC, says the current order book stands at a record high of Rs 62,349 crore, with an order inflow of Rs 21,000 crore. Sharma expects the company to achieve a 20% revenue growth and maintain a margin of over 10% in FY24.
Hindalco Industries rises to its 52-week high of Rs 534.8 per share as it plans to set up a manufacturing facility in Odisha to produce 25,000 tonnes of fine-quality aluminium foil to be used in rechargeable EV batteries. The company expects a capex of Rs 800 crore for the plant.
Jammu & Kashmir Bank rises to an all-time high of Rs 140 as it launches a Rs 750 crore qualified institutional placement. The company has set the floor price at Rs 112.7 per share.
Dixon Technologies (India) surges to its all-time high of Rs 6,765 per share as it receives an order to manufacture IT hardware products for Lenovo under the government's production linked incentive (PLI) scheme 2.0.
- Mankind Pharma is falling as reports suggest that 3.5 crore shares (8.7% equity), amounting to around Rs 6,395 crore, change hands in a block deal. Chrys Capital, Capital Group and Everbridge Partners are the likely sellers in this transaction.
Relaxo Footwears wins a Rs 135 crore bid for a 30-acre land parcel in Pathredi Industrial Area, Rajasthan. The company plans to set up a manufacturing facility on this land in the future.
PNC Infratechis rising as it receives Rs 116 crore from the National Highways Authority of India (NHAI) towards eligible disputes raised by its subsidiary, PNC Raebareli Highways.
Rail Vikas Nigamrises as its joint venture with URC bags orders worth Rs 543 crore from Madhya Pradesh Metro Project. The project involves the construction of five elevated metro stations in two years. The company appears in a screenerof stocks with growing net profit and margins.
Sterling and Wilson Renewable Energysurges 5% as its board of directors approves the issue of equity shares worth Rs 1,500 crore via a qualified institutional placement. The floor price for the issue is set at Rs 365 per share.
Riding High:
Largecap and midcap gainers today include Tata Elxsi Ltd. (8,901.90, 5.39%), YES Bank Ltd. (21.30, 5.19%) and HDFC Life Insurance Company Ltd. (707.35, 5.18%).
Downers:
Largecap and midcap losers today include PI Industries Ltd. (3,484.00, -9.96%), One97 Communications Ltd. (616.55, -6.11%) and Adani Total Gas Ltd. (1,114.20, -4.94%).
Crowd Puller Stocks
24 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Equitas Small Finance Bank Ltd. (103.90, 9.95%), Infibeam Avenues Ltd. (23.25, 7.14%) and Sonata Software Ltd. (754.80, 7.05%).
Top high volume losers on BSE were PI Industries Ltd. (3,484.00, -9.96%), Cummins India Ltd. (1,928.70, -3.62%) and GMM Pfaudler Ltd. (1,475.35, -1.62%).
Tata Elxsi Ltd. (8,901.90, 5.39%) was trading at 10.7 times of weekly average. Chalet Hotels Ltd. (614.60, 4.25%) and Dixon Technologies (India) Ltd. (6,356.50, -0.25%) were trading with volumes 5.7 and 5.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
59 stocks took off, crossing 52 week highs,
Stocks touching their year highs included - Bajaj Auto Ltd. (6,254.20, 1.89%), Bank of India (115.70, -2.32%) and Bharat Forge Ltd. (1,186.80, -0.54%).
4 stocks climbed above their 200 day SMA including Gujarat Fluorochemicals Ltd. (3,099.80, 4.07%) and IndiaMART InterMESH Ltd. (2,751.50, 2.74%). 7 stocks slipped below their 200 SMA including PI Industries Ltd. (3,484.00, -9.96%) and Sumitomo Chemical India Ltd. (401.25, -2.40%).