Nifty 50closed at 22,122.05 (-90.7, -0.4%), BSE Sensex closed at 72,790.13 (-352.7, -0.5%) while the broader Nifty 500closed at 20,255.8000 (-57.7, -0.3%). Market breadth is in the red. Of the 2,089 stocks traded today, 801 were on the uptick, and 1,256 were down.
Indian indices extended their losses from the open and closed in the red. The Indian volatility index, Nifty VIX, rose 4.2% and closed at 15.6 points. Larsen & Toubro closed in the green after its railways business won an order worth Rs 1,000-2,500 crore through its long-term Japanese partner, Sojitz Corp, for the construction of phase 2A of the Jakarta Mass Rapid Transit Project.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty IT and Nifty Metal closed lower than their Friday close. According to Trendlyne’s sector dashboard, Forest Materials emerged as the top-performing sector of the day, with a rise of 2.6%.
Major Asian indices closed in the red, except for Japan’s Nikkei 225 and Taiwan’s SE indices closing in the green. European indices traded flat or lower amid weak global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the red after closing 2.1% lower on Friday.
Money flow index (MFI) indicates that stocks like Thermax, Indian Hotels, Archean Chemical Industries and Varun Beverages are in the overbought zone.
Exicom Tele-Systems, a power management solutions provider, will open for IPO subscription tomorrow. The price band for the issue is Rs 135-142 per share. The issue size is Rs 446.1 crore, with a fresh issue of Rs 329 crore and an offer for sale of Rs 95.1 crore. Platinum Industries, a stabilizers manufacturer will also open for subscription tomorrow.
Geojit BNP Paribas upgrades Avanti Feeds to 'Accumulate' from 'Hold', raising the target price to Rs 569, an 11.3% potential upside. The brokerage cites an improved shrimp production outlook and expects a correction in excess supply in export markets, helping profitability growth. It forecasts a 23.5% CAGR in net profit over FY23-26.
Avantika Saraogi, Executive Director of Balrampur Chini Mills, says that the revenue potential for the company's new 75,000-tonne polylactic acid factory will be Rs 1,500-2,000 crore. She adds that the company will be investing an estimated Rs 2,000 crore over the next 2.5 years.
Alkem Laboratories clarifies that the allegations of tax evasion are factually incorrect. The company states that it had cooperated with the IT department during the survey proceedings in September 2023.
Transformers & Rectifiers (India)rises sharply as it receives an order worth Rs 232 crore from Power Grid Corp of India. The order is for the design, engineering and supply of five autotransformers.
GPT Healthcare's Rs 525.1 crore IPO gets bids for 2.7X the available 2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.9X the available 98.8 lakh shares on offer.
Alkem Laboratories plunges as the Income Tax Department reportedly finds substantial tax evasion by the company. The department says that the company has allegedly made excessive deductions, valuing more than Rs 1,000 crore, for its manufacturing units in Sikkim.
Dixon Technologies (India)hits an all-time high of Rs 7,048 as its arm Padget Electronics reportedly inks a contract with Compal Smart Device India to manufacture mobile phones. It has also launched a new factory in Dehradun to manufacture washing machines.
Max Healthcare Institute'sboard of directors approves the acquisition of a 21,946 square meter land parcel in Lucknow for Rs 167 crore through an e-auction. The board has also approved the construction of a 500-bed hospital with a built-up area of 8 lakh square feet.
SJVNis rising as it signs a Power Usage Agreement (PUA) with Jammu & Kashmir Power Corp for the supply of 300 MW solar power.
Asian Paints is falling as CLSA downgrades its rating to ‘Sell’ from ‘Underperform’ and lowers the target price to Rs 2,425. The brokerage notes that the paints industry will see a significant increase in competition with the launch of Grasim Industries’ Birla Opus. It believes that the company’s growth and margins may be affected due to the competitive pressure.
One97 Communications rises to its 5% upper circuit following the Reserve Bank of India's (RBI) instruction to the National Payments Corporation of India (NPCI) to inspect the company's request to become a third-party application provider (TPAP) for UPI operations.
Larsen & Toubro's railways business group wins an order worth Rs 1,000-2,500 crore through its long-term Japanese partner, Sojitz Corp, for the construction of phase 2A of the Jakarta Mass Rapid Transit Project.
Piramal Pharma receives two observations after a US FDA inspection for a product expected to be manufactured at its Lexington (USA) facility.
According to Nomura, India Inc delivers strong Q3 earnings with BSE 200 companies recording 30% earnings growth YoY, surpassing estimates. The brokerage notes earnings upgrades in the automobile, transportation, and power sectors. The brokerage recommends State Bank of India, ICICI Bank, Mahindra & Mahindra, Reliance Industries, and Larsen & Toubro as its top stock picks.
IT stocks like Persistent Systems, Mphasis, LTIMindtree and Tech Mahindra are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.
Skipper rises sharply as it bags an order worth Rs 737 crore from Power Grid Corp of India to design, supply and construct a 765 kV transmission line.
Infibeam Avenues rises as it acquires a 20% stake in XDuce for $10 million. XDuce is an enterprise application and AI development company based in the United States.
Rajendra V Gogri, CMD of Aarti Industries, highlights that demand for agrochemicals remains under pressure but is expected to normalise in the coming quarters. He anticipates better performance in Q4FY24 compared to Q3, and EBITDA ranging between Rs 950-1,000 crore in FY24.
Shree Cementsis falling as it receives a demand order for Rs 261.9 crore from the Income Tax Department concerning income tax returns in CY22.
Ujwal Pagariya sells a 0.7% stake in Olectra Greentechfor approx Rs 115.3 crore in a bulk deal on Friday.
Reliance Industriesreportedly signs an agreement with Walt Disney to merge their Indian media businesses. According to the report, Reliance Industries will have the majority stake (61% stake) in the merged entity.
Gensol Engineeringsigns two engineering, procurement and construction (EPC) contracts worth Rs 337.7 crore. The contacts include a 250 MWac solar power project in Rajasthan and a 50 MWac solar power plant in Maharashtra.
Nifty 50was trading at 22,165.65 (-47.1, -0.2%), BSE Sensexwas trading at 73,044.81 (-98.0, -0.1%) while the broader Nifty 500was trading at 20,301.75 (-11.8, -0.1%).
Market breadth is highly positive. Of the 1,891 stocks traded today, 1,250 were on the uptrend, and 576 went down.
Riding High:
Largecap and midcap gainers today include Adani Energy Solutions Ltd. (1,176.15, 8.72%), PB Fintech Ltd. (1,098.85, 7.21%) and One97 Communications Ltd. (428.10, 4.99%).
Downers:
Largecap and midcap losers today include Alkem Laboratories Ltd. (5,061.85, -6.63%), General Insurance Corporation of India (401.90, -4.57%) and Vodafone Idea Ltd. (16.85, -3.99%).
Volume Shockers
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Adani Energy Solutions Ltd. (1,176.15, 8.72%), 360 One Wam Ltd. (769.60, 6.64%) and Infibeam Avenues Ltd. (36.75, 6.52%).
Top high volume losers on BSE were Alkem Laboratories Ltd. (5,061.85, -6.63%), Bandhan Bank Ltd. (202.60, -2.71%) and Persistent Systems Ltd. (8,425.40, -2.62%).
Mahindra Holidays & Resorts India Ltd. (431.90, 5.51%) was trading at 9.0 times of weekly average. Capri Global Capital Ltd. (999.10, 3.74%) and Abbott India Ltd. (28,480.00, -0.79%) were trading with volumes 5.3 and 4.9 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
38 stocks overperformed with 52 week highs, while 2 stocks tanked below their 52 week lows.
Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,338.15, 1.32%), Ambuja Cements Ltd. (608.60, 0.94%) and Astral Ltd. (2,084.45, 0.41%).
Stocks making new 52 weeks lows included - TCI Express Ltd. (1,192.55, -0.37%) and RHI Magnesita India Ltd. (574.75, -3.30%).
7 stocks climbed above their 200 day SMA including KPR Mill Ltd. (779.35, 4.45%) and Adani Wilmar Ltd. (398.70, 2.24%). 6 stocks slipped below their 200 SMA including Shree Renuka Sugars Ltd. (47.35, -2.27%) and Divi's Laboratories Ltd. (3,577.35, -1.94%).