Trendlyne Marketwatch    
02 Aug 2020
Mohnish Pabrai buys in Edelweiss, 337 million shares of Bandhan Bank up for sale
  • Bandhan Bank's major shareholder, Bandhan Financial Holdings is reportedly selling 337.4 million of bank shares in a block trade, at a floor price of Rs. 311.1. Trading will start on August 3, and the shareholder is looking to raise $4.1 billion (Rs. 10,500 crore).

  • Investor Mohnish Pabrai buys825,400+ shares in Edelweiss Financial Services through an SAST transaction.

  • The Indian government is reportedly looking to offload its stake in IDBI Bank. The government holds 46.5%. 

  • Supply side problems ease up: Maruti Suzuki says that it had sold 108,000 units in July to its dealer network, 88.2% higher than June 2020. The car company said that this indicated that critical issues in raw material supply, cash flow for dealers and labour availability have eased. 

  • JSW Energy has announced that it has terminated the 5,321 crore deal to acquire GMR Kamalanga Energy. The company cited COVID19 related uncertainties as a reason for pullback, and said that the termination was "mutually agreed on."

  • Torrent Pharma jumped to a fresh year high today on account of June quarter profit and margins beating estimates, even as revenues are in line. 

  • Nifty 50 closed at 11073.45 (-28.7, -0.3%) , BSE Sensex closed at 37606.89 (-129.2, -0.3%) while the broader Nifty 500 closed at 9035.75 (4.1, 0.0%)

    Market breadth is in the red. Of the 1660 stocks traded today, 670 were gainers and 922 were losers.

  • Essel Propack, Sequent Scientific, Laurus Labs hit new highs on results.

  • Reliance Industries' Q1 stayed in the green in profits despite a sharp fall in petrochemicals revenue. Quarter operating revenue overall fell below 100,000 crore for the first time in ten quarters. The company posted a 30.6% rise in profit overall YoY, from tax benefits, an exceptional gain on share divestment of Reliance BP mobility, and Jio's big jump in profits.

  • LIC buys shares in Bata India via an SAST transaction.

  • US GDP fell 9.5% in the second quarter of 2021, a record drop that translates into an annualized fall of 32.9%. 

  • Markets are volatile in early trading. Nifty 50 was trading at 11120.05 (17.9, 0.2%) , BSE Sensex was trading at 37770.49 (34.4, 0.1%) while the broader Nifty 500 was trading at 9052.05 (20.4, 0.2%). Market breadth is even. Of the 1451 stocks traded today, 710 were on the uptrend, and 648 went down.
Riding High:

Largecap and midcap gainers today include Torrent Pharmaceuticals Ltd. (2663.60, 9.27%), Ajanta Pharma Ltd. (1629.20, 7.72%) and Piramal Enterprises Ltd. (1473.40, 7.54%).

Downers:

Largecap and midcap losers today include Cholamandalam Investment & Finance Company Ltd. (202.50, -5.46%), Future Retail Ltd. (110.20, -4.96%) and Indiabulls Housing Finance Ltd. (190.00, -4.86%).

Volume Shockers

34 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Laurus Labs Ltd. (933.25, 18.10%), Essel Propack Ltd. (234.00, 13.95%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (159.60, 9.54%).

Top high volume losers on BSE were Future Retail Ltd. (110.20, -4.96%), Indiabulls Housing Finance Ltd. (190.00, -4.86%) and Finolex Industries Ltd. (460.45, -1.07%).

TeamLease Services Ltd. (1849.80, 3.57%) was trading at 19.9 times of weekly average. Torrent Pharmaceuticals Ltd. (2663.60, 9.27%) and Jyothy Labs Ltd. (123.20, 2.71%) were trading with volumes 11.6 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1629.20, 7.72%), Ambuja Cements Ltd. (220.10, -0.52%) and Aurobindo Pharma Ltd. (874.60, 6.56%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (456.65, -0.54%).

22 stocks climbed above their 200 day SMA including TTK Prestige Ltd. (5783.35, 8.27%) and Godrej Properties Ltd. (926.60, 6.46%). 14 stocks slipped below their 200 SMA including TVS Srichakra Ltd. (1427.60, -5.23%) and Edelweiss Financial Services Ltd. (76.05, -4.40%).

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