Market closes higher, Vedanta rises as it acquires Goa-based company Nicomet

Trendlyne Analysis

Upbeat trading today. Nifty 50 closed at 16,770.85 (156.7, 0.9%) , BSE Sensex closed at 56,319.01 (497, 0.9%) while the broader Nifty 500 closed at 14,461.40 (160.7, 1.1%)

Market breadth is surging up. Of the 1,825 stocks traded today, 1,307 were on the uptick, and 494 were down.

Kansai Nerolac Paints, Rossari Biotech, Suprajit Engineering, and CCL Products India are trading with higher volumes as compared to Monday.
Vedanta rises as the company acquires Goa-based nickel and cobalt producer Nicomet. It has an installed capacity of 7.5 kilotonne per annum, according to reports. This acquisition will help Vedanta service needs for the fast-growing market for EV batteries.
Adani Enterprises rises as the company receives a letter of award from Uttar Pradesh Expressways Industrial Development Authority to construct three stretches of greenfield Ganga expressway from Meerut to Prayagraj. The project will cost Rs 17,085.16 crore.
Piramal Enterprises rises after Piramal Pharma, an arm of the company, acquires 27.78% stake in Yapan Bio for Rs 101.77 crore. The company engages in contract process development and manufacturing.
CMS Info Systems’ Rs 1,100-crore IPO gets bids for 40% of the available 3.75 crore shares on offer. Retail investors bid for 79% of their quota of 1.87 crore shares on the first day of bidding. The offer entirely comprises an offer for sale of Rs 1,110 crore.
HDFC Securities maintains its ‘Buy’ rating on NTPC and also the target price of Rs 160 as power demand falls 2.3% YoY in November 2021 on account of winters. However, coal inventory rises in December 2021 and the brokerage expects power demand to further increase by 12% in FY22.
Godrej Agrovet is trading with less than four times its weekly average trading volumes. Kalpataru Power Transmissions, Future Retail, and Hinduja Global Solutions are trading with less than three times their weekly average trading volumes.
Reliance Industry arm Reliance Jio Infocomm adds 17,61,137 subscribers in October while Bharti Airtel and Vodafone Idea lose 4,89,709 and 9,64,245 subscribers, respectively, according to Telecom Regulatory Authority of India data.
Shree Cements rises on the bourses as reports suggest that the company will set up its first greenfield plant in Andhra Pradhesh at an estimated cost of Rs 1,500 crore. This investment will boost Shree Cement's market share in the southern region.
CMS Info Systems raises Rs 330 crore ahead of its IPO by selling 1.53 crore shares at Rs 216 apiece to anchor investors, including, BNP Paribas Arbitrage, Goldman Sachs, Nomura, SBI Life Insurance, ICICI Prudential Mutual Fund (MF), Aditya Birla Sun Life MF, and SBI MF, among others.
Nomura India Investment Fund buys 20 lakh shares of Shriram Properties at an average price of Rs 95.53. In another deal, Tower Research Capital Markets India buys 10.63 lakh shares of the company at an average price of Rs 100.55.
MapmyIndia shares list at 51% premium to the issue price of Rs 1,033 on the bourses after getting bids for 155X of total shares on offer.
Wipro to buy Edgile, a US-based Cybersecurity firm, for Rs 1,745 crore. This acquisition will help the company strengthen its leadership in the cybersecurity space. The transaction is expected to close before March 31, 2022.
Markets rise on early trading, Nifty 50 was trading at 16,789.75 (175.6, 1.1%) , BSE Sensex was trading at 56,233.83 (411.8, 0.7%) while the broader Nifty 500 was trading at 14,468.35 (167.7, 1.2%)
Market breadth is surging up. Of the 1,756 stocks traded today, 1,545 were in the positive territory and 188 were negative.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (183.20, 6.26%), Indus Towers Ltd. (252.55, 6.20%) and Macrotech Developers Ltd. (1136.80, 5.75%).

Downers:

Largecap and midcap losers today include Adani Total Gas Ltd. (1698.45, -3.96%), Shriram Transport Finance Company Ltd. (1173.75, -2.24%) and Endurance Technologies Ltd. (1598.40, -2.09%).

Movers and Shakers

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

Top high volume gainers on BSE included TCI Express Ltd. (2345.35, 10.86%), Godrej Consumer Products Ltd. (936.90, 5.12%) and Minda Corporation Ltd. (164.05, 4.39%).

Top high volume losers on BSE were Future Retail Ltd. (54.35, -5.48%), Alkyl Amines Chemicals Ltd. (3016.90, -2.62%) and AIA Engineering Ltd. (1784.30, -0.92%).

Godrej Agrovet Ltd. (522.65, -0.01%) was trading at 4.3 times of weekly average. Kalpataru Power Transmissions Ltd. (353.85, 1.45%) was trading with volume 4.2 times weekly average on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks made 52-week highs, while 7 stocks hit their 52-week lows.

Stocks touching their year highs included - Minda Industries Ltd. (1107.05, 5.68%) and TCI Express Ltd. (2345.35, 10.86%).

Stocks making new 52 weeks lows included - Rallis India Ltd. (252.55, -0.30%) and Bandhan Bank Ltd. (246.20, -0.14%).

31 stocks climbed above their 200 day SMA including Alok Industries Ltd. (23.60, 5.83%) and Aavas Financiers Ltd. (2557.60, 5.50%). 29 stocks slipped below their 200 SMA including Future Consumer Ltd. (7.55, -7.93%) and Avanti Feeds Ltd. (545.30, -1.99%).