Market closes lower, Bajaj Auto to invest Rs 300 crore in EV manufacturing unit

Trendlyne Analysis

Nifty 50 closed at 17,213.60 (-19.7, -0.1%) , BSE Sensex closed at 57,806.49 (-91.0, -0.2%) while the broader Nifty 500 closed at 14,863.40 (-4.5, -0.0%)

Market breadth is in the green. Of the 1,837 stocks traded today, 1,003 were on the uptick, and 808 were down.

Suzlon Energy, Garware Technical Fibres, Trident, and Elgi Equipments are trading with higher volumes as compared to Tuesday.
Bajaj Auto to invest Rs 300 crore to set up a electric vehicle manufacturing units at its Akurdi plan in Pune, reports say. The unit will have a production capacity of 5 lakhs units a year.
Healthcare stocks like Krishna Institute of Medical Sciences, Shalby, Thyrocare, Fortis Healthcare, Max Healthcare, and Apollo Hospitals are trading higher. The broader sectoral index BSE Healthcare is also trading higher on account of the spread of Omicron in India.
Bharat Petroleum Corp ties up with Ola Electric Mobility to set up over 4,000 hyperchargers at its petrol pumps and in residential complexes. The chargers will be operational in 6-8 weeks and will be free to use till June 2022.
Mazagon Dock Shipbuilders' board approves an interim dividend of Rs 7.1 per share. This will entail a total payout of Rs 143.2 crore. The record date for interim dividend is January 7, 2022.
ICICIdirect maintains a 'BUY' rating on UltraTech Cement, with a target price upside of 19%. The brokerage expects the company to clock volume growth of over 10% and EBITDA growth of 15% over the next two years backed by its brownfield capex plans and cost saving initiatives.
Hitachi Energy India is trading with more than nine times its weekly average trading volumes. Rain Industries, KNR Constructions, TCNS Clothing Co., and Bharat Rasayan are trading with more than five times their weekly average trading volumes.
Metal stocks are trading in red with stocks like SAIL, Vedanta, Tata Steel, and National Aluminum Co falling. The broader sectoral index Nifty Metal is also trading lower today.
GR Infraprojects rises after the company emerges as the lowest bidder for an order from the Noida Metro Rail's Noida-Greater Noida Metro Rail line. The company will build five elevated stations of the Noida-Greater Noida metro line, which is worth around Rs 593 crore with a duration of 24 months.
Amara Raja Batteries is all set to invest 10 million euros in the European e-mobility player InoBat Auto. The company seeks to strengthen its presence in the European EV market and gain access to InoBat’s highly innovative battery technology through this investment.
Pharma companies like Sun Pharma, Cipla and Torrent Pharma rise on the bourses as they are all set to market the branded versions of the Molnupiravir, a drug to treat Covid-19, in India.
Dr. Reddy’s Laboratories gets DCGI's approval for its oral anti-viral drug ‘Molnupiravir’ used to treat adult patients with Covid-19. This drug will be sold under the brand name ‘Molflu’ across India. This is an emergency use authorization to market the drug to treat patients with a high risk of progression of the disease.
Nifty 50 was trading at 17,229.70 (-3.6, -0.0%) , BSE Sensex was trading at 57,939.87 (42.4, 0.1%) while the broader Nifty 500 was trading at 14,872.15 (4.3, 0.0%)
Market breadth is in the green. Of the 1,826 stocks traded today, 1,067 were in the positive territory and 728 were negative.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (14.45, 5.09%), Laurus Labs Ltd. (548.25, 3.64%) and YES Bank Ltd. (13.90, 3.35%).

Downers:

Largecap and midcap losers today include Sona BLW Precision Forgings Ltd. (709.40, -2.67%), Dalmia Bharat Ltd. (1819.70, -2.42%) and Steel Authority of India (SAIL) Ltd. (106.40, -2.21%).

Movers and Shakers

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

Top high volume gainers on BSE included Responsive Industries Ltd. (127.20, 19.16%), Rain Industries Ltd. (231.00, 11.62%) and Sun Pharma Advanced Research Company Ltd. (285.85, 11.62%).

Top high volume losers on BSE were JK Cement Ltd. (3202.00, -5.10%), Adani Total Gas Ltd. (1749.20, -0.73%) and Blue Dart Express Ltd. (6189.60, -0.18%).

BASF India Ltd. (3058.50, 6.26%) was trading at 12.0 times of weekly average. Hitachi Energy India Ltd. (2563.75, 2.71%) and KNR Constructions Ltd. (299.70, 3.79%) were trading with volumes 11.5 and 10.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Escorts Ltd. (1896.50, 0.90%), Radico Khaitan Ltd. (1242.45, 4.76%) and Vardhman Textiles Ltd. (2318.10, 0.41%).

Stocks making new 52 weeks lows included - Gillette India Ltd. (5234.70, -0.49%) and Mas Financial Services Ltd. (647.85, -0.44%).

26 stocks climbed above their 200 day SMA including Rain Industries Ltd. (231.00, 11.62%) and BASF India Ltd. (3058.50, 6.26%). 3 stocks slipped below their 200 SMA including Multi Commodity Exchange of India Ltd. (1602.40, -1.30%) and Crompton Greaves Consumer Electricals Ltd. (430.30, -1.15%).