Trendlyne Marketwatch
Trendlyne Marketwatch
06 Jul 2023
Market sees record close, Senco Gold’s IPO gets bids for 73.4X of the available shares

Trendlyne Analysis

Nifty 50 closed at 19,497.30 (98.8, 0.5%) , BSE Sensex closed at 65,785.64 (339.6, 0.5%) while the broader Nifty 500 closed at 16,695.05 (97.9, 0.6%). Of the 1,964 stocks traded today, 1,186 were gainers and 712 were losers.

Indian indices closed in the green, with the Nifty 50 rising above the 19,450 mark. Benchmark indices, Nifty 50 and Sensex closed at their record highs. Eicher Motors fell over 2.5% and closed in the red for the third consecutive session as investors remain concerned about the potential threat posed by new launches from Hero MotoCorp and Bajaj Auto to the firm’s 90% market share in the premium bike segment.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Realty and Nifty Infra closed sharply higher than Wednesday’s close. According to Trendlyne's sector dashboard, Realty was the top-performing sector of the day.

Major Asian indices closed in the red, except for India’s BSE Sensex, which closed higher. European stocks traded in the red as Eurozone’s composite purchasing managers' index fell to 49.9 in June from May's 52.8. A value above 50 indicates expansion in activity, while a lower than 50 is a sign of contraction. Brent crude oil futures extended gains and traded in the green for a third consecutive session.

  • Multi Commodity Exchange of India (MCX) sees a long buildup in its July 27 future series as its open interest rises 19.8% with a put-call ratio of 1.18.

  • Adani Green Energy is rising as its board of directors approves the issuance of equity shares with a face value of Rs 10 per share. The total investment through a qualified institutional placement (QIP) is expected to be Rs 12,300 crore.

  • G M Breweries rises as its Q1FY24 net profit jumps by 23.2% YoY to Rs 19.9 crore on the back of lower raw material costs. Its revenue also rises by 5.1% YoY to Rs 579.4 crore. It appears in a screener of stocks with increasing quarterly profits.

  • Hindustan Petroleum Corp and Amara Raja Batteries touch their 52-week highs of Rs 307 and Rs 709 respectively. The former has risen by 17.9% in the past month, while the latter increased by 14.4%.

  • BSE is rising as its management approves the buyback of shares worth Rs 374.8 crore at a price of Rs 816 per share. The buyback will take place through the tender offer route. The company shows up in a screener for stocks that have gained more than 20% over a month.

  • Puravankara is rising as it achieves its highest quarterly sale value of Rs 1,126 crore, implying growth of 199% YoY. Its customer collections also surge 52% YoY to Rs 696 crore. Ashish Puravankara, Managing Director of the company, says, “With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum.”

  • Aerospace, movies & entertainment and shipping industries rise by more than 18% over the past month.

  • Senco Gold’s Rs 405 crore IPO gets bids for 73.4X the available 94.2 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 15.5X of the available 47.1 lakh shares on offer.

  • JBM Auto and Cyient are trading below their second support or S2 level despite the markets trading higher.

  • Eicher Motors is falling for the third consecutive session as reports suggest that investors are concerned about the potential threat posed by new launches from Hero MotoCorp and Bajaj Auto to the firm’s 90% market share in the premium bike segment.

  • Bombay Dyeing & Manufacturing Company touches a 52-week high as reports suggest that they are going to sell 2 million square feet of their Mumbai land for Rs 5,000 crore for commercial purposes. A prominent Japanese conglomerate is said to be leading the race to acquire the land. It appears in a screener of stocks with strong momentum.

  • Marico is falling following its Q1FY24 update that its consolidated revenue has fallen in low-single digits on a YoY basis. The management attributes this to pricing interventions in the domestic market and a drop in prices of Saffola edible oils. However, it expects gross margins to expand on a YoY basis due to a decline in edible oil prices and steady copra & crude prices.

  • Piramal Enterprises is falling in trade as reports suggest that 61 lakh shares (2.6% equity), amounting to Rs 575 crore, have changed hands in a block deal.

  • Dolly Khanna buys a 0.5% stake in Talbros Automotive Components in Q1FY24, bringing her holdings in the company to 1.5%.

  • Biocon rises as its subsidiary, Biocon Biosimilars, takes over the commercialization of the biosimilar business from Viatris in over 70 countries. In February 2022, Biocon Biosimilars acquired Viatris for $3.3 billion (Rs 24,912.7 crore).

  • Energy & Oil stocks like Indian Oil Corp, Tata Power, Bharat Petroleum Corp, Power Grid Corp of India and NTPC are rising in trade. All constituents of the broader sectoral index, Nifty Energy, are also trading in the green.

  • The Finance Ministry's FY23 Economic Review states that the Indian economy has carried forward its momentum from FY23 into FY24. It also highlights the improving rural demand and its progress towards recovery.

  • Solara Active Pharma Sciences is falling as its board of directors approves the issue of equity shares for a total value of Rs 450 crore by way of rights issue.

  • DCB Bank rises as Tata Asset Management gets RBI's permission to acquire 7.5% of the paid-up capital of the bank through the schemes of Tata Mutual Fund. The bank appears in a screener of stocks with high momentum scores.

  • Realty stocks like Macrotech Developers, Indiabulls Real Estate and Godrej Properties rise more than 2.5% in trade. The broader Nifty Realty index is trading 2% higher.

  • HDFC Securities maintains its ‘Buy’ rating on Oberoi Realty with a target price of Rs 1,158. This indicates an upside of 12.8%. The brokerage believes the company is well-placed to benefit from the rising demand for real estate, given its new project launches. It also expects the firm to generate robust cash flows from its recently completed projects.

  • Goldman Sachs maintains its 'Buy' rating on Godrej Consumer Products with a target price of Rs 1,150, citing strong traction across different segments in Q1FY24. It expects robust growth in the company's consolidated EBITDA and India organic segment.

  • KEC International rises to an all-time high of Rs 603.8 as it secures orders worth Rs 1,042 crore for its railways, civil, transmission & distribution and cables businesses. The company appears in a screener of stocks with increasing quarterly revenues.

  • Ujjivan Small Finance Bank rises to a new 52-week high of Rs 417.6 as its deposits grow by 44% YoY and the Gross NPA falls by 340 bps YoY in Q1FY24. However, the CASA ratio has contracted by 330 bps. The bank appears in a screener of stocks with strong momentum.

  • Retail sales for the automotive industry rise 9.6% YoY to 18.6 lakh units in June, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 6.8% YoY, while cars increase by 4.8% YoY.

  • India Cement falls as Life Insurance Corporation of India sells a 2% equity stake (63,27,906 shares) in the company. The deal was executed via an open market transaction at an average price of Rs 191.6 per share, amounting to Rs 121.5 crore. With this deal, LIC's shareholding in India Cement stands at 3.8% (1.18 crore shares).

  • Tata Power is rising as the company receives a letter of award (LOA) worth Rs 1,744 crore from Chhattisgarh State Power Distribution (CSPDCL). The LOA is for a smart metering project in the state over a period of 10 years.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (335.95, 7.85%), Torrent Power Ltd. (640.35, 5.03%) and Mahindra & Mahindra Ltd. (1,548.80, 4.98%).

Downers:

Largecap and midcap losers today include Eicher Motors Ltd. (3,222.20, -2.65%), Marico Ltd. (527.70, -2.01%) and HDFC Life Insurance Company Ltd. (661.15, -1.85%).

Volume Shockers

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

Top high volume gainers on BSE included Ceat Ltd. (2,485.30, 18.72%), Hindustan Zinc Ltd. (335.95, 7.85%) and Jamna Auto Industries Ltd. (108.80, 5.17%).

PNC Infratech Ltd. (354.35, 4.88%) was trading at 14.7 times of weekly average. Sunteck Realty Ltd. (298.50, 5.07%) and Avanti Feeds Ltd. (409.50, 4.00%) were trading with volumes 14.3 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

55 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (23,800.00, 2.12%), Amara Raja Batteries Ltd. (703.35, 2.47%) and Apollo Hospitals Enterprise Ltd. (5,283.05, 4.05%).

Stock making new 52 weeks lows included - Aarti Industries Ltd. (486.00, -0.07%).

14 stocks climbed above their 200 day SMA including Jamna Auto Industries Ltd. (108.80, 5.17%) and Avanti Feeds Ltd. (409.50, 4.00%). 3 stocks slipped below their 200 SMA including Eicher Motors Ltd. (3,222.20, -2.65%) and Alkyl Amines Chemicals Ltd. (2,626.95, -1.41%).

 
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