Trendlyne Marketwatch
Trendlyne Marketwatch
01 Sep 2023
Market closes higher, Coal India's total production in August rises by 13.2% YoY

Trendlyne Analysis

Nifty 50 closed at 19,435.30 (181.5, 0.9%), BSE Sensex closed at 65,387.16 (555.8, 0.9%) while the broader Nifty 500 closed at 17,074.55 (150.3, 0.9%). Of the 1,934 stocks traded today, 1,177 were on the uptick, and 713 were down.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 rising above the 19,400 mark. The volatility index, Nifty VIX, fell 5.7% and closed at 11.4 points. Maruti Suzuki India closed 3.2% higher after its August wholesales rose by 14.5% YoY to 1,89,082 units. Its total domestic wholesales and total exports also increased by 14.5% YoY.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, taking cues from the benchmark index. Nifty PSU Bank and Nifty Metal closed sharply higher than their Thursday’s close. According to Trendlyne's sector dashboard, Coal was the top-performing sector of the day as it rose 2.9%.

Major Asian indices closed in the green, except for Hong Kong’s Hang Seng index, which closed lower. European indices recovered from their day lows and traded flat or higher. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures extended their gains from Thursday and traded in the green for a fourth consecutive trading session.

  • Bharat Heavy Electricals sees a long buildup in its September 28 future series as its open interest rises 47% with a put-call ratio of 1.2.

  • Coal India is rising as its monthly production in August increases by 13.2% YoY to 52.3 metric tonnes. Its offtake improves by 15.3% YoY to 59 metric tonnes. It appears in a screener for stocks with strong momentum.

  • Sumitomo Chemical India (SCIL) falls despite executing definitive agreements to acquire an 85% equity stake in Barrix Agro Sciences for Rs 85 crore. This allows SCIL to diversify into integrated pest management (IPM) and integrated plant nutrition management (IPNM) products. The company appears in a screener of stocks with no debt.

  • Tata Motors is rising despite its total monthly wholesales in August falling by 1.1% YoY to 76,261 units. The company’s domestic sales remain flat as its passenger vehicle sales decrease by 3% YoY, while its commercial vehicle sales rise by 2% YoY.

  • Mazagon Dock Shipbuilders is rising as it launches its fourth ship of the project 17A frigate series. The ship, named Mahendragiri, boasts advanced features.

  • Rishabh Instruments' Rs 490.8 crore IPO gets bids for 31.7X the available 77.9 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 8.4X the available 39 lakh shares on offer.

  • Rupen Patel, CMD of Patel Engineering, says the company expects revenue growth of around 15% and margin expansion of 14-15% in FY24. He highlights that the order book currently stands at around 20,000 crore and the firm is working on reducing the Rs 1,950 crore debt.

  • Motilal Oswal Financial Services is falling despite its plan to invest in Gufic Biosciences by acquiring 3.3% of the post paid-up share capital of the company for Rs 100 crore through a preferential issue.

  • Motilal Oswal maintains its ‘Buy’ rating on Vinati Organics with a target price of Rs 2,150. This implies an upside of 15.2%. The brokerage expects the company’s growth to be driven by new product launches and higher production capacity. It expects the firm’s revenue to grow at a CAGR of 11.8% over FY23-25.

  • Maruti Suzuki India's August wholesales rise by 14.5% YoY to 1,89,082 units. Its total domestic wholesales and total exports also increase by 14.5% YoY.

  • Rating agency Moody’s Investors Service hikes India’s GDP growth forecast for 2023 to 6.7% from the earlier estimate of 5.5%. At the same time, it lowers the 2024 growth forecast to 6.1% from 6.5%. It also highlights the risk of higher food prices and agricultural commodity prices.

  • Firstsource Solutions rises to its 52-week high of Rs 174.8 as it appoints Ritesh Mohan Idnani as the new MD and CEO, effective from September 1. This follows the resignation of Vipul Khanna, who served as MD and CEO until August 31.

  • Telecommunications equipment, Forest Materials, Hotels, Restaurants & Tourism and Chemicals & Petrochemicals sectors rise more than 4% over the past week

  • Mahindra & Mahindra is rising as its total auto wholesales in August grow by 19% YoY to 70,350 units. The increase is led by passenger and commercial vehicle sales volumes increasing by 25% YoY and 10% respectively. However, total wholesales remain flat YoY in the company’s farm equipment segment due to a fall in exports.

  • India’s Manufacturing PMI jumps to a three-month high of 58.6 in August, from 57.7 in July, amid robust growth in demand and an increase in new orders.

  • BSE hits an all-time high as the exchange increases its buyback offer price to Rs 1,080 from Rs 816 per equity share. The record date for determining eligible shareholders for the buyback is set for September 14, 2023. The total size of the buyback is Rs 374.8 crore.

  • PVR INOX falls in trade despite the company reporting the highest-ever monthly admissions (1.9 crore guests) in August. It records a gross box office revenue of Rs 532 crore and appears in a screener of stocks with strong momentum.

  • Torrent Pharmaceuticals declines as reports suggest that the company might have submitted a non-binding bid to acquire shares in Cipla. The firm is not willing to comment on these speculative reports due to the absence of verified data. It appears on a screener for stocks within the 'Sell' zone.

  • NCC rises to an all-time high of Rs 176.6 as it bags four orders worth Rs 8,398 crore in August for its electrical division. The orders are from MSEDCL, North Bihar Power Distribution and Bangalore Electricity Supply. The projects include the installation of advanced metering infrastructure and distribution automation systems. The company appears in a screener of stocks with strong momentum.

  • India’s GDP grows to 7.8% in Q1FY24, driven by the services sector and higher capital expenditure.

  • Bajaj Auto is rising despite its total monthly wholesales in August declining by 15% YoY to 3.4 lakh units on the back of a 20% YoY decrease in overall two-wheeler wholesales. This dip in sales is due to a fall in domestic wholesales in the two-wheeler segment and reduced exports in the commercial vehicle segment. The stock shows up in a screener of stocks affected by weak monsoons.

  • BNP Paribas Arbitrage buys a 1.22% stake in ACC for approx Rs 460.2 crore in a bulk deal on Friday.

  • IDFC First Bank falls more than 2%, as reports suggest that 28.1 crore shares (4.5% equity), amounting to Rs 2,526 crore, change hands in a large trade.

  • ITD Cementation is surging in trade as it secures a marine contract worth Rs 3,290 crore. The company shows up in a screener for stocks with consistently high returns over the past five years.

  • Metal stocks like Tata Steel, Hindalco Industries, Jindal Steel & Power, National Aluminium Co and Steel Authority of India are rising in trade. The broader sectoral index, BSE Metal, is also trading in the green.

  • Reliance Industries is rising as Viacom18 reportedly secures the TV and digital rights for the Indian cricket team's home matches. These rights are valid from September 2023 to March 2028 for Rs 5,963 crore. The company appears in a screener of stocks with improving RoA.

  • Genus Power Infrastructure’s wholly owned subsidiary bags an order worth Rs 2,247.4 crore for the design, supply and installation of smart meters. The company’s total order book stands at Rs 11,000 crore. The stock shows up in a screener for companies with book values per share improving over the past two years.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (55.75, 11.06%), Vodafone Idea Ltd. (10.00, 10.50%) and Steel Authority of India (SAIL) Ltd. (96.95, 6.89%).

Downers:

Largecap and midcap losers today include HDFC Asset Management Company Ltd. (2,431.25, -3.68%), Torrent Pharmaceuticals Ltd. (1,785.80, -3.08%) and Max Healthcare Institute Ltd. (574.95, -2.48%).

Movers and Shakers

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

Top high volume gainers on BSE included Bharat Heavy Electricals Ltd. (136.15, 12.29%), Indian Railway Finance Corporation Ltd. (55.75, 11.06%) and DCM Shriram Ltd. (1,034.55, 10.99%).

Top high volume losers on BSE were Five-Star Business Finance Ltd. (728.25, -4.88%) and Torrent Pharmaceuticals Ltd. (1,785.80, -3.08%).

ZF Commercial Vehicle Control Systems India Ltd. (14,900.00, 7.81%) was trading at 11.2 times of weekly average. JM Financial Ltd. (86.10, 10.10%) and Heidelberg Cement India Ltd. (192.25, 2.75%) were trading with volumes 7.7 and 6.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

72 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,689.00, -0.17%), Bharat Electronics Ltd. (137.85, 3.49%) and Bharat Heavy Electricals Ltd. (136.15, 12.29%).

9 stocks climbed above their 200 day SMA including YES Bank Ltd. (17.35, 3.27%) and Bandhan Bank Ltd. (235.10, 2.40%). 7 stocks slipped below their 200 SMA including NOCIL Ltd. (220.00, -1.98%) and Pidilite Industries Ltd. (2,498.25, -0.67%).

 
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