Trendlyne Marketwatch
Trendlyne Marketwatch
03 Oct 2023
Market closes lower, Bajaj Auto's total wholesales decline by 1% YoY in September

Trendlyne Analysis

 

Nifty 50 closed at 19,528.75 (-109.6, -0.6%), BSE Sensex closed at 65,512.10 (-316.3, -0.5%) while the broader Nifty 500 closed at 17,254.40 (-38.2, -0.2%). Market breadth is balanced. Of the 1,985 stocks traded today, 931 were in the positive territory and 1,000 were negative.

Indian indices closed in the red, with the Nifty 50 closing at 19,528.8 points. The Indian volatility index, Nifty VIX, rose by 3% and settled at 11.8 points. The World Bank projected India’s GDP growth to moderate to 6.3% in FY24 from 7.2% in FY23, citing slower global growth and increasing price pressures. It also projected that the headline inflation will average at 5.9% in FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed up, despite the benchmark settling in the red. Nifty PSU Bank and Nifty Media closed higher than their Friday close. According to Trendlyne's sector dashboard, Healthcare Equipment & Supplies was the top-performing sector of the day as it rose 2%.

Major European indices traded flat or lower, except for England’s FTSE 100 index trading up. However, all major Asian indices closed in the red. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded higher after falling 1.8% on a volatile day on Monday.

  • Money flow index (MFI) indicates that stocks like Tata Investment Corp, Gujarat Ambuja Exports, ITI and Union Bank of India are in the overbought zone.

  • Hero MotoCorp is falling despite its total wholesales in September rising by 3.2% YoY to 5.4 lakh units, driven by its motorcycle and scooter sales increasing by 2.9% and 6.3% YoY, respectively. The stock shows up in a screener for companies with high TTM EPS growth.

  • Metro Brands surges more than 10% to touch its all-time high of Rs 1,293 per share. It ranks high on Trendlyne's checklist with a score of 59.1. Trendlyne's Forecaster expects its revenue to grow by 18.9% YoY in FY24. According to Forecasters, the company has a 'Buy' rating from nine out of 14 analysts.

  • PSU Banks like Union Bank of India, Bank of Maharashtra, Punjab National Bank, Indian Bank and Bank of India are rising in trade. All the constituents of the broader index, Nifty PSU Bank, are also trading in the green.

  • HDFC Securities maintains its ‘Reduce’ rating on FSN E-Commerce Ventures (Nykaa) with a target price of Rs 130. This implies a downside of 14.4%. The brokerage cites the firm’s limited monetizing capabilities excluding advertising income for a pessimistic outlook on its prospects.

  • CLSA upgrades its rating on Vedanta to 'Outperform' but slashes the target price to Rs 230. The brokerage believes that the company's plan to demerge into six different entities won't affect operations. This will allow the parent company to bring in strategic investors and reduce its debt burden.

  • Plaza Wires' Rs 71.3 crore IPO gets bids for 20.8X the available 95 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 92.5X the available 13.2 lakh shares on offer.

  • Valiant Laboratories' Rs 152.5 crore IPO gets bids for 12.4X the available 76.2 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 9.4X the available 38.1 lakh shares on offer.

  • Escorts Kubota is falling as its total monthly tractor wholesales in September decrease by 11.2% YoY to 10,871 units, caused by an 11.2% YoY degrowth in domestic wholesales. However, its construction equipment sales improve by 51.8% YoY. The stock shows up in a screener for companies with improving net cash flow over the past two years.

  • The World Bank anticipates India’s GDP growth to moderate to 6.3% in FY24 from 7.2% in FY23, citing slower global growth, increasing price pressures and weaker base effects. It also projects that the headline inflation will average at 5.9% in FY24.

  • Tata Motors is falling despite its total wholesales in September rising by 2% YoY to 84,381 units. This growth is led by 12% YoY growth in commercial vehicle sales. But its passenger vehicle sales have fallen by 5% YoY. In Q2FY24, total wholesales grew by 2% YoY, driven by 4% YoY growth in commercial vehicle sales.

  • Man Industries rises to an all-time high of Rs 196.7 as it bags an order worth approx Rs 400 crore from a domestic customer. The order involves the supply of different types of pipes. The company appears in a screener of stocks with improving book value per share.

  • KPI Green Energy is rising as its captive power producer segment bags orders from Shree Parmeshwar Steel and Vivan Steels to produce solar power projects of 4 MW and 3 MW capacity respectively.

  • Rajesh Sharma, MD & CEO of Capri Global Capital, expects a positive Q2 and an even more favourable H2 for the company due to branch expansion. The company plans to open 150 new locations in the following months. He sees solid traction in loans and good collection efficiency and adds that the passing on of higher borrowing costs to clients has not dampened demand.

  • Manoj Vaibhav Gems N Jewellers’ shares make a flat debut on the bourses at Rs 215. The Rs 270 crore IPO has received bids for 2.3 times the total shares on offer.

  • Ambadi Enterprises and Murugappa & Sons, promoters of Tube Investments of India, each sell a 1% stake in the company. They now hold a 45.1% stake each in the company.

  • NMDC rises as it announces iron ore price hike, effective from October 1. The price of both lump ore and fines has been raised by Rs 250 to Rs 5,200 per tonne and Rs 4,460 per tonne, respectively. It appears on a screener for stocks with strong momentum.                           

  • India’s manufacturing PMI drops to a 5-month low of 57.5 in September from 58.6 in August due a softer increase in new orders. The PMI reading, however, stays above the 50-mark for the 27th consecutive month, indicating an expansion in manufacturing activity.

  • Advent International makes changes to the management of Suven Pharmaceuticals after acquiring a 50.1% stake in the company. Advent appoints Vaidheesh Annaswamy, Vetukuri Venkata Naga Kali Vara Prasada Raju and Sudhir Kumar Singh as Executive Chairman, Managing Director (MD) and Chief Executive Officer, respectively. Venkateshwarlu Jasti resigns from the post of MD.

  • NCC is rising as it announces bagging three new projects worth Rs 4,205.9 crore in September. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Bajaj Auto is falling as its total wholesales decline by 1% YoY to 3.9 lakh units in September. The downturn is due to its two-wheeler sales decreasing by 6% YoY. However, its commercial vehicle wholesales improve by 40% YoY, aided by growth in domestic sales.

  • Indian rupee depreciates 17 paise to Rs 83.21 from the previous close of Rs 83.04 against the US dollar, due to a stronger dollar and a surge in US bond rates, which soared to multi-year highs after the US avoided a possible government shutdown.

  • Maruti Suzuki India's September wholesales rise by 2.8% YoY to 1.8 lakh units. This muted growth is attributed to a decline in wholesales in the mini and passenger cars segments. Its total domestic wholesales and exports increase by 2.5% and 5.2% YoY respectively.

  • JSW Infrastructure’s shares debut on the bourses at a 20.2% premium to the issue price of Rs 119. The Rs 2,800 crore IPO has received bids for 37.4 times the total shares on offer.

  • Kalpataru Projects International rises as it bags orders worth Rs 1,016 crore. This includes a power transmission and distribution order worth Rs 552 crore in India and overseas, and a building and factories order worth Rs 464 crore in India. The company appears in a screener of stocks with strong momentum.

  • Rail Vikas Nigam is rising as it emerges as the lowest bidder, quoting Rs 1,097.7 crore, at an auction held by the Himachal Pradesh State Electricity Board. The auction is for developing electricity distribution infrastructure in the state and is expected to be completed in 24 months.

Riding High:

Largecap and midcap gainers today include Union Bank of India (112.10, 5.46%), Max Healthcare Institute Ltd. (592.80, 4.48%) and Indian Bank (441.30, 4.19%).

Downers:

Largecap and midcap losers today include Oil And Natural Gas Corporation Ltd. (184.60, -3.78%), Gujarat Fluorochemicals Ltd. (2,939.30, -3.63%) and Adani Power Ltd. (366.70, -2.85%).

Volume Rockets

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

Top high volume gainers on BSE included Metro Brands Ltd. (1,265.40, 12.36%), KIOCL Ltd. (329.10, 8.60%) and Mahanagar Gas Ltd. (1,109.10, 7.80%).

Top high volume losers on BSE were Gujarat Fluorochemicals Ltd. (2,939.30, -3.63%), Siemens Ltd. (3,569.65, -2.80%) and Esab India Ltd. (4,951.95, -2.17%).

Kalpataru Projects International Ltd. (649.90, 2.91%) was trading at 31.4 times of weekly average. PNB Housing Finance Ltd. (742.30, 6.94%) and Jyothy Labs Ltd. (368.65, 2.26%) were trading with volumes 18.2 and 11.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks made 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Bayer Cropscience Ltd. (5,436.00, 1.79%), Canara Bank (384.45, 2.18%) and Cholamandalam Investment & Finance Company Ltd. (1,253.80, 2.98%).

Stock making new 52 weeks lows included - Adani Total Gas Ltd. (610.75, -0.41%).

13 stocks climbed above their 200 day SMA including Heidelberg Cement India Ltd. (191.65, 7.04%) and Vinati Organics Ltd. (1,878.70, 1.75%). 6 stocks slipped below their 200 SMA including Gujarat Fluorochemicals Ltd. (2,939.30, -3.63%) and Adani Enterprises Ltd. (2,387.25, -1.10%).

 
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