Trendlyne Marketwatch
Trendlyne Marketwatch
05 Oct 2023
Market closes higher, Rites bags order worth $111 million (Rs 924 crore)

Trendlyne Analysis

Nifty 50 closed at 19,545.75 (109.7, 0.6%) , BSE Sensex closed at 65,631.57 (405.5, 0.6%) while the broader Nifty 500 closed at 17,195.80 (72.7, 0.4%), of the 1,952 stocks traded today, 1,203 were on the uptick, and 695 were down.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,546. The volatility index, Nifty VIX, dropped by 6.2% and closed at 10.9 points. India’s service PMI in September expanded to 61 against estimates of 59.5. India’s service PMI for August stood at 60.1.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty IT closed higher than Wednesday’s closing levels. According to Trendlyne’s sector dashboard, media emerged as the top-performing sector of the day, with a rise of over 2%.

Most European indices trade in the red, except for England’s FTSE 100 trading flat. US indices futures trade lower, indicating a negative start. The data released by the French National Institute of Statistics and Economics indicated that France’s industrial production in August contracted by 0.3% MoM against estimates of a 0.4% decline.

  • Relative strength index (RSI) indicates that stocks like C.E. Info Systems, Kaynes Technology India, Suzlon Energy and Indian Overseas Bank are in the overbought zone.

  • NHPC shuts down all its power stations in Sikkim due to flash floods. NHPC's Teesta-V power stations (510 MW) and Teesta-VI HE Project (500 MW), situated in Teesta Basin, are the two affected projects.

  • Tata Motors is rising as its subsidiary, Tata Motors JLR UK, reports a 27.5% YoY sales growth in September to 8,125 units. The growth is due to the improvement in sales of Land Rover and Jaguar. It appears in a screener of newly affordable stocks with good financials and durability.

  • Rites is rising as it emerges as the lowest bidder in a tender floated by Bangladesh Railway, with an estimated value of $111 million (Rs 924 crore). The order involves the procurement of 200 broad-gauge passenger carriages for Bangladesh Railway.

  • Blue Star falls despite acquiring 15.1 crore shares in its subsidiary, Blue Star Climatech though a rights issue of shares at Rs 10 per share, amounting to Rs 151 crore. The company appears in a screener of stocks with low debt.

  • Cholamandalam Investment & Finance Company falls as it issues shares via qualified institutional placements at Rs 1,180 each, which is at a discount to the floor price of Rs 1,200.5. The company has issued 1.7 crore shares, raising a total of Rs 2,000 crore. It appears in a screener of stocks with high debt.

  • Morgan Stanley notes Zomato's consistent performance in core business profitability. The firm's recent hike in platform fees has been well-received by its users. The brokerage maintains an 'Outperform' rating on Zomato, with a target price of Rs 125.

  • Plaza Wires' Rs 71.3 crore IPO gets bids for 161X the available 95 lakh shares on offer on the fourth day of bidding. The retail investor quota gets bids for 374.8X the available 13.2 lakh shares on offer.

  • Tata Consultancy Services rises after being chosen by the Georgia Department of Labor to replace its cloud-based unemployment insurance system. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Healthcare Global Enterprises acquires SRJ CBCC Cancer hospital in Indore from SRJ Health Care. The company plans to expand the hospital by adding 100 beds and upgrading its cancer diagnostic and treatment facilities. The hospital is expected to be operational in two years.

  • Hindalco Industries signs an MoU with Odisha Mining Corporation for a Rs 8,000 crore investment, in two phases. This deal ensures a long-term supply of bauxite ore for Hindalco's proposed two-million-tonne alumina refinery and 150-MW captive power plant in Kansariguda, Rayagada district.

  • BoB Capital Markets maintains its ‘Buy’ rating on Bajaj Finance with a target price of Rs 9,105. This implies an upside of 15.5%. The brokerage believes the firm’s robust assets under management growth, efficient execution and diverse business model will enable it to fend off competition and manage asset quality risks. It expects the company’s net profit to grow at a CAGR of 26.8% over FY23-25.

  • India’s Services PMI rises to 61 in September from 60.1 in August, driven by favourable demand conditions, new businesses and an increase in output volumes.

  • Capri Global Holdings sells a 0.5% stake in Indiabulls Housing Finance for approx Rs 42.9 crore in a bulk deal on Wednesday.

  • Marico is falling as it reports low-single-digit volume growth YoY in Q2FY24 due to weak rural demand. The company’s consolidated revenue has been marginally lower during the quarter, driven by price corrections in its key domestic portfolios.

  • Sobha is rising as its Q2FY24 sales rise by 48.1% YoY to reach a record high of Rs 1,723.8 crore. Its average price realisation per square foot also grows by 17.4% YoY to Rs 10,223. The stock shows up in a screener for companies with improving cash flow and good durability.

  • Emkay Global initiates coverage on Indian Hotels Co and Lemon Tree Hotels with a ‘Buy’ rating, and Chalet Hotels with a ‘Hold’. According to the brokerage, demand is expected to remain strong despite limited supply. It also predicts occupancy to remain high.

  • Nazara Technologies surges more than 5% as its subsidiary, NODWIN Gaming, acquires a 100% stake in PublishME for $2 million (approximately Rs 16.6 crore).

  • Media stocks like Nazara Technologies, Network 18 Media & Investments, Sun TV Network, TV18 Broadcast and Dish TV India are rising in trade. All the constituents of the broader sectoral index, Nifty Media, are also trading in the green.

  • Larsen & Toubro secures multiple orders worth Rs 2,500-5,000 crore. The orders involve the construction of a residential township in Bengaluru, a commercial tower in Hyderabad, and a super specialty hospital at the Indian Institute of Technology, Kanpur.

  • Prashant Pitti, Co-Founder & Executive Director of Easy Trip Planners, says that the festive season and the Cricket World Cup have resulted in a surge in demand, which is 72% higher this year. He also highlights that volumes on routes like Delhi-Ahmedabad have gone up by 89%.

  • Exide Industries rises as it acquires 11 crore share, amounting to Rs 340 crore, in its subsidiary Exide Energy Solutions (EESL). EESL plans to use this amount to fund its greenfield projects. The company appears in a screener of stocks with low debt.

  • Hindustan Aeronautics is rising after announcing that the Indian Air Force intends to procure an additional 97 light combat aircraft (LCA) Tejas fighter jets. This comes after the company completed delivering the first LCA Tejas twin-seater aircraft.

  • Porinju Veliyath buys a 1% stake in Kerala Ayurveda for approx Rs 1.6 crore in a bulk deal on Wednesday.

  • Macrotech Developers’ Q2FY24 pre-sales rise 12% YoY to Rs 3,530 crore, its highest-ever quarterly pre-sales. With this, it achieves nearly half of its pre-sales guidance for FY24. Its collections increase by 16% YoY, while its net debt declines 23.5% YoY to Rs 6,730 crore.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (105.40, 4.62%), One97 Communications Ltd. (895.10, 3.71%) and InterGlobe Aviation Ltd. (2,473.40, 3.71%).

Downers:

Largecap and midcap losers today include Marico Ltd. (542.45, -4.98%), Punjab National Bank (77.10, -3.32%) and Union Bank of India (105.50, -2.72%).

Volume Shockers

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

Top high volume gainers on BSE included Infibeam Avenues Ltd. (19.70, 13.22%), SIS Ltd. (480.15, 9.61%) and eClerx Services Ltd. (2,022.25, 8.91%).

Top high volume losers on BSE were Oberoi Realty Ltd. (1,091.05, -2.68%) and Linde India Ltd. (5,968.30, -0.05%).

Prestige Estates Projects Ltd. (671.30, 7.23%) was trading at 8.7 times of weekly average. Sumitomo Chemical India Ltd. (440.80, 5.43%) and Godrej Industries Ltd. (601.05, 3.06%) were trading with volumes 6.0 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks hit their 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Balkrishna Industries Ltd. (2,585.25, 2.22%), Coromandel International Ltd. (1,166.10, 1.92%) and eClerx Services Ltd. (2,022.25, 8.91%).

Stocks making new 52 weeks lows included - Navin Fluorine International Ltd. (3,695.60, -3.39%) and Adani Total Gas Ltd. (602.90, -1.28%).

7 stocks climbed above their 200 day SMA including Sumitomo Chemical India Ltd. (440.80, 5.43%) and Bharat Dynamics Ltd. (1,001.65, 2.26%). 4 stocks slipped below their 200 SMA including Godrej Consumer Products Ltd. (976.60, -1.40%) and Dabur India Ltd. (550.75, -0.83%).

 
More from Trendlyne Marketwatch
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025, 06:42PM
Market closes lower, Center plans to allocate a defence budget of Rs 7 lakh crore by FY27
Trendlyne Marketwatch | 16 May 2025, 04:01PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021