Trendlyne Marketwatch
Trendlyne Marketwatch
10 Oct 2023
Market closes higher, Dolly Khanna sells a 0.3% stake in KCP, now holds a 1.4% stake

Trendlyne Analysis

Nifty 50 closed at 19,689.85 (177.5, 0.9%), BSE Sensex closed at 66,079.36 (567.0, 0.9%) while the broader Nifty 500 closed at 17,303.35 (175.7, 1.0%). Market breadth is highly positive. Of the 1,982 stocks traded today, 1,508 were gainers and 436 were losers.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,690. The volatility index, Nifty VIX, dropped by 1.1% and closed at 11.3 points. The International Monetary Fund (IMF) has revised India’s FY24 GDP growth forecast to 6.3% from an earlier estimate of 6.1%.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Realty and Nifty Metal closed higher than Monday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 6%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. The data released by the Italian National Institute of Statistics indicated that Italy’s industrial production in August increased by 0.2% MoM against the estimates of a 0% growth. Brent crude oil prices have increased by 4% since the conflict in Israel and hovering around $88 per barrel.

  • Relative strength index (RSI) indicates that stocks like Kaynes Technology India, Safari Industries (India), PCBL and Solar Industries India are in the overbought zone.

  • Prestige Estates Projects surges more than 9% to touch its all-time high of Rs 796.4 per share. It ranks high on Trendlyne's checklist with a score of 63.6%. The stock has a 'Buy' consensus from 14 out of 16 analysts. Its revenue is expected to grow by 25.7% in Q2FY24, according to Trendlyne's Forecaster.

  • Coal India rises over 5% to touch its 52-week high of Rs 303.7, following Nuvama Institutional Equities' projection of a record dividend payout of Rs 30 in H2FY24. The brokerage keeps a ‘Buy’ rating on the stock and raises the target price to Rs 389 from Rs 361, citing the firm's potential for volume growth, improved e-auction prices, and the possibility of high dividends.

  • Shyam Metalics and Energy rises as its Q2FY24 sponge iron sales volume increases by 3.1% YoY to 1.8 lakh tonnes and steel sales volume grows by 8.3% YoY to 50.8 lakh tonnes. The company appears in a screener of stocks with improving book value per share.

  • Anil Yadav, CFO at IRB Infrastructure Developers, says the company targets its Hyderabad business to generate an EBITDA of Rs 600-650 crore. He adds that its construction margins are expected to improve by 100-200 bps.

  • JSW Steel is rising as its crude steel production grows by 13% YoY to 6.4 million tonnes in Q2FY24, helped by increased Indian operations. The company appears in a screener of stocks with upgraded analyst recommendations or target prices over the past three months.

  • Solar Industries India rises as it receives its biggest-ever order worth Rs 1,853 crore from Coal India for the supply of bulk explosives, which it will supply in a span of two years. It appears in a screener for stocks with strong momentum.

  • HCL Technologies and Angel One's weekly average delivery volumes rise ahead of their Q2FY24 results on Thursday.

  • The International Monetary Fund (IMF) raises India’s GDP growth forecast for FY24 by 20 bps to 6.3%, while it maintains its FY25 projection of 6.3%. The IMF also projects India’s CPI inflation for FY24 at 5.5%.

  • GM Breweries is falling as its Q2FY24 net profit declines 1.4% YoY to Rs 22.4 crore despite its revenue rising by 5.8% YoY. The drop in profitability is due to higher raw material costs and excise duty. Its EBITDA margin falls by 2.1 percentage points YoY to 19.6%.

  • Vascon Engineers rises as it receives a Letter of Acceptance(LOA) worth Rs 352.9 crore from Jharkhand State Building Construction Corporation for the completion of remaining work for a medical college and the upgradation of a district hospital in Koderma. It appears in a screener for stocks with strong momentum.

  • Ajmera Realty & Infra India is rising as its sales value surges by 52% YoY to Rs 252 crore in Q2FY24 and collections increase by 8% YoY. The company also acquired three projects with a gross development value of Rs 800 crore.

  • IDFC First Bank sells its office premises in BKC, Mumbai, for Rs 198 crore to the National Securities Depository.

  • Global crude oil prices decline after rising over 4% in the previous sessions. Analysts believe that prices may continue to rise amid concerns over supply shortages caused by the Israel-Hamas conflict. Brent crude is currently trading at around $87.9 per barrel.

  • Media stocks like DB Corp, Saregama India, TV18 Broadcast, Network18 Media & Investments and Dish TV India are rising in trade. All the constituents of the broader sectoral index, Nifty Media, are also trading in the green.

  • Realty stocks like Prestige Estates Projects, Godrej Properties, DLF and Oberio Realty rise more than 2% in trade. All constituents of the broader Nifty Realty index are also trading in the green.

  • HDFC Securities maintains its ‘Sell’ rating on Trent with a target price of Rs 1,370. This implies a downside of 33.6%. The brokerage believes the stock is trading at an expensive valuation and expects the revenue per store to decline if the company continues its store expansion beyond two years. It adds that a huge share of FY22 and FY23 net profits came from dividends and mark-ups on fixed assets sold, which is unlikely to sustain bottom-line growth in the medium-to-long term.

  • According to a poll of economists, India's retail inflation is expected to fall to a three-month low of 5.4% in September from 6.8% in August, re-entering the RBI's tolerance range of 2-6% after two months. Economists also anticipate India’s IIP (Index of Industrial Production) to grow by 9.1% in August.

  • Larsen & Toubro wins a contract worth Rs 1,000-2,500 crore for the construction of a water supply project in Rajasthan. The stock shows up in a screener for companies with consistently high returns over the past five years.

  • Mazagon Dock Shipbuilders surges over 5% as it signs a letter of intent (LoI) with a European client to construct six firm and four optional units of 7,500 DWT multi-purpose hybrid power vessels.

  • Genus Power Infrastructures rises sharply as its subsidiary bags orders worth Rs 3,115 crore. The order involves the design of an advanced metering system and the installation of 34.8 lakh smart prepaid meters. The company appears in a screener of stocks with improving quarterly revenue.

  • Dolly Khanna sells a 0.3% stake in KCP in Q2FY24. She now holds a 1.4% stake in the company.

  • DAM Capital maintains its ‘Buy’ rating on Escorts Kubota, with an upgraded target price of Rs 5,100. It expects increased export growth to boost the company’s overall volume growth. The brokerage predicts revenue and PAT CAGR of 17% and 41%, respectively, over FY23-26.

  • Ashish Kacholia buys a 3.5% stake in Saakshi Medtech & Panels in a bulk deal on Monday.

  • Ashish Kacholia adds Aeroflex Industries to his portfolio in Q2FY24, buys a 1.8% stake in the company.

  • Dilip Buildcon is rising as it receives a letter of acceptance (LoA) worth Rs 396.9 crore from the Water Resources Zone, Udaipur. The LoA is for an engineering, procurement and construction (EPC) contract to build the Dewas III and IV dams in Rajasthan, with a completion timeline of 44 months.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (75.65, 6.32%), Delhivery Ltd. (433.60, 5.91%) and Godrej Properties Ltd. (1,722.75, 5.65%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (555.00, -2.39%), Bayer Cropscience Ltd. (5,285.00, -1.97%) and Trent Ltd. (2,050.80, -1.36%).

Movers and Shakers

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

Top high volume gainers on BSE included Prestige Estates Projects Ltd. (727.50, 8.50%), Godfrey Phillips India Ltd. (2,263.70, 7.25%) and City Union Bank Ltd. (134.75, 7.16%).

Top high volume losers on BSE were Triveni Turbine Ltd. (384.80, -4.27%) and Honeywell Automation India Ltd. (38,433.55, -0.05%).

Vaibhav Global Ltd. (436.70, 6.60%) was trading at 8.3 times of weekly average. Chambal Fertilisers & Chemicals Ltd. (284.20, 4.14%) and Godrej Properties Ltd. (1,722.75, 5.65%) were trading with volumes 4.7 and 4.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

27 stocks took off, crossing 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (948.35, 2.57%), Cholamandalam Investment & Finance Company Ltd. (1,259.15, 3.25%) and Coal India Ltd. (303.25, 5.37%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (469.25, -1.87%).

8 stocks climbed above their 200 day SMA including Chambal Fertilisers & Chemicals Ltd. (284.20, 4.14%) and Steel Authority of India (SAIL) Ltd. (88.80, 2.84%). 8 stocks slipped below their 200 SMA including Star Health and Allied Insurance Company Ltd. (575.20, -1.24%) and Sumitomo Chemical India Ltd. (422.35, -0.72%).

 
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