Trendlyne Marketwatch
Trendlyne Marketwatch
06 Nov 2023
Market closes higher, Larsen & Toubro bags order worth Rs 2,500-5,000 crore

Trendlyne Analysis

Nifty 50 closed at 19,411.75 (181.2, 0.9%), BSE Sensex closed at 64,958.69 (594.9, 0.9%) while the broader Nifty 500 closed at 17,159.40 (158.5, 0.9%). Market breadth is overwhelmingly positive. Of the 2,022 stocks traded today, 1,324 were on the uptrend, and 652 went down.

Indian indices extended their gains from their open and closed in the green, with the Nifty 50 closing at 19,412 points. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 11.1 points. Shipping Corp of India closed deep in the red after its net profit declined by 42.5% YoY to Rs 65.7 crore in Q2FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, taking cues from the benchmark index. Nifty Energy and Nifty Auto closed higher than their Friday close. According to Trendlyne's sector dashboard, Transportation was the top-performing sector of the day as it rose 1.9%.

Major European indices traded flat or lower. Asian indices closed in the green, with Japan’s Nikkei 225 index closing 2.3% higher. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the green after falling 2.1% on Friday.

  • Money flow index (MFI) indicates that stocks like Swan Energy, Jindal Saw, CreditAccess Grameen and JK Lakshmi Cement are in the overbought zone.

  • Thermax falls despite a 44.5% YoY surge in Q2FY24 net profit to Rs 157.7 crore. Its revenue improves by 12% YoY, aided by the industrial products and industrial infra segments. The company appears in a screener of stocks with growing net profit and margins.

  • Divi's Laboratories falls as its Q2FY24 net profit decreases 29.4% YoY to Rs 348 crore due to higher inventory and employee benefit expenses. However, its revenue rises marginally by 2.9% YoY. The company appears in a screener of stocks with declining net profit and margins.

  • Adani Group is considering the sale of its 43.97% stake in Adani Wilmar, according to reports. The group is in talks with a number of global consumer goods companies to exit the joint venture, and the transaction is expected to close within the next few months.

  • Greaves Cotton is rising as it sells its land in Pune to Runal Developers for a consideration of Rs 284 crore.

  • Bharat Forge rises as its Q2FY24 net profit rises by 55.7% YoY to Rs 2,272.3 crore, with revenue up by 22.7% YoY due to a strong performance in the forging segment. The stock shows up in a screener of companies with increasing revenue for the past four quarters.

  • Protean eGov Technologies' Rs 490.3 crore IPO gets bids for 1.1X the available 43.8 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1.5X the available 21.1 lakh shares on offer.

  • Fitch Ratings raises India's medium-term GDP growth forecast by 70 bps to 6.2%, citing an improvement in employment rates and a marginal increase in the working-age population forecast.

  • ESAF Small Finance Bank's Rs 463 crore IPO gets bids for 8.3X the available 5.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 7.9X the available 2.8 crore shares on offer.

  • Varun Beverages is falling despite its Q2FY24 net profit rising 31.5% YoY to Rs 501.1 crore and its gross margins expanding by 163 bps YoY due to the softening of raw material prices and better realisations. Its revenue increases by 21.2% YoY driven by improving sales volumes. The stock shows up in a screener for companies with improving net cash flows over the past two years.

  • Geojit BNP Paribas downgrades its rating on Polycab India to ‘Sell’ from ‘Add’ and lowers the target price to Rs 4,473 from Rs 5,147. This implies a downside of 11.8%. The brokerage has a cautious outlook for the company’s prospects due to rising input costs, subdued consumer demand and increasing competitive intensity. It also believes that the stock is trading at a high valuation.

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

  • Retail sales for the automotive industry decline by 8% YoY to 21.2 lakh units in October, shows data from the Federation of Automotive Dealers' Association (FADA). Two-wheeler retail sales are down 13% YoY, and car sales have fallen by 1.4% YoY. However, the sector saw a record 18% increase in sales during the Navratri season.

  • Marksans Pharma rises as its wholly owned subsidiary, Relonchem, gets marketing authorisation for Cyanocobalamin 50mg film-coated tablets from the UK's Medicines and Healthcare products Regulatory Agency (UK MHRA). It appears in a screener for stocks with strong momentum.

  • Shipping Corp of India plunges over 4% as it net profit declines by 42.5% YoY to Rs 65.7 crore in Q2FY24. Revenue falls by 22.9% YoY due to lower earnings from the liner, bulk carrier and tanker segments. However, its EBITDA margin expands by 200 bps YoY, aided by reduced service costs. The company appears in a screener of stocks with declining revenue for the past two quarters.

  • State Bank of India falls despite an 8% YoY increase in Q2FY24 net profit to Rs 14,330 crore. Its net interest income rises by 12% YoY, with asset quality showing improvement as gross and net NPA decrease by 97 bps and 16 bps YoY, respectively. The bank features in a screener of stocks with growing net profit and margins.

  • HSBC maintains its 'Buy' rating on Zomato with an upgraded target price of Rs 140. The brokerage highlights an increase in gross order value (GOV) across the food delivery and quick commerce segments. It has a positive outlook on the company's long-term prospects, particularly in quick commerce. Zomato reports a net profit of Rs 36 crore in Q2FY24 and a 71.5% YoY rise in revenue.

  • NJ Advisory Services buys a 0.6% stake in Computer Age Management Services for approx Rs 63.1 crore in a bulk deal on Friday.

  • Larsen & Toubro is rising as it bags an order worth Rs 2,500-5,000 crore from GMR Visakhapatnam International Airport. The project involves the construction of Bhogapuram International Airport in Andhra Pradesh. The company shows up in a screener for stocks with book value per share improving over the past two years.

  • Cello World's shares debut on the bourses at a 27.9% premium to the issue price of Rs 648. The Rs 1,900 crore IPO has received bids for 38.9 times the total shares on offer.

  • Man Industries (India) is rising as it bags multiple orders worth Rs 380 crore from international and domestic clients to supply pipes. These new orders take the company's unexecuted order book to Rs 1,400 crore, slated for execution in the next six months.

  • Ashok Sonthalia, CEO of Titan Co, forecasts jewelry margins to range between 12-13% and projects a 48-49% growth for CaratLane in FY24. He estimates total debt to reach Rs 3,000-3,500 crore in Q3 and reveals that the company is developing new channels for a trendy eyecare line. He adds that India has surpassed China as the largest market for wearable devices.

  • Cigniti Technologies rises despite the resignation of its Managing Director, C V Subramanyam, effective from November 3.

  • JSW Infrastructure surges over 5% as its net profit grows by 88.9% YoY to Rs 254.4 crore in Q2FY24. Its revenue also rises 28.1% YoY to Rs 848.3 crore during the quarter. The company's subsidiary, JSW Terminal (Middle East) FZE, has acquired Marine Oil Terminal Corp and its Fujairah branch for an enterprise value of $187 million (approximately Rs 1,555.3 crore).

  • Vedanta trades flat as it reports a net loss of Rs 1,783 crore in Q2FY24, as compared to a net profit of Rs 1,808 crore in Q2FY23. However, its revenue improves by 6.4% YoY, aided by growth in the oil & gas, copper and iron ore segment. The company appears in a screener of stocks with declining net profit and margins.

  • InterGlobe Aviation is rising as it posts a net profit of Rs 188.9 crore in Q2FY24, compared to a net loss of Rs 1,583.3 crore in Q2FY23. Its revenue increases by 19.6% YoY on higher passenger volumes. EBITDA margin improves by 14.6 percentage points due to reduced fuel and forex costs. The company appears in a screener of stocks with improving cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (123.30, 5.84%), Deepak Nitrite Ltd. (2,138.35, 5.77%) and FSN E-Commerce Ventures Ltd. (147.35, 4.99%).

Downers:

Largecap and midcap losers today include Bank of Baroda (195.60, -4.02%), One97 Communications Ltd. (880.65, -2.59%) and Zee Entertainment Enterprises Ltd. (268.35, -2.52%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Aarti Industries Ltd. (510.00, 10.74%), JK Cement Ltd. (3,403.30, 8.67%) and Amber Enterprises India Ltd. (3,348.90, 7.44%).

Top high volume losers on BSE were Gujarat Fluorochemicals Ltd. (2,716.00, -1.77%) and Bata India Ltd. (1,555.00, -1.35%).

Privi Speciality Chemicals Ltd. (1,284.60, 5.34%) was trading at 19.2 times of weekly average. Heidelberg Cement India Ltd. (189.25, 0.75%) and FSN E-Commerce Ventures Ltd. (147.35, 4.99%) were trading with volumes 13.3 and 8.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks hit their 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,637.40, -3.39%), Blue Star Ltd. (967.00, -0.48%) and Crisil Ltd. (4,360.00, 3.82%).

22 stocks climbed above their 200 day SMA including Aarti Industries Ltd. (510.00, 10.74%) and JK Lakshmi Cement Ltd. (794.25, 6.63%). 3 stocks slipped below their 200 SMA including Bata India Ltd. (1,555.00, -1.35%) and Bharat Dynamics Ltd. (1,040.60, 0.22%).

 
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