Trendlyne Marketwatch
Trendlyne Marketwatch
29 Nov 2023
Market closes higher, Havells India launches its brand Lloyd in the Middle East market
By Trendlyne Analysis

 

Nifty 50 closed at 20,096.60 (206.9, 1.0%) , BSE Sensex closed at 66,901.91 (727.7, 1.1%) while the broader Nifty 500 closed at 17,904.10 (162.3, 0.9%), of the 1,989 stocks traded today, 929 were in the positive territory and 1,021 were negative.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 20,097. The volatility index, Nifty VIX, rose by 4.4% and closed at 12.7 points. Aurobindo Pharma receives US FDA approval to manufacture and market Darunavir Tablets used to treat human immunodeficiency virus infection. The product has an estimated market size of $275 million.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher following the benchmark index. Nifty Bank and Nifty Auto closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, automobile & auto components emerged as the top-performing sector of the day, with a rise of over 1.3%.

Most European indices trade in the green except for England’s FTSE 100 trading in the red. US indices futures trade higher indicating a positive start. The data released by Spain’s National Institute of Statistics indicated that Spain’s CPI inflation for November expanded by 3.2% YoY against estimates of 3.7% growth.

  • Money flow index (MFI) indicates that stocks like Trent, General Insurance Corp, Bajaj Auto and The New India Assurance are in the overbought zone.

  • Infosys gains as its arm, EdgeVerve Systems, bags an order from the Philippines' Bank of Commerce for its Infosys Finacle Suite, aimed at transforming the core banking system. This suite will replace the bank's existing systems. The company appears in a screener of stocks with improving RoA.

  • Torrent Power surges over 12% in trade and touches a new 52-week high today. The company ranks high on Trendlyne’s Checklist, scoring 78.3%. It also features in a screener of companies with zero promoter pledges.

  • Realty, utilities and general industrial sectors rise by more than 10% over the past month.

  • Bandhan Bank, Zensar Technologies, Suzlon Energy, and IDFC witness a decrease in mutual fund holdings in the past month.

  • Bharat Petroleum Corp gains as it declares an interim dividend of Rs 21 per equity share for FY24. The board fixes December 12, 2023, as record date.

  • Capacit'e Infraprojects wins an order worth Rs 101 crore from Tridhaatu Aranya Developers for the Aranya Phase-II project.

  • Antique Stock Broking initiates coverage on Yatra Online with a ‘Buy’ rating and target price of Rs 168. The brokerage believes that the company will benefit from the recovery in corporate travel. It also anticipates an improvement in gross bookings.

  • HDFC Securities initiates coverage on Kaynes Technology India with a ‘Buy’ rating and a target price of Rs 2,850. This implies an upside of 16.6%. The brokerage cites the company's superior execution skills and focus on value addition as key factors for capitalising on rising domestic electronics demand and the Centre's import substitution initiative. It expects the firm’s revenue to grow at a CAGR of 42% over FY23-26.

  • IT stocks like Wipro, Persistent Systems, MphasiS and LTIMindtree are rising in trade. All constituents of the broader Nifty IT index are also trading in the green.

  • Aether Industries is falling as it notifies the exchanges of a fire incident that took place at its manufacturing plant in Surat, Gujarat. The company states that 25 people were injured in the incident, while no casualties were reported.

  • Bharat Heavy Electricals rises as it signs a memorandum of cooperation (MoC) with Electricite de France, a state-owned French company. This MoC will maximise local content in the Jaitapur nuclear power project, set to be established by NPCIL in India. Additionally, the company bags an order worth Rs 2,956 crore from the Ministry of Defence for 16 super rapid gun mount.

  • The total market capitalisation of all BSE-listed companies reaches $4 trillion ( approximately Rs 333 lakh crore), driven by positive sentiments in the Indian equity market.

  • Aurobindo Pharma receives US FDA approval to manufacture and market Darunavir Tablets indicated, used to treat human immunodeficiency virus infection. The product has an estimated market size of $274.8 million.

  • Tata Power is rising as its subsidiary, Tata Power Renewable Energy, receives a letter of award (LoA) to develop a 200 MW firm and dispatchable renewable energy (FDRE) project with SJVN. The project, expected to be completed within 24 months, will take the company's total renewable energy capacity to 8,314 MW.

  • RR Kabel falls amid reports of income tax department searches at its offices nationwide. The company appears in a screener of stocks with declining net profit and margins.

  • Reports suggest that 38.9 lakh shares (0.3% equity) of ICICI Prudential Life Insurance Co, amounting to Rs 214.9 crore, have changed hands in a large trade.

  • Auto stocks like Samvardhana Motherson International, Hero Motocorp, Mahindra & Mahindra and Bosch are rising in trade. All constituents of the broader Nifty Auto index are also trading in the green, helping it to touch its all-time high of 17,377.4.

  • Siemens is falling as its Q2FY24 net profit declines 12.4% YoY to Rs 571.3 crore due to higher raw material, inventory and project buyout costs. However, its revenue rises 24.7% YoY, led by healthy growth in the energy, smart infrastructure and mobility segments. The company has also announced an investment of Rs 416 crore to expand capacity in power transformers and vacuum interrupters.

  • Shares of Indian Renewable Energy Development (IREDA) debut on the bourses at a 56.2% premium to the issue price of Rs 32. The Rs 2,150.2 crore IPO has received bids for 38.8 times the total shares on offer.

  • Rajeev Samant, the Chief Executive Officer (CEO) of Sula Vineyards, reports minimal impact from unseasonal rains on wine grapes and expects a big harvest this year. He adds that table grapes have been affected by the rainfall. Samant also highlights that Q3 is a strong quarter seasonally.

  • Havells India launches its brand Lloyd in the Middle East market. It has partnered with TeknoDome, a distribution company in Dubai, for the desired coverage and reach.

  • Aster DM Healthcare rises to an all-time high of Rs 381.8, as its promoter-owned Alpha GCC is set to buy the current owner's (Moopen family) stake in Aster DM Healthcare FZC for $1 billion (approx. Rs 8,330.1 crore). Post the deal, Alpha GCC Holdings will be jointly owned by Aster India and Fajr Capital advisors in a 35:65 ratio.

  • Zomato is rising as reports suggest that Alipay Singapore, an arm of Alibaba Group, plans to sell its entire 3.4% stake (29.6 crore shares) for Rs 3,300 crore through block deals.

  • PCBL’s board approves the acquisition of a 100% stake in Aquapharm Chemicals, a specialty chemicals company, for Rs 3,800 crore. It believes this acquisition will help its entry into the global specialty chemical segments of water treatment chemicals and oil & gas chemicals. The stock shows up in a screener for companies with low debt.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (732.55, 13.71%), Torrent Power Ltd. (941.40, 11.53%) and Muthoot Finance Ltd. (1,415.85, 5.44%).

Downers:

Largecap and midcap losers today include Adani Power Ltd. (433.10, -2.94%), One97 Communications Ltd. (867.35, -2.40%) and Zee Entertainment Enterprises Ltd. (249.70, -2.38%).

Volume Rockets

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

Top high volume gainers on BSE included Aster DM Healthcare Ltd. (395.45, 18.88%), Adani Total Gas Ltd. (732.55, 13.71%) and Torrent Power Ltd. (941.40, 11.53%).

Top high volume losers on BSE were Aether Industries Ltd. (829.40, -8.41%), Linde India Ltd. (5,703.75, -2.71%) and Zee Entertainment Enterprises Ltd. (249.70, -2.38%).

Borosil Renewables Ltd. (441.05, 6.68%) was trading at 24.1 times of weekly average. Minda Corporation Ltd. (373.15, 10.99%) and Graphite India Ltd. (502.15, 5.83%) were trading with volumes 13.9 and 12.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

55 stocks hit their 52 week highs,

Stocks touching their year highs included - Adani Power Ltd. (433.10, -2.94%), Axis Bank Ltd. (1,060.15, 3.82%) and Bajaj Auto Ltd. (6,069.95, 1.20%).

9 stocks climbed above their 200 day SMA including Adani Total Gas Ltd. (732.55, 13.71%) and ICICI Bank Ltd. (939.60, 1.52%). 4 stocks slipped below their 200 SMA including Sterlite Technologies Ltd. (152.05, -3.31%) and Devyani International Ltd. (177.75, -0.86%).

 
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