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Trendlyne Marketwatch
04 Dec 2023
Market closes higher, Eicher Motors' monthly wholesales grow by 13% YoY to 80,251 units in November
By Trendlyne Analysis

Nifty 50 closed at 20,686.80 (418.9, 2.1%), BSE Sensex closed at 68,865.12 (1,383.9, 2.1%) while the broader Nifty 500 closed at 18,448.50 (333.2, 1.8%). Market breadth is in the green. Of the 2,024 stocks traded today, 1,257 were gainers and 712 were losers.

Nifty 50 extended its gains from the afternoon session and closed at an all-time high of 20,686.8 points. The Indian volatility index, Nifty VIX, rose 4.9% and closed at 13 points. Eicher Motors hit its all-time high and closed 7.4% higher after its monthly wholesales increased by 13% YoY to 80,251 units due to a surge in sales of two-wheelers with engine capacity exceeding 350cc.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Bank and Nifty Realty closed sharply above their Friday close. According to Trendlyne's sector dashboard, Commercial Services & Supplies was the top-performing sector of the day as it rose 4.1%.

Major Asian indices closed flat or lower, except for India’s BSE Sensex closing in the green. European indices traded flat or higher amid mixed global cues. US index futures trade marginally lower, indicating a cautious start to the trading session. Brent crude oil futures extended their losses and traded in the red for third straight trading session.

  • Relative strength index (RSI) indicates that stocks like Trent, Power Finance Corp, Hindustan Aeronautics and TVS Motor and are in the overbought zone.

  • Sadhana Nitro Chem rises sharply as it plans to set up a 15-20 MW green hydrogen facility. The company's board has approved a Rs 50 crore rights issue for acquiring 126 acres of land.

  • Rail Vikas Nigam, KEI Industries, and Godawari Power & Ispat's stock prices increase 649.5%, 586.7% and 552% respectively over the past three years.

  • Gujarat State Fertilizer & Chemicals rises over 11.4% in trade and touches an all-time high of Rs 219.7 today. The company ranks high on Trendlyne’s Checklist, scoring 69.6%. It also features in a screener of stocks with improving book value per share.

  • Computer Age Management Services (CAMS) rises over 3% in trade, as 90 lakh shares (19% equity) change hands in a block deal, according to reports.

  • Zee Entertainment Enterprises plunges over 3% as Sprucegrove Investment Management sells 22.2 lakh shares (or 2.3% stake) in the company for an undisclosed amount in the open market.

  • PSU bank stocks like Central Bank of India, Union Bank of India, UCO Bank and Canara Bank surge more than 4% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green, enabling it to trade more than 3% higher.

  • Axis Direct initiates coverage on Pitti Engineering with a ‘Buy’ rating and a target price of Rs 915, implying an upside of 31.1%. The brokerage is optimistic about the firm’s prospects on the back of increasing capacity, rising share of value-added products, and expanding global footprint. It expects the company’s net profit to grow at a CAGR of 37.7% over FY23-26.

  • State Bank of India (SBI) expects the RBI to maintain its pause stance in the upcoming MPC meeting. The RBI has kept the repo rate unchanged at 6.5% four consecutive times, following a cumulative increase of 250 bps from May 2022 to December 2022.

  • Mahindra & Mahindra is rising with a 15.6% YoY increase in total monthly wholesales to 1 lakh units in November. Its auto business sees a 21% rise in wholesales to 70,576 units, driven by a 32% YoY growth in domestic SUV wholesales. Its farm equipment segment’s wholesales also rise by 5.1% YoY. Veejay Nakra, President of the automotive division, says, “We continue our growth trend, backed by strong demand for our SUV portfolio.”

  • Eicher Motors rises to an all-time high of Rs 4,045 as its monthly wholesales increase by 13% YoY to 80,251 units due to a surge in sales of two-wheelers with engine capacity exceeding 350cc. The company appears in a screener of stocks with increasing revenue for the past four quarters.

  • GAIL (India) surges over 5% to touch its all-time high of Rs 143.9 per share as it files an arbitration claim worth $1.8 billion (approx. Rs 15,000 crore) against SEFE Marketing & Trading Singapore Pte. in the London Court of International Arbitration. The claim is regarding SEFE's failure to supply LNG cargo under a long-term contract.

  • Reports suggest that 58.2 lakh shares (0.1% equity) of Reliance Industries, amounting to around Rs 1,405.1 crore, change hands in a large trade.

  • Maruti Suzuki India is falling as its total monthly wholesales drop by 3.3% YoY in November to 1,47,763 units. The 21% decline in mini and compact passenger car wholesales (accounting for nearly 60% of total sales) offset the surge in utility vehicle wholesales.

  • Bigbloc Construction rises as its subsidiary, Bigbloc Building Elements, doubles its AAC block manufacturing capacity from 2.5 lakh to 5 lakh cubic meters. The project is expected to be completed in the next six months with a capex of Rs 30 crore.

  • BCL Industries rises as it bags an order worth Rs 561 crore to supply ethanol to oil marketing companies. The company appears in a screener of stocks nearing 52-week high with significant volumes.

  • Brigade Enterprises is rising as it launches a residential project in Bengaluru, spanning 14 acres and featuring 1,275 units, with a revenue potential of Rs 2,000 crore. The company shows up in a screener for stocks with RoA improving over the past two years.

  • Vivek Kumar Dewangan, Chairman & Managing Director of REC, projects the company's assets under management (AUM) to reach around Rs 5.1 lakh crore in FY24, with 30% anticipated from the renewable energy segment. He also highlights that REC targets opportunities in the renewable segment worth Rs 3 lakh crore.

  • Oil & gas stocks like Hindustan Petroleum Corp, GAIL (India), Indian Oil Corp and Adani Total Gas surge more than 4% in trade. All constituents of the broader BSE Oil & Gas index are also trading in the green, enabling it to trade more than 3% higher.

  • Kalpataru Projects Intl is rising as it bags multiple orders worth Rs 2,263 crore in the transmission & distribution, water and building & factories businesses from domestic and international clients. These orders take the company's order book for FY24 to Rs 14,441 crore.

  • Shree Digvijay Cement's Chief Executive Officer (CEO) and Managing Director (MD) KK Rajeev Nambiar resigns for personal reasons. His resignation is effective from December 15, 2023. Ramanujan Krishnakumar will take over as Additional Director and CEO & MD from December 16.

  • Macquarie notes the strong performance of two-wheelers during the festive season and a healthy 10% growth in passenger vehicle registrations. Tata Motors and TVS Motor are among the preferred picks in the sector.

  • Surya Roshni's Chief Executive Officer Tarun Baldua resigns, effective from November 30, 2023, to pursue his goals outside the organization.

  • Ashish Kacholia buys a 0.9% stake in Brand Concepts for approx Rs 6.6 crore in a bulk deal on Friday.

  • Salasar Techno Engineering surges over 3% as it bags an engineering, procurement and construction (EPC) contract worth Rs 364 crore from Tamil Nadu Generation and Distribution Corp. The contract involves supplying a high-voltage distribution system, feeder segregation, and transmission lines, with completion expected within the next 36 months.

  • Tata Power surges over 3% to its 52-week high of Rs 278 per share as it acquires Bikaner-III Neemrana-II Transmission for Rs 1,544 crore from Power Finance Corp. This SPV, set up by PFC Consulting (a subsidiary of Power Finance Corp), will evacuate 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan. It is expected to be commissioned in 24 months.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (1,123.75, 9.47%), Hindustan Petroleum Corporation Ltd. (376.50, 8.96%) and Eicher Motors Ltd. (4,180.35, 7.43%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (255.90, -4.00%), Lupin Ltd. (1,260.55, -2.78%) and Solar Industries India Ltd. (6,033.10, -2.52%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Gujarat State Fertilizer & Chemicals Ltd. (215.30, 11.15%), Central Bank of India (48.30, 9.03%) and Lloyds Metals & Energy Ltd. (570.00, 8.84%).

Top high volume losers on BSE were Whirlpool of India Ltd. (1,321.05, -6.71%), KNR Constructions Ltd. (269.85, -5.51%) and Glenmark Pharmaceuticals Ltd. (775.75, -2.13%).

360 One Wam Ltd. (602.55, 2.86%) was trading at 25.5 times of weekly average. G R Infraprojects Ltd. (1,074.50, 2.73%) and Swan Energy Ltd. (417.90, 0.64%) were trading with volumes 9.8 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

102 stocks hit their 52 week highs,

Stocks touching their year highs included - Adani Power Ltd. (464.70, 5.52%), Ajanta Pharma Ltd. (1,959.35, -0.19%) and Apollo Tyres Ltd. (449.95, 1.70%).

13 stocks climbed above their 200 day SMA including Hindustan Zinc Ltd. (317.90, 5.91%) and Adani Total Gas Ltd. (732.25, 4.39%). 2 stocks slipped below their 200 SMA including Whirlpool of India Ltd. (1,321.05, -6.71%) and Akzo Nobel India Ltd. (2,480.05, -0.06%).

 
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