Trendlyne Marketwatch
Trendlyne Marketwatch
06 Dec 2023
Market closes higher, HDFC Sec initiates coverage of Happiest Minds with an ‘Add’ rating
By Trendlyne Analysis

Nifty 50 closed at 20,937.70 (82.6, 0.4%) , BSE Sensex closed at 69,653.73 (357.6, 0.5%) while the broader Nifty 500 closed at 18,680.00 (91.5, 0.5%), of the 1,998 stocks traded today, 965 were on the uptick, and 994 were down.

Indian indices recovered from their day lows and closed in the green, with the Nifty 50 closing at 20,937.7 points. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 13.7 points. HCL Technologies closed higher after it extended its strategic partnership with Sweden's Husqvarna Group.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Media and Nifty IT closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Fertilizers was the top-performing sector of the day as it rose 6.4%.

Major Asian indices closed higher, except for China’s Shanghai SE Composite Index closing flat. European indices traded in the green amid positive global cues. Brent crude oil futures traded in the red for a fifth straight trading session. US index futures traded in the green, indicating a positive start to the trading session.

  • Birlasoft sees a long buildup in its December 28 future series as its open interest rises 25.4% with a put-call ratio of 0.6.

  • HDFC Securities initiates coverage of Happiest Minds Technologies with an ‘Add’ rating and a target price of Rs 935, implying an upside of 11.2%. The brokerage believes the firm’s long-term prospects are healthy, given its potential for scalability, quality execution, and growing customer base. It expects revenue to grow at a CAGR of 21% over FY24-26.

  • Hindustan Aeronautics rises over 5% to touch its all-time high of Rs 2,754.1 per share ahead of the HAL Avionics Expo-2023. The company plans to launch a range of in-house manufactured avionics products.

  • Ashu Shinghal, Managing Director of Mahanagar Gas, reports a 4% volume growth in Q3 so far and targets 6-7% in FY24. He adds that the acquisition of Unison Enviro is expected to receive regulatory approvals in a month.

  • Zydus Lifesciences rises as it receives final US FDA approval for its Methylene Blue Injections. The drug is used to treat adults and children with acquired Methemoglobinemia and has a market of $73.4 million in the USA. The company appears in a screener of stocks nearing 52-week high.

  • Malabar India Fund sells a 2.2% stake in Prataap Snacks in the open market. It now holds a 3.4% stake in the company.

  • Indraprastha Gas sees three analyst target price downgrades and one recommendation downgrade in the past month. Relaxo Footwears, CCL Products India and Ashok Leyland see two analyst target price downgrades over the same period.

  • According to Barclays, India’s CPI Inflation is likely to rise above 6% in November from around 4.9% in October. The brokerage believes higher food inflation, driven by rising vegetable prices (mainly onions and tomatoes), may pressure the headline inflation rate.

  • Bank stocks like Au Small Finance Bank, ICICI Bank, Federal Bank and IndusInd Bank are falling in trade. Barring HDFC Bank, all constituents of the broader BSE Bank index are also trading in the red.

  • HCL Technologies is rising as it extends its strategic partnership with Sweden's Husqvarna Group. As per the partnership, the company will provide its AI, digital, engineering and support services to Husqvarna Group.

  • Sterling and Wilson Renewable Energy is rising as reports suggest that it may launch a qualified institutional placement (QIP) of equity shares worth Rs 1,500 crore next week.

  • Vivek Gupta, MD and CEO of United Breweries, says the beer segment is expected to grow in the mid-high single digits in India. He adds that the company’s overall market share is at 45-46%, while the premium segment stands at 20%. He highlights that volume growth has been 7% YoY in Q2, but it targets to surpass the market.

  • Oberoi Realty signs an MoU with NRB Bearings to acquire 6.4 acres of land worth Rs 196 crore in Thane, Maharashtra.

  • KRChoksey upgrades its rating on Bajaj Auto to ‘Buy’ from ‘Add’ and raises its target price to Rs 7,093 from Rs 5,830. This implies an upside of 17.7%. The brokerage believes the company’s focus on the domestic 125-plus segment will lead to market share gains. It also sees continued demand growth for commercial vehicles, led by increasing penetration of EVs and compressed natural gas vehicles.

  • IT stocks like Wipro, L&T Technology Services, MphasiS and Tata Consultancy Services are rising in trade. All constituents of the broader Nifty IT index are also trading in the green.

  • Angel One rises to an all-time high of Rs 3,245 as its client base grows by 51.3% YoY to 1.8 crore in November 2023. The broker's total number of orders increased by 51.4% YoY in the same month. The company appears in a screener of stocks with strong momentum.

  • Retail sales for the automotive industry touches a record high, up 18.5% YoY to 28.5 lakh units in November, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales increase 21.1% YoY, while cars rise by 17.2% YoY.

  • Power Grid Corp of India is rising after winning the bid to set up the inter-state transmission system in Khavda RE Park, Gujarat, on a build, own, operate and transfer (BOOT) basis. The company will establish a new 765 to 400kV switching station and three 765kV D/c transmission lines.

  • Somany Ceramics rises as it sets December 15 as the record date for its Rs 125 crore share buyback. The buyback will involve 14.7 lakh shares (a 15.2% stake) at an average price of Rs 850 per share. It appears in a screener of stocks with zero promoter pledge.

  • Media stocks like TV18 Broadcast, Dish TV India, Network18 Media & Investments, Zee Entertainment Enterprises and Hathway Cable & Datacom are rising in trade. Barring Nazara Technologies, all the constituents of the broader sectoral index, Nifty Media, are trading in the green.

  • CLSA downgrades its rating on Eicher Motors and Bajaj Auto to ‘Underperform’, and Hero MotoCorp to ‘Outperform’. It also maintains its ‘Sell’ rating on TVS Motor. The brokerage cites the recent significant rise in stock prices and a recovery in volume growth in the two-wheeler segment as reasons for these adjustments.

  • Jindal Drilling and Industries rises to an all-time high of Rs 915 as it receives a three-year rig contract from Oil and Natural Gas Corp, valued at $86,327 per day. The company appears in a screener of stocks with increasing quarterly profits.

  • Bank of India is rising as it launches its qualified institutional placement (QIP) issue at a floor price of Rs 105.4 per share. The bank plans to raise Rs 4,500 through this QIP issue. The stock shows up in a screener for companies with high TTM EPS growth.

  • Dalmia Bharat appoints Puneet Yadu Dalmia as Managing Director and Chief Executive Officer, with effect from December 8, 2023.

  • State Bank of India plans to acquire an additional 20% stake in SBI Pension Funds for a consideration of Rs 229.5 crore. Through this acquisition, the bank aims to increase its stake in the pension fund to 80% from 60%. The transaction is expected to be completed by December 15.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (1,053.30, 19.99%), Adani Green Energy Ltd. (1,563.45, 15.94%) and Adani Energy Solutions Ltd. (1,164.30, 7.37%).

Downers:

Largecap and midcap losers today include General Insurance Corporation of India (293.90, -4.25%), CG Power and Industrial Solutions Ltd. (453.75, -4.12%) and Max Healthcare Institute Ltd. (656.30, -3.92%).

Volume Rockets

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

Top high volume gainers on BSE included Rashtriya Chemicals & Fertilizers Ltd. (152.90, 12.63%), Balaji Amines Ltd. (2,307.60, 12.19%) and Adani Energy Solutions Ltd. (1,164.30, 7.37%).

Top high volume losers on BSE were Balrampur Chini Mills Ltd. (431.80, -7.32%), Can Fin Homes Ltd. (788.75, -5.75%) and Global Health Ltd. (974.85, -2.86%).

Alkyl Amines Chemicals Ltd. (2,297.35, 5.59%) was trading at 10.6 times of weekly average. Pfizer Ltd. (4,040.05, 0.20%) and Privi Speciality Chemicals Ltd. (1,311.50, 3.68%) were trading with volumes 8.4 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

74 stocks took off, crossing 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,017.95, 0.48%), Adani Power Ltd. (560.45, 4.14%) and Ajanta Pharma Ltd. (1,946.65, -1.03%).

Stock making new 52 weeks lows included - Vinati Organics Ltd. (1,693.15, -0.51%).

9 stocks climbed above their 200 day SMA including Balaji Amines Ltd. (2,307.60, 12.19%) and G R Infraprojects Ltd. (1,214.40, 7.75%). 5 stocks slipped below their 200 SMA including Delhivery Ltd. (382.95, -2.68%) and Biocon Ltd. (240.40, -1.11%).

 
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