Trendlyne Marketwatch
Trendlyne Marketwatch
08 Dec 2023
Market closes higher, Sterlite Technologies claims overdue amount of Rs 254 crore from Aksentt Tech
By Trendlyne Analysis

Nifty 50 closed at 20,969.40 (68.3, 0.3%) , BSE Sensex closed at 69,825.60 (303.9, 0.4%) while the broader Nifty 500 closed at 18,703.50 (-0.4, 0%), of the 1,992 stocks traded today, 759 were on the uptick, and 1,198 were down.

Indian indices recovered from their day lows and closed in the green, with the Nifty 50 closing at 20,969.4 points. The Indian volatility index, Nifty VIX, fell 1.6% and closed at 12.5 points. Mutual Funds' net equity inflow rises 28.4% MoM to Rs 15,536 crore in November, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 49 lakh crore during the same period.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty IT and Nifty Bank closed higher than their Thursday close. According to Trendlyne's sector dashboard, Utilities was the top-performing sector of the week as it rose 20.5%.

Major Asian indices closed flat or higher, except for Japan’s Nikkei 225 index closing in the red. European indices traded in the green, taking cues from Asian indices. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the green but are set to post weekly losses for a seventh straight week.

  • Money flow index (MFI) indicates that stocks like Adani Total Gas, Adani Green Energy, Bharat Heavy Electricals and Bharat Petroleum Corp are in the overbought zone.

  • KPI Green Energy's subsidiary, KPIG Energia, receives an order from Citizen Umbrella Manufacturers to execute solar power projects with a total capacity of 1.7 MW. The projects are scheduled to be completed in FY25 and takes the company's order size to cross 149 MW in the captive power producer (CPP) segment.

  • JSW Steel is rising as its American subsidiary, JSW Steel Ohio, plans to raise $145 million by issuing long-term bonds. The funds are expected to be used for construction and expansion.

  • IT stocks like HCL Technologies, LTIMindtree, Persistent Systems, Infosys and Coforge are rising in trade. All the constituents of the broader sectoral index, Nifty IT, are also trading in the green.

  • Infibeam Avenues rises around 8.7% in trade today. The company ranks high on Trendlyne’s checklist, scoring 69.6%. It also features in a screener of stocks with strong annual EPS growth.

  • HDFC Asset Management is falling as Life Insurance Company of India sells a 2.1% stake (44.7 lakh shares) in the AMC in the open market. This takes LIC's stake in HDFC AMC to 6.9% from 9%.

  • Sterlite Technologies falls despite claiming an overdue amount of Rs 254 crore from Aksentt Tech Services. This claim is based on a master agreement signed between the two companies to deploy optic fibre in 1,960 villages across Maharashtra. The company appears in a screener of stocks with reducing debt.

  • PSU Banks like Indian Overseas Bank, Punjab National Bank, Central Bank of India, Punjab & Sind Bank and Indian Bank are falling in trade. All the constituents of the broader sectoral index, Nifty PSU Bank, are trading in the red.

  • Sanghi Industries hits the upper circuit as Ambuja Cements buys a 2.2% stake in the company on December 5. Ambuja Cements has also risen after the deal.

  • Mutual Funds' net equity inflow rises MoM to Rs 15,536 crore in November, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 49 lakh crore during the same period.

  • Foreign institutional investors invest Rs 17,215 crore in the equity market over the past week, according to Trendlyne's FII dashboard. However, index options witness the highest outflow of Rs 1.6 lakh crore from foreign investors. Meanwhile, mutual funds invest Rs 5,805.8 crore in the equity market over the same period.

  • ICICI Direct maintains its ‘Buy’ rating on Sansera Engineering and a target price of Rs 1,100. This implies an upside of 18.6%. The brokerage remains positive about the firm’s prospects due to its robust order book, export order wins, long-tenure clients and execution capabilities. It expects the company’s net profit to grow at a CAGR of 34.6% over FY23-25.

  • Olectra Greentech rises as it bags a Rs 62.8 crore order to supply and maintain 40 buses for Vasai Virar City Municipal Corp in Mumbai. It appears in a screener of stocks with improving net profit and margins.

  • Reports suggest that 75.8 crore shares (12.6% equity) of GMR Airports, amounting to Rs 4,465 crore, change hands in a large trade.

  • Nifty 50 hits an all-time high of 21,006.1 as the RBI Monetary Policy Committee keeps the repo rate unchanged at 6.5%.

  • SpiceJet is falling despite the Dubai International Financial Centre (DIFC) Court lifting the freezing order previously issued against the airline. This order, dated October 30, was related to certain engines installed on aircraft with the Indian registration mark VT-SLM.

  • UPL rises as it incorporates a subsidiary, Advanta Seeds, for conducting seed and related businesses in Zambia. The company appears in a screener of stocks with improving book value per share.

  • Reports suggest that 2.3 crore shares (8% equity) of Five-Star Business Finance, amounting to Rs 1,704 crore, change hands in a large trade.

  • Container Corp of India is rising as it signs a memorandum of understanding (MoU) with NTPC's subsidiary, NTPC Vidyut Vyapar Nigam (NVVM). As per the MoU, NVVM will set up solar projects at CONCOR terminals, while CONCOR will purchase solar power from these projects on a long-term basis.

  • IIFL Securities rises to an all-time high of Rs 134.4 as the Securities Appellate Tribunal sets aside a SEBI order prohibiting the broker from onboarding new clients for two years. The company appears in a screener of stocks with strong momentum.

  • Titagarh Rail Systems is rising as its board of directors approves the issue of equity shares worth Rs 700 crore. The issue will take place through a qualified institutional placement (QIP) with a floor price of Rs 976.1 per share.

  • The RBI keeps the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting. It raises the FY24 GDP forecast for India by 50 bps to 7% and projects CPI inflation at 5.4%.

  • Zomato's shares, valued at Rs 1,125 crore, are reportedly sold in a block deal today. Reports also suggest that Softbank is likely the seller as it has been planning to reduce its stake in the company.

  • IRB Infrastructure Developers rises to an all-time high of Rs 40.9 as its monthly toll collection increases by 19.4% YoY to Rs 437 crore. The company appears in a screener of stocks with increasing revenue for the past 4 quarters.

  • Motilal Oswal Mutual Fund buys a 0.5% stake (10 lakh shares) in Tube Investments of India at Rs 3,348.1 per share, amounting to Rs 334.8 crore.

  • Dayside Investment sells a 1.4% stake (nearly 9.2 crore shares) in IDFC First Bank at Rs 86.1 per share, amounting to Rs 790.2 crore.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (3,574.20, 4.74%), REC Ltd. (405.45, 2.75%) and HCL Technologies Ltd. (1,364.10, 2.72%).

Downers:

Largecap and midcap losers today include Adani Energy Solutions Ltd. (1,131.50, -5.61%), Adani Power Ltd. (533.80, -5.09%) and Adani Green Energy Ltd. (1,550.30, -4.55%).

Volume Rockets

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

Top high volume gainers on BSE included Alok Industries Ltd. (23.30, 12.83%), GMR Airports Infrastructure Ltd. (68.90, 11.67%) and KIOCL Ltd. (376.35, 10.00%).

Top high volume losers on BSE were Praj Industries Ltd. (545.05, -10.28%), Five-Star Business Finance Ltd. (735.15, -2.83%) and Bayer Cropscience Ltd. (5,425.00, -0.94%).

Elgi Equipments Ltd. (536.40, 3.24%) was trading at 11.2 times of weekly average. Indiabulls Real Estate Ltd. (89.90, 9.57%) and Infibeam Avenues Ltd. (22.05, 9.16%) were trading with volumes 7.3 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

64 stocks made 52 week highs,

Stocks touching their year highs included - Bharat Electronics Ltd. (158.75, -1.00%), Container Corporation of India Ltd. (843.20, 0.10%) and Coromandel International Ltd. (1,224.75, -1.27%).

7 stocks climbed above their 200 day SMA including Shoppers Stop Ltd. (712.45, 2.39%) and Happiest Minds Technologies Ltd. (882.70, 1.79%). 7 stocks slipped below their 200 SMA including Shree Renuka Sugars Ltd. (44.90, -6.26%) and Adani Wilmar Ltd. (377.90, -4.47%).

 
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