Trendlyne Marketwatch
Trendlyne Marketwatch
18 Dec 2023
Market closes lower, UCO Bank reportedly recovers Rs 705.3 crore lost in a false credit
By Trendlyne Analysis

Nifty 50 closed at 21,418.65 (-38, -0.2%), BSE Sensex closed at 71,315.09 (-168.7, -0.2%) while the broader Nifty 500 closed at 19,155.55 (10.5, 0.1%). Market breadth is in the green. Of the 2,040 stocks traded today, 1,112 showed gains, and 889 showed losses.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 21,418.7 points. The Indian volatility index, Nifty VIX, rose 5.9% and closed at 13.9 points. Siemens hit its all-time high and closed 5.9% higher following its promoters' proposal to demerge the company's energy business into an independent entity.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, outperforming the benchmark index. Nifty Pharma and Nifty Media closed higher than their Friday close. According to Trendlyne's sector dashboard, Transportation was the top-performing sector of the day as it rose 1.6%.

Major Asian indices closed flat or lower, amid weak global cues. European indices traded in the red, except for England’s FTSE 100 trading in the green. Brent crude oil futures traded in the red after closing 0.3% higher on a volatile day on Friday. US index futures traded marginally higher, indicating a cautious start to the trading session.

  • Money flow index (MFI) indicates that stocks like Housing & Urban Development Crop, NTPC, Steel Authority of India and City Union Bank are in the overbought zone.

  • SpiceJet rises to a new 52-week high of Rs 64.3 amid reports of its interest, along with Sharjah-based Sky One and Africa's Safrik Investment, in acquiring GoFirst Airlines. The company appears in a screener of stocks with strong momentum.

  • UCO Bank is rising as it reportedly recovers Rs 705.3 crore of the Rs 820 crore it lost in a false credit. This comes after the bank filed a first incident report (FIR) with the Central Bureau of Investigation (CBI) on November 15.

  • Motisons Jewellers' Rs 151.1 crore IPO gets bids for 9.4X the available 2.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 14.7X the available 1.1 crore shares on offer.

  • Suraj Estate Developers' Rs 400 crore IPO gets bids for 0.4X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.7X the available 41.2 lakh shares on offer.

  • Reports suggest that 22 lakh shares (0.3% equity) of SpiceJet, amounting to approximately Rs 14.1 crore, change hands.

  • Muthoot Microfin's Rs 960 crore IPO gets bids for 0.5X the available 2.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.8X the available 1.2 crore shares on offer.

  • Inox India's Rs 1,459.3 crore IPO gets bids for 25.3X the available 1.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 12.5X the available 77.4 lakh shares on offer.

  • Sandur Manganese and Iron Ores rises by 10% as its board approves the issuance of bonus shares in a 5:1 ratio, increasing authorized capital from Rs 115 crore to Rs 200 crore.

  • Varun Gupta, Whole Time Director at Ashiana Housing, notes the company's realisation per square foot at around Rs 6,000. He projects that pre-sales will hit Rs 500 crore in FY24. Gupta anticipates Q4FY24 to be a strong quarter for the company.

  • Siemens rises to an all-time high of Rs 4,170 following its promoters' proposal to demerge the company's energy business into an independent entity. The company appears in a screener of stocks with improving RoA.

  • Consumer durables stocks like Rajesh Exports, Crompton Greaves Consumer Electricals, VIP Industries and Voltas are rising in trade. Barring Dixon Technologies, all constituents of the broader BSE Consumer Durables index are also trading in the green.

  • Ambuja Cements is rising as it announces a Rs 6,000 crore investment in solar and wind energy projects in Gujarat and Rajasthan. The goal is to achieve a 1000MW capacity and meet 60% of its power requirements from renewable sources by FY26.

  • Sugar stocks like Shree Renuka Sugars, Balrampur Chini Mills, Triveni Engineering & Industries, Dalmia Bharat Sugar and Industries are rising in trade. This comes as the food ministry lifts the ban on using sugarcane juice and B-molasses for ethanol production in the 2023-34 supply year.

  • IRB Infrastructure rises by 6% after receiving a Letter of Award worth Rs 1,683 crore from NHAI for the toll, operation, and transfer of the Gwalior-Jhansi route on NH-44 and the Kota bypass on NH 76.

  • Zee Entertainment Enterprises is falling as it seeks an extension from Culver Max Entertainment (formerly Sony India) and Bangla Entertainment for finalizing their merger agreement.

  • Landmark Cars surges more than 7% as it receives approval from Mercedes-Benz India to set up a workshop in Hyderabad. The company has also received a letter of intent (LoI) from MG Motors to establish a dealership in Ahmedabad. This dealership will be established by Landmark Car's subsidiary, Aeromark Cars.

  • Arul Selvan, President and CFO of Cholamandalam Investment and Finance, says the company targets a loan growth of 25% for FY24. He adds that the non-auto segment will contribute 50% of the loan mix in the coming years, an increase from the current 40%.

  • Mankind Pharma rises as it acquires an additional 1.3% stake in Actimed Therapeutics for £9,99,900 (approx Rs 10.5 crore). This acquisition brings Mankind Pharma's total stake in Actimed to 10.2%. The company appears in a screener of stocks with low debt.

  • Edelweiss Financial Services is trading lower as the company plans to divest up to 20% of its wholly-owned subsidiary, Edelweiss Alternative Asset Management, to raise Rs 1,500-2,000 crore. The proceeds of the divestment will be used for debt reduction and other purposes.

  • Solar Industries is falling as an explosion at its pallet casting facility caused the loss of nine employees' lives. The company says that the incident is under investigation and preventive actions will be taken.

  • HSBC maintains its ‘Hold’ rating on Bajaj Auto, Eicher Motors and Tata Motors, and ‘Buy’ rating on Hero MotoCorp, TVS Motor, Mahindra & Mahindra and Maruti Suzuki. The brokerage notes that increasing commodity prices and a potential demand slowdown pose significant risks to these companies’ earnings and stock prices in 2024.

  • NBCC (India) trades flat despite auctioning 2.2 lakh square feet of commercial inventory in World Trade Centre, Delhi, for Rs 905 crore. The company's total sales of inventory through e-auction stands at Rs 9,656.6 crore.

  • Lupin surges 3% as it receives US FDA approval for its abbreviated new drug application for allopurinol tablets. It is a generic version of Casper Pharma's Zyloprim and has a market size of $88 million in the US for the year ending October 2023, according to IQVIA.

  • Mazagon Dock Shipbuilders rises as it signs individual shipbuilding contracts worth $42 million (approx Rs 348.4 crore) for three vessels. These contracts involve the construction of three 7,500 dead-weight tonnage multipurpose hybrid-powered vessels for a European client.

  • Tata Power is rising as its step-down subsidiary, Tata Power Solar Systems, secures a Rs 418 crore contract from NTPC to supply 152 MW of domestic content requirement (DCR) solar PV modules.

Riding High:

Largecap and midcap gainers today include Indian Railway Catering & Tourism Corporation Ltd. (879.15, 12.59%), Siemens Ltd. (4,139.25, 5.94%) and Zydus Lifesciences Ltd. (680.60, 5.37%).

Downers:

Largecap and midcap losers today include Union Bank of India (123.10, -4.05%), Godrej Properties Ltd. (1,988.85, -3.08%) and Indian Bank (441.20, -2.80%).

Movers and Shakers

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

Top high volume gainers on BSE included Indian Railway Catering & Tourism Corporation Ltd. (879.15, 12.59%), Bharat Dynamics Ltd. (1,529.25, 9.88%) and TeamLease Services Ltd. (2,925.95, 8.03%).

Top high volume losers on BSE were Archean Chemical Industries Ltd. (611.50, -3.00%), Garware Technical Fibres Ltd. (3,330.55, -0.95%) and TTK Prestige Ltd. (748.20, -0.37%).

Fine Organic Industries Ltd. (4,572.95, 2.32%) was trading at 19.3 times of weekly average. VST Industries Ltd. (3,359.65, 0.98%) and UTI Asset Management Company Ltd. (877.20, 6.20%) were trading with volumes 14.0 and 9.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

65 stocks made 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,094.30, 1.46%), Bajaj Auto Ltd. (6,465.70, 3.04%) and Bank of Baroda (224.30, -0.18%).

9 stocks climbed above their 200 day SMA including Shree Renuka Sugars Ltd. (49.00, 4.70%) and Aarti Drugs Ltd. (492.85, 4.23%). 5 stocks slipped below their 200 SMA including Westlife Foodworld Ltd. (832.05, -2.24%) and VIP Industries Ltd. (620.35, -1.43%).

 
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