Trendlyne Marketwatch
Trendlyne Marketwatch
19 Dec 2023
Market closes higher, Credo Brands Marketing's IPO gets bids for 1.3X of the available 1.4 crore shares
By Trendlyne Analysis

 

Nifty 50 closed at 21,453.10 (34.5, 0.2%), BSE Sensex closed at 71,437.19 (122.1, 0.2%) while the broader Nifty 500 closed at 19,169.25 (13.7, 0.1%). Market breadth is in the red. Of the 2,002 stocks traded today, 923 were gainers and 1,049 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 21,453. The volatility index, Nifty VIX, dropped by 0.3% and closed at 13.9 points. IDFC First Bank received the RBI's approval for its amalgamation with IDFC Limited. The agreed share exchange ratio is 155 equity shares of IDFC First Bank for every 100 shares of IDFC Limited.

Nifty Midcap 100 closed in the red, while Nifty Smallcap 100 closed flat and the benchmark index closed higher. Nifty PSU Bank and Nifty Oil &Gas closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, forest materials emerged as the top-performing sector of the day, with a rise of over 6.4%
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Most European indices trade in the green, except for Eurozone’s Euronext 100 and France’s CAC 40 index trading in the red. US indices futures trade higher, indicating a positive start. The data released by Eurostat indicated that the Eurozone’s CPI inflation for November contracted by 0.6% MoM against estimates of a 0.5% decline.

  • Relative strength index (RSI) indicates that stocks like Bharat Dynamics, Steel Authority of India, Adani Ports and Birlasoft are in the overbought zone.

  • LTIMindtree is falling despite announcing a strategic collaboration with Microsoft to introduce AI powered employee engagement applications. The company features in a screener of companies with zero promoter pledges.

  • Tata Consumer Products rises to an all-time high of Rs 978 amid reports indicating that the company is a frontrunner for the acquisition of FabIndia-backed Organic India. This acquisition will help Tata Consumer's entry into the health and organic products segment.

  • Credo Brands Marketing's Rs 549.8 crore IPO gets bids for 1.3X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 2.2X the available 68.7 lakh shares on offer.

  • Happy Forgings' Rs 1,008.6 crore IPO gets bids for 1.5X the available 83.7 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 2.1X the available 42.4 lakh shares on offer.

  • Motisons Jewellers' Rs 151.1 crore IPO gets bids for 39.4X the available 2.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 53.1X the available 1.1 crore shares on offer.

  • Dipali Goenka, Managing Director and CEO of Welspun Living, reports a 3-4% increase in US retail consumption during the holiday season. She adds that H1FY24 has been slow for the company, but anticipates an improvement in the coming quarters. She also highlights the company’s target to keep net debt at Rs 1,000 crore.

  • Suraj Estate Developers' Rs 400 crore IPO gets bids for 1.7X the available 82.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 2.9X the available 41.2 lakh shares on offer.

  • Muthoot Microfin's Rs 960 crore IPO gets bids for 1.9X the available 2.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 3.1X the available 1.2 crore shares on offer.

  • Vijaya Diagnostic Centre is rising as it enters a share purchase agreement (SPA) to acquire a 100% stake in P H Diagnostic Centre for Rs 134.6 crore. The company's board also approves to invest Rs 12.8 crore to repay existing debt.

  • IDFC First Bank is rising after receiving the RBI's 'no objection' for its amalgamation with IDFC Limited. The agreed share exchange ratio is 155 equity shares of IDFC First Bank for every 100 shares of IDFC Limited.

  • JP Morgan maintains its ‘Overweight’ rating on Reliance Industries with a target price of Rs 2,810. The brokerage notes a widening gap between the company's standalone and consolidated profit after tax (PAT) due to growth in the telecom and retail segments. It also expects continued EBITDA growth in these segments, even as the company reduces overall capital expenditure.

  • Energy stocks like Adani Energy Solutions, NTPC, Reliance Industries and Coal India are rising in trade. Barring Tata Power, all constituents of the broader Nifty Energy index are also trading in the green, helping it to touch its all-time high of Rs 33,037.5.

  • Nestle India rises to an all-time high of Rs 25,705 as the company sets January 5 as the record date for its 1:10 stock split. The company appears in a screener of stocks with high TTM EPS growth.

  • JTL Industries surges by 4% to reach its 52-week high of Rs 252.3 following the announcement of raising Rs 1,310 crore through a preferential issue and qualified institutional placement. The proceeds will be used for capacity expansion in Maharashtra.

  • India Glycols surges more than 8% as it bags an order worth Rs 1,164 crore to supply 16.5 crore liters of ethanol under the Ethanol Blended Petrol Programme (EBPP).

  • IMF reports that India is set to contribute more than 16% to global growth, attributing this to the country's robust economic expansion. This is due to economic reforms, particularly in sectors like digitisation and infrastructure. IMF projects India’s GDP growth at 6.3% for FY24.

  • IT stocks like L&T Technology Services, Coforge, Persistent Systems and Wipro are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Apollo Tyres rises to an all-time high of Rs 485 as a 3% stake (2.6 crore shares), amounting to Rs 831.9 crore, was reportedly sold through a block deal. The company appears in a screener of stocks with improving RoE.

  • Sun Pharma hits its 52-week high of Rs 1,267.95 after acquiring a 16.7% stake in Lyndra Therapeutics for $30 million (Rs 249.6 crore). This move will help the firm develop new-age pharmaceutical delivery technologies.

  • Centre lowers the windfall tax on locally produced crude oil to Rs 1,300 per tonne from Rs 5,000 earlier. It also cuts the export tax on diesel to Rs 0.5 per litre, while it remains ‘Nil’ on petrol. However, the tax on aviation turbine fuel (ATF) has been raised to Rs 1 per litre.

  • Devyani International surges more than 5% as it enters the Thailand market by acquiring 274 KFCs for Rs 1,066.1 crore. The company has also invested Rs 340 crore in its Dubai subsidiary, Devyani International DMCC.

  • KPI Green Energy is falling despite its board approving a qualified institutional placement (QIP) of equity shares worth Rs 300 crore. The board has set a floor price of Rs 1,245 per share.

  • PNC Infratech rises as it emerges as the lowest bidder for a Rs 1,174 crore highway project in Madhya Pradesh. The project involves the construction of the Western Bhopal Bypass within two years. The company appears in a screener of stocks with growing net profit and margins.

  • Kaynes Technology is rising as its board of directors approves to issue shares worth Rs 1,400 crore through a qualified institutional placement (QIP) at a floor price of Rs 2,449.9 per share. The company has also acquired a 100% stake in Digicom Electronics for $2.5 million (approx. Rs 20.8 crore).

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (100.10, 6.09%), Oil India Ltd. (341.40, 6.02%) and Coal India Ltd. (366.95, 5.55%).

Downers:

Largecap and midcap losers today include Steel Authority of India (SAIL) Ltd. (111.05, -3.81%), Zee Entertainment Enterprises Ltd. (271.70, -3.14%) and Siemens Ltd. (4,019.60, -2.89%).

Volume Shockers

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

Top high volume gainers on BSE included DCM Shriram Ltd. (1,106.80, 10.91%), Orient Electric Ltd. (235.50, 8.10%) and Century Plyboards (India) Ltd. (821.80, 6.91%).

Top high volume loser on BSE was Eureka Forbes Ltd. (526.90, -1.25%).

Aarti Drugs Ltd. (517.60, 5.02%) was trading at 11.0 times of weekly average. Nuvoco Vistas Corporation Ltd. (374.70, 1.09%) and Delta Corp Ltd. (145.75, 2.60%) were trading with volumes 10.2 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

60 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (781.95, 0.09%), Apollo Tyres Ltd. (455.35, 0.51%) and Bank of Baroda (226.10, 0.80%).

13 stocks climbed above their 200 day SMA including Orient Electric Ltd. (235.50, 8.10%) and Devyani International Ltd. (192.80, 5.33%). 3 stocks slipped below their 200 SMA including VIP Industries Ltd. (612.20, -1.31%) and Mahindra & Mahindra Financial Services Ltd. (279.90, -0.78%).

 
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