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Trendlyne Marketwatch
22 Dec 2023
Market closes higher, Bharat Electronics bags orders worth Rs 2,673 crore
By Trendlyne Analysis

 

Nifty 50 closed at 21,349.40 (94.4, 0.4%), BSE Sensex closed at 71,106.96 (241.9, 0.3%) while the broader Nifty 500 closed at 19,054.70 (112.9, 0.6%). Market breadth is ticking up strongly. Of the 1,997 stocks traded today, 1,313 were in the positive territory and 636 were negative.

Indian indices closed in the green, with the benchmark index Nifty 50 rising 94.4 points and closing at 21,349.4 points. The Indian volatility index, Nifty VIX, fell marginally and closed at 13.7 points. Nifty 50 closed 0.7% higher this week amid high volatility. Allcargo Logistics closed 7.7% higher as it announced the demerger of its international business into a separate entity.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Metal and Nifty IT closed higher than their Thursday close. According to Trendlyne's sector dashboard, Forest Materials was the top-performing sector of the week as it rose 5.5% in a volatile market.

Major Asian indices closed flat or higher, except for Hong Kong’s Hang Seng index closing in the red. European indices traded flat amid mixed global cues. US index futures traded marginally lower as investors looked ahead to US inflation data, scheduled to be released later today. Brent crude oil futures traded in the green and are set to post weekly gains for a second straight week.

  • Relative strength index (RSI) indicates that stocks like Gujarat Fluorochemicals, Bharat Dynamics, Voltas and Birlasoft and are in the overbought zone.

  • KPI Green Energy is rising after its subsidiary bags an order from Radhamohan Dyeing and Printing Mills to set up a 1.8 MW solar project as a captive power producer.

  • PSP Projects bags an order worth Rs 158.9 crore from Gandhinagar Municipal Corporation for civil, electrical, mechanical, and plumbing works.

  • GAIL (India) rises over 7% in trade. The company ranks high on Trendlyne’s Checklist, scoring 52.2%. It also features in a screener of stocks with strong momentum.

  • Realty stocks like Prestige Estates Projects, Phoenix Mills, Sobha and DLF rise more than 2% in trade today. All constituents of the broader Nifty Realty index are also trading in the green.

  • SVF India Holdings (Cayman) sells a 2.1% stake in One97 Communications. It now holds 7%.

  • Innova Captab's Rs 570 crore IPO gets bids for 3X the available 90.8 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 4.3X the available 45.8 lakh shares on offer.

  • Ramkrishna Forgings is rising as the National Company Law Tribunal approves the acquisition of ACIL.

     

  • Azad Engineering's Rs 740 crore IPO gets bids for 43.4X the available 1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 19.8X the available 50.6 lakh shares on offer.

  • Metal stocks like National Aluminium, Hindustan Copper, Steel Authority of India and Jindal Steel & Power rise more than 2% in trade. All constituents of the broader Nifty Metal index are also trading in the green.

  • Bharti Airtel is rising as it signs a partnership with aha Telugu and Tamil to provide regional content to its subscribers.

     

  • Godawari Power & Ispat rises as it receives approval from Chhattisgarh Environment Convention to operate its steel melting shop at an increased capacity of 5.2 lakh metric tonnes. The company appears in a screener of stocks with strong momentum.

  • Bharat Electronics rises as it receives orders worth Rs 2,673 crore from Goa Shipyard and Garden Reach Shipbuilders & Engineers for the supply of 14 types of sensors to be used on next-generation offshore patrol vessels. Additionally, the company has received orders worth Rs 86.2 crore for the supply of miscellaneous spares and services.

  • Energy stocks such as GAIL (India), Gulf Oil Lubricants India, Castrol India, and Mangalore Refinery & Petrochemicals surge more than 3% in trade as Power Minister Raj Kumar Singh announces plans to enhance India's thermal power capacity.

     

  • Foreign institutional investors have invested Rs 15,890.9 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 81,903.8 crore from foreign investors. Meanwhile, mutual funds pulled Rs 370.8 crore from the equity market over the same period.

  • Lupin rises after signing an asset purchase agreement of €10 million (approx Rs 91.5 crore) with Sanofi. The deal strengthens the company's respiratory drugs portfolio in Germany following their successful launch in the US.

  • Tata Power's board plans a capex of Rs 60,000 crore over FY24-27, aiming to generate 100% of its power from renewable energy. The company plans to spend Rs 13,000 crore of the capex to set up two pump hydro projects near Pune with a total capacity of 2,800 MW. It aims to achieve a green energy capacity of 15 GW by FY27.

     

  • State Bank of India rises as it signs a $165 million (approx Rs 1,373.5 crore) line of credit from the World Bank. The bank appears in a screener of stocks with nearing 52-week high with significant volumes.

  • Auto stocks like Tata Motors, Maruti Suzuki India, TVS Motor and Ashok Leyland are rising in trade. All constituents of the broader Nifty Auto index are also trading in the green.

  • Polycab India is falling as reports suggest that the investigation wing of the Income Tax Department conducted searches at approximately 50 locations linked to the company in Mumbai on Friday.

  • AstraZeneca Pharma surges as it annouces the launch of Trastuzumab deruxtecan (Enhertu) in January 2024 in India. The drug is meant for the treatment of adult patients with breast cancer.

  • Life Insurance Corp of India surges almost 6% to touch its 52-week high of Rs 821 per share as the Department of Economic Affairs, Ministry of Finance, grants the company a one-time exemption to achieve a minimum public shareholding of 25%. The government has provided a time frame of 10 years since the company's listing (i.e., until May 2032) to achieve the 25% public shareholding target.

  • Allcargo Logistics rises 7% as it announces the demerger of its international business into a separate entity. The new entity, named Allcargo East India Continental United (ECU), will integrate India into the global supply chain operations of ECU Worldwide, including its international subsidiaries.

  • GMR Airports Infrastructure rises as the National Investment and Infrastructure Fund announces a Rs 675 crore investment in the company's greenfield project in Bhogapuram, Andhra Pradesh. The company appears in a screener of stocks with strong momentum.

  • WPIL surges 5% as it bags an order worth Rs 425.3 crore from the government of West Bengal to establish a turnkey project for the surface-based water supply scheme. The project is expected to be commissioned in 27 months, with another three years of operation and maintenance.

Riding High:

Largecap and midcap gainers today include GAIL (India) Ltd. (151.50, 7.68%), Wipro Ltd. (462.65, 6.60%) and Gujarat Fluorochemicals Ltd. (3,569.05, 5.32%).

Downers:

Largecap and midcap losers today include Polycab India Ltd. (5,359.30, -4.63%), Varun Beverages Ltd. (1,238.60, -4.08%) and Aurobindo Pharma Ltd. (1,066.40, -2.36%).

Volume Rockets

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

Top high volume gainers on BSE included AstraZeneca Pharma India Ltd. (5,399.90, 14.05%), Piramal Pharma Ltd. (140.50, 9.00%) and J B Chemicals & Pharmaceuticals Ltd. (1,618.85, 8.87%).

Top high volume losers on BSE were Polycab India Ltd. (5,359.30, -4.63%), IIFL Finance Ltd. (572.60, -3.79%) and Medplus Health Services Ltd. (726.55, -2.66%).

Lakshmi Machine Works Ltd. (13,316.65, -0.76%) was trading at 5.4 times of weekly average. Anupam Rasayan India Ltd. (1,008.50, -1.38%) and Castrol India Ltd. (162.55, 7.15%) were trading with volumes 5.3 and 5.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks made 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,066.40, -2.36%), Bayer Cropscience Ltd. (5,600.10, 1.85%) and Caplin Point Laboratories Ltd. (1,405.80, 8.06%).

16 stocks climbed above their 200 day SMA including Piramal Enterprises Ltd. (915.10, 3.78%) and V-Mart Retail Ltd. (2,105.00, 3.39%). 2 stocks slipped below their 200 SMA including Vedant Fashions Ltd. (1,278.35, -1.36%) and Restaurant Brands Asia Ltd. (110.50, -0.50%).

 
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