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Trendlyne Marketwatch
02 Jan 2024
Market closes lower, Coal India's monthly coal production rises by 8.2% YoY in December
By Trendlyne Analysis

 

Nifty 50 closed at 21,665.80 (-76.1, -0.4%), BSE Sensex closed at 71,892.48 (-379.5, -0.5%) while the broader Nifty 500 closed at 19,418.40 (-51.1, -0.3%). Market breadth is in the red. Of the 2,034 stocks traded today, 938 were gainers and 1,061 were losers.

Indian indices maintained their losses from the afternoon session and closed in the red, with the benchmark Nifty 50 closing at 21,666 points. The Indian volatility index, Nifty VIX, dropped 0.7% and closed at 14.6 points. TVS Motor reported a 25% YoY increase in December wholesales to 3 lakh units, driven by strong domestic demand. Its domestic sales were up 33% YoY.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red following the benchmark index. Nifty Pharma and Nifty Healthcare closed higher than their Monday’s close. According to Trendlyne's sector dashboard, pharmaceuticals & biotechnology was the top-performing sector of the day as it rose 2.7%. 

Major European indices traded in the green except for England’s FTSE 100 trading lower. US index futures traded flat, indicating a cautious start to the trading session. The data released by Hamburg Commercial Bank indicated that the Eurozone’s manufacturing PMI for December contracted to 44.4 against estimates of 44.2.

  • Bata India sees a short buildup in its January 25 future series as its open interest rises 21.2% with a put-call ratio of 0.4.

  • Glenmark Life Sciences rises 8.8% in trade and reaches a new 52-week high of Rs 720. The company ranks high on Trendlyne’s Checklist, scoring 60.9%. It also features in a screener of companies with no debt.

  • Vodafone Idea falls by over 5% following its clarification on recent media reports predicting a possible tie-up with American company StarLink. The company has denied any such discussions with StarLink.

  • Adani Ports & Special Economic Zone rises as its monthly cargo volumes grow by 42% YoY to 35.6 million metric tonnes. The company appears in a screener of stocks with improving cash flow from operations.

  • Nuvama Institutional Equities predicts that the FMCG industry will wee muted rural demand in Q3 and Q4FY24, resulting in lower volume growth. However, the brokerage expects United Breweries and Nestle India to see healthy growth in sales and volume. It also forecasts a likely improvement in the industry in FY25, led by the general elections and a fall in inflation.

  • Private bank stocks like Kotak Mahindra Bank, Federal Bank, IDFC First Bank and ICICI Bank are falling in trade. All constituents of the broader Nifty Private Bank index are also trading in the red.

  • Zomato rises as it reportedly hikes its mandatory platform fee to Rs 4 from Rs 3, effective from January 1. This hike applies only to its key markets, that is 33% of the cities where it operates.

  • Pharmaceuticals stocks like Lupin, GlaxoSmithKline Pharmaceuticals, Glenmark Pharmaceuticals and Gland Pharma are rising in trade. The broader sectoral index, Nifty Pharma, is also trading in the green.

  • KV Pradeep, Chairman & MD of Olectra Greentech, says the company expects to supply around 800 buses in FY24, down from the earlier guidance of over 1,000. He highlights that the current order book has over 9000 orders. Pradeep adds that the company's capacity is set to increase to 10,000 units by mid-2024.

  • Tata Motors touches a 52-week high of Rs 804 as its Q3FY24 passenger vehicle wholesales increase by 5% YoY to 1,38,455 units and total domestic wholesales rise by 3% YoY to 2,34,981 units. Its commercial vehicle wholesales also marginally improve by 1% YoY to 96,526 units over the same period.

  • TVS Motor's December wholesales rise by 25% YoY to 3 lakh units, driven by strong domestic demand. Its two-wheeler sales improve by 27% YoY, with domestic sales up 33%. The company appears in a screener for stocks with improving cash flows and high durability scores.

  • Coal India rises to an all-time high of Rs 394.6 as its monthly coal production rises by 8.2% YoY to 71.9 million metric tonnes. The company appears in a screener of stocks with improving annual net profits for the past two years.

  • Shashank Srivastava, Senior Executive Officer (Marketing & Sales) at Maruti Suzuki India, reports a sharp drop in the PV industry's inventory level in December, falling below 45,000 units. He forecasts single-digit growth for the industry in 2024 and adds that retail sales are returning to around 1.35-1.4 lakh units.

  • NMDC hits a 52-week high of Rs 219.15 after increasing the prices of lump ore by Rs 400 to Rs 5,600 per tonne and fines by Rs 250 to Rs 4,910 per tonne.

  • Motilal Oswal Financial Services maintains its 'Buy' rating on Dalmia Bharat with a target price of Rs 2,800 per share. This indicates a potential upside of 21.6%. The brokerage cites the company's capacity expansion plans to 110-130 MTPA by 2031 and green energy initiatives as key growth drivers. It expects the company's revenue to grow at a CAGR of 8.1% over FY23-26.

  • RPP Infra Projects rises to an all-time high of Rs 128 as it bags an order worth Rs 183.6 crore from the Public Works Department of Chennai. The order involves constructing stormwater drains in Kovalam, Chennai. The company appears in a screener of stocks with strong momentum.

  • Jefferies has a 'Buy' rating on Coal India, Tata Steel and Hindalco Industries, and a 'Hold' rating on JSW Steel. The brokerage is cautiously optimistic about the metals sector in 2024, expecting an improvement in macro conditions. It sees a volume CAGR of 6-15% for Coal India, Tata Steel, and JSW Steel in FY24-26.

  • Power Grid Corp of India appoints Shri Ravindra Kumar Tyagi as its new Chairman and Managing Director, effective from January 1, 2024.

  • Auto stocks like Eicher Motors, Ashok Leyland, TVS Motor and Mahindra & Mahindra plunge more than 2% in trade. All constituents of the broader Nifty Auto index are also trading in the red.

  • Godrej Properties is rising as it purchases a 4-acre land parcel near Bengaluru to develop a premium residential project with a revenue potential of Rs 1,000 crore.

  • The Centre raises the windfall tax on locally produced crude oil to Rs 2,300 per tonne from Rs 1,300 earlier. However, it slashes the export tax on diesel and aviation turbine fuel (ATF) to ‘Nil’ from Rs 0.5 per litre and Rs 1 per litre, respectively.

  • Ashok Leyland's total wholesales for December 2023 fall 10% YoY to 16,324 units. Its medium and heavy commercial vehicles' wholesales fall 11% YoY, while light commercial vehicles' wholesales drop 9% YoY.

  • Gensol Engineering is rising as its board of directors approves an increase in the authorised share capital to Rs 50 crore from Rs 40 crore by issuing 1 crore equity shares at Rs 10 each. The board has also sanctioned the issue of equity shares worth Rs 300 crore through a public issue, preferential allotment and qualified institutional placement (QIP).

  • Hindustan Unilever falls as it receives a GST demand notice for Rs 450 crore from five states: Karnataka, Kerala, Maharashtra, Assam and Haryana. The company appears in a screener of stocks with declining quarterly net profits and margins.

  • Eicher Motors is falling as its monthly wholesales decrease by 7% YoY to 63,387 units due to reduced sales of two-wheelers with engine capacity up to 350cc. Its exports have also fallen by 29% YoY over the same period.

Riding High:

Largecap and midcap gainers today include Mankind Pharma Ltd. (2,107.20, 6.47%), Lupin Ltd. (1,394.35, 6.21%) and GlaxoSmithKline Pharmaceuticals Ltd. (2.049.00, 4.99%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (16.05, -5.59%), Eicher Motors Ltd. (3,892.50, -3.61%) and Macrotech Developers Ltd. (1,014.50, -3.60%).

Movers and Shakers

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

Top high volume gainers on BSE included Alok Industries Ltd. (25.80, 20.00%), VST Industries Ltd. (4,060.10, 20.00%) and Sun Pharma Advanced Research Company Ltd. (338.40, 10.05%).

Top high volume losers on BSE were G R Infraprojects Ltd. (1,110.60, -2.00%), La Opala RG Ltd. (361.00, -1.85%) and Kajaria Ceramics Ltd. (1,298.45, -0.77%).

Alembic Pharmaceuticals Ltd. (792.45, 3.47%) was trading at 32.9 times of weekly average. Lemon Tree Hotels Ltd. (129.85, 9.39%) and Aditya Birla Fashion and Retail Ltd. (242.35, 7.31%) were trading with volumes 26.1 and 14.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

63 stocks hit their 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,190.00, 1.41%), Amara Raja Energy & Mobility Ltd. (815.50, -1.16%) and Apollo Hospitals Enterprise Ltd. (5,746.35, -0.06%).

5 stocks climbed above their 200 day SMA including Data Patterns (India) Ltd. (1,898.80, 3.15%) and Sumitomo Chemical India Ltd. (414.35, 1.02%). 7 stocks slipped below their 200 SMA including Balrampur Chini Mills Ltd. (405.10, -2.27%) and KRBL Ltd. (372.45, -1.14%).

 
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