Trendlyne Marketwatch
Trendlyne Marketwatch
04 Jan 2024
Market closes higher, Bandhan Bank's loans and advances rise 18.6% YoY in Q3
By Trendlyne Analysis

 

Nifty 50 closed at 21,658.60 (141.3, 0.7%), BSE Sensex closed at 71,889.05 (532.5, 0.8%) while the broader Nifty 500 closed at 19,541.25 (174.1, 0.9%). Market breadth is overwhelmingly positive. Of the 2,036 stocks traded today, 1,345 were on the uptrend, and 655 went down.

Indian indices extended their gains from the afternoon session and closed in the green, with the benchmark Nifty 50 closing at 21,659 points. The Indian volatility index, Nifty VIX, dropped 5.4% and closed at 13.3 points. Bandhan Bank's loans and advances rose 18.6% YoY to Rs 1,15,964 crore in Q3FY24. Its total deposits also increased by 14.8% YoY to Rs 1,17,422. The bank's CASA ratio stood at 36.1%.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark index. Nifty Realty and Nifty Bank closed higher than their Wednesday’s close. According to Trendlyne's sector dashboard, realty was the top-performing sector of the day as it rose 6.2%. 

Major European indices traded in the green. US index futures traded higher, indicating a positive start to the trading session. The data released by Hamburg Commercial Bank indicated that the Eurozone’s composite PMI for December contracted to 47.6 against estimates of 47.

  • Money flow index (MFI) indicates that stocks like Gujarat Fluorochemicals, Shyam Metalics and Energy, Sun Pharma Advanced Research and MRF are in the overbought zone.

  • NBCC bags multiple orders worth Rs 98 crore from the Navodaya Vidyalaya Samiti for the construction of multiple Jawahar Navodaya Vidyalayas (JNV) buildings in Assam, Meghalaya and Tripura.

  • GMR Airports Infrastructure rises more than 3% in trade today. Reports suggest that 2.9 crore shares (0.5% equity), amounting to Rs 243.5 crore, change hands in a block deal.

  • Aptus Value Housing Finance, Timken India, RBL Bank, and Granules India witness an increase in mutual fund holdings in the past month.

  • NHPC rises to an all-time high of Rs 69.8 as it signs an MoU with Gujarat Power Corporation for a Rs 4,500 crore. It involves the construction of Kuppa Pumped Storage. The company appears in a screener of stocks with strong momentum.

  • United Spirits files a writ petition in the Bombay High Court against a Rs 365 crore claim from the Canteen Stores Department, Ministry of Defence. The claim is related to a previously concluded settlement, where the company asserts that all recovery claims by the customer were fully settled.

  • KR Choksey initiates coverage on Jio Financial Services with a ‘Buy’ rating and target price of Rs 290. The brokerage notes the company's benefits from the extensive customer bases of Reliance Jio and Reliance Retail. It expects the company to achieve an AUM of Rs 46 billion in FY24, driven by an improved product pipeline that aligns with consumer needs.

  • Balaji Amines surges more than 3% as the government of Maharashtra approves conferring the 'Mega Project' status to the company's expansion project for manufacturing speciality chemicals. Under the 'Mega Project' status of the package scheme of incentives, the company will receive an investment of Rs 750 crore.

  • FMCG stocks like Tata Consumer Products, Emami, Varun Beverages and Dabur India rise more than 2% in trade. All constituents of the broader Nifty FMCG index are also trading in the green, helping it to touch its all-time high of Rs 57,865.3.

  • Oil And Natural Gas Corp rises to a 5-year high of Rs 214.3 as it reportedly wins seven out of the ten oil and gas exploration areas.

  • The Association of Mutual Funds in India (AMFI) upgrades Macrotech Developers, Polycab India, REC, and Union Bank of India, among others, to the largecap category. Kalyan Jewellers, SJVN, and Suzlon Energy, among others, have been moved to the midcap category. The updated market categorisation list for H1CY24 will be effective from February to July.

  • Central Bank of India is rising as its total deposits grow by 9.5% YoY to Rs 3.4 lakh crore in Q3FY24. Gross advances improve by 14.9% YoY to Rs 2.1 lakh crore in the same period. The bank appears in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Macrotech Developers surges more than 6% as it executes a share purchase agreement (SPA) to acquire a 100% stake in Goel Ganga Ventures for Rs 1 lakh.

  • Bajaj Finance rises by 4% as its AUM crosses Rs 3 lakh crore for the first time, posting a 35% YoY increase. Total loans booked also improve by 26% YoY to 9.8 million in the December quarter.

  • Anuj Kathuria, President (India) of JK Tyre & Industries, says the company is expanding faster than the overall industry. He adds that H2FY24 will be in line with projections, expecting high single-digit growth. Kathuria also expects margins to be around 15% going forward.

  • Ujjivan Small Finance Bank rises with a 29% YoY increase in deposits to Rs 29,869 crore in Q3FY24. The bank's disbursements improve by 17% YoY. It appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Realty stocks like Sobha, Godrej Properties, Macrotech Developers and DLF surge more than 5% in trade. All constituents of the broader Nifty Realty index are also trading in the green, helping it to reach its all-time high of Rs 832.7.

  • Angel One surges over 6% to an all-time high of Rs 3,750 as its average daily turnover (ADTO) grows by 156.2% YoY to Rs 42 lakh crore in December 2023. Its client base also improves by 55.5% YoY to 1.9 crore, with total order numbers rising by 59.2% YoY in the same month. The company appears in a screener of stocks with strong momentum.

  • Antony Cherukara, the CEO of VST Tillers Tractors, says sales in December have been lower than expected. He adds that the company’s exports have improved, compared to the industry's overall decline. Cherukara highlights a delay in launching VST's new brand Zector, and sets a sales guidance of 1,000 units for the first 12 months post its launch.

  • Bandhan Bank's loans and advances rise 18.6% YoY to Rs 1,15,964 crore in Q3FY24. Its total deposits also increase by 14.8% YoY to Rs 1,17,422. The bank's CASA ratio stands at 36.1%.

  • Dolly Khanna buys a 0.2% stake in Prakash Industries in Q3FY24. She now holds a 1.2% stake in the company.

  • Torrent Power surges 6% as it signs an MoU worth Rs 47,350 crore with the Department of Energy & Petrochemicals, Gujarat. The MoU, part of Gujarat government's investment promotion initiative, covers 3,450 MW of solar power, 1,045 MW of hybrid power, infrastructure for 7,000 MW of solar projects, and capex for its distribution network.

  • Power Finance Corp rises as it signs a memorandum of understanding (MoU) with the Gujarat government for projects worth Rs 25,000 crore. The company appears in a screener of stocks with improving quarterly revenue.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (1,097.10, 9.27%), Godrej Properties Ltd. (2,216.15, 7.98%) and Torrent Power Ltd. (1,014.60, 7.44%).

Downers:

Largecap and midcap losers today include Mankind Pharma Ltd. (2,074.05, -3.78%), Gland Pharma Ltd. (1,975.30, -2.75%) and Bharat Petroleum Corporation Ltd. (452.65, -1.82%).

Volume Rockets

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

Top high volume gainers on BSE included Sobha Ltd. (1,295.25, 15.70%), Century Textiles & Industries Ltd. (1,398.25, 12.21%) and DCM Shriram Ltd. (1,141.45, 9.93%).

Top high volume losers on BSE were Navin Fluorine International Ltd. (3,796.20, -1.85%) and Chambal Fertilisers & Chemicals Ltd. (386.65, -0.01%).

Torrent Power Ltd. (1,014.60, 7.44%) was trading at 17.8 times of weekly average. Brigade Enterprises Ltd. (922.90, 6.16%) and MMTC Ltd. (64.70, 8.56%) were trading with volumes 13.0 and 10.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

89 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,289.50, 2.54%), Ambuja Cements Ltd. (549.45, 2.49%) and Apollo Hospitals Enterprise Ltd. (5,762.20, -0.11%).

13 stocks climbed above their 200 day SMA including Borosil Renewables Ltd. (485.90, 4.27%) and Delhivery Ltd. (404.00, 1.76%). 4 stocks slipped below their 200 SMA including Vedant Fashions Ltd. (1,238.65, -1.73%) and APL Apollo Tubes Ltd. (1,450.85, -1.31%).

 
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