Trendlyne Marketwatch
Trendlyne Marketwatch
08 Jan 2024
Market closes lower, DLF's new luxury residential project pre-sells for Rs 7,200 crore
By Trendlyne Analysis

 

Nifty 50 closed at 21,513.00 (-197.8, -0.9%), BSE Sensex closed at 71,355.22 (-670.9, -0.9%) while the broader Nifty 500 closed at 19,417.70 (-172.9, -0.9%). Market breadth is in the red. Of the 2,066 stocks traded today, 800 were on the uptrend, and 1,237 went down.

Indian indices extended the losses from the afternoon session and closed in the red, with the benchmark Nifty 50 closing at 21,513 points. The Indian volatility index, Nifty VIX, rose 6.6% and closed at 13.5 points. BGR Energy Systems defaulted on working capital loans totaling Rs 631 crore from ICICI Bank, Indian Bank and Bank of India.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red following the benchmark index. Nifty Realty and Nifty Media closed marginally higher than their Friday’s close. According to Trendlyne's sector dashboard, media was the top-performing sector of the day as it rose 2.6%. 

Major European indices trade in the red. US index futures trade lower, indicating a negative start to the trading session. Germany’s trade surplus for November expands to $20.4 billion against estimates of $17.9 billion.

  • Relative strength index (RSI) indicates that stocks like Godrej Consumer Products, GlaxoSmithKline Pharmaceuticals, Sun Pharma Advanced Research and MRF are in the overbought zone.

  • India overtakes Taiwan to become second in the MSCI Emerging Markets index. Its participation has increased significantly over the past eight years from 7% to 17.1%. Nuvama Institutional Equities expects it to reach 20% by mid-2024.

  • Capri Global Capital surges over 15% in trade and reaches a new 52-week high of Rs 920. The company ranks medium on Trendlyne’s Checklist, scoring 47.8%. It also features in a screener of companies with strong momentum.

  • HDFC Asset Management and Angel One surge by 4.5% and 10.1% respectively, ahead of their results on January 11 and 15.

  • BGR Energy Systems falls due to defaults on working capital loans totalling Rs 631 crore from ICICI Bank, Indian Bank and Bank of India.

  • Power Mech Projects wins an order worth Rs 825 crore from Mahan Energen for civil and mechanical works in Madhya Pradesh thermal power projects.

  • Solar Industries is rising as it bags an order worth Rs 994 crore from an international client to supply products for defensive application for the next three years.

  • Phoenix Mills rises to an all-time high of Rs 2,598 as its board approves the incorporation of its wholly owned subsidiary Astrea Realty. It appears in a screener of stocks with improving RoA.

  • Reports suggest that 32.6 lakh shares (1% equity) of Honasa Consumer, amounting to approximately Rs 142.4 crore, change hands in a large trade.

  • Chambal Fertilisers & Chemicals rises as its board approves a Rs 700 crore buyback of up to 1.6 crore fully paid-up equity shares (a 3.7% stake) at Rs 450 each.

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

  • ONGC rises to an all-time high of Rs 220.8 as it begins oil production from the KG Deep Basin block in West Bengal. The company appears in a screener of stocks with improving cash flow from operations.

  • Mutual Funds' net equity inflow rises 9.4% MoM to Rs 16,997 crore in December, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 50.8 lakh crore during the same period.

  • HDFC Securities upgrades V-Mart Retail to 'Buy' from 'Sell', with an improved target price of Rs 2,550 per share. This implies a potential upside of 19.6%. The upgrade follows strong festive sales and streamlined merchandising, expected to boost profit margins. The brokerage forecasts the company's revenue to grow at a CAGR of 11.8% over FY23-26.

  • Jupiter Wagons rises sharply as it bags an order worth Rs 100 crore from an automobile manufacturer. The order involves manufacturing and supplying four rakes of double-decker automobile carriers.

  • Sula Vineyards surges over 14% and reaches a new 52-week high of Rs 650, as CLSA upgrades its rating to ‘Buy’ and raises the target price to Rs 863. The upgrade follows the Maharashtra government's decision to reintroduce its wine promotion scheme for five years. The brokerage believes the company is placed to benefit the most, being the market leader.

  • Godrej Industries rises to an all-time high of Rs 898 as it signs a memorandum of understanding (MoU) with the Gujarat government. Under the MoU, the company's chemical division plans to invest Rs 600 crore to expand its operations in the state over the next four years.

  • ACC acquires a 55% stake in Asian Concretes and Cements for Rs 755 crore, boosting its cement capacity to 38.6 MTPA. It appears in a screener for stocks with strong momentum.

  • DLF rises to an all-time high of Rs 773.4 with its new luxury residential project pre-sold for Rs 7,200 crore. The company appears in a screener of stocks with strong momentum.

  • Retail sales for the automotive industry rise 21.1% YoY to 19.9 lakh units in December, according to data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 27.6% YoY, and car sales increase by 2.6% YoY.

  • Tata Steel rises as its India steel production increases by 6% YoY to 5.3 million tonnes in Q3FY24. The company's delivery volumes improve by 10% YoY. It appears in a screener of stocks nearing their 52-week high with significant volumes

  • Porinju Veliyath's wife, Litty Thomas, sells a 0.6% stake in Ansal Buildwell in a bulk deal on Friday.

  • Titan is rising as its revenue grows by 22% YoY in Q3FY24, owing to improvement in the jewellery, watches & wearables, emerging businesses and CaratLane segments. It appears in a screener of stocks where FIIs have increased their shareholdings.

  • TVS Motor rises as it signs a memorandum of understanding (MoU) with the government of Tamil Nadu to invest Rs 5,000 crore in the state over the next five years.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (1,123.80, 3.05%), TVS Motor Company Ltd. (2,037.80, 2.96%) and PB Fintech Ltd. (817.00, 2.28%).

Downers:

Largecap and midcap losers today include Bandhan Bank Ltd. (233.10, -7.39%), Bank of Baroda (223.45, -4.77%) and Marico Ltd. (523.75, -4.08%).

Movers and Shakers

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

Top high volume gainers on BSE included Trident Ltd. (48.20, 17.85%), Capri Global Capital Ltd. (889.75, 14.61%) and Garware Technical Fibres Ltd. (3,707.95, 9.55%).

Top high volume losers on BSE were Bandhan Bank Ltd. (233.10, -7.39%), Navin Fluorine International Ltd. (3,609.70, -5.57%) and Marico Ltd. (523.75, -4.08%).

Tata Teleservices (Maharashtra) Ltd. (94.80, 3.49%) was trading at 7.9 times of weekly average. Network18 Media & Investments Ltd. (100.55, 8.06%) and Atul Ltd. (6,855.00, -2.47%) were trading with volumes 5.5 and 5.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,168.85, 1.26%), Aurobindo Pharma Ltd. (1,114.85, -0.81%) and Bharat Forge Ltd. (1,256.05, -0.87%).

4 stocks climbed above their 200 day SMA including Easy Trip Planners Ltd. (43.35, 4.71%) and Data Patterns (India) Ltd. (1,978.55, 3.95%). 11 stocks slipped below their 200 SMA including Marico Ltd. (523.75, -4.08%) and Page Industries Ltd. (37,693.40, -3.12%).

 
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