Trendlyne Marketwatch
Trendlyne Marketwatch
17 Jan 2024
Market closes lower, Asian Paints falls as it misses Q3FY24 revenue estimates by 2.2%
By Trendlyne Analysis

Nifty 50 closed at 21,571.95 (-460.4, -2.1%), BSE Sensex closed at 71,500.76 (-1,628.0, -2.2%) while the broader Nifty 500 closed at 19,487.60 (-340.0, -1.7%), of the 2,022 stocks traded today, 580 were in the positive territory and 1,422 were negative.

Indian indices extended their losses from the afternoon session and closed in the red, with the Nifty 50 closing at 21,572 points. Heavyweight HDFC Bank dragged the index as if fell 8.4% post its Q3FY24 results. The Indian volatility index, Nifty VIX, rose sharply by 11.1% and closed at 15.1 points. L&T Technology Services closed in the green after its Q3FY24 net profit grew by 6.6% QoQ to Rs 336.2 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower, taking cues from the benchmark index. Nifty Metal and Nifty Bank closed sharply lower than their Tuesday close. According to Trendlyne’s sector dashboard, Media emerged as the top-performing sector of the day, with a rise of over 1.3%.

Major Asian indices closed in the red amid weak global cues. European indices also traded lower, tracking the Asian stocks. US index futures traded in the red, indicating a negative start to the trading session. Brent crude oil futures traded lower, after closing flat on a volatile day on Tuesday.

  • Money flow index (MFI) indicates that stocks like Gujarat Gas, Mangalore Refinery And Petrochemicals, Procter & Gamble Health and Amber Enterprises India are in the overbought zone.

  • Asian Paints falls as it misses Q3FY24 revenue estimates by 2.2%. However, its Q3FY24 net profit rises by 35% YoY to Rs 1,447.7 crore while revenue improves by 5.4% YoY due to growth in decorative, coating and industrial segments.

  • RPSG Ventures is rising as its board of directors approves the issuance of 35.7 lakh shares worth Rs 284.2 crore through a preferential issuance.

  • DB Realty is falling despite its board of directors approving the issuance of equity shares worth up to Rs 2,000 crore through a qualified institutional placement.

  • Cochin Shipyard rises to an all-time high of Rs 888 as its new dry dock and international ship repair facility will be inaugurated today by the Prime Minister. The facility was built with an investment of Rs 2,800 crore.

  • Medi Assist Healthcare Services' Rs 1,171.6 crore IPO gets bids for 5.4X the available 2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 2.6X the available 98.1 lakh shares on offer.

  • Steel Strip Wheels rises as its Q3FY24 net profit increases by 35.8% YoY to Rs 59.4 crore. Its revenue grows by 18.3% YoY. The company appears in a screener of stocks with growing net profit and margins.

  • KR Choksey upgrades HDFC Life Insurance to 'Buy' with a target price of Rs 745 per share, indicating a potential upside of 21.2%. The brokerage believes that the company's strong product pipeline for FY24-25 in the annuity segment and expansion in the semi-urban and rural segments will help improve its net premiums. It expects the company's net premium to grow at a CAGR of 16.9% over FY23-26.

  • Reports suggest that oil marketing companies may reduce petrol and diesel prices by Rs 5-10 in February, ahead of the Lok Sabha elections. The firms will make a decision once they disclose their Q3 results this month. Despite falling global crude oil prices, the companies are expected to report a net profit of Rs 75,000 crore by the end of Q3FY24.

  • Mas Financial Services rises as its board approves a bonus issue of shares in the ratio of 2:1. The board has fixed the record date as February 22, 2024.

  • Indian Renewable Energy Development Agency rises as it signs a memorandum of understanding with Indian Overseas Bank for co-lending to various renewable projects in the country.

  • PTC Industries rises more than 3% as its wholly-owned subsidiary, Aerolloy Technologies, signs a long-term purchase agreement with Dassault Aviation to supply a full range of titanium cast parts for the Rafale Multirole fighter aircraft.

  • Reports suggest that 39.8 lakh shares (0.2% equity) of HDFC Life Insurance Co, amounting to approximately Rs 248.5 crore, change hands in a large trade.

  • Rail Vikas Nigam rises as it forms a joint venture with Jakson Green for offshore solar projects. The company has also incorporated a new subsidiary, RVNL Infra, in South Africa.

  • Banking stocks like HDFC Bank, Kotak Mahindra Bank, AU Small Finance Bank and Federal Bank fall more than 3% in trade. All constituents of the broader Nifty Bank index are also trading in the red, causing it to plunge more than 3%.

  • Larsen & Toubro rises to a new 52-week high of Rs 3,614.45 after receiving an order worth Rs 1,000-2,500 crore from the Maharashtra government for the construction of EWS housing and another from a private entity in Oman for a mixed-use development project.

  • The Union Ministry of Heavy Industries, which oversees the PLI scheme for advanced automotive technology, aims for all 85 applications to acquire approved certification against the scheme's domestic value-addition (DVA) criteria by July 2024. The applicants include 67 automotive parts makers and 18 OEMs.

  • PNC Infratech rises as it bags an order worth Rs 1,174 crore from Madhya Pradesh Road Development Corp. The order involves the construction of 400 kms of western Bhopal bypass road.

  • ICICI Lombard General Insurance surges more than 5% as its net profit grows by 22.4% YoY to Rs 431.5 crore in Q3FY24. Revenue rises by 14.7% YoY owing to an increase in revenue from the marine, health, corporate, crop and motor insurance segments. It features in a screener of stocks near their 52-week highs with significant volumes.

  • L&T Technology Services rises as its Q3FY24 net profit grows by 6.6% QoQ to Rs 336.2 crore. Its revenue improves by 1.5% QoQ due to growth in transportation and telecom & hi-tech segments.

  • Morgan Stanley has an ‘Overweight’ rating on UltraTech Cement, Dalmia Bharat, Ambuja Cements, and Grasim Industries, and an ‘Equal-weight’ rating on Shree Cements and ACC. The brokerage notes a multiyear increase in demand for the industry. It also expects margin expansion over the next few years.

  • Porinju Veliyath buys a 1% stake in Aurum Proptech in Q3FY24. He now holds a 4.5% stake in the company.

  • Ashish Kacholia cuts stake in NIIT to below 1% in Q3FY24. He held a 1.9% stake in Q2FY24.

  • Vijay Kedia cuts stake in Mahindra Holidays & Resorts India to below 1% in Q3FY24. He held a 1% stake in Q2FY24.

  • HDFC Bank falls despite its Q3FY24 net profit growing by 33.5% YoY to Rs 16,372.5 crore. Its net interest income improves by 23.8% YoY. The company's credit quality improves as its net NPA margin falls by 2 bps YoY.

Riding High:

Largecap and midcap gainers today include ICICI Lombard General Insurance Company Ltd. (1,454.45, 5.84%), Indian Railway Finance Corporation Ltd. (149.10, 5.11%) and Endurance Technologies Ltd. (2,042.10, 4.60%).

Downers:

Largecap and midcap losers today include HDFC Bank Ltd. (1,537.50, -8.44%), Steel Authority of India (SAIL) Ltd. (113.10, -5.40%) and Zomato Ltd. (127.40, -4.61%).

Volume Rockets

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

Top high volume gainers on BSE included ICICI Lombard General Insurance Company Ltd. (1,454.45, 5.84%), Mishra Dhatu Nigam Ltd. (433.25, 5.68%) and L&T Technology Services Ltd. (5,540.05, 3.56%).

Top high volume losers on BSE were Indian Energy Exchange Ltd. (147.25, -10.27%), HDFC Bank Ltd. (1,537.50, -8.44%) and Axis Bank Ltd. (1,082.30, -3.29%).

MRF Ltd. (1,34,878.30, -1.26%) was trading at 5.6 times of weekly average. Capri Global Capital Ltd. (988.50, 3.18%) and Century Plyboards (India) Ltd. (779.00, 0.10%) were trading with volumes 4.6 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

27 stocks hit their 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (5,980.35, 1.28%), Bayer Cropscience Ltd. (5,959.20, -0.16%) and Bharat Heavy Electricals Ltd. (207.10, 2.02%).

2 stocks climbed above their 200 day SMA including Polycab India Ltd. (4,439.30, 2.27%) and Rossari Biotech Ltd. (780.60, -0.36%). 14 stocks slipped below their 200 SMA including HDFC Bank Ltd. (1,537.50, -8.44%) and Kotak Mahindra Bank Ltd. (1,779.65, -3.70%).

 
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