Trendlyne Marketwatch
Trendlyne Marketwatch
16 Feb 2024
Market closes higher, HDFC Securities keeps its 'Buy' rating on Prestige Estates Projects
By Trendlyne Analysis

 

Nifty 50 closed at 22,040.70 (130.0, 0.6%), BSE Sensex closed at 72,426.64 (376.3, 0.5%) while the broader Nifty 500 closed at 20,164.90 (127.9, 0.6%). Market breadth is in the green. Of the 2,020 stocks traded today, 1,168 were gainers and 820 were losers.

Indian indices maintained their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, fell marginally and closed at 15.2 points. Mahindra & Mahindra closed sharply higher after it inked an agreement with Volkswagen. Mahindra will equip a certain range of its electric platform with electric components of Volkswagen´s MEB and unified cells.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Energy and Nifty Media closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Healthcare Equipment & Supplies emerged as the top-performing sector of the day, with a rise of 4.4%.

European indices traded higher, following the Asian indices, which closed in the green. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded in the red after rising 1.6% on a volatile day of trade on Thursday.

  • Money flow index (MFI) indicates that stocks like Swan Energy, Bosch, Bajaj Auto and Varun Beverages are in the overbought zone.

  • Zydus Lifesciences gets US FDA approval to manufacture and market Isosorbide Mononitrate tablet, which is used to prevent chest pain in patients with coronary artery disease.

  • HDFC Securities keeps its 'Buy' rating on Prestige Estates Projects with an upgraded target price of Rs 1,390 per share. This indicates a potential upside of 15.8%. The brokerage expects the realtor's presales to improve on the back of better visibility of its office assets. It expects the company's net sales to grow at a CAGR of 6.9% over FY23-26.

  • Lupin receives US FDA approval to market Minzoya tablets, designed for female contraception. The drug will be manufactured at Lupin’s Pithampur facility and has an estimated annual sales of $42 million in the US.

  • Ashok Atluri, Managing Director of Zen Technologies says, the company will achieve its revenue target of Rs 450 crore in FY24. He adds that it will continue to expand its anti-drone technology. Atluri also highlights that the firm is in a favourable position in the training and counter-drone technology.

  • RattanIndia Enterprises rises as its subsidiary, Neosky India, launches an innovative drone training programme in association with Narayana Health for school students in Bangalore. It appears in a screener for stocks with strong momentum.

  • Mahindra & Mahindra rises to an all-time high of Rs 1,864.7 after it inks an agreement with Volkswagen. Mahindra will equip a certain range of its electric platform with electric components of Volkswagen´s MEB and unified cells.

  • Advertising & media, photographic products, and warehousing & logistics industries rise more than 5% in the past week.

  • Santanu Sengupta, Chief India Economist at Goldman Sachs, forecasts India's economic growth to exceed 6% for the rest of the decade, attracting more investments from China. Citing demographics, government spending, and robust domestic demand as key drivers, he predicts a 6.3% GDP growth for FY25, slightly below the RBI's 7% expectation.

  • Foreign institutional investors withdraw Rs 1,844 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 62,619.8 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 1,377.5 crore during the same period.

  • JSW Steel plans to invest Rs 65,000 crore in multiple phases in Odisha to develop an integrated green steel manufacturing complex.

  • EPACK Durable rises sharply as it posts a net profit of Rs 4.9 crore in Q3FY24 compared to Rs 6.2 crore in Q3FY23 owing to decreased raw material costs. Revenue grows by 1.2% YoY to Rs 279.1 crore during the quarter. It shows up in a screener of stocks with zero promoter pledge.

  • KPI Green Energy rises sharply as its subsidiary, KPIG Energia, receives a 1.5 MW solar plant project from Pruthvi Textile under the captive power producer segment.

  • Ajit Venkatraman, CEO of Finolex Industries, notes an uptick in volumes compared to December and forecasts double-digit volume growth for FY24. He highlights growth in the company’s non-agri segment, led by the construction industry.

  • Happy Forgings bags a Rs 400 crore order from a leading Indian automaker to manufacture and supply components for the SUV segment for six years starting from April 2024.

  • Bajaj Auto hits a new 52-week high of 8,434.8 as its shareholders approve, through a postal ballot, the buyback of 40 lakh equity shares for Rs 4,000 crore. This buyback represents 1.41% of the total equity shares of the firm.

  • Data Patterns (India) rises more than 7% as reports suggest that, 60 lakh shares, amounting to Rs 1,100 crore, change hands in a block deal.

  • GMR Airports Infrastructure's January 2024 passenger traffic rises 13% YoY to 1.1 crore. Its aircraft movements rise 5% YoY 66,302.

  • Auto stocks like TVS Motor, Bajaj Auto, Maruti Suzuki India and Tata Motors rise more than 2% in trade. All constituents of the broader Nifty Auto index are also trading in the green, helping it to touch its all-time high of 20,315.7.

  • Entero Healthcare Solutions’ shares debut on the bourses at a 2.3% discount to the issue price of Rs 1,258. The Rs 1,600 crore IPO has received bids for 1.5 times the total shares on offer.

  • The Centre raises the windfall tax on locally produced crude oil to Rs 3,300 per tonne from Rs 3,200 earlier. It also increases the export tax on diesel to Rs 1.5 per litre from ‘Nil’. The tax on aviation turbine fuel (ATF) and petrol will remain ‘Nil’.

  • Ca Basque Investments sells a 1.4% stake in YES Bank for approx Rs 1,737.2 crore in a bulk deal on Thursday.

  • Bharat Petroleum Corp surges to its all-time high of Rs 687.9 per share as it sets up a pilot project to learn more about handling hydrogen for the automobile sector. The company expects a capex of Rs 25 crore.

  • Vedanta's promoter Finsider International sells a 1.8% stake in the company in a bulk deal on Thursday.

  • Dilip Buildcon's joint venture (JV) with Vijay Kumar Mishra Construction bags a Rs 412.9 crore order from the Water Resources Department of Madhya Pradesh. The project involves constructing the Machhrewa Irrigation Project Dam and a pressurized pipe irrigation network on a turnkey basis, with completion expected within 60 months.

  • Nifty 50 was trading at 22,005.45 (94.7, 0.4%), BSE Sensex was trading at 72,406.02 (355.6, 0.5%) while the broader Nifty 500 was trading at 20,135.9000 (98.9, 0.5%)

  • Of the 1,801 stocks traded today, 1,469 showed gains, and 297 showed losses.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (427.20, 10.86%), Ipca Laboratories Ltd. (1,241.45, 7.73%) and UNO Minda Ltd. (654.9500, 7.73%).

Downers:

Largecap and midcap losers today include Gujarat Gas Ltd. (545.05, -6.16%), Torrent Power Ltd. (1,173.50, -2.89%) and Power Grid Corporation of India Ltd. (274.55, -2.52%).

Volume Rockets

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

Top high volume gainers on BSE included Natco Pharma Ltd. (1,026.50, 15.71%), The New India Assurance Company Ltd. (285.85, 15.59%) and Rain Industries Ltd. (201.10, 11.23%).

Top high volume losers on BSE were Gujarat Gas Ltd. (545.05, -6.16%), ICICI Securities Ltd. (786.45, -3.36%) and CSB Bank Ltd. (365.00, -2.41%).

Data Patterns (India) Ltd. (2,019.15, 8.87%) was trading at 16.1 times of weekly average. Mastek Ltd. (3,091.75, 7.98%) and Crisil Ltd. (4,609.20, 0.39%) were trading with volumes 11.6 and 9.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

57 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (29,538.60, 1.22%), ACC Ltd. (2,720.40, 3.14%) and Adani Ports & Special Economic Zone Ltd. (1,306.85, 3.14%).

Stock making new 52 weeks lows included - One97 Communications Ltd. (341.30, 5.00%).

19 stocks climbed above their 200 day SMA including Data Patterns (India) Ltd. (2,019.1500, 8.87%) and UNO Minda Ltd. (654.95, 7.73%). 4 stocks slipped below their 200 SMA including G R Infraprojects Ltd. (1,186.80, -2.16%) and Procter & Gamble Health Ltd. (5,103.60, -0.65%).

 
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