Trendlyne Marketwatch
Trendlyne Marketwatch
19 Feb 2024
Market closes higher, Power Grid Corporation of India approves Rs 655.8 crore investments in two projects
By Trendlyne Analysis

Nifty 50 closed at 22,122.25 (81.6, 0.4%), BSE Sensex closed at 72,708.16 (281.5, 0.4%) while the broader Nifty 500 closed at 20,241.10 (76.2, 0.4%). Market breadth is in the green. Of the 2,074 stocks traded today, 1,237 were in the positive territory and 805 were negative.

Indian indices maintained the gains from the morning session and closed in the green, with the Nifty 50 closing at an all-time high. The volatility index, Nifty VIX, rose by 5.2% and closed at 16 points. According to CRISIL ratings, the Indian hotel industry is expected to grow around 11-13% in FY25 despite a high base.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Pharma and Nifty FMCG closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, telecommunications equipment emerged as the top-performing sector of the day, with a rise of over 3.9%. 

Most European indices trade in the red except for Switzerland’s SMI index trading higher. US markets are closed today on account President’s Day holiday. According to Money Market Pricing, investors expect Fed rate cuts to be around 90 bps in 2024, down sharply from 145 bps at the start of February.

  • Biocon sees a short buildup in its February 29 future series as its open interest rises 9.6% with a put-call ratio of 0.5.

  • HDFC Securities reiterates its 'Buy' rating on Crompton Greaves Consumer Electricals with a target price of Rs 375. This indicates a potential upside of 29.2%. The brokerage believes that scaling up the kitchen portfolio, premiumisation of products and expanding in new segments will help in revenue growth. It expects the company's revenue to grow at a CAGR of 7.7% over FY23-26.

  • Polycab India, Mastek, and 360 One Wam outperform the Nifty 50 index over the past month after their Q3FY24 results.

  • Indian Renewable Energy Development Agency signs a memorandum of understanding (MoU) with Punjab National Bank to co-finance green energy projects.

  • Power Grid Corporation of India's board approves investments in two projects: 5GW Leh-Kaithal Transmission corridor at Rs 141.1 crore and the Unified Load Dispatch and Communication (ULDC) Phase-III at Rs 514.7 crore.

  • IOL Chemicals and Pharmaceuticals surges in trade as China’s drug regulator CDE (Center for Drug Evaluation) approves its Metformin Hydrochloride, a drug used to control high blood sugar levels.

  • Confidence Petroleum India surges to its all-time high of Rs 120 per share as it partners with BW LPG to improve its LPG terminal infrastructure. BW LPG has also invested $30 million (approx. Rs 249 crore) in the company by way of a preferential issue of 8.5% stake.

  • Motilal Oswal Financial Services is falling on reports of a cyber attack by a ransomware group LockBit. The ransomware group is expected to have gained confidential data and the Computer Emergency Response Team (CERT-In) is in the process of taking appropriate action.

  • GPT Healthcare, which runs a chain of mid-sized multi-specialty hospitals under the ILS Hospitals brand, sets its IPO price band at Rs 177-186 per share. The issue, valued at Rs 502 crore, consists of a fresh issue worth approximately Rs 40 crore and an offer for sale of 2.6 crore shares and opens on February 22.

  • Balrampur Chini Mills rises as it ventures into manufacturing Polylactic Acid (PLA) for the production of bioplastics using sugar as a raw material. It appears on a screener for stocks with good quarterly growth in net profit.

  • Lupin sees six analyst target price upgrades and two recommendation upgrades in the past month. TVS Motor Co, Cholamandalam Investment, and Bajaj Auto see five analyst target price upgrades over the same period.

  • Quess Corp surges to its 52-week high of Rs 582 as its board of directors approves the demerger of its business verticals into three separate entities: Quess Corp, Digitide Solutions and Bluspring Enterprises.

  • Jefferies moves Paytm to ‘Not Rated’ from the earlier ‘Underperform’. The brokerage notes that the company’s business model is shifting to a pure payments company. It also highlights that Paytm will focus on customer and merchant retention.

  • Titagarh Rail Systems rises as it bags an order worth Rs 170 crore from The Ministry of Defence to supply 250 specialized wagons.

  • Novartis India surges to its all-time high of Rs 1,148 as its parent company, Novartis AG, begins a strategic review that includes an assessment of its 70.7% shareholding. Additionally, reports suggest that Dr Reddy's Laboratories is in the running to acquire Novartis India.

  • Nifty 50 hits an all-time high of 22,150.8 today after rising for five consecutive days.

  • PB Fintech rises over 5% as its arm, Policybazaar Insurance Brokers, gets IRDAI's in-principle approval to upgrade its license from Direct Insurance Broker (Life & General) to Composite Insurance Broker. This allows the company to sell reinsurance products in addition to life and general insurance products.

  • Consumer durables stocks like Havells India, Dixon Technologies, Voltas, Blue Star, and Crompton Greaves Consumer Products are rising in trade. All constituents of the broader BSE Consumer Durables index are also trading in the green.

  • ITI rises sharply as it signs a memorandum of understanding (MoU) with JandK Operations to manufacture and provide BharOS-enabled digital devices and services.

  • Life Insurance Corp of India rises as it receives a tax refund of Rs 21,740 crore from the Income Tax Department for FY13-20.

  • Sula Vineyards declines over 6% as 1.16 crore shares (13.8% equity), amounting to Rs 676.6 crore, reportedly change hands in a large deal. Verlinvest Asia PTE is a likely seller in this transaction.

  • One97 Communications (Paytm) rises as the RBI extends the deadline for Paytm Payments Bank to stop accepting deposits and top-ups until March 15. The RBI also confirms that Paytm's QR, soundbox, and card machine services will remain operational past this new deadline. Additionally, Paytm partners with Axis Bank to set up an escrow account for merchant transactions.

  • Porinju Veliyath buys a 1.6% stake in Kerala Ayurveda in Q3FY24. He now holds a 4.8% stake in the company.

  • Schaeffler India falls sharply as its net profit declines by 9.3% YoY to Rs 209.6 crore in Q3FY24. Revenue rises by 4.4% YoY, owing to an improvement in the automotive technologies, automotive aftermarket and industrial segments. Its EBITDA margin contracts by 194 bps YoY due to increasing raw material and employee benefit expenses.

  • Tata Power is rising as it receives a letter of intent (LoI) worth Rs 838 crore from REC Power Development and Transmission to acquire a project special purpose vehicle (SPV), Jalpura Khurja Power Transmission.

  • Nifty 50 was trading at 22,086.00 (45.3, 0.2%), BSE Sensex was trading at 72,627.60 (201.0, 0.3%) while the broader Nifty 500 was trading at 20,237.05 (72.2, 0.4%).

  • Market breadth is ticking up strongly. Of the 1,882 stocks traded today, 1,429 were on the uptrend, and 409 went down.

 

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (1,000.85, 7.47%), Adani Wilmar Ltd. (366.45, 5.76%) and Dixon Technologies (India) Ltd. (6,743.85, 5.73%).

Downers:

Largecap and midcap losers today include YES Bank Ltd. (27.10, -4.58%), Coal India Ltd. (461.00, -3.96%) and HDFC Asset Management Company Ltd. (3,734.50, -3.64%).

Volume Rockets

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

Top high volume gainers on BSE included JBM Auto Ltd. (2,381.75, 17.70%), Rajesh Exports Ltd. (344.25, 13.28%) and Supreme Petrochem Ltd. (732.90, 13.19%).

Top high volume losers on BSE were Home First Finance Company India Ltd. (882.90, -5.97%), Schaeffler India Ltd. (3,011.85, -1.71%) and KPR Mill Ltd. (725.55, -0.51%).

Quess Corp Ltd. (540.60, 7.82%) was trading at 19.8 times of weekly average. Crisil Ltd. (5,026.50, 9.05%) and Archean Chemical Industries Ltd. (717.70, 8.88%) were trading with volumes 10.6 and 10.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

55 stocks made 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,307.00, 0.01%), Aegis Logistics Ltd. (468.20, 7.34%) and Ambuja Cements Ltd. (584.85, -0.04%).

18 stocks climbed above their 200 day SMA including Adani Wilmar Ltd. (366.45, 5.76%) and Metro Brands Ltd. (1,177.95, 4.86%). 7 stocks slipped below their 200 SMA including Restaurant Brands Asia Ltd. (113.90, -2.11%) and Schaeffler India Ltd. (3,011.85, -1.71%).

 
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