Trendlyne Marketwatch
Trendlyne Marketwatch
20 Feb 2024
Market closes higher, Raymond launches a 2.7 acre project with estimated development value of Rs 2,000 crore
By Trendlyne Analysis

Nifty 50 closed at 22,196.95 (74.7, 0.3%), BSE Sensex closed at 73,057.40 (349.2, 0.5%) while the broader Nifty 500 closed at 20,271.90 (30.8, 0.2%). Market breadth is in the red. Of the 2,046 stocks traded today, 959 were on the uptrend, and 1,059 went down.

Indian indices recovered from their day lows and closed in the green, with the Nifty 50 closing at an all-time high for a second straight trading session. The volatility index, Nifty VIX, rose 0.3% and closed at 16.1 points. Waaree Renewable Energy closed sharply higher after it received a letter of award (LoA) for a Rs 990.6 crore order from an Indian renewable energy company.

Nifty Smallcap 100 closed in the red, while the Nifty Midcap 100 closed flat, despite the benchmark index closing in the green. According to Trendlyne’s sector dashboard, Media emerged as the top-performing sector of the day, with a rise of 1.7%.

Most major Asian indices closed flat or higher, except for Japan’s Nikkei 225 index, which closed in the red. However, European indices traded flat or lower amid mixed global cues. US index futures traded in the red, indicating a negative start to the trading session. Brent crude oil futures traded lower after closing in the green for three consecutive trading sessions.

  • Relative strength index (RSI) indicates that stocks like Bajaj Auto, Mangalore Refinery & Petrochemicals, Natco Pharma and Crisil are in the overbought zone.

  • Trident appoints Samir Joshipura as Chief Executive Officer, with effect from today.

  • Raymond’s real estate unit, Raymond Realty, announces the launch of a 2.7 acre project to develop a gated community in Bandra East, Mumbai. The project has an estimated development value of Rs 2,000 crore.

  • Au Small Finance Bank, G R Infraprojects, Syrma SGS Technology, and PNC Infratech underperform their respective industries by more than 20% in the past month.

  • Delta Corp is set to divest its entire stake in its subsidiary Caravella Entertainment to Ability Games and Ashtek Consultancy for Rs 62 crore.

  • Tech Mahindra acquires a 100% stake in Orchid Cybertech Services Inc (OCSI), a customer experience provider based in the Philippines, through its wholly owned subsidiary, vCustomer Philippines Inc, for AUD 5 million (approx Rs 27.1 crore).

  • ICICI Direct retains its 'Buy' rating on Mahindra & Mahindra with an upgraded target price of Rs 2,225. This indicates a potential upside of 20.6%. The brokerage believes that the company's market leadership in the SUV and tractor segments and tangible product outlook in the electric PV segment will help profitability. It expects the company's net profit to grow at a CAGR of 20.6% over FY23-26.

  • Zaggle Prepaid Ocean Services surges to its all-time high of Rs 298.9 per share as it signs an agreement with Easy Trip Planners to provide its integrated travel and expense management solutions to corporate clients.

  • Media stocks like Zee Entertainment Enterprises, Network18 Media & Investment, Dish TV India, and Hathway Cable & Datacom are rising in trade. The broader Nifty Media index also trades in the green.

  • Tourism Finance Corporation of India surges as reports suggest that 1.2 crore shares (13.1% equity), amounting to Rs 248 crore, change hands in a block deal.

  • Easy Trip Planners is rising as it forms a strategic partnership with Jeewani Group and Radisson Hotel to develop a 150-room Radisson Blu Hotel in Ayodhya.

  • Godrej Consumer Products signs an agreement to divest its entire stake in its arm Godrej East Africa Holdings, Mauritius, to HKG Africa Weave for $3.5 million (approx. Rs 29 crore).

  • Waaree Renewable Energy surges as it receives a letter of award (LoA) for a Rs 990.6 crore order from an Indian renewable energy company. The order involves engineering, procurement and construction (EPC) services for a 700 MWac solar power plant on a turnkey basis. This order win takes the company's unexecuted order book to 2.1 GW.

  • Jefferies India reports that the cement sector's demand expanded at a run-rate of 12–13% in H1FY24, but slowed to about 5-6% YoY in Q3FY24. The brokerage attributes this to state elections and unseasonal rainfall impacting demand during the quarter.

  • Droneacharya Aerial Innovations is rising as it signs a term sheet to acquire a 76% stake in Bengaluru's Aerophile Academy, a drone pilot training centre. This acquisition marks the company’s entry into the drone pilot training space in South India.

  • Ramkrishna Forgings rises sharply as it wins a contract worth $220 million (approx. Rs 1,825.4 crore) from a North American client. This enables the company to penetrate the light vehicles segment in North America.

  • Oil & Natural Gas Corp rises to its 52-week high of Rs 281.2 per share, as Imperial Energy, its Cyprus subsidiary, announces plans to consolidate five other Cyprus-based subsidiaries into itself.

  • Bernstein initiates coverage on Power Grid Corp of India with an 'Outperform' rating and a target price of Rs 315. The brokerage believes that the company's capex will rise around 30% over the next two years. It also notes new growth opportunities for the company, including smart meters, batteries, and interstate transmissions.

  • Verlinvest Asia sells its entire stake (8.3%) in Sula Vineyards for approximately Rs 406.2 crore in a bulk deal on Monday. Mousserene LP also offloads a 3.4% stake in the company, amounting to around Rs 166.9 crore.

  • Retail Investor Bela Agarwal sells her entire stake (4.5%) in Minda Corp for approx Rs 437.3 crore in a block deal on Monday.Meanwhile, Motilal Oswal Mutual Fund and Kotak Mahindra Mutual Fund buy 1.8% and 1.5% stakes, respectively, in the company.

  • Deepak Fertilisers & Petrochemicals Corp surges as it enters a long-term liquified natural gas (LNG) supply agreement with Norway's Equinor ASA. As per the agreement, Equinor will supply 0.65 million tonnes of LNG annually to the company over the next 15 years, starting from 2026.

  • Whirlpool of India declines over 2% as 3.2 crore shares (24.9% equity), amounting to Rs 4,039 crore, reportedly change hands in a block deal. The company's promoter is reported to sell 24% of its stake for approx. Rs 3,734.5 crore.

  • Zee Entertainment Enterprises rises sharply as reports emerge that the company is in talks with Sony Group Corp to revive its merger. The companies are expected to reach an agreement in the next two days.

  • Vibhor Steel Tubes’ shares debut on the bourses at an 181.5% premium to the issue price of Rs 151. The Rs 72.2 crore IPO has received bids for 298.9 times the total shares on offer.

  • CIE Automotive India is falling as its revenue remains flat at Rs 2,240.3 crore in Q3FY24. However, it posts a net profit of Rs 168.9 crore for the quarter, owing to reduced raw material costs, compared to a net loss of Rs 657.8 crore in Q3FY23 due to losses from discontinued operations. It appears in a screener of stocks with medium to low Trendlyne momentum scores.

  • NBCC rises sharply as it bags three orders worth Rs 369 crore from multiple clients. The orders include infrastructure development for Rani Lakshmi Bai Central Agricultural University in Jhansi, a court complex and residential quarters in Telangana, and the renovation and furnishing of ICAI Bhavan in Noida.

  • Nifty 50 was trading at 22,062.70 (-59.6, -0.3%), BSE Sensex was trading at 72,554.8100 (-153.4, -0.2%) while the broader Nifty 500 was trading at 20,206.85 (-34.3, -0.2%).

  • Market breadth is in the green. Of the 1,843 stocks traded today, 1,124 showed gains, and 660 showed losses.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (192.65, 7.93%), One97 Communications Ltd. (376.25, 5.00%) and Power Grid Corporation of India Ltd. (287.90, 4.18%).

Downers:

Largecap and midcap losers today include Federal Bank Ltd. (154.40, -5.25%), General Insurance Corporation of India (407.55, -3.98%) and Hero MotoCorp Ltd. (4663.3500, -3.90%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Zee Entertainment Enterprises Ltd. (192.65, 7.93%), EID Parry (India) Ltd. (637.95, 6.40%) and Gujarat Ambuja Exports Ltd. (386.10, 6.04%).

Top high volume losers on BSE were Whirlpool of India Ltd. (1,286.70, -3.34%), CIE Automotive India Ltd. (472.85, -2.15%) and EIH Ltd. (398.30, -1.61%).

Deepak Fertilisers & Petrochemicals Corporation Ltd. (514.55, 4.07%) was trading at 15.7 times of weekly average. Aarti Drugs Ltd. (543.65, 0.46%) and Sona BLW Precision Forgings Ltd. (639.85, 4.07%) were trading with volumes 7.8 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks made 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,048.00, 4.36%), Apollo Hospitals Enterprise Ltd. (6,759.45, 1.54%) and Blue Star Ltd. (1,288.90, 1.52%).

10 stocks climbed above their 200 day SMA including Sapphire Foods India Ltd. (1,408.00, 3.53%) and Jubilant Foodworks Ltd. (507.70, 2.26%). 8 stocks slipped below their 200 SMA including Schaeffler India Ltd. (2,905.50, -3.53%) and Restaurant Brands Asia Ltd. (111.90, -1.76%).

 
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