Trendlyne Marketwatch
Trendlyne Marketwatch
21 Feb 2024, 03:54PM
Market closes lower, Zaggle Prepaid Ocean Services signs an agreement with Wipro
By Trendlyne Analysis

Nifty 50 closed at 22,055.05 (-141.9, -0.6%), BSE Sensex closed at 72,623.09 (-434.3, -0.6%) while the broader Nifty 500 closed at 20,128.30 (-143.6, -0.7%). Market breadth is highly negative. Of the 2,045 stocks traded today, 624 were gainers and 1,398 were losers.

Indian indices pared the gains from the morning session and closed in the red. The volatility index, Nifty VIX, dropped by 0.9% and closed at 15.9 points. ABB India's net profit grows by 10.9% YoY to Rs 338.7 crore in Q3FY24. Revenue increases by 13.3% YoY to Rs 2,728.2 crore on the back of improvement in the robotics & discrete automation, motion, electrification and process automation segments.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower following the benchmark index. Nifty Realty and Nifty PSU Bank closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, realty emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade mixed. US indices futures trade lower indicating a negative start. Union Bank of Switzerland’s (UBS) investment banking division predicts the Fed to start cutting rates by June 2024. UK’s largest lender HSBC Bank traded 5% lower after it reported a $3 billion impairment due to investments in China’s Bank of Communication.

  • Money flow index (MFI) indicates that stocks like Oil India, Trent, and Indian Hotels Co are in the overbought zone.

  • UltraTech Cement announces the commissioning of a 1.8 MTPA brownfield cement capacity expansion in Rajasthan. The company appears in a screener of stocks with improving book value per share.

  • Zaggle Prepaid Ocean Services signs an agreement with Wipro to offer its Zaggle save proposition and its benefits & expense management platforms.

  • Juniper Hotels’ Rs 1,800 crore IPO gets bids for 0.1X the available 2.9 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 52.6 lakh shares on offer

  • ICRA forecasts that the operating profit margins of hospitality firms will remain steady from FY24 to FY25. Robust revenue growth is expected to offset the increasing expenses of refurbishment, maintenance, and salaries. However, there might be a slowdown in revenue growth, with an anticipated growth rate of 7-9% in FY25, based on a high base of 14-16% growth in FY24.

  • HFCL rises sharply as it plans to expand into Europe with an optical fiber cable (OFC) plant in Poland. The plant will have an initial capacity of 3.3 million fkm per annum, with the ability to scale up to 7 million fkm per annum. The projected capex for setting up the plant is Rs 100 crore.

  • Tata Power's subsidiary, Tata Power Trading, signs a power purchase agreement (PPA) with BluSmart to supply 30 MW of power from its solar plant in Rajasthan.

  • Navin Fluorine International, Chambal Fertilisers & Chemicals, Indian Energy Exchange, and VIP Industries witness a decrease in mutual fund holdings in the past month.

  • Medplus Health Services board decides against proceeding with its fund-raising plans, leading to a deferral of expansion plans for its Diagnostics Division beyond Hyderabad until the profitability of the pilot project is confirmed.

  • Varun Beverages is rising as its Moroccan subsidiary signs an exclusive snacks appointment with PepsiCo to manufacture and package Cheetos in Morocco. The production is expected to start with a capex of Rs 100 crore.

  • Patel Engineering rises as it emerges as the lowest bidder, along with its joint venture partner, for a Rs 525.4 crore irrigation project in Telangana. The project involves the construction of an RCC (reinforced cement concrete) protection wall along river Munneru, within two years.

  • DLF surges to its all-time high of Rs 894.5 per share as it acquires 28.5 acres in Haryana, with 19.3 acres registered for Rs 858 crore. The remainder will be bought by its subsidiary DHDL for Rs 50 crore, facilitating the partial bond redemption worth Rs 775 crore.

  • Hindalco Industries is rising as its wholly owned subsidiary, Novelis Inc, files draft initial share offering documents with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).

  • ABB India rises sharply as its net profit grows by 10.9% YoY to Rs 338.7 crore in Q3FY24. Revenue increases by 13.3% YoY to Rs 2,728.2 crore on the back of improvement in the robotics & discrete automation, motion, electrification and process automation segments. It appears in a screener of stocks with consistent share price growth.

  • Realty stocks like DLF, Macrotech Developers, Godrej Properties, and Phoenix Mills are rising in trade. The broader Nifty Realty index also trades in the green and has reached its all-time high of Rs 912.2.

  • NTPC's subsidiary, NTPC Green Energy, reportedly signs a land lease agreement with Andhra Pradesh Industrial Infrastructure Corp to develop an integrated green hydrogen hub. The project will have a daily green hydrogen production capacity of 1,200 tonnes per day.

  • Campus Activewear rises more than 6% as reports suggest that 40.7 lakh shares (1.3% equity), amounting to Rs 99.7 crore, change hands in a large trade.

  • Media stocks like Zee Entertainment Enterprises, Nazara Technologies, Dish TV India and Hathway Cable & Datacom are falling in trade. The broader Nifty Media index also falls more than 2%.

  • Tourism Finance Corp rises as investor Aditya Kumar Halwasiya buys a 13% stake (around 1.2 crore shares), amounting to Rs 247.5 crore, in a block deal on Tuesday. However, promoters Pransatree Holdings Pte and Koppara Sajeeve Thomas sell 4.7% and 3.8% stakes, respectively, in the company. Foreign investor Varanium India has also exited the company.

  • Union Bank of India rises sharply as its board of directors approves issuing equity shares worth Rs 3,000 crore via a qualified institutional placement (QIP). The board has set the floor price at Rs 142.8 per share.

  • Devyani International rises more than 2% as reports suggest that 5.3 crore shares (4.4% equity), amounting to Rs 871 crore, change hands in a block deal.

  • Swan Energy's board of directors approves issuing equity shares, reportedly worth Rs 4,000 crore, through a qualified institutional placement (QIP). The board has set the floor price at Rs 703.3 per share for the issue.

  • Juniper Hotels raises Rs 810 crore from anchor investors ahead of its IPO by allotting around 2.3 crore shares at Rs 360 each. Investors include Government Pension Fund Global, Fidelity Funds, Goldman Sachs, Societe Generale, Baroda BNP Paribas Mutual Fund, Quant Mutual Fund, and Invesco India Equity Fund.

  • Zee Entertainment Enterprises plunges in trade as SEBI reportedly finds a financial discrepancy amounting to approximately Rs 2,000 crore ( $241 million) in the company’s accounts.

  • Whirlpool India's promoter, Whirlpool Mauritius, sells around 24% stake (3 crore shares) for roughly Rs 3,831.01 crore in a bulk deal on Tuesday. Meanwhile, SBI Mutual Fund and Aditya Birla Sunlife Mutual Fund buy 7.2% and 0.7% stakes, respectively, in the company.

  • Nifty 50 was trading at 22,218.95 (22, 0.1%), BSE Sensex was trading at 73,110.92 (53.5, 0.1%) while the broader Nifty 500 was trading at 20,319.85 (48.0, 0.2%).

  • Market breadth is surging up. Of the 1,822 stocks traded today, 1,352 were in the positive territory and 421 were negative.

Riding High:

Largecap and midcap gainers today include ABB India Ltd. (4,984.70, 10.17%), One97 Communications Ltd. (395.05, 5.00%) and General Insurance Corporation of India (425.20, 4.33%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (164.60, -14.56%), Sona BLW Precision Forgings Ltd. (612.30, -4.31%) and MphasiS Ltd. (2,654.35, -4.00%).

Volume Rockets

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (6,474.70, 10.64%), ABB India Ltd. (4,984.70, 10.17%) and Sterlite Technologies Ltd. (144.85, 7.74%).

Top high volume losers on BSE were Ashok Leyland Ltd. (171.30, -0.95%) and Lemon Tree Hotels Ltd. (137.45, -0.76%).

Campus Activewear Ltd. (252.00, 2.84%) was trading at 29.8 times of weekly average. Poly Medicure Ltd. (1,613.40, 1.39%) and Raymond Ltd. (1,873.70, 5.79%) were trading with volumes 17.2 and 16.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks took off, crossing 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,075.15, 2.59%), Ambuja Cements Ltd. (587.80, -0.17%) and Apollo Hospitals Enterprise Ltd. (6,760.15, 0.01%).

Stock making new 52 weeks lows included - Whirlpool of India Ltd. (1,258.80, -2.17%).

12 stocks climbed above their 200 day SMA including Raymond Ltd. (1,873.70, 5.79%) and Chemplast Sanmar Ltd. (477.10, 4.85%). 8 stocks slipped below their 200 SMA including Metro Brands Ltd. (1,118.85, -2.78%) and SIS Ltd. (440.10, -2.74%).

 
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