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Trendlyne Marketwatch
23 Feb 2024
Market trades flat, Kalyani Steels signs an MoU with the government of Odisha
By Trendlyne Analysis

 

Nifty 50 closed at 22,212.70 (-4.8, 0.0%), BSE Sensex closed at 73,059.7400 (-98.5, -0.1%) while the broader Nifty 500 closed at 20,313.50 (29.6, 0.2%). Market breadth is in the green. Of the 2,035 stocks traded today, 1,071 were gainers and 932 were losers.

Indian indices pared the gains from the morning session and closed flat. The volatility index, Nifty VIX, dropped by 1.5% and closed at 15 points. Sona BLW Precision Forgings receives certification under the PLI scheme for manufacturing of the hub wheel drive motor for electric two-wheelers.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher with the benchmark index closing flat. Nifty Media and Nifty Pharma closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, forest materials 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 flat, indicating a cautious start. On Thursday, NVIDIA shares closed 16.4% higher as its earnings beat estimates by 12.2%. Germany slipped into a technical recession after its Q4 2023 GDP contracts by 0.2% YoY.

  • Relative strength index (RSI) indicates that stocks like Indian Hotels, Tata Investment Corp, Varun Beverages and Zydus Lifesciences are in the overbought zone.

  • ideaForge Technology rises as it showcases products in the US market, signalling the firm’s entry into the US market. The drone manufacturer is globally ranked fifth in the dual-use category of civil and defence sectors.

  • Zuari Industries rises as it enters into a sale deed with Zuari Infinity to sell 2.3 lakh square meters of land parcels in Goa for a consideration of 83.4 crore.

  • Kalyani Steels rises sharply as it signs a memorandum of understanding (MoU) with the government of Odisha to set up two manufacturing facilities in the state. The company will establish a 0.7 MTPA steel & auto parts manufacturing complex and a 10,000 TPA aero & defence parts plant with a total estimated capex of Rs 11,750 crore.

  • The Board of Cricket Control in India (BCCI) selects Ceat as the official partner to sponsor certain segments of the Indian Premier League. Ceat is to spend an aggregate amount of Rs 240 crore over the next five years.

  • GPT Healthcare's Rs 525.1 crore IPO gets bids for 0.6X the available 2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.1X the available 98.8 lakh shares on offer.

  • Juniper Hotels’ Rs 1,800 crore IPO gets bids for 0.9X the available 2.9 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.1X the available 52.6 lakh shares on offer.

  • KR Choksey maintains its 'Accumulate' rating on Glenmark Pharmaceuticals with a target price of Rs 984. This implies a potential upside of 9.1%. The brokerage believes that the company's injectable portfolio in the US, the launch of Ryaltris in various markets and momentum with key brands in existing geographies will drive growth going forward. It expects the company's revenue to grow at a CAGR of 9.2% over FY23-26.

  • Jio Financial Services rises over 10% today and crosses the Rs 2 lakh crore market capitalization mark for the first time. This comes amid speculations from two weeks ago about the company discussing the acquisition of Paytm's wallet business since November.

  • Foreign institutional investors invest Rs 3,539.9 crore in the equity market over the past week, according to Trendlyne's FII dashboard. On the other hand, index options witness the highest outflow of Rs 65,895.6 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 3,192.4 crore during the same period.

  • Sona BLW Precision Forgings rises as it receives certification under the PLI scheme for auto and auto components. The certification was awarded for its hub wheel drive motor designed for electric two-wheelers.

  • Goldman Sachs downgrades Yes Bank to 'Sell' from 'Neutral' with an unchanged target price of Rs 16 per share. This indicates a potential downside of 39.9%. The brokerage highlights the bank's contracting margins and bottoming of credit cost improvements.

  • According to Petroleum Planning and Analysis Cell (PPAC) data, India's crude oil imports reached a 21-month high in January, fuelled by a surge in demand caused by robust industrial activity. Crude oil imports increased by 5.7% YoY and 9.5% MoM to 21.4 million metric tonnes in January.

  • Hotels, Education, Electronic Components, and Telecom Cables industries rise more than 8% over the past week.

  • Dilip Buildcon's subsidiary signs a concession agreement worth Rs 270.1 crore with the Public Works Department, Goa, for the construction of observatory towers, viewing galleries and parking facilities for the new Zuari Bridge.

  • Bharat Forge infuses 15 million euros (approximately Rs 133.6 crore) in its arm, Bharat Forge Global Holding GmbH (BFGH). This amount will then be invested into Bharat Forge Holding (BFH) for further investment in its subsidiary, Bharat Forge Aluminiumtechnik GmbH.

  • Reports suggest that 81.7 lakh shares (0.3% equity) of Federal Bank, amounting to Rs 125.3 crore, change hands in two large trades.

  • IT stocks like L&T Technology Services, MphasiS, Persistent Systems and Coforge are rising in trade. All constituents of the broader Nifty IT index are also trading in the green.

  • Vodafone Idea surges as it announces that its board will meet on Tuesday to consider a fundraising proposal. The proposal will involve one or more tranches, including rights issue, further public offer, private placement, or qualified institutional placement (QIPs).

  • Kirloskar Ferrous Industries is falling as it temporarily suspends operations of its mini blast furnace at the Hiriyur plant due to poor market conditions.

  • Citi initiates coverage on Honasa Consumer with a 'Buy' rating and a target price of Rs 550. The brokerage expects its company-specific initiatives to drive growth. It notes that the company's moderate margin expansion and entry into new subcategories will benefit the business in the long run.

  • Morepen Laboratories is rising as its board of directors approves the issue of equity shares worth Rs 350 crore through a qualified institutional placement (QIP).

  • Ramkrishna Forgings rises as its board approves the initiation of manufacturing and supply operations from its Mexico facility., backed by a $3.5 million per annum (approx Rs 29 crore per annum) agreement with a North American client. This will also help the board approve a Rs 90 crore investment to set up a facility to manufacture passenger vehicle components.

  • Angel One is rising as its board of directors approves raising Rs 2,000 crore in multiple tranches by issuing equity shares via preferential issue, follow-on public offer (FPO) or qualified institutional placement (QIP).

  • Eureka Forbes’ promoter, Lunolux, sells a 10% stake (1.9 crore shares) in the company for approximately Rs 976.7 crore in a block deal on Thursday. Meanwhile, Goldman Sachs and Morgan Stanley Asia buy 1.2% and 1% stakes in the company.

  • Nifty 50 was trading at 22,256.05 (38.6, 0.2%), BSE Sensex was trading at 73,358.74 (200.5, 0.3%) while the broader Nifty 500 was trading at 20,339.80 (55.9, 0.3%).

  • Market breadth is highly positive. Of the 1,800 stocks traded today, 1,428 were on the uptrend, and 325 went down.

Riding High:

Largecap and midcap gainers today include Adani Wilmar Ltd. (389.95, 8.12%), Vodafone Idea Ltd. (17.55, 7.67%) and Indus Towers Ltd. (241.15, 7.11%).

Downers:

Largecap and midcap losers today include YES Bank Ltd. (26.20, -3.50%), NHPC Ltd. (91.65, -2.60%) and Indian Overseas Bank (67.5000, -2.53%).

Movers and Shakers

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

Top high volume gainers on BSE included Usha Martin Ltd. (333.45, 9.98%), Indiabulls Housing Finance Ltd. (207.00, 9.67%) and Adani Wilmar Ltd. (389.95, 8.12%).

Top high volume losers on BSE were Ratnamani Metals & Tubes Ltd. (2,976.55, -3.26%), Galaxy Surfactants Ltd. (2,475.45, -1.14%) and G R Infraprojects Ltd. (1,268.05, -0.04%).

Zydus Wellness Ltd. (1,595.70, 0.33%) was trading at 22.7 times of weekly average. Welspun Living Ltd. (161.20, 3.97%) and Gujarat Alkalies & Chemicals Ltd. (821.60, -0.04%) were trading with volumes 12.9 and 11.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,320.70, 0.74%), Ambuja Cements Ltd. (602.95, 1.72%) and Astral Ltd. (2,075.90, 5.64%).

12 stocks climbed above their 200 day SMA including Usha Martin Ltd. (333.45, 9.98%) and Adani Wilmar Ltd. (389.95, 8.12%). 8 stocks slipped below their 200 SMA including Eureka Forbes Ltd. (482.10, -2.00%) and Balaji Amines Ltd. (2,238.05, -1.31%).

 
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