Trendlyne Marketwatch
Trendlyne Marketwatch
04 Mar 2024
Market closes higher, MOIL's manganese ore production rises by 15% YoY to 1.5 lakh tonnes in February 2024
By Trendlyne Analysis

Nifty 50 closed at 22,405.60 (27.2, 0.1%), BSE Sensex closed at 73,872.29 (66.1, 0.1%) while the broader Nifty 500 closed at 20,432.05 (10.7, 0.1%). Market breadth is highly negative. Of the 2,095 stocks traded today, 612 showed gains, and 1,453 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 0.5% and closed at 14.9 points. According to the Vahan website, India’s electric two-wheeler sales in February increased by 24% YoY to 81,963 units. Ola maintained the highest market share for the month with 41.1% share, followed by TVS Motors at 17.7%.

Nifty Smallcap 100 closed in the red, while Nifty Midcap 100 closed higher following the benchmark index. Nifty Energy and Nifty Infra closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, oil & gas emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade flat except for England’s FTSE 100 index trading lower. US indices futures trade lower, indicating a negative start. Japan’s capital expenditure increased by 16.4% in Q4 2023. This would upgrade the GDP growth to positive against the provisional data indicating GDP contraction in Q4 2023.

  • Relative strength index (RSI) indicates that stocks like Tata Investment Corp, Data Patterns (India), Siemens and Havells India are in the overbought zone.

  • PSE stocks like Bharat Heavy Electricals, Oil India, Steel Authority of India (SAIL) and GAIL (India) are rising in trade. The broader sectoral index, Nifty PSE, is also trading in the green.

  • MOIL surges as its manganese ore production rises by 15% YoY to 1.5 lakh tonnes in February 2024. This helps its sales to increase by 18% YoY to 1.6 lakh tonnes during the month.

  • CLSA downgrades its rating on JSW Steel and Tata Steel to ‘Sell’ and maintains its ‘Underperform’ rating on Jindal Steel & Power. The brokerage anticipates the profit pool to shift towards miners from steel mills as capacity expansion ramps up. It adds that the sharp pick-up in furnace-based steel capacity over three years will lead to a decline in margins.

  • HG Infra Engineering rises as it wins an order worth Rs 447.1 crore from the South Central Railway. According to the contract, the company will be responsible for the doubling of tracks between Karanjgaon and Aurangabad stations. The contact will also include electrification and signalling work.

  • R K Swamy's Rs 423.6 crore IPO gets bids for 1.2X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 4.9X the available 14.5 lakh shares on offer.

  • Mukka Proteins' Rs 224 crore IPO gets bids for 68.3X the available 5.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 41.5X the available 2.8 crore shares on offer.

  • Power stocks like NTPC, Power Grid Corp, Tata Power, and ABB India are rising in trade. The broader sectoral index, BSE Power, is also trading in the green.

  • Pradeep Kumar Das, Chairman & MD of Indian Renewable Energy Development Agency (IREDA), says the company aims for 25% growth, with NIMs expected to stay around the current 3% level. He also sets a target for ROA at 2.5%.

  • Ami Organics rises sharply as it secures two process patents from the Government of India, valid for the next 20 years.

  • APIS Growth sells a 1.7% stake (99.6 lakh shares) in Star Health and Allied Insurance Co for approximately Rs 550.8 crore, in a block deal on Friday. Meanwhile, ICICI Prudential Mutual Fund picks up a 1.2% stake in the company.

  • Allcargo Logistics' Chief Executive Officer Sandeep Anand retires, effective February 29.

  • Shashank Srivastava, CEO of Maruti Suzuki India, reports a market share increase due to a rise in SUV market share. Overall market share was at 43% in February. He notes a 12.2% growth in exports on a cumulative basis and expects to cross 2.7 lakh exports by March end. He adds that both retail sales and wholesales have experienced double-digit growth.

  • Godrej Properties rises sharply as it signs agreements to develop a 62-acre township in Bengaluru, with an estimated booking value of Rs 5,000 crore.

  • Welspun Corp is rising as its subsidiary, Sintex Advance Plastics, plans to set up a plastic pipes and water storage tank manufacturing facility in Madhya Pradesh at Rs 400 crore. The project is expected to be completed in the next six quarters.

  • Biocon is rising as its arm, Biocon Biologics, inks a pact with Bayer Inc. and Regeneron Pharmaceuticals to introduce Yesafili, a biosimilar to Eylea (Aflibercept) injection used to treat diabetic eye disease. The company has set the launch date as July 1, 2025.

  • Bharat Heavy Electricals (BHEL) rises more than 13% as reports suggest that 40.7 lakh shares (0.1% equity), amounting to Rs 105.6 crore, change hands in multiple large deals.

  • NTPC is rising as its board of directors approves a Rs 17,195.3 crore investment for the development of two 800 MW power plants at Singrauli Super Thermal Power Project.

  • Adani Ports & Special Economic Zone's cargo volumes rise 33% YoY to 35.4 million metric tonnes in February 2024.

  • One97 Communications signs an agreement with Yes Bank to transfer its merchant accounts, according to reports. The company also faces a Rs 5.5 crore penalty from the Financial Intelligence Unit of India for not meeting obligations under the Prevention of Money Laundering Act, 2002.

  • Moody's raises India's CY24 GDP growth forecast to 6.8% from 6.1%. The firm predicts that the country will remain the fastest-expanding economy among G20 nations. Moody's also forecasts a 6.4% GDP growth for India in 2025.

  • R K Swamy raises Rs 187.2 crore from anchor investors ahead of its IPO by allotting 65 lakh shares at Rs 288 each. Investors include Societe Generale, Copthall Mauritius Investment, Goldman Sachs, JM Financial Mutual Fund, and Pinebridge Global Funds.

  • SJVN is rising as its subsidiary, SJVN Green Energy, emerges as the lowest bidder in a Gujarat Urja Vikas Nigam auction, securing a project to set up a solar park in Gujarat at Rs 2.7 per unit. The company will develop a 200 MW solar plant with a capex of Rs 1,100 crore.

  • Dr. Lal Pathlabs' Chief Executive Officer Bharath U resigns on Sunday to pursue an external assignment. His resignation will take effect from May 20, 2024.

  • Torrent Power is rising as it receives a letter of award (LoA) for two orders worth Rs 3,140 crore from NTPC Vidyut Vyapar Nigam and Railway Energy Management. The orders involve setting up grid-connected renewable energy power projects and supplying 770 MW of gas-based power.

  • Nifty 50 was trading at 22,424.60 (46.2, 0.2%), BSE Sensex was trading at 73,903.09 (96.9, 0.1%) while the broader Nifty 500 was trading at 20,447.85 (26.5, 0.1%).

  • Market breadth is in the green. Of the 1,883 stocks traded today, 999 were in the positive territory and 815 were negative.

Riding High:

Largecap and midcap gainers today include Bharat Heavy Electricals Ltd. (264.55, 12.1%), Solar Industries India Ltd. (7,288.40, 6.4%) and Oil India Ltd. (624.90, 5.4%).

Downers:

Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (3,491.05, -5.0%), Gland Pharma Ltd. (1,707.95, -4.8%) and 3M India Ltd. (30,656, -3.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Bharat Heavy Electricals Ltd. (264.55, 12.1%), Solar Industries India Ltd. (7,288.40, 6.4%) and KEI Industries Ltd. (3,420.40, 6.4%).

Top high volume losers on BSE were Fortis Healthcare Ltd. (385.40, -4.3%), Century Plyboards (India) Ltd. (696.80, -2.8%) and Ajanta Pharma Ltd. (2,083.85, -2.6%).

Graphite India Ltd. (631.15, 3.6%) was trading at 5.2 times of weekly average. Indian Energy Exchange Ltd. (153.55, 1.3%) and Hitachi Energy India Ltd. (6,160, 0.5%) were trading with volumes 4.9 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks made 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,342.60, 0.3%), Ambuja Cements Ltd. (617.15, -0.1%) and Bharat Electronics Ltd. (209.60, 1.4%).

Stocks making new 52 weeks lows included - KRBL Ltd. (307.60, -2.6%) and RHI Magnesita India Ltd. (569.35, -1.5%).

7 stocks climbed above their 200 day SMA including Piramal Enterprises Ltd. (966.85, 3.4%) and Indraprastha Gas Ltd. (446.60, 2.7%). 8 stocks slipped below their 200 SMA including Chemplast Sanmar Ltd. (463.45, -4.3%) and Shoppers Stop Ltd. (716.55, -2.9%).

 
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