Trendlyne Marketwatch
Trendlyne Marketwatch
05 Mar 2024
Market closes lower, Power Mech Projects bags two orders worth Rs 658.6 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,356.30 (-49.3, -0.2%), BSE Sensex closed at 73,677.13 (-195.2, -0.3%) while the broader Nifty 500 closed at 20,382 (-50.1, -0.2%). Market breadth is highly negative. Of the 2,065 stocks traded today, 582 were gainers and 1,457 were losers.

Indian indices recovered from their day lows but still closed in the red. The Indian volatility index, Nifty VIX, fell 3.6% and closed at 14.4 points. India’s Services PMI declines to 60.6 in February from 61.8 in January due to a slowdown in new orders and output. This marks the 31st consecutive month the PMI has stayed above the 50 mark, indicating an expansion in the sector.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty Bank and Nifty Energy closed higher than their Monday close. According to Trendlyne’s sector dashboard, Telecom Services emerged as the top-performing sector of the day, with a rise of 2.1%.

Major Asian indices closed lower, with the Hong Kong’s Hang Seng index closing deep in the red. European indices trade lower amid weak global cues. US index futures trade in the red, indicating a negative start to the trading session. Brent crude oil futures traded in the red after closing 0.75 lower on Monday.

  • Money flow index (MFI) indicates that stocks like Tata Investment Corp, Godfrey Phillips India, Tata Communications and Intellect Design Arena are in the overbought zone.

  • ICICI Direct retains its 'Buy' rating on Union Bank of India with a target price of Rs 180 per share. This indicates a potential upside of 15.2%. The brokerage is optimistic about the bank's net profit growth, driven by recovery from the stressed pool and treasury gains. It expects the company's net profit to grow at a CAGR of 33.7% over FY23-26.

  • IT stocks like Persistent Systems, Mphasis, Coforge and Infosys are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

  • Power Mech Projects bags a Rs 541.6 crore order from the Madhya Pradesh Water Resources Department for the construction of the Upper Burhner Project Dam and a pressurised pipe irrigation network. The company also wins a Rs 117 crore order from Gujarat Mineral Development Corporation for the overhaul of the Akrimota Thermal Power Station.

  • India is in talks with countries like Namibia, Guyana, and Suriname to source crude oil in response to the OPEC+ production cuts. OPEC+ has announced voluntary crude supply reductions through the end of June.

  • J G Chemicals' Rs 81.7 lakh IPO gets bids for 2.5X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 3.6X the available 41.2 lakh shares on offer.

  • R K Swamy's Rs 423.6 crore IPO gets bids for 6.0X the available 82.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 18.3X the available 14.5 lakh shares on offer.

  • Strides Pharma Science is rising as its arm Strides Pharma Global Pte, Singapore, receives US FDA approval for Gabapentin Tablets, 600 mg and 800 mg, used to treat partial seizures and neuropathic pain. The tablet has estimated annual sales of $140 million.

  • Bajaj Auto rises as MD Rajiv Bajaj announces the upcoming launch of the world's first CNG bike in Q1FY25, ahead of schedule. He notes significant emissions reductions with the CNG prototype: nearly 90% in non-methane hydrocarbons, 50% in CO2, and 75% in carbon monoxide.

  • JSW Energy's promoters acquire 164.5 crore equity shares in the company via open market operations.

  • Fireside Ventures Investment Fund trims its stake in Honasa Consumer to 5.5% from 7.6%, selling in two tranches over the past two months.

  • Shoppers Stop is rising as it partners with Ace Turtle to expand the company's khaki brand, Dockers.

  • SpiceJet rises over 2% as it settles a Rs 93 crore dispute with Cross Ocean Partners. After this settlement, SpiceJet will acquire additional assets, including an airframe and an engine. The company expects to strengthen its operational capabilities with this step.

  • PSU bank stocks like Central Bank of India, UCO Bank, Indian Overseas Bank and Union Bank of India are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.

  • Infibeam Avenues rises following RBI’s final approval for a Payment Aggregator Licence. The company can now operate as an online payment aggregator to provide digital payment services to merchants across the country.

  • NBCC (India)'s arm HSCC wins a Rs 92 crore work order from Post Graduate Institute of Medical Education And Research for the construction of an extension block for the advanced eye centre and DDTC.

  • India’s Services PMI declines to 60.6 in February from 61.8 in January due to a slowdown in new orders and output. This marks the 31st consecutive month the PMI has stayed above the 50 mark, indicating an expansion in the sector.

  • IIFL Finance plunges to its 20% lower circuit as the Reserve Bank of India (RBI) directs it to stop sanctioning or disbursing gold loans, and cease their assigning, securitising, or selling. However, the company can continue servicing its existing gold loan portfolio through the usual collection and recovery processes.

  • Exicom Tele-Systems’ shares debut on the bourses at an 86.6% premium to the issue price of Rs 142. The Rs 446.1 crore IPO has received bids for 129.5 times the total shares on offer.

  • Platinum Industries’ shares debut on the bourses at a 31.6% premium to the issue price of Rs 171. The Rs 235.3 crore IPO has received bids for 99 times the total shares on offer.

  • UBS maintains its 'Neutral' rating on Siemens and hikes the target price to Rs 5,000. The brokerage expects the company to continue receiving large project orders in the medium term. It is also optimistic about its transmission segment. The brokerage notes that the company is moving towards capacity expansion.

  • Virtuous Tradecorp, promoter of Jindal Stainless, buys a 0.8% stake in the company on Monday. It now holds 7.4% of the company.

  • Krishna Institute of Medical Sciences (KIMS) is rising as it signs agreements to lease a land parcel for 99 years and to purchase a building in Thane for a new hospital. The hospital is expected to have 300 beds, with an investment of Rs 500 crore for the project.

  • Tata Motors rises sharply as its board of directors approves the demerger of its passenger and commercial vehicle segments into two separate entities.

  • Macrotech Developers is rising as its board of directors approves the issue of equity shares worth Rs 3,300 crore through a qualified institutional placement (QIP). The board has set a floor price of Rs 1,129.5 per share.

  • Nifty 50 was trading at 22,357.20 (-48.4, -0.2%), BSE Sensex was trading at 73,755.53 (-116.8, -0.2%) while the broader Nifty 500 was trading at 20,412 (-20.1, -0.1%)

  • Market breadth is in the green. Of the 1,813 stocks traded today, 924 were in the positive territory and 835 were negative.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (69.25, 9.7%), UCO Bank (60.30, 7.5%) and Solar Industries India Ltd. (7,760.15, 6.5%).

Downers:

Largecap and midcap losers today include Bajaj Finserv Ltd. (1,550.50, -4.3%), Bajaj Finance Ltd. (6,324.25, -4.2%) and PB Fintech Ltd. (1,061.70, -4.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (289.25, 20%), Indian Overseas Bank (69.25, 9.7%) and Balaji Amines Ltd. (2,393.90, 9.0%).

Top high volume losers on BSE were Aavas Financiers Ltd. (1,358.10, -5.1%), Bajaj Finserv Ltd. (1,550.50, -4.3%) and KPIT Technologies Ltd. (1,493.35, -3.4%).

CSB Bank Ltd. (369.20, 5.8%) was trading at 26.0 times of weekly average. Muthoot Finance Ltd. (1,362.40, 1.8%) and Tata Chemicals Ltd. (1,061.30, 5.8%) were trading with volumes 12.0 and 12.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks overperformed with 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ambuja Cements Ltd. (613.10, -0.7%), Astral Ltd. (2,106.75, 0.5%) and Bharat Electronics Ltd. (210.75, 0.6%).

Stocks making new 52 weeks lows included - Timken India Ltd. (2,649.25, -1.9%) and KRBL Ltd. (302.60, -1.6%).

9 stocks climbed above their 200 day SMA including Balaji Amines Ltd. (2,393.90, 9.0%) and Tata Chemicals Ltd. (1,061.30, 5.8%). 20 stocks slipped below their 200 SMA including IIFL Finance Ltd. (477.75, -20.0%) and Piramal Enterprises Ltd. (924.60, -4.4%).

 
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