Trendlyne Marketwatch
Trendlyne Marketwatch
12 Mar 2024
Market closes flat, Ion Exchange (India) wins a Rs 120 crore order from Saudi Arabia's Maaden

 

Nifty 50 closed at 22,335.70 (3.1, 0.0%), BSE Sensex closed at 73,667.96 (165.3, 0.2%) while the broader Nifty 500 closed at 20,171.40 (-117.4, -0.6%). Market breadth is sharply down. Of the 2,104 stocks traded today, 242 showed gains, and 1,850 showed losses.

The benchmark Nifty 50 index fell from its day high and closed flat. The Indian volatility index, Nifty VIX, fell 2.6% and closed at 13.6 points. Rail Vikas Nigam bagged two orders worth Rs 532.2 crore from Rajasthan Rajya Vidyut Prasaran Nigam and Maharashtra Metro Rail Corp.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty Metal and Nifty Media closed sharply below their Monday close.  According to Trendlyne’s sector dashboard, Software & Services emerged as the top-performing sector of the day in a weak market, with a rise of 0.5%.

Major Asian indices trade in the green, with Hong Kong’s Hang Seng index rising over 3%. Major European indices trade higher amid positive global cues. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures trade in the green after rising 0.7% on a volatile day on Monday.

  • Apollo Tyres sees a short buildup in its March 28 future series as its open interest rises 7.1% with a put-call ratio of 0.4.

  • Ion Exchange (India) wins a Rs 120 crore order from Saudi Arabia's Maaden to set up a water treatment plant, including a demineralization plant.

  • PSU banks like Indian Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank plunge more than 3% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the red, causing it to fall more than 2%.

  • KNR Constructions receives a Rs 1,163 crore order from the Public Health & Municipal Engineering Department (PHMED), Telangana. The order involves water supply projects in 26 ULBs (urban local bodies) and sewerage projects in four ULBs.

  • Sanghi Industries' promoter Ambuja Cements plans to sell a 2% stake (51.7 lakh shares) in the company in FY24 and another 2% in FY25 to meet SEBI norms.

  • Rail Vikas Nigam bags two orders worth Rs 532.2 crore from Rajasthan Rajya Vidyut Prasaran Nigam and Maharashtra Metro Rail Corp. The orders involve constructing eight 132 kV transmission lines in Rajasthan and an elevated metro line in Pune.

  • Popular Vehicles and Services' Rs 601.6 crore IPO gets bids for 0.3X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.5X the available 72.8 lakh shares on offer.

  • Century Plyboards (India) appoints Sumant Wattas as Chief Executive Officer, effective April 1, 2024.

  • The International Finance Corporation (IFC) sells its remaining shares (2.4% stake) in Religare Enterprises between January 2 and February 29.

  • HDFC Securities keeps its 'Add' rating on Happiest Minds Technologies with a target price of Rs 935. This indicates a potential upside of 15.8%. The brokerage cites the company's quick recovery in discretionary spending and strategic acquisitions as key drivers for revenue growth. It expects the company's revenue to grow at a CAGR of 16.2% over FY23-26.

  • Rakesh Gangwal, promoter of InterGlobe Aviation, sells a 5.8% stake (around 2.3 crore shares) worth around Rs 6,785.7 crore in the company in a bulk deal on Monday. Meanwhile, Morgan Stanley Asia picks up a 0.5% stake in the company.

  • Aurionpro Solutions wins an order worth Rs 100 crore from State Bank of India, for the licensing, implementation and support of iCashpro+, its next-gen cash management and transaction banking platform.

  • LIC's group premium doubles YoY to Rs 14,914.9 crore in February. The total premium for the same period increases by 67.5% YoY to Rs 19,896 crore.

  • Realty stocks like Swan Energy, Prestige Estates Projects, Mahindra Lifespace Developers and Macrotech Developers plunge more than 3% in trade. All constituents of the broader Nifty Realty are also trading in the red, causing the index to fall more than 3%.

  • Spicejet falls as two Senior Executives, Chief Operating Officer Arun Kashyap and Chief Commercial Officer Shilpa Bhatia, reportedly resign.

  • Pitti Engineering acquires a 100% stake in Bagadia Chaitra Industries for Rs 124.9 crore. The company also plans to invest Rs 40 crore in Bagadia Chaitra to repay existing debt.

  • ITC declines amid reports that British American Tobacco plans to sell shares worth around $2-3 billion in block deals this week.

  • R K Swamy’s shares debut on the bourses at a 13.2% discount to the issue price of Rs 288. The Rs 423.6 crore IPO has received bids for 25.9 times the total shares on offer.

  • Bharat Highways InvIT’s shares debut on the bourses at a 1.1% premium to the issue price of Rs 100. The Rs 2,500 crore IPO has received bids for 8 times the total shares on offer.

  • HIL rises sharply as its board approves the acquisition of a 100% stake in Crestia Polytech, Topline Industries, Aditya Polytechnic, Sainath Polymers and Aditya Industries for Rs 265 crore.

  • The Society of Indian Automobile Manufacturers (SIAM) data shows a 10.8% increase in February auto wholesales to 3,70,786 units, driven by positive consumer sentiment and rural market recovery. Two-wheeler wholesales rise 34.6% YoY to 15.2 lakh units and passenger car wholesales improve 8.3% YoY.

  • Aditya Birla Capital rises after announcing the merger of its arm, Aditya Birla Finance, with itself, subject to regulatory approvals.

  • HG Infra Engineering is rising after receiving a letter of award (LoA) from the National Highways Authority of India for an order worth Rs 862.1 crore. The order is for the construction of 4-lane and 6-lane highways in Andhra Pradesh in the next 24 months.

  • Peterhouse Investments India, promoter of Usha Martin, sells a 0.2% stake in the company. It now holds a 5.6% stake.

  • Jupiter Wagons bags and order worth Rs 957 crore from the Ministry of Railways to manufacture and supply 2,237 BOSM wagons.

  • Nifty 50 was trading at 22,363.90 (31.3, 0.1%), BSE Sensex was trading at 73,494.20 (-8.4, 0.0%) while the broader Nifty 500 was trading at 20,303.25 (14.5, 0.1%).

  • Market breadth is balanced. Of the 1,858 stocks traded today, 894 were on the uptrend, and 909 went down.

Riding High:

Largecap and midcap gainers today include Linde India Ltd. (6,320.25, 7%), Balkrishna Industries Ltd. (2,344.40, 4.4%) and Torrent Power Ltd. (1,198.70, 3.4%).

Downers:

Largecap and midcap losers today include Patanjali Foods Ltd. (1,377.85, -7.3%), UCO Bank (51.65, -6.1%) and Indian Bank (517.90, -5.5%).

Volume Rockets

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

Top high volume gainers on BSE included HEG Ltd. (1,808.85, 7.9%), Linde India Ltd. (6,320.25, 7%) and Ingersoll-Rand (India) Ltd. (3,699.35, 4.3%).

Top high volume losers on BSE were Swan Energy Ltd. (546, -18.5%), Patanjali Foods Ltd. (1,377.85, -7.3%) and Macrotech Developers Ltd. (1,121.05, -5.1%).

IndiaMART InterMESH Ltd. (2,614.65, 2.6%) was trading at 11.5 times of weekly average. Metropolis Healthcare Ltd. (1,632, 0.5%) and United Breweries Ltd. (1,718.25, 1.1%) were trading with volumes 6.1 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52 week highs, while 13 stocks tanked below their 52 week lows.

Stocks touching their year highs included - InterGlobe Aviation Ltd. (3,242.95, 0.8%), Oracle Financial Services Software Ltd. (8,270.40, 2.1%) and Tata Consultancy Services Ltd. (4,192.25, 1.7%).

Stocks making new 52 weeks lows included - Atul Ltd. (6,057.65, 0.7%) and La Opala RG Ltd. (318.80, -2.5%).

4 stocks climbed above their 200 day SMA including HEG Ltd. (1,808.85, 7.9%) and 3M India Ltd. (30,843.20, 2.5%). 16 stocks slipped below their 200 SMA including Tata Teleservices (Maharashtra) Ltd. (81.45, -4.9%) and Equitas Small Finance Bank Ltd. (92.95, -4.1%).

 
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