Trendlyne Marketwatch
Trendlyne Marketwatch
13 Mar 2024
Market trades lower, Larsen & Toubro wins a construction order worth Rs 1,000-2,500 crore
By Trendlyne Analysis

 

Nifty 50 closed at 21,997.70 (-338, -1.5%), BSE Sensex closed at 72,761.89 (-906.1, -1.2%) while the broader Nifty 500 closed at 19,646.30 (-525.1, -2.6%). Market breadth is overwhelmingly negative. Of the 2,095 stocks traded today, 83 were in the positive territory and 2,008 were negative.

Indian indices extended their losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 5.8% and closed at 14.4 points. SJVN bags a letter of intent (LoI) from Gujarat Urja Vikas Nigam to commission a 500 MW solar project at GIPCL Solar Park in Khavda. The expected capex for the project is Rs 2,700 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower following the benchmark index. Nifty FMCG closed marginally higher than Tuesday’s closing level. All other major sectoral indices closed lower. According to Trendlyne’s sector dashboard, food, beverages & tobacco emerged as the top-performing sector of the day, with a rise of over 0.3%. 

Most European indices trade lower, except for England’s FTSE 100 and Switzerland’s SMI index trading higher. US indices futures trade flat, indicating a cautious start. According to data released by Eurostat, European Industrial Production in January contracted by 3.2% monthly, against estimates of a 1.8% decline.

  • Relative strength index (RSI) indicates that stocks like ICICI Prudential Life Insurance, Zydus Lifesciences, Linde India and Siemens are in the overbought zone.

  • The Ministry of Railways revises its order with Oriental Rail Infrastructure to 3,055 wagons from 2,964. It also updates the order value to Rs 1,249.1 crore.

  • One97 Communications falls as the National Highways Authority of India advises Paytm FASTag users to procure a new FASTag issued by a different bank.

  • Sharekhan keeps its 'Buy' rating on Sun Pharmaceutical Industries with a target price of Rs 1,727. This indicates a potential upside of 11.6%. The brokerage remains positive due to the strong performance of specialty products and the company's dominant position in the Indian pharma market. It expects the company's revenue to grow at a CAGR of 12.2% over FY23-26.

  • Morgan Stanley's economists say investment is key to India's growth, with room for further gains from increased capital spending and export growth. They add that after a decade of decline, India's investment as a proportion of GDP is rapidly increasing and might reach 36% by 2027, up from a recent low of 28% in 2021.

  • Infibeam Avenues' Saudi Arabian subsidiary receives the payment technical service provider (PTSP) certification from SAMA (Saudi Payments) to operate as a payment processor.

  • Popular Vehicles and Services' Rs 601.6 crore IPO gets bids for 0.5X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.8X the available 72.8 lakh shares on offer.

  • Rail Vikas Nigam bags a letter of award (LoA) for an order worth Rs 106.4 crore from the Madhya Pradesh government for the supply, installation, testing and commissioning of 11 KV and 33 KV lines across the state.

  • The government allows the RBI to import gold without paying import duties, requiring only the payment of the Agriculture Infrastructure and Development Cess (AIDC) and basic customs duty. In September 2023, the RBI had 800.8 metric tonnes of gold, including 39.9 tonnes in gold deposits.

  • SJVN bags a letter of intent (LoI) from Gujarat Urja Vikas Nigam to commission a 500 MW solar project at GIPCL Solar Park in Khavda. The expected capex for the project is Rs 2,700 crore.

  • Infrastructure stocks like NCC, IRB Infrastructure Developers, Rail Vikas Nigam and NHPC decline more than 7% in trade. All constituents of the broader BSE India Infrastructure index are also trading in the red, causing it to plunge more than 5%.

  • ITC rises as British American Tobacco reportedly sells a 3.5% stake in the company for Rs 17,500 crore.

  • Lalit Agarwal, Founder & CMD of V-Mart Retail, expects strong March for the company, driven by weddings and festivals. He plans to achieve double-digit revenue growth and high single-digit same-store sales growth (SSSG) in FY25. He adds that while demand is increasing, it's weaker in smaller towns due to higher inflation.

  • Ventura initiates coverage on Sunteck Realty with a 'Buy' rating and a target price of Rs 664. This indicates a potential upside of 60.4%. The brokerage highlights the company's shift towards an asset-light model through JDAs and JVs. It expects the company's revenue to grow at a CAGR of 64% over FY23-26.

  • Utilities stocks like Adani Green Energy, NHPC, SJVN and JSW Energy plunge more than 5% in trade. All constituents of the broader S&P BSE Utiliti are also trading in the red, causing it to fall more than 5%.

  • Nazara Technologies plans to invest $100 million (approx. Rs 830 crore) in mergers and acquisitions over the next two years.

  • The joint venture (JV) between the Tata Group and Powerchip Semiconductor Manufacturing Corporation (PSMC) of Taiwan plans to launch a semiconductor chip by the end of 2026. This $11 billion project is expected to be partially funded by the central and state governments. The semiconductor factory is being built in Dholera, Gujarat.

  • Larsen & Toubro's buildings and factories vertical wins a construction order worth Rs 1,000-2,500 crore from the All-India Institute of Medical Sciences.

  • Reliance Industries' subsidiary, Reliance Ethane Holding Pte, invests $102.9 million (approx. Rs 852.7 crore) in three of its step-down subsidiaries, acquiring 34.3 lakh shares. The investments is aimed at supporting the construction of very large ethane carriers (VLECs).

  • SpiceJet is falling as it reportedly lays off three senior executives following an internal audit. The audit revealed these executives had cancelled scheduled flights to operate charter flights instead.

  • Jet Airways (India) rises as the National Company Law Appellate Tribunal (NCLAT) upholds the company's resolution plan and approves the transfer of ownership to Jalan Kalrock Consortium within 90 days. The tribunal has also directed the company's lenders to adjust the Rs 150 crore paid by the consortium as a performance bank guarantee.

  • J G Chemicals’ shares debut on the bourses at a 5.4% discount to the issue price of Rs 221. The Rs 251.2 crore IPO has received bids for 27.8 times the total shares on offer

  • HG Infra Engineering wins an order worth Rs 709.1 crore from the East Central Railway to construct a double-line track in the Gaya-Son Nagar section, Bihar.

  • Zydus Family Trust, promoter of Zydus Wellness, acquires a 0.3% stake in the company. It now holds a 12% stake.

  • Shalby acquires a 100% equity stake in the Healers Hospital, Gurugram, for approx Rs 104 crore.

  • Nifty 50 was trading at 22,401.30 (65.6, 0.3%) , BSE Sensex was trading at 73,993.40 (325.4, 0.4%) while the broader Nifty 500 was trading at 20,238.65 (67.3, 0.3%)

  • Of the 1,878 stocks traded today, 1,228 showed gains, and 585 showed losses.

Riding High:

Largecap and midcap gainers today include ITC Ltd. (422.45, 4.5%), Abbott India Ltd. (27,400, 1.5%) and CG Power and Industrial Solutions Ltd. (461.45, 1.3%).

Downers:

Largecap and midcap losers today include NHPC Ltd. (78.15, -9.8%), Macrotech Developers Ltd. (1,012.60, -9.7%) and Adani Total Gas Ltd. (873, -9.5%).

Volume Rockets

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

Top high volume gainers on BSE included ITC Ltd. (422.45, 4.5%), Intellect Design Arena Ltd. (1,129.75, 1.1%) and Whirlpool of India Ltd. (1,259.60, 0.5%).

Top high volume losers on BSE were Rites Ltd. (585.55, -15.5%), Swan Energy Ltd. (473.90, -13.2%) and Jindal Saw Ltd. (391.05, -11.7%).

APL Apollo Tubes Ltd. (1,492.45, -6.3%) was trading at 12.0 times of weekly average. SKF India Ltd. (4,094.25, -1.3%) and Lakshmi Machine Works Ltd. (13,650, -2.8%) were trading with volumes 5.0 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks made 52 week highs, while 29 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Colgate-Palmolive (India) Ltd. (2,572.40, -1.2%), Phoenix Mills Ltd. (2,589.45, -7.7%) and Tata Consultancy Services Ltd. (4,149, -1.0%).

Stocks making new 52 weeks lows included - Atul Ltd. (6,000, -1.0%) and Bata India Ltd. (1,403.50, -1.7%).

4 stocks climbed above their 200 day SMA including Rainbow Childrens Medicare Ltd. (1,104.40, 0.4%) and Tata Elxsi Ltd. (7,392.80, -2.4%). 59 stocks slipped below their 200 SMA including BLS International Services Ltd. (287.95, -12.4%) and Jindal Saw Ltd. (391.05, -11.7%).

 
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