T
Trendlyne Marketwatch
14 Mar 2024
Market closes higher, Yes Bank's promoters reportedly plan to sell its 51% stake in the company for $8-9 billion
By Trendlyne Analysis

 

Nifty 50 closed at 22,146.65 (149.0, 0.7%), BSE Sensex closed at 73,097.28 (335.4, 0.5%) while the broader Nifty 500 closed at 19,916.35 (270.1, 1.4%). Market breadth is ticking up strongly. Of the 2,096 stocks traded today, 1,695 were on the uptrend, and 377 went down.

Indian indices extended their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, fell 5.6% and closed at 13.6 points. Rail Vikas Nigam closed sharply higher after its joint venture (JV) with Salasar Techno Engineering bagged an order worth Rs 174 crore from Madhya Pradesh Power Transmission.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Energy and Nifty Infra closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 11%.

Most Major Asian indices closed lower except for India’s BSE Sensex and Japan’s Nikkei 225 closing in the green. European indices trade flat or higher amid mixed global cues. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the green after closing 2% higher on Wednesday.

  • Multi Commodity Exchange of India sees a long buildup in its March 28 future series as its open interest rises 9.4% with a put-call ratio of 0.3.

  • Genesys International Corp surges as it wins a contract worth Rs 155 crore from Brihanmumbai Municipal Corporation to develop an accurate 3D city model and map stack for Mumbai, with updates scheduled over the next three years.

  • Yes Bank surges more than 9% as reports emerge that the lender's promoter is planning to sell its entire 51% stake in the company for $8-9 billion (approx. Rs 66,272-74,556 crore).

  • Adani Green Energy rises over 7% as Adani Renewable Energy signs power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for 534 MW of solar power projects. This agreement brings the company's total renewable energy project portfolio to 21,778 MWac capacity.

  • Power Mech Projects rises as it receives a Rs 305.8 crore order from South East Central Railway to build an electrified railway line in Chhattisgarh.

  • Rail Vikas Nigam surges more than 9% as its joint venture (JV) with Salasar Techno Engineering bags an order worth Rs 174 crore from Madhya Pradesh Power Transmission. The order is for the construction of 132kV & 220kV transmission lines and associated feeder bays in Madhya Pradesh.

  • Popular Vehicles and Services' Rs 601.6 crore IPO gets bids for 0.9X the available 1.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 0.9X the available 72.8 lakh shares on offer.

  • Fitch Ratings raises India's FY25 real gross domestic product (GDP) forecast to 7% from 6.5%, citing strong domestic demand and increasing corporate and consumer confidence. However, it has moderated its stance on rate cuts.

  • GAIL (India) rises sharply as it plans to enter the liquified natural gas (LNG) business, with an investment of Rs 650 crore, to set up LNG dispensing infrastructure.

  • SpiceJet rises over 5% as it signs agreements to lease 10 aircraft to expand its fleet for the upcoming summer schedule. The airline also benefits from settlement agreements that included receiving three airframes, leading to savings of Rs 685 crore.

  • Zydus Lifesciences rises as it receives final approval from the US FDA to manufacture and market chlorpromazine hydrochloride injection. It is used in the treatment of schizophrenia, psychotic disorders, manic phase or bipolar disorder. It also receives tentative approval from the US FDA to manufacture and market edaravone injections.

  • India’s WPI inflation eases to 0.2% in February from 0.3% in January 2024. Wholesale food inflation stands at 4.1%, compared to 3.8% in January.

  • KEC International is rising as it bags multiple orders worth Rs 2,257 crore across transmission & distribution, oil & gas pipelines, civil and cables businesses in international and domestic markets.

  • Bajel Projects rises as it wins an order worth Rs 358.4 crore from Power Grid Corp of India to supply goods and services for transmission line package.

  • Kalpataru Projects International wins new orders worth Rs 2,445 crore from Indian and overseas clients under transmission & distribution, and buildings & factories businesses.

  • According to a Colliers report, foreign investors have annually invested an average of $4 billion in India over the past five years, owing to its economic resilience, attractive investment climate, and rising urbanization. Foreign inflows rebounded in 2023, up by 20% YoY to $3.6 billion. The firm expects sustained investor interest, with new funds eager to enter the Indian market.

  • Larsen & Toubro's hydrocarbon vertical secures an order worth Rs 5,000-10,000 crore from a client in the Middle East for an onshore gas pipeline project.

  • Cholamandalam Investment & Finance rises as it buys 4.7 acres from DLF Home Developers for Rs 735 crore in Chennai.

  • Paramount decides to sell its entire stake in TV18 Broadcast to Reliance for Rs 4,286 crore, reports suggest.

  • Gopal Snacks’ shares debut on the bourses at a 12.5% discount to the issue price of Rs 401. The Rs 650 crore IPO has received bids for 9 times the total shares on offer.

  • India's average cement price has fallen by 4.63% sequentially so far in Q4, with every region seeing a drop. The most significant QoQ declines were in the east (5.5%) and south (5.3%). While Q4 demand slightly improved, sales were negatively affected by harsh winters in the north, financial issues in the east, and farmer protests in the NCR and Punjab markets.

  • Azad Engineering is rising as it signs a seven-year contract worth $35 million (approx. Rs 290 crore) with Vernova to supply high-complex rotating airfoils for the nuclear, industrial and thermal power industries.

  • Tata Motors inks an agreement with the Tamil Nadu government to set up a Rs 9,000 crore vehicle manufacturing facility.

  • IIFL Finance's board of directors approves a Rs 2,0000 crore fundraising plan, aiming for Rs 1,500 crore through a rights issue of shares and Rs 500 crore via non-convertible debentures (NCDs).

  • Hindustan Aeronautics reportedly bags two contracts worth Rs 8,073 crore from the defence ministry to supply 34 advanced light helicopters for the Indian Army and Coast Guard.

  • Nifty 50 was trading at 21,929.95 (-67.8, -0.3%), BSE Sensex was trading at 72,655.65 (-106.2, -0.2%) while the broader Nifty 500 was trading at 19,585 (-61.3, -0.3%).

  • Market breadth is in the red. Of the 1,923 stocks traded today, 837 were gainers and 1,056 were losers.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (8,352, 13.7%), Indian Railway Finance Corporation Ltd. (140.25, 12.9%) and YES Bank Ltd. (23.45, 11.9%).

Downers:

Largecap and midcap losers today include Axis Bank Ltd. (1,058.25, -2.1%), Indian Bank (491.60, -1.9%) and IndusInd Bank Ltd. (1,476.75, -1.7%).

Volume Shockers

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

Top high volume gainers on BSE included BLS International Services Ltd. (343.15, 19.2%), ITI Ltd. (276.55, 18.3%) and SJVN Ltd. (118.65, 17.2%).

Top high volume losers on BSE were Sterling and Wilson Renewable Energy Ltd. (499.60, -2.9%), Ramkrishna Forgings Ltd. (618.75, -1.3%) and Minda Corporation Ltd. (378.15, -1.1%).

Ipca Laboratories Ltd. (1,183.20, 4.4%) was trading at 6.6 times of weekly average. Vedant Fashions Ltd. (955, 5.1%) and Sunteck Realty Ltd. (397.30, -0.7%) were trading with volumes 5.6 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks made 52 week highs, while 22 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Colgate-Palmolive (India) Ltd. (2,687.40, 4.5%) and Solar Industries India Ltd. (8,352, 13.7%).

Stocks making new 52 weeks lows included - Atul Ltd. (5,963.55, -0.5%) and Bata India Ltd. (1,407.15, 0.3%).

25 stocks climbed above their 200 day SMA including Easy Trip Planners Ltd. (45.50, 9.2%) and Trident Ltd. (38.20, 7.5%). 29 stocks slipped below their 200 SMA including Archean Chemical Industries Ltd. (588.40, -3.1%) and Bikaji Foods International Ltd. (492.35, -2.2%).

 
More from Trendlyne Marketwatch
Recommended
Five Interesting Stocks Today - July 04, 2025
The Baseline | 04 Jul 2025, 05:12PM
Market closes higher, Bajaj Finance's AUM grows 25% YoY crore in Q1FY26
Trendlyne Marketwatch | 04 Jul 2025, 04:01PM
Markets close flat, RailTel's IPO oversubscribed on Day 1
Trendlyne Marketwatch | 16 Feb 2021