Trendlyne Marketwatch
Trendlyne Marketwatch
15 Mar 2024
Market closes lower, Star India initiates arbitration proceedings against Zee at the London Court of Intl Arbitration
By Trendlyne Analysis

 

Nifty 50 closed at 22,023.35 (-123.3, -0.6%), BSE Sensex closed at 72,643.43 (-453.9, -0.6%) while the broader Nifty 500 closed at 19,825.20 (-91.2, -0.5%). Market breadth is even. Of the 2,082 stocks traded today, 984 were gainers and 1,069 were losers.

Indian indices maintained the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 0.5% and closed at 13.7 points. The data released by the Election Commission revealed Bharti Airtel, Shree Cements, Aurobindo Pharma, Alkem Laboratories, Bajaj Auto and Torrent Pharmaceuticals as the buyers of electoral bonds between April 2019 and January 2024.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed lower, following the benchmark index. Nifty FMCG and Nifty Metal closed marginally higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day, with a rise of 1.4%. 

Most European indices trade lower, except for France’s CAC 40 and England’s FTSE 250 index trading higher. US indices futures trade flat, indicating a cautious start. Brent crude prices trade above $84 per barrel after surging 4% this week. A recent strike by Ukrainian forces on Russian oil refineries caused a fire at Rosneft’s biggest refinery. US crude stockpile also declined this week, leading to the gains for crude prices.

  • Relative strength index (RSI) indicates that stocks like Zydus Lifesciences and Intellect Design Arena are in the overbought zone.

  • NCC is falling sharply as its subsidiary, NCC Infrastructure Holdings, agrees to a Rs 175 crore settlement with TAQA India Power Ventures and Himachal Sorang. The settlement relates to the divestment of the Himachal Sorang Power Project. NCC will make the payment in three instalments to TAQA and Himachal Sorang.

  • Sikka Ports & Terminals and Jamnagar Utilities & Power acquire 0.5% and 1.1% stakes, respectively, in Jio Financial Services from Reliance Industries Holding.

  • Zee Entertainment Enterprises falls sharply as Star India initiates arbitration proceedings against the company at the London Court of International Arbitration. Star India claims non-compliance with the terms of an agreement signed between the two companies on August 26, 2022.

  • Citigroup notes that India's banking liquidity recovery has pushed key overnight rates closer to the policy rate after a five-month break, indicating the start of monetary policy easing in India. The brokerage observes that the weighted average of the call money rate remained roughly 15 points above the benchmark from October to January.

  • Vishnu Prakash R Punglia rises as it wins an order worth Rs 103.5 crore from HSIIDC Kharkhoda for the construction of 57 water treatment plants.

  • Krystal Integrated Services' Rs 300 crore IPO gets bids for 0.7X the available 30 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 0.7X the available 15.1 lakh shares on offer.

  • Ahluwalia Contracts is rising as it bags an order worth Rs 364 crore from the government of Assam to construct an open stadium at Amingaon Sports Complex, Assam. The project is expected to be completed in the next 24 months.

  • KPI Green Energy wins the bid for a 500 MW hybrid renewable power project by Gujarat Urja Vikas Nigam Limited (GUVNL), which includes an additional 500 MW greenshoe option.

  • Biocon falls as its Chief Financial Officer Indranil Sen resigns from the company, effective today.

  • Foreign institutional investors invest Rs 18,412.3 crore in the equity market over the past week, according to Trendlyne's FII dashboard. On the other hand, index options witness the highest outflow of Rs 51,903.5 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 3,895.1 crore during the same period.

  • SpiceJet rises sharply as it signs a lease agreement for two wide-body A340 aircraft for its upcoming Haj operations. The airline's Haj operations generated Rs 337 crore in revenue in 2023.

  • India’s domestic air traffic grows by 4.8% YoY in February, according to DGCA data. IndiGo’s market share falls by 100 bps to 60.1% MoM, while Air India’s stands at 12.8%.

  • Auto stocks like TVS Motor, Hero MotoCorp, Mahindra & Mahindra and Bajaj Auto are falling in trade. The broader sectoral index, Nifty Auto, is also trading in the red.

  • Complying with the Supreme Court's directions, the Election Commission releases data on electoral bonds bought by companies and individuals from April 2019 to January 2024, sourced from State Bank of India. Buyers include Bharti Airtel, Shree Cements, Aurobindo Pharma, Alkem Laboratories, Bajaj Auto and Torrent Pharmaceuticals.

  • Navin Fluorine International's board of directors approve a Rs 250 crore investment in its subsidiary, Navin Fluorine Advanced Sciences. The company will use this investment to repay existing debts and further business funding requirements.

  • The Union government will soon announce the timeline for signing the US-led Indo-Pacific Economic Framework (IPEF) after the legal review of pillars III and IV are done. Pillar III will concentrate on advancing clean energy and environmentally sustainable technologies, while Pillar IV aims to boost investment, trade, and commerce in IPEF economies through the enforcement of robust anti-corruption and tax policies.

  • Metal stocks like Coal India, NMDC, Jindal Steel & Power and Jindal Stainless are falling in trade. All constituents of the broader BSE Metal index are also trading in the red, causing it to decline more than 2%.

  • L&T Technology Services rises as it bags a $100 million (approx. Rs 829.1 crore) program from the Maharashtra State Cyber Department to set up a cybersecurity centre for the state using its AI and digital forensic tools.

  • RailTel Corp of India wins a Rs 113.5 crore order from Odisha Computer Application Centre to establish network connectivity in Odisha under OdishaNet Phase-1.

  • As the government lowers petrol and diesel prices by Rs 2 per litre starting today, shares of state-owned oil marketing companies (OMCs) such as Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), and Indian Oil Corporation (IOC) decline.

  • Shakti Pumps (India) hits its upper circuit following a Rs 93 crore work order win from the Maharashtra Energy Department Agency, set to be completed within 120 days.

  • One97 Communications hits the upper circuit as the National Payment Corp of India approves it to participate in UPI as a third-party application provider under the multi-bank mode.

  • Eris Lifesciences signs an agreement with Biocon Biologics to acquire its Indian branded formulations business for Rs 1,242 crore. The company has also entered into a deal with Swiss Parenterals to acquire a 19% stake for Rs 238 crore.

  • Ashok Leyland is rising as its subsidiary, Hinduja Tech, signs an agreement to secure $50 million (approx. Rs 414.8 crore) investment from Creador for a 19.6% stake in the company.

  • Nifty 50 was trading at 22,094.85 (-51.8, -0.2%) , BSE Sensex was trading at 72,886.77 (-210.5, -0.3%) while the broader Nifty 500 was trading at 19,912.15 (-4.2, 0.0%)

  • Of the 1,839 stocks traded today, 1,216 showed gains, and 569 showed losses.

Riding High:

Largecap and midcap gainers today include Relaxo Footwears Ltd. (887.90, 10.6%), Solar Industries India Ltd. (8,855.50, 8.7%) and IDBI Bank Ltd. (84.20, 5.7%).

Downers:

Largecap and midcap losers today include Hindustan Petroleum Corporation Ltd. (468.85, -6.3%), Biocon Ltd. (251.65, -5.9%) and Indian Oil Corporation Ltd. (161, -5.5%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Cochin Shipyard Ltd. (890.45, 10.7%), Relaxo Footwears Ltd. (887.90, 10.6%) and ZF Commercial Vehicle Control Systems India Ltd. (15,313, 7.9%).

Top high volume losers on BSE were Hindustan Petroleum Corporation Ltd. (468.85, -6.3%), Indian Oil Corporation Ltd. (161, -5.5%) and Hindustan Zinc Ltd. (289.40, -4.9%).

Supreme Petrochem Ltd. (604.10, -3.9%) was trading at 9.7 times of weekly average. Campus Activewear Ltd. (232.25, 5.2%) and Metro Brands Ltd. (1,078.75, 3.8%) were trading with volumes 9.6 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks took off, crossing 52 week highs, while 5 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,220, 2.1%), Colgate-Palmolive (India) Ltd. (2,728.55, 1.5%) and Solar Industries India Ltd. (8,855.50, 8.7%).

Stocks making new 52 weeks lows included - Hindustan Zinc Ltd. (289.40, -4.9%) and Zee Entertainment Enterprises Ltd. (141.70, -3.5%).

25 stocks climbed above their 200 day SMA including Relaxo Footwears Ltd. (887.90, 10.6%) and ZF Commercial Vehicle Control Systems India Ltd. (15,313, 7.9%). 10 stocks slipped below their 200 SMA including Biocon Ltd. (251.65, -5.9%) and Century Plyboards (India) Ltd. (664, -3.8%).

 
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