Trendlyne Marketwatch
Trendlyne Marketwatch
18 Mar 2024
Market closes flat, Jindal Drilling & Industries acquires a jack-up rig for $75 million
By Trendlyne Analysis

 

Nifty 50 closed at 22,055.70 (32.4, 0.2%), BSE Sensex closed at 72,748.42 (105.0, 0.1%) while the broader Nifty 500 closed at 19,843.10 (17.9, 0.1%). Market breadth is holding steady. Of the 2,130 stocks traded today, 1,083 showed gains, and 1,009 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 1.5% and closed at 13.9 points. The Indian government has approved an electric vehicle policy, with tax incentives for firms committing to invest a minimum of $500 million and setting up manufacturing facilities within three years. 

Nifty Smallcap 100 and Nifty Midcap 100 closed lower with the benchmark index closing higher. Nifty Auto and Nifty Metal closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, healthcare, equipment & supplies emerged as the top-performing sector of the day, with a rise of over 2.7%. 

Most European indices trade higher, except for Switzerland’s SMI index trading lower. US indices futures trade flat, indicating a cautious start. Google’s parent firm Alphabet Inc. shares surged 3.2% pre-market, as it started a discussion with Apple to incorporate AI features into its flagship iPhones.

  • Zydus Lifesciences sees a long buildup in its March 28 future series as its open interest rises 6.9% with a put-call ratio of 0.6.

  • Shriram Properties rises as it sells 70% of its project inventory in the newly launched Codename Ultimate, located near Electronic City, Bengaluru.

  • Jindal Drilling & Industries rises sharply as its board of directors approves the acquisition of a jack-up rig from Discovery Drilling Pte, Singapore, for $75 million (approx. Rs 621.7 crore).

  • Rail Vikas Nigam rises as it bags an order worth Rs 339.2 crore from Maharashtra Metro Rail Corp to design and construct a 4.5 km elevated viaduct for the Pune Metro Rail project.

  • British American Tobacco initiates a $2 billion buyback program after selling a portion of its stake in ITC. The company says it will purchase Rs 739.4 crore worth of its shares in 2024 and an additional Rs 950.7 crore by the end of 2025.

  • Metal stocks like Tata Steel, Jindal Steel & Power, Steel Authority of India (SAIL) and JSW Steel surge more than 2% in trade. The broader BSE Metal index is also trading more than 2% higher.

  • Krystal Integrated Services' Rs 300 crore IPO gets bids for 6X the available 30 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 1.9X the available 15.1 lakh shares on offer.

  • Procter & Gamble Hygiene & Healthcare appoints Kumar Venkatasubramanian as Managing Director of the company for a period of five years, effective May 1, 2024.

  • The SEBI deadline for PSU banks to meet the 25% minimum public shareholding (MPS) in August could impact the Rs 6.76 lakh crore rally in their stocks, which saw seven multibaggers last year. Punjab National Bank, one of the seven, meets the 25% requirement, while Union Bank of India became compliant last month after a Rs 3,000 crore QIP.

  • Adani Grop stocks like Adani Enterprises, Adani Ports & SEZ, Adani Total Gas and Adani Energy Solutions are falling in trade as US prosecutors expand their probe into bribery allegations.

  • J Kumar Infraprojects is rising as it bags a Rs 334.3 crore order from NBCC to develop the Hari Nagar Depot of Delhi Transport Corp.

  • Transindia Real Estate is rising as its board of directors appoints Ram Walase as its Chief Executive Officer (CEO) with immediate effect.

  • Amit Bakshi, Chairman and Managing Director of Eris Lifesciences, expects the company's debt to decrease by Rs 500 crore by the end of 2024. Its current total debt is around Rs 3,000 crore. He expects margins to stay within 34-37% over the next five years. He adds that the injectables segment will be huge for the company in the coming 3-5 years.

  • SJVN is rising as its subsidiary, SJVN Green Energy, receives a letter of intent (LoI) from Gujarat Urja Vikas Nigam to set up a 200 MW solar project. The company bagged this order at a tariff of Rs 2.7 per unit on a build, own and operate (BOO) basis. It estimates the project cost at Rs 1,100 crore.

  • Coforge is falling after its announcement to raise Rs 3,200 crore by issuing equity shares through a qualified institutional placement.

  • Geojit BNP Paribas upgrades Finolex Cables to 'Buy' with a target price of Rs 1,019. This indicates a potential upside of 19.2%. The brokerage expects the company's strong construction activities to drive wires and cable volumes, while higher government capex will boost power cable demand. It expects the company's revenue to grow at a CAGR of 12.8% over FY23-26.

  • Reports indicate that the Centre has directed Public-Sector Banks (PSBs) to submit their business plans until 2026-2027 (FY27) by March end. Government-nominated bank directors will assess these plans on a quarterly basis, focusing on initiatives like low-cost deposits, capital raising, bad loan resolution, cybersecurity improvement, and financial outreach.

  • Lupin is falling as the US FDA concludes inspection at its Aurangabad manufacturing facility with one observation.

  • Anup Engineering is surging as it acquires a 100% stake in Mabel Engineering for Rs 33 crore to expand its product portfolio and capacity. The company's board of directors will meet on Wednesday to discuss issuing of bonus shares.

  • IRCON International is rising as it wins a Rs 630.7 crore order from National Highways & Infrastructure Development Corp (NHIDCL) to construct a 2.5 km twin tube unidirectional tunnel at Aizwal Bypass in Mizoram. The project is expected to be completed in the next 36 months.

  • Gujarat Gas is seeking expression of interest from ceramic customers in Morbi and Surendranagar for the purchase of natural gas as part of its plans to add 40% volume to its industrial segment and draw in new customers. In Q3FY24, the industrial segment's piped natural gas made up 60.4% of the company's total gas volumes.

  • RailTel Corp of India rises as it wins a Rs 352 crore order from the Municipal Corporation of Greater Mumbai for developing HMIS for Brihanmumbai Municipal Corporation's health department. It also gets a Rs 130.6 crore order from the State Project Director, Bihar.

  • KPI Green Energy hits its upper circuit following an order win from Maharashtra State Power Generation for the development of a 100-megawatt alternating current solar power project.

  • Hindustan Aeronautics is rising after securing a Rs 2,890 crore order from the Indian Navy for the mid-life upgrade (MLU) of 25 Dornier aircraft and additional equipment. The project will be completed in the next 6.5 years.

  • Punjab National Bank's board approves issuing equity shares worth Rs 7,500 crore in multiple tranches during FY25 via qualified institutional placements (QIPs) or follow-on public offers (FPOs).

  • Nifty 50 was trading at 22,002.80 (-20.6, -0.1%), BSE Sensex was trading at 72,587.30 (-56.1, -0.1%) while the broader Nifty 500 was trading at 19,821.35 (-3.9, 0.0%).

  • Market breadth is highly positive. Of the 1,873 stocks traded today, 1,246 were gainers and 550 were losers.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (1,081.35, 7.7%), Tata Steel Ltd. (149.70, 5.7%) and Jindal Steel & Power Ltd. (808, 5.2%).

Downers:

Largecap and midcap losers today include Coforge Ltd. (5,697.15, -6.9%), Adani Total Gas Ltd. (947.25, -4.2%) and Relaxo Footwears Ltd. (854.75, -3.7%).

Volume Shockers

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

Top high volume gainers on BSE included Zensar Technologies Ltd. (583.55, 5.3%), Procter & Gamble Hygiene & Healthcare Ltd. (16,470, 4.5%) and DCM Shriram Ltd. (895, 3.1%).

Top high volume losers on BSE were Coforge Ltd. (5,697.15, -6.9%), Tata Investment Corporation Ltd. (7,172.25, -5%) and Carborundum Universal Ltd. (1,089.90, -0.6%).

HLE Glascoat Ltd. (442.45, 0.7%) was trading at 16.0 times of weekly average.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52 week highs, while 5 stocks hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,225.30, 0.4%), Crisil Ltd. (5,223.55, 5.0%) and Linde India Ltd. (6,778.20, 5.2%).

Stocks making new 52 weeks lows included - Blue Dart Express Ltd. (5,590, -1.9%) and La Opala RG Ltd. (301.75, -3.2%).

12 stocks climbed above their 200 day SMA including Shoppers Stop Ltd. (767.75, 6.0%) and APL Apollo Tubes Ltd. (1,547.35, 4.9%). 9 stocks slipped below their 200 SMA including Century Plyboards (India) Ltd. (647, -3.0%) and Krishna Institute of Medical Sciences Ltd. (1,977, -1.7%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025, 06:42PM
Market closes lower, Center plans to allocate a defence budget of Rs 7 lakh crore by FY27
Trendlyne Marketwatch | 16 May 2025, 04:01PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021