Trendlyne Marketwatch
Trendlyne Marketwatch
22 Mar 2024
Market closes higher, KEC International wins orders worth Rs 1,004 crore
By Trendlyne Analysis

Nifty 50 closed at 22,096.75 (84.8, 0.4%), BSE Sensex closed at 72,831.94 (190.8, 0.3%) while the broader Nifty 500 closed at 19,994.60 (97.2, 0.5%). Of the 2,111 stocks traded today, 1,361 were on the uptick, and 700 were down.

Indian indices recovered from their day lows and closed in the green. The Indian volatility index, Nifty VIX, fell 2.3% and closed at 12.2 points. KEC International closed higher after winning orders worth Rs 1,004 crore for its transmission & distribution, civil, railways and cables businesses from India and the Americas.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Pharma and Nifty Realty closed higher than their Thursday close. However, Nifty IT closed in the red after Accenture revised its CY24 revenue growth to 1-3% from 3-5%. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the week, with a rise of 6.3%.

Major Asian indices closed flat or lower, except for India’s BSE Sensex closing in the green. European indices traded mixed on a volatile day of trade. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded flat after closing in the red for two straight trading sessions.

  • Money flow index (MFI) indicates that stocks like Sanofi India, VIP Industries, Gujarat Alkalies & Chemicals and Hindustan Unilever are in the oversold zone.

  • Delta Corp, Teamlease Services and NMDC's mutual fund holdings decline 435 bps MoM, 387 bps MoM and 230 bps MoM, respectively, in February.

  • Century Textiles is falling as its board approves the proposal to discontinue most textile operations at Birla Century, Bharuch. The company will continue only some manufacturing and allied operations to supply yarn to its joint venture with Grasim Industries, Birla Advanced Knits.

  • Sectors like realty, hardware technology & equipment, healthcare equipment & supplies and general industrials rise more than 4% in the past week.

  • Nuvama estimates that ITC's weight in the S&P BSE Sensex will increase, potentially attracting $50 million in inflows. However, BAT's stake sale is expected to have no impact on global indices since the 24% maximum foreign ownership limit is already used by MSCI and FTSE index providers.

  • Dhanlaxmi Bank rises as its board approves increasing the amount of the proposed rights issue to Rs 300 crore.

  • Hindustan Zinc receives GST demand for Rs 91.9 crore, including penalty and interest from Udaipur GST authority.

  • Realty stocks like Swan Energy, Brigade Enterprises, Prestige Estates Projects and Sobha surge more than 4% in trade. All constituents of the broad Nifty Realty index are also trading in the green.

  • Shashank Srivastava, Senior Executive Officer at Maruti Suzuki, says that by 2030, 15% of the company's sales will be electric vehicles (EVs) and 25% hybrid cars. Despite the limited number of hybrid cars currently, they are outselling EVs, he notes. He adds that the firm's retail sales for March were lower than expected, but enquiry flow remains positive.

  • Foreign institutional investors pull out Rs 1,285.3 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options also witness the highest outflow of Rs 66,305.2 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 5,897.2 crore during the same period.

  • KEC International wins orders worth Rs 1,004 crore for its transmission & distribution, civil, railways and cables businesses from India and the Americas.

  • Sarda Energy & Minerals surges as its subsidiary joint venture, Natural Resources Energy, gets a licence from the Government of Maharashtra for the Surjagad 1 iron ore block.

  • Bharat Dynamics rises as its board approves a stock split, dividing each existing equity share with a face value of Rs 10 into two with a face value of Rs 5 each, subject to shareholders' approval.

  • Goldman Sachs reportedly initiates coverage on Metro Brands with a 'Buy' rating and a target price of Rs 1,450 per share. This indicates a potential upside of 28.2%. The brokerage believes that the company is better positioned than its peers and expects it to successfully leverage opportunities in sports & athleisure.

  • Mazagon Dock Shipbuilders is rising as the Mumbai Port Authority allots 14.6 acres and a building to the company on a 29-year lease for Rs 354 crore.

  • Welspun Corp wins orders worth Rs 2,039 crore from India and USA for line pipes.

  • New Delhi and London hope to sign the free-trade agreement (FTA) by July. The agreement is expected to enhance market access for Indian exporters in sectors such as textiles, machinery, auto parts, and marine products.

  • Muthoot Finance acquires an additional 4.5% stake (60 lakh shares) in its subsidiary, Belstar Microfinance, for Rs 300 crore.

  • Man Infraconstruction rises sharply as it acquires a luxury residential project in Marine Lines, Mumbai, with a revenue potential of Rs 2,100 crore.

  • IT stocks like HCL Technologies, Coforge, LTIMindtree and L&T Technology Services are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

  • InterGlobe Aviation (IndiGo) plans to add more than one aircraft weekly, hire nearly 6,000 employees in FY25, and introduce about 10 new destinations. It aims to expand to a 600+ aircraft fleet by 2030. The management expects early double-digit growth in capacity and passengers for FY25.

  • TVS Holdings approves an interim dividend of Rs 94 per share on 2 lakh equity shares for FY24. The company fixes April 2, 2024, as the record date.

  • Tata Communications is rising as its board approves the sale of its digital services business to its subsidiary, Novamesh, for a consideration of Rs 458 crore.

  • Prestige Estates Projects acquires 62.5 acres in NCR for Rs 468 crore. The acquired land will be primarily developed for residential use, with educational and retail spaces.

  • Gensol Engineering is rising as it wins a Rs 520 crore order from the Maharashtra government to develop a 100 MW AC/135 MWp solar power project on 500 acres in the state.

Riding High:

Largecap and midcap gainers today include Indus Towers Ltd. (271.30, 8.4%), Solar Industries India Ltd. (9,322, 4.8%) and Indian Railway Finance Corporation Ltd. (140.95, 4.2%).

Downers:

Largecap and midcap losers today include LTIMindtree Ltd. (5,005, -3%), Infosys Ltd. (1,508.85, -3.0%) and Coforge Ltd. (5,540.10, -2.9%).

Movers and Shakers

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

Top high volume gainers on BSE included Star Cement Ltd. (232.30, 10.5%), Laxmi Organic Industries Ltd. (246.45, 8.2%) and Carborundum Universal Ltd. (1,248.90, 8.1%).

Top high volume losers on BSE were HCL Technologies Ltd. (1,557.85, -2.4%), 360 One Wam Ltd. (665.85, -1.1%) and The Ramco Cements Ltd. (806.45, -0.9%).

Jindal Worldwide Ltd. (332.20, 0.4%) was trading at 8.2 times of weekly average. Symphony Ltd. (864, 4.6%) and Chemplast Sanmar Ltd. (443.90, 1.6%) were trading with volumes 6.1 and 5.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks took off, crossing 52-week highs, while 1 stock hit their 52-week lows.

Stocks touching their year highs included - Bajaj Auto Ltd. (8,945.25, 2.2%), Bharti Airtel Ltd. (1,236.10, 1.3%) and Indus Towers Ltd. (271.30, 8.4%).

Stock making new 52-week lows included - Hindustan Unilever Ltd. (2256.55, 0.6%).

27 stocks climbed above their 200 day SMA including Carborundum Universal Ltd. (1,248.90, 8.1%) and Trident Ltd. (38.65, 4.5%). 7 stocks slipped below their 200 SMA including Gujarat Ambuja Exports Ltd. (160.05, -3.1%) and Coforge Ltd. (5,540.10, -2.9%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Largecaps to see new entries and exits, with reclassification | Screener: Stocks outperforming in ROE
The Baseline | 04 Jun 2025, 02:48PM
Chart of the Week: Stocks and sectors with the highest dividend yields
The Baseline | 04 Jun 2025, 02:06PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021