Trendlyne Marketwatch
Trendlyne Marketwatch
26 Mar 2024
Market closes lower, RateGain Travel Tech enters a strategic partnership with Summerwind GSA
By Trendlyne Analysis

 

Nifty 50 closed at 22,004.70 (-92.1, -0.4%), BSE Sensex closed at 72,470.30 (-361.6, -0.5%) while the broader Nifty 500 closed at 20,005.25 (10.7, 0.1%). Market breadth is overwhelmingly negative. Of the 2,146 stocks traded today, 640 were in the positive territory and 1,471 were negative.

Indian indices maintained the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 4.9% and closed at 12.8 points. Spicejet inked a settlement agreement with Export Development Canada to resolve liabilities totaling $90.8 million (Rs 755 crore). This settlement will generate savings worth $68.3 million (Rs 567 crore) for Spicejet. 

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, with the benchmark index closing lower. Nifty Realty and Nifty Metal closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day, with a rise of over 1.8%. 

Most European indices trade flat, except for Italy’s FTSE MIB trading higher. US indices futures trade higher, indicating a positive start. Sales of new homes in the US fell to 6.6 million units in February, against estimates of 6.8 million units.

  • Info Edge (India) sees a short buildup in its March 28 future series as its open interest rises 26.8% with a put-call ratio of 0.4.

  • RateGain Travel Technologies rises as it announces a strategic partnership with Summerwind GSA to provide AI-powered tools to navigate market trends, adjust to pricing fluctuations dynamically and harness actionable intelligence.

  • Avenue Supermarts rises as ICICI Securities upgrades the stock to ‘Add’ and expects it to outperform Nestle India in the medium term. The brokerage maintains a ‘Hold’ rating on Nestle.

  • Zydus Lifesciences touches a new 52-week high of Rs 1,027.8 as it receives final approval from the US FDA to market Letermovir tablets. It is used to prevent viral disease in bone marrow and kidney transplant patients. The tablet has estimated annual sales of $289.5 million in the US.

  • According to a poll of economists, the RBI's Monetary Policy Committee is expected to maintain the status quo during the upcoming MPC meeting, while exercising caution regarding inflation.

  • Beige reportedly plans to sell a 2.9% stake in Mankind Pharma through block deals today. The total deal value is estimated to be around Rs 2,459.5 crore.

  • SRM Contractors' Rs 130.2 crore IPO gets bids for 3.6X the available 43.4 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 3.6X the available 21.7 lakh shares on offer.

  • Spicejet rises as it inks a settlement agreement with Export Development Canada to resolve liabilities totalling $90.8 million (Rs 755 crore). This settlement will generate savings worth $68.3 million (Rs 567 crore) for Spicejet.

  • Bharti Hexacom sets its IPO price band at Rs 542-570 per share. The issue, valued at Rs 4,275 crore, is completely an offer-for-sale. The issue opens on April 3.

  • Airlines, heavy electrical equipment, department stores, and other telecom services industries rise more than 9% over the past month.

  • HG Infra Engineering rises as it bags an order worth Rs 534 crore from Jodhpur Vidyut Vitran Nigam for the engineering, procurement and construction (EPC) of a 125.7 MW solar power plant.

  • Hinduja Global Solutions enters into an agreement with its arm, Indusind Media and Communications, to sell its optical fibre assets, for Rs 208 crore

  • S&P Global upgrades India's FY25 GDP growth forecast by 40 basis points to 6.8%, below the RBI and the Centre's 7% projection. It sees 7.6% growth in FY24, noting inflation and higher rates have slowed household spending, impacting H2FY24 GDP growth in demand-driven economies like India.

  • Hindustan Aeronautics rises sharply as it bags an order worth Rs 194 crore from the Guyana Defence Force to supply two Hindustan-228 aircraft.

  • Lupin announces plans to sell its trade generics business in India on a slump sale basis to Lupin Life Sciences, its wholly-owned subsidiary, for approximately Rs 100-120 crore.

  • Rail Vikas Nigam surges as it signs a Rs 229.4 crore memorandum of understanding (MoU) with the Airports Authority of India (AAI) to construct an underpass. The underpass will connect the operational area to the AAI residential colony in Kolkata.

  • Jefferies upgrades InterGlobe Aviation (IndiGo) to 'Hold', with a target of Rs 3,435. The brokerage predicts strong capacity growth, stating flight groundings haven't significantly affected the company. However, it warns pilot fatigue could restrict growth if not managed properly.

  • Ambuja Cements, promoter of Sanghi Industries, sells a 2% stake in the company on Friday, to meet SEBI norms. It now holds a 60.4% stake.

  • JSW Energy's step-down subsidiary, JSW Renewable Energy, signs a business transfer agreement with Reliance Power to buy the 45 MW Vashpet Wind Project for Rs 132 crore.

  • Subir Malhotra, promoter of Capacit’e Infraprojects, sells his entire 3% stake (around 25.3 lakh shares) in the company, worth approximately Rs 69.4 crore, in a bulk deal on Friday. Paragon Partners Growth Fund also sells a 1% stake in the company. Meanwhile, Valiant Mauritius Partners buys a 5.1% stake.

  • Mankind Pharma declines more than 2% as 7.1 lakh shares (3.2% equity), amounting to Rs 2,736.8 crore, reportedly change hands in multiple block deals.

  • Adani Ports & SEZ is rising as it acquires a 95% stake in Gopalpur Ports for Rs 1,349 crore from its existing shareholders. The company has bought a 56% stake from SP Port Maintenance and a 39% stake from Orissa Stevedores.

  • UNO Minda rises as it inks an agreement with Starcharge Energy to manufacture and supply electric vehicle supply equipment in India.

  • Maruti Suzuki is falling as it recalls 11,851 units of Baleno and 4,190 units of WagonR due to faulty fuel pumps causing engine stalling or starting issues.

  • Welspun Corp's Saudi Arabian subsidiary, East Pipes Integrated Company for Industry (EPIC), bags a SAR 230 million (approx. Rs 512 crore) contract from Saline Water Conversion Corp (SWCC) to manufacture and supply steel pipes.

  • Nifty 50 was trading at 22,058.65 (-38.1, -0.2%), BSE Sensex was trading at 72,396.97 (-435.0, -0.6%) while the broader Nifty 500 was trading at 19,976.75 (-17.9, -0.1%).

  • Market breadth is in the green. Of the 1,933 stocks traded today, 1,000 showed gains, and 854 showed losses.

Riding High:

Largecap and midcap gainers today include Torrent Power Ltd. (1,405, 9.5%), InterGlobe Aviation Ltd. (3,492.05, 6.2%) and Oil India Ltd. (611.45, 5.1%).

Downers:

Largecap and midcap losers today include General Insurance Corporation of India (327.10, -2.4%), Patanjali Foods Ltd. (1,348.30, -2.3%) and Zee Entertainment Enterprises Ltd. (139.25, -2.3%).

Volume Rockets

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

Top high volume gainers on BSE included Apar Industries Ltd. (7,050.35, 11.1%), Gujarat Pipavav Port Ltd. (216.30, 9.3%) and Finolex Cables Ltd. (967.35, 8.7%).

Top high volume loser on BSE was Honeywell Automation India Ltd. (37,333, -0.2%).

Mankind Pharma Ltd. (2,250.50, 1.7%) was trading at 49.8 times of weekly average. Max Financial Services Ltd. (987.75, 4.6%) and Redington Ltd. (207.40, 1.0%) were trading with volumes 5.0 and 4.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks made 52 week highs, while 11 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Indus Towers Ltd. (283.65, 4.6%), Bosch Ltd. (30,680.35, 1.7%) and Zydus Lifesciences Ltd. (1,017.05, 1.7%).

Stocks making new 52 weeks lows included - Delta Corp Ltd. (117.70, -2.1%) and Rajesh Exports Ltd. (279.45, -1.9%).

14 stocks climbed above their 200 day SMA including V-Mart Retail Ltd. (2,076.50, 3%) and Esab India Ltd. (5,328.10, 2.3%). 9 stocks slipped below their 200 SMA including Trident Ltd. (37.40, -3.2%) and Pfizer Ltd. (4,272.15, -1.8%).

 
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