Trendlyne Marketwatch
Trendlyne Marketwatch
02 Apr 2024
Market closes flat, Ion Exchange rises sharply as it bags a Rs 250.7 crore order from Material Construction
By Trendlyne Analysis

 

Nifty 50 closed at 22,453.30 (-8.7, 0.0%), BSE Sensex closed at 73,903.91 (-110.6, -0.2%) while the broader Nifty 500 closed at 20,569.75 (77.2, 0.4%). Market breadth is overwhelmingly positive. Of the 2,128 stocks traded today, 1,644 were in the positive territory and 460 were negative.

Indian indices recovered from the day’s low and closed flat. The volatility index, Nifty VIX, dropped by 3.6% and closed at 11.6 points. Defence company Bharat Electronics' FY24 turnover increased by 13.7% YoY to Rs 19,700 crore. During the year, the company secured orders worth Rs 35,000 crore, bringing its total order book to around Rs 76,000 crore. 

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

Most European indices trade in the green, except for France’s CAC 40 and Germany’s DAX trading flat. US indices futures trade lower, indicating a negative start. Germany’s manufacturing PMI in March contracted to 41.9 against estimates of 41.6.

  • Relative strength index (RSI) indicates that stocks like Siemens, ABB India, Indus Towers and Carborundum Universal are in the overbought zone.

  • Tata Motors sees three analyst target price upgrades over the past month. PNC Infratech, Sun Pharmaceutical Industries, and Granules India see two analyst target price upgrades over the same period.

  • Hindustan Copper's FY24 metal in concentrate production rises 11% YoY to 27,404 tonnes. Its ore production increases by 13% YoY to 3.8 million tonnes.

  • Aluminium and aluminium products, department stores, other telecom services, copper, and industrial gases industries rise more than 9% over the past month.

  • According to data released by the finance ministry, India witnessed the second-highest GST collections of around Rs 1.8 lakh crore in March, rising 11.5% YoY. For FY24, collections came in at Rs 20.2 lakh crore, up 11.7% YoY.

  • Ion Exchange rises sharply as it bags a Rs 250.7 crore order from Material Construction, UAE, to engineer, manufacture and commission a desalinating water unit in North Africa.

  • Metal stocks like Steel Authority of India (SAIL), Vedanta, APL Apollo Tubes and Hindustan Zinc rise more than 2% in trade. All constituents of the broader Nifty Metal index are also trading in the green, helping the index touch its all-time high of 8,672.6.

  • Mankind Pharma rises as it approves a slump sale of its over-the-counter business to a newly proposed arm, Mankind Consumer Products.

  • Vinati Saraf Muterja, Managing Director of Vinati Organics, says Q4 will be better than Q3 for the company. She forecasts topline growth of 20-25% and expects margins to remain stable around 26% in FY25. Muterja adds that the government's imposition of anti-dumping duty on Para-Tertiary Butyl Phenol (PTBP) won't have much impact, as it constitutes less than 10% of the total revenue.

  • Tata Technologies is surging as it forms a 50:50 joint venture (JV) with BMW Holding BV, Netherlands, to set up an automotive software and IT development hub in Pune, Bengaluru and Chennai. The JV will deliver automotive software, including software-defined vehicle (SDV) solutions for its premium vehicles and digital transformation solutions for business IT.

  • Choice International is rising as its arm, along with its JV partner Solar91 Cleantech, bags an order worth Rs 520 crore from Jodhpur Vidyut Nigam to develop a solar plant.

  • AU Small Finance Bank’s board announces a merger with Fincare Small Finance Bank, integrating Fincare SFB's branches into AU Small Finance Bank's network.

  • Aditya Birla Capital touches its all-time high of Rs 199.6 after Macquarie initiates coverage with an 'Outperform' rating and a target price of Rs 230. The brokerage believes the firm will show strong growth in earnings. It adds that the company is its top pick in the NBFC space, and sees a 2x upside potential in 3 years.

  • HG Infra Engineering surges as it gets two letters of awards worth Rs 156 crore from Jodhpur Vidyut Vitran Nigam for developing solar power plants.

  • Consumer Durables stocks like Havells India, Dixon Technologies (India), Voltas, and Blue Star are rising in trade. The broader Nifty Consumer Durables index is also trading in the green, reaching its 52-week high of 33,177.8 today.

  • BOB Capital Markets upgrades Dalmia Bharat to 'Buy' from 'Hold' with a target price of Rs 2,443. This indicates a potential upside of 23.7%. The brokerage believes that the company is poised for balanced growth on the back of its healthy margins and focus on calibrated growth. It expects the company's revenue to grow at a CAGR of 11% over FY23-26.

  • BoFA maintains its 'Underperform' rating on IndiaMART InterMESH but lowers the target price to Rs 2,100. The brokerage notes a growth slowdown but expects better margins to drive overall growth. It predicts slower Q4 net additions and a collections growth deceleration, potentially affecting revenue growth.

  • Bharat Electronics rises as its FY24 turnover increases 13.7% YoY to Rs 19,700 crore. During the year, the company secured orders worth Rs 35,000 crore, bringing its total order book to around Rs 76,000 crore.

  • TVS Motor’s March wholesales rise 12% YoY to 3.2 lakh units, driven by a 12% YoY rise in two-wheelers and a 6% increase in three-wheelers. Exports surge 23% YoY.

  • CSB Bank is rising as its total deposits grow by 21.3% YoY to Rs 29,719 crore, while gross advances increase 17.9% YoY to Rs 24,574 in Q4FY24.

  • India’s manufacturing PMI rises to a 16-year high of 59.1 in March from 56.9 in February, driven by strong production and new orders. The PMI reading remains above 50 for the 33rd consecutive month.

  • Aditya Birla Fashion and Retail rises with plans to demerge its Madura Fashion & Lifestyle business into a separate listed entity.

  • Infosys is falling as it receives a Rs 341 crore tax demand notice from the Income Tax Department for FY21.

  • Bajaj Auto rises as its total wholesales in March increase by 25.5% YoY to 3.7 lakh units. Domestic wholesales grow by 18.2%, while exports improve by 38.5%.

  • Hero MotoCorp's monthly wholesales decline by 5.6% YoY to 4.9 lakh units in March due to lower motorcycle sales and domestic business. The company appears in a screener of stocks with increased mutual fund shareholding last quarter.

  • Nifty 50 was trading at 22,435.55 (-26.5, -0.1%), BSE Sensex was trading at 73,908.36 (-106.2, -0.1%) while the broader Nifty 500 was trading at 20,507.30 (14.8, 0.1%).

  • Market breadth is overwhelmingly positive. Of the 1,898 stocks traded today, 1,277 showed gains, and 572 showed losses.

Riding High:

Largecap and midcap gainers today include Aditya Birla Capital Ltd. (200.95, 10.5%), Linde India Ltd. (7,000, 8.8%) and Oil India Ltd. (630.20, 6.6%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (13.45, -3.9%), Indus Towers Ltd. (304.80, -3.3%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,100, -3.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Aditya Birla Fashion and Retail Ltd. (237, 12.0%), Tanla Platforms Ltd. (932, 10.7%) and Aditya Birla Capital Ltd. (200.95, 10.5%).

Top high volume losers on BSE were IndiaMART InterMESH Ltd. (2,622, -3.3%), Great Eastern Shipping Company Ltd. (987.90, -1.0%) and Rainbow Childrens Medicare Ltd. (1,344, -0.6%).

Symphony Ltd. (951.50, 9.6%) was trading at 14.8 times of weekly average. Century Plyboards (India) Ltd. (662, 1.9%) and Varroc Engineering Ltd. (564.40, 10.2%) were trading with volumes 12.3 and 10.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks made 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,402.85, 2.0%), Ambuja Cements Ltd. (636, 2.3%) and Bajaj Auto Ltd. (9,271.05, 2.5%).

37 stocks climbed above their 200 day SMA including Aditya Birla Fashion and Retail Ltd. (237, 12.0%) and Aditya Birla Capital Ltd. (200.95, 10.5%). 6 stocks slipped below their 200 SMA including Procter & Gamble Hygiene & Healthcare Ltd. (16,100, -3.0%) and Metro Brands Ltd. (1,100, -2.6%).

 
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