Trendlyne Marketwatch
Trendlyne Marketwatch
03 Apr 2024
Market closes flat, National Aluminium's FY24 metal sales rise 1.3% YoY
By Trendlyne Analysis

Nifty 50 closed at 22,446.40 (-6.9, 0.0%), BSE Sensex closed at 73,876.82 (-27.1, 0.0%) while the broader Nifty 500 closed at 20,613.65 (43.9, 0.2%). Of the 2,131 stocks traded today, 1,552 were gainers and 550 were losers.

Indian indices settled flat after switching between losses and gains. The Indian volatility index, Nifty VIX, fell 2.4% and closed at 11.4 points. Sunteck Realty closed in the green after entering a 29-year lease agreement worth Rs 2,000 crore with Bennett Coleman & Co for its 2 lakh square foot commercial building in Mumbai.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty PSU Bank and Nifty Media closed higher than their Tuesday close. According to Trendlyne’s sector dashboard, Fertilizers emerged as the top-performing sector of the day, with a rise of 3.2%.

Major Asian indices closed in the red, except for India’s BSE Sensex closing flat. European indices traded flat or higher, except for the UK’s FTSE 100 index trading lower. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded flat after rising for four straight consecutive trading sessions.

  • Money flow index (MFI) indicates that stocks like Linde India, Carborundum Universal, Maruti Suzuki India and Bajaj Finance are in the overbought zone.

  • Whirlpool of India, EID Parry (India), Swan Energy, and Kalyan Jewellers India witness an increase in mutual fund holdings in the past month.

  • National Aluminium's FY24 metal sales rise 1.3% YoY to 4.7 lakh metric tonnes. It records cast metal production of 4.6 metric tonnes.

  • HDFC Mutual Fund decreases its shareholding in Mishra Dhatu Nigam (Midhani) by 2% to 7.1% as of April 1.

  • EV sales rise 41% YoY in FY24 despite subsidy cuts and regulatory shifts. Due to this, the nation's overall EV penetration has increased to 6.8% in FY24 from 5.3% in FY23, and the number of EV registrations grew to over 1.6 million in FY24 from 1.1 million in FY23.

  • Bharti Hexacom's Rs 4,275 crore IPO gets bids for 0.2X the available 4.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.3X the available 75 lakh shares on offer.

  • Sunteck Realty rises as it enters a 29-year lease agreement worth Rs 2,000 crore with Bennett Coleman & Co for its 2 lakh square foot commercial building in Mumbai.

  • Realty stocks like Macrotech Developers, Godrej Properties, DLF and Oberoi Realty are falling in trade, causing the broader Nifty Realty index to plunge more than 2%.

  • Systematix initiates coverage on Shailey Engineering with a target price of Rs 720. The brokerage notes the company's large customer base across segments like automotive, lighting, and healthcare. It also adds that the company is a major player in high-precision engineered plastic products.

  • Star Health & Allied Insurance is rising as it enters a strategic partnership with PhonePe to offer insurance policies. As per the partnership agreement, Star Health’s health insurance policies will be available, with monthly and annual payment options, on the PhonePe app.

  • Granules India receives Form 483 with five observations after a US FDA inspection at its US subsidiary, Granules Pharmaceuticals' facility in Virginia.

  • PNC Infratech's subsidiary, PNC Raebareli Highways, enters a Rs 117.2 crore settlement with the National Highways Authority of India (NHAI) under the Vivad se Vishwas-II (contractual disputes) scheme.

  • Citi Research expects AUM growth to continue for most NBFCs and housing finance companies, except LIC Housing Finance, L&T Finance, and Piramal Enterprises. However, it highlights increased cost pressure on NBFCs' borrowings due to banks passing on the impact of increased risk weights.

  • Sona BLW Precision Forgings receives certification under the PLI scheme for auto and auto components. The certification was awarded for its second hub wheel motor designed for electric two-wheelers.

  • Anupam Rasayan India inks an agreement worth $90 million (Rs 743 crore) with a Japanese multinational company to supply two advance intermediates using fluorination chemistry.

  • Shriram Properties is falling as it receives a Rs 446.8 crore penalty order from the Deputy Commissioner of Income Tax, Chennai, for FY19.

  • According to an Indian Cellular and Electronics Association (ICEA) report, the value of mobile devices produced in India rises by 17% YoY to Rs 4.1 lakh crore in FY24, despite stagnant domestic sales volume. Smartphone sales have stayed largely stable at 145–150 million units. Experts credit the rising adoption of 5G phones for the increase in average phone sale prices.

  • HCL Technologies is rising as its UK arm, HCL Investments, enters a memorandum of understanding (MoU) with its joint venture (JV) partner, State Street International Holdings, to divest its stake in the JV for $172.5 million (approx. Rs 1,438.9 crore).

  • SRM Contractors’ shares debut on the bourses at a 2.5% premium to the issue price of Rs 210. The Rs 130.2 crore IPO has received bids for 86.6 times the total shares on offer.

  • JSW Energy touches its all-time high of Rs 558 as its board of directors approves the issue of equity shares worth Rs 5,000 crore through a qualified institutional placement (QIP). The board has set a floor price of Rs 510.1 per share.

  • The World Bank raises India's FY25 GDP growth projection by 20 bps to 6.6%. It notes that India is a major contributor to robust output growth in South Asia. The bank expects a moderation in inflationary pressures and strong growth in services and industry, with the latter driven by construction and real estate activity.

  • Bharti Hexacom raises Rs 1,923.8 crore from anchor investors ahead of its IPO by allotting around 3.4 crore shares at Rs 570 each. Investors include Fidelity Funds, Abu Dhabi Investment Authority, BNP Paribas Trust Services Singapore, Morgan Stanley, HSBC, Smallcap World Fund, Axis Mutual Fund, Whiteoak Capital and Mirae Asset.

  • YES Bank's Q4FY24 deposits rise 22.5% YoY to Rs 2.6 lakh crore while advances grow by 14.1% YoY to 2.3 lakh crore. Its CASA ratio stands at 30.8%.

  • Gensol Engineering's FY24 revenue rises 141% YoY to Rs 960 crore. Chairman and Managing Director Anmol Singh Jaggi says, "This financial performance reflects a growth trajectory exceeding the guidance given in our last earnings conference call in January 2024."

  • Chalet Hotels approves Qualified Institutional Placement of equity shares at a premium of Rs 782, aggregating to Rs 1,000 crore.

Riding High:

Largecap and midcap gainers today include Punjab National Bank (136.25, 7.5%), JSW Energy Ltd. (580, 7.0%) and IDBI Bank Ltd. (87.75, 5.2%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,113.85, -4.6%), Godrej Properties Ltd. (2,405.50, -3.7%) and DLF Ltd. (905.20, -3.2%).

Movers and Shakers

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (237.75, 16.3%), Mazagon Dock Shipbuilders Ltd. (2,232, 11.9%) and Cera Sanitaryware Ltd. (7,625, 10.6%).

Top high volume losers on BSE were Ipca Laboratories Ltd. (1,222.15, -0.9%), Shree Cements Ltd. (26,367.05, -0.6%) and Metro Brands Ltd. (1,096, -0.6%).

Anupam Rasayan India Ltd. (895.15, 0.9%) was trading at 16.4 times of weekly average. Hindustan Zinc Ltd. (328.85, 4.2%) and Laurus Labs Ltd. (440, 6.0%) were trading with volumes 6.1 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

36 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Adani Power Ltd. (617.85, 5%), Ambuja Cements Ltd. (635.25, 0.1%) and Bharat Electronics Ltd. (221.55, 0.3%).

23 stocks climbed above their 200 day SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (693.60, 5.3%) and Escorts Kubota Ltd. (3,001.35, 4.4%). 3 stocks slipped below their 200 SMA including Britannia Industries Ltd. (4,830.50, -1.4%) and Ashok Leyland Ltd. (174.10, -1.4%).

 
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