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Trendlyne Marketwatch
05 Apr 2024
Market closes flat, Godrej Properties sells inventory worth Rs 2,690 crore in its Mumbai project
By Trendlyne Analysis

 

Nifty 50 closed at 22,513.70 (-1.0, 0%), BSE Sensex closed at 74,248.22 (20.6, 0.0%) while the broader Nifty 500 closed at 20,715.10 (50.5, 0.2%). Market breadth is in the green. Of the 2,118 stocks traded today, 1,286 were gainers and 798 were losers.

Indian indices closed flat after opening marginally lower on a volatile day of trade. The Indian volatility index, Nifty VIX, rose 1.1% and closed at 11.3 points. IndusInd Bank closed in the green after its Q4FY24 net advances rose 18% YoY to Rs 2.9 lakh crore and deposits grew by 14% YoY to Rs 3.4 lakh crore. 

Nifty Smallcap 100 and Nifty Midcap 100 wwclosed in the green, outperforming the benchmark index. Nifty Bank and Nifty FMCG closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Fertilizers emerged as the top-performing sector of the week, with a rise of 12.3%.

Major Asian indices closed in the red, except for India’s BSE Sensex closing flat. European indices traded lower amid weak global cues. US index futures traded in the green after falling on a volatile day on Thursday. Brent crude futures traded flat after rising for six consecutive trading sessions.

  • Relative strength index (RSI) indicates that stocks like Thermax, Siemens, Muthoot Finance and Quess Corp are in the overbought zone.

  • Godrej Properties sells inventory worth Rs 2,690 crore in its Mumbai project, Godrej Reserve, with an estimated revenue potential of Rs 7,000 crore.

  • Sobha is falling despite its Q4FY24 sales value rising 2.8% YoY to Rs 1,504 crore. Average price realisation improves by 13.5% YoY to Rs 11,230 per square feet, supported by the launch six projects.

  • Globus Spirits is rising as it signs a new Joint Venture (JV) agreement with ANSA McAL to manufacture, source, and distribute beer in India, with an initial focus on introducing the Carib beer brand in the Indian market.

  • Marico reports low-single-digit consolidated revenue growth in the Q4FY24, led by year-end price cuts in key domestic portfolios. In the coming years, the company anticipates low double-digit operating profit growth driven by a robust increase in operating margin. According to the company, it is expected to meet its full-year margin guidance.

  • Amber Enterprises India's arm, AT Railway Sub Systems, and South Korea-based Yujin Machinery sign a new Joint Venture (JV) agreement to manufacture a range of driving gears, couplers, and pantographs for various types of rolling stocks.

  • Bharti Hexacom's Rs 4,275 crore IPO gets bids for 29.9X the available 4.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 2.8X the available 75 lakh shares on offer.

  • HDFC Life Insurance receives a GST order from the state tax unit of Gujarat, amounting to Rs 103 crore. The order relates to issues such as short payment of GST, excess availment of Input Tax Credit, and short reversal of proportionate Input Tax Credit.

  • HSBC Global Research maintains a 'Buy' rating on Voltas with an upgraded target price of Rs 1,350. The brokerage highlights Voltas' leading position in the underpenetrated room AC category in India. It has also increased margin assumptions for the unitary cooling products segment by 40–50bps for FY24–26.

  • Bajaj Finance's AUM grows by 34% YoY to Rs 3.3 lakh crore in Q4FY24. New loans booked also improve by 4% YoY to 7.9 million in the quarter. It appears in a screener of stocks where revenue has increased for the past eight quarters.

  • Special consumer services, aerospace, photographic products, and copper industries surge more than 14% over the past week.

  • Foreign institutional investors invest Rs 653 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 1.2 lakh crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 499 crore during the same period.

  • The equity held by foreign investors in HDFC Bank declined in the March quarter, failing to meet the requirements set by index provider MSCI to raise the stock's weight on the index. The stake held by foreign investors in the bank dropped to 24.95%, slightly below the MSCI requirement of 25%, as FPIs reduced their stake.

  • Puravankara is rising as its FY24 sales jump 90% YoY to Rs 5,914 crore. The collections for the quarter increase by 60% YoY to Rs 3,609 crore.

  • Cipla receives six observations from the US FDA following a good manufacturing practices inspection at its facility Patalganga, Maharashtra.

  • ICICI Direct keeps its 'Buy' rating on ACC with an upgraded target price of Rs 3,225 per share. This indicates a potential upside of 24.8%. The brokerage highlights ACC's strategic growth position, driven by operational efficiencies, robust volume growth, and a strong balance sheet with a net-cash position. It forecasts a revenue CAGR of 8.8% for FY24-26.

  • Nadir Godrej, Chairman of Godrej Agrovet, foresees palm oil prices to remain steady despite earlier expectations of a rise due to high demand. Going forward, he anticipates improved margins for the company and has high expectations for its cattle feed division.

  • The Reserve Bank of India approves the appointment of Anil Kumar Sharma as Executive Director and Chairman of Equitas Small Finance Bank, effective April 25, 2024.

  • Aavas Financiers surges in trade as its AUM rises 22% YoY to Rs 17,300 crore in Q4FY24. The company’s disbursements grow 20% YoY to Rs 18,900 crore during the quarter.

  • Prestige Estates Projects rises as it acquires 21 acres in Bengaluru for Rs 450 crore to develop a residential project, with an estimated gross development value of Rs 4,500 crore.

  • The RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting. It forecasts FY25 GDP growth at 7% and expects retail inflation to remain at 4.5% for the fiscal year. Revised CPI inflation estimates for Q1 and Q2 of FY25 stand at 4.9% and 3.8% respectively.

  • IndusInd Bank's Q4FY24 net advances rise 18% YoY to Rs 2.9 lakh crore and deposits grow by 14% YoY to Rs 3.4 lakh crore. The bank's CASA ratio stands at 40.1%.

  • Rashi Peripherals surges as it bags two orders worth Rs 1,511 crore from NMDC Data Centre to supply information and communication technology (ICT) products.

  • Kalyan Jewellers India rises as its India operations report a revenue growth of 38% YoY in Q4FY24, driven by healthy same-store sales growth. Its Middle East business also records a 14% YoY revenue increase. The company appears in a screener of stocks with improving book value per share for the past two years.

  • Macrotech Developers' Q4FY24 pre-sales rise 40% YoY to Rs 4,230 crore. The collections for the quarter increase by 20% YoY to Rs 3,510 crore.

  • Nifty 50 was trading at 22,464.20 (-50.5, -0.2%), BSE Sensex was trading at 74,037.31 (-190.3, -0.3%) while the broader Nifty 500 was trading at 20,646.75 (-17.9, -0.1%).

  • Market breadth is in the green. Of the 1,877 stocks traded today, 1,056 were gainers and 765 were losers.

Riding High:

Largecap and midcap gainers today include Indraprastha Gas Ltd. (460.10, 5.3%), SBI Cards and Payment Services Ltd. (730.35, 5.2%) and ICICI Lombard General Insurance Company Ltd. (1,717.80, 4.9%).

Downers:

Largecap and midcap losers today include Linde India Ltd. (6,782.65, -3.6%), Vedant Fashions Ltd. (913.55, -3.1%) and Adani Power Ltd. (626.70, -2.4%).

Movers and Shakers

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

Top high volume gainers on BSE included IIFL Finance Ltd. (401.25, 13%), Aavas Financiers Ltd. (1,598.55, 10.1%) and NBCC (India) Ltd. (138.35, 9.3%).

Top high volume losers on BSE were Vedant Fashions Ltd. (913.55, -3.1%) and Poly Medicure Ltd. (1,569, -0.2%).

Asahi India Glass Ltd. (595.55, 4.9%) was trading at 26.5 times of weekly average. Indraprastha Gas Ltd. (460.10, 5.3%) and Gujarat Gas Ltd. (548.35, 0.3%) were trading with volumes 5.6 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks hit their 52 week highs,

Stocks touching their year highs included - BASF India Ltd. (3,627.50, 1.5%), Bharat Electronics Ltd. (224.50, 1.9%) and Indus Towers Ltd. (314, 2.4%).

12 stocks climbed above their 200 day SMA including Aavas Financiers Ltd. (1,598.55, 10.1%) and Indraprastha Gas Ltd. (460.10, 5.3%). 5 stocks slipped below their 200 SMA including Finolex Cables Ltd. (993.50, -1.9%) and ZF Commercial Vehicle Control Systems India Ltd. (14,736.50, -1.6%).

 
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