Trendlyne Marketwatch
Trendlyne Marketwatch
10 Apr 2024
Market closes higher, Tata Motors Group's global wholesales rise 8% YoY in Q4FY24
By Trendlyne Analysis

 

Nifty 50 closed at 22,753.80 (111.1, 0.5%), BSE Sensex closed at 75,038.15 (354.5, 0.5%) while the broader Nifty 500 closed at 20,915.20 (124.5, 0.6%). Market breadth is neutral. Of the 2,053 stocks traded today, 1,027 were on the uptrend, and 985 went down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 2.2% and closed at 11.1 points. Tata Motors' global wholesales rose 8% YoY to 3.8 lakh units in Q4FY24. Global passenger vehicle wholesales increased 15% YoY, while commercial vehicle wholesales fell 6% YoY.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher following the benchmark index. Nifty Media and Nifty Energy closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, chemicals & petrochemicals emerged as the top-performing sector of the day, with a rise of over 2%.

Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. Fitch downgrades China's outlook to negative due to a steady rise in debt. Fitch expects China’s government debt to rise to 61.3% of GDP in 2024 from 56.1% in 2023.

  • Relative strength index (RSI) indicates that stocks like Hindustan Zinc, Thermax, Exide Industries and Voltas are in the overbought zone.

  • Navin Fluorine International sees four analyst target price downgrades and three recommendation downgrades in the past three month. SBI Cards and Payment Services and Zee Entertainment Enterprises see three analyst target price downgrades over the same period.

  • CLSA maintains its 'Sell' call on Vodafone Idea with a target price of Rs 5 per share. The brokerage expects the price to fall due to decreasing subscribers and a potential financial crunch.

  • Mutual Funds' net equity inflow declines 16% MoM to Rs 22,633 crore in March, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 53.4 lakh crore during the same period.

  • Hotels restaurants & tourism, transportation, consumer durables, metals & mining, general industrials and retailing sectors rise more than 5% over the past month.

  • Paisalo Digital is rising as its AUM grows 32% YoY to Rs 4,622 crore in FY24. The company’s disbursements rise 38% YoY to Rs 3,492 crore during the year.

  • KSB hits an all-time high of Rs 4,358 as its board considers a stock split. The company's board is scheduled to meet on April 26 to approve the proposal.

  • Maruti Suzuki raises prices of Swift and Grand Vitara Sigma by up to Rs 25,000 and Rs 19,000, respectively, on the back of commodity price rise.

  • Tata Motors Group's global wholesales rise 8% YoY to 3.8 lakh units in Q4FY24. Global passenger vehicle wholesales increase 15% YoY, while commercial vehicle wholesales fall 6% YoY. Global wholesales of Jaguar Land Rover improve 16% YoY.

  • Ramco Systems hits its upper circuit as it inks a multi-million-dollar deal with Korean Air to accelerate the tech transformation of its new engine maintenance complex.

  • Nuvama predicts that Adani Wilmar's Q4 revenue will decrease by 4% YoY due to price cuts in edible oil but sees EBITDA increasing by 43% YoY. The brokerage highlights that the company has been performing well over the years in terms of market share across categories. However, expects near-term risks from local players due to commodity deflation in edible oils.

  • Lakumi Trust sells a 3.7% stake (around 61.7 lakh shares) in Gland Pharma for approximately Rs 1,072.2 crore in a bulk deal on Tuesday. Nicomac Machinery also offloads a 1.2% stake in the company.

  • Oil and gas stocks like Petronet LNG, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp are rising in trade. The broader sectoral indices, BSE Oil & Gas and Nifty Oil & Gas, are also trading in the green.

  • Surinder Chawla, Managing Director and Chief Executive Officer of Paytm Payments Bank, an arm of One97 Communications, resigns on Tuesday citing personal reasons and to explore better career prospects. His resignation will be effective from June 26, 2024.

  • Tesla is reportedly in talks with Reliance to establish its operations in India. The company's officials are expected to visit India next month to finalize the plant's location. It has allocated $2 billion for the India project.

  • Metal stocks like JSW Steel, Tata Steel, Hindustan Zinc, Hindalco Industries, Vedanta, and Jindal Steel & Power are rising in trade. The broader Nifty Metal index touches its 52-week high of 9,055.

  • Shyam Metalics and Energy announces expansion into stainless steel flat products. The company plans a capex of Rs 650-750 crore to set up a new facility to produce stainless steel hot rolled coils.

  • Sunil Singhania cuts his stake in Dreamfolks Services to below 1% in Q4FY24. He held a 1.5% stake in Q3FY24.

  • CLSA upgrades Vedanta to 'Buy' with a target price of Rs 390. The brokerage expects the company's capacity expansion initiatives to drive earnings. It raises the EBITDA margins estimates by 4–13% for FY24–2026.

  • Bain Capital sells around 1.1% stake (3.3 crore shares) in Axis Bank for approximately Rs 3,574.5 crore in a block deal on Tuesday. Meanwhile, Societe Generale, Morgan Stanley Asia, Goldman Sachs and others buy stakes in the company.

  • Anil Kumar Goel and Associates sells a 2.6% stake in Dwarikesh Sugar Industries in Q4FY24. It now holds a 1% stake in the company.

  • Mohnish Pabrai sells a 0.6% stake in Edelweiss Financial Services for approx Rs 39.7 crore in a bulk deal on Tuesday.

  • Finolex Industries reportedly sells leasehold rights of 25 acres of land in Pune for Rs 470 crore to Terravista Developers.

Riding High:

Largecap and midcap gainers today include Vedanta Ltd. (361.80, 7.0%), Gujarat Fluorochemicals Ltd. (3,476.70, 6.9%) and United Spirits Ltd. (1,200.10, 6.4%).

Downers:

Largecap and midcap losers today include Info Edge (India) Ltd. (6,083.45, -2.4%), Tata Communications Ltd. (1,970.55, -2.1%) and APL Apollo Tubes Ltd. (1,568.50, -2.1%).

Volume Shockers

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

Top high volume gainers on BSE included Data Patterns (India) Ltd. (3,007, 11.9%), Jubilant Ingrevia Ltd. (543.80, 10.6%) and NMDC Steel Ltd. (65.85, 8.4%).

Top high volume losers on BSE were Shoppers Stop Ltd. (745, -0.9%) and Jindal Steel & Power Ltd. (897.75, -0.5%).

Tanla Platforms Ltd. (985.90, 7.5%) was trading at 17.5 times of weekly average. Aegis Logistics Ltd. (463.35, 5.3%) and United Spirits Ltd. (1,200.10, 6.4%) were trading with volumes 9.6 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks hit their 52-week highs, while 1 stock tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (463.35, 5.3%), BASF India Ltd. (3,780.55, 1.5%) and Bharat Electronics Ltd. (228.75, 0.3%).

Stock making new 52-week lows included - Vinati Organics Ltd. (1,537.40, 3.7%).

10 stocks climbed above their 200 day SMA including Tanla Platforms Ltd. (985.90, 7.5%) and Sun TV Network Ltd. (630.70, 5.9%). 4 stocks slipped below their 200 SMA including Five-Star Business Finance Ltd. (724.20, -2.2%) and HDFC Life Insurance Company Ltd. (621.50, -2.0%).

 
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