Trendlyne Marketwatch
Trendlyne Marketwatch
15 Apr 2024
Market closes lower, Brigade Enterprises signs a JDA with Agni Estates & Foundations
By Trendlyne Analysis

 

Nifty 50 closed at 22,272.50 (-246.9, -1.1%), BSE Sensex closed at 73,399.78 (-845.1, -1.1%) while the broader Nifty 500 closed at 20,478.75 (-266.8, -1.3%). Market breadth is highly negative. Of the 2,097 stocks traded today, 341 were gainers and 1,721 were losers.

Indian indices extended their losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, rose 8.2% and closed at 12.5 points. Aster DM Healthcare closed sharply higher after its board approved a special dividend of Rs 118 per share on account of the sale of the GCC business and the redemption of redeemable preference shares issued to the company by Affinity Holdings.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, following the benchmark index. Nifty Bank and Nifty Media closed lower than their Friday close. According to Trendlyne’s sector dashboard, Metals & Mining was the worst-performing sector of the day, with a fall of 3.7%.

Major Asian indices closed in the red amid mixed global cues. European indices traded flat or higher, except for the UK’s FTSE 100 trading in the red. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the red, after closing flat on a volatile day on Thursday.

  • Coromandel International sees a short buildup in its April 25 future series as its open interest rises 9.9% with a put-call ratio of 0.4.

  • IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and LTIMindtree are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Mahindra & Mahindra to acquire a 26% stake in its drop-down subsidiary Gelos Solren (an arm of Mahindra Susten) for Rs 40.1 crore. Mahindra Susten plans to invest Rs 1,200 crore in developing a 150 MW hybrid renewable energy project combining solar and wind power.

  • BMI, a division of Fitch Solutions, predicts further increases in copper prices in 2024, driven by concerns over Chinese production cuts, rising demand, and the transition to green energy. Despite a 10% rise since the beginning of the year, copper prices declined to $8,558/tonne in April from $9,089/tonne in March.

  • Brigade Enterprises signs a joint development agreement (JDA) with Agni Estates & Foundations to develop Brigade Tech Boulevard, an office space in Chennai. The project will have a leasable area of 8.4 lakh square feet with an expected capex of Rs 400 crore.

  • Adani Green Energy sells 3,066 million units of solar energy in Q4FY24, up 7% YoY. It also sells 614 million units of wind energy, 43% higher than the previous year.

  • Reliance Power is falling as it completes the transfer of its 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs 132.4 crore.

  • UBS has a 'Buy' rating on Zomato with an upgraded target price of Rs 250. The brokerage highlights the underappreciated growth potential of quick commerce and margins. It expects the company to achieve a margin estimate of 9% and a Gross Merchandise Value (GMV) of $10.2 billion for its quick commerce vertical by FY29.

  • Westlife Foodworld, Can Fin Homes, Nestle India, and Garden Reach Shipbuilders witness a decrease in mutual fund holdings in the past month.

  • Ambuja Cement enters into an agreement with My Home Industries to acquire a 1.5 MTPA grinding unit at Tuticorin, Tamil Nadu, for Rs 413.8 crore.

  • Axis Securities initiates coverage on Man Infraconstruction with a 'Buy' rating and a target price of Rs 270. This indicates a potential upside of 26.9%. The brokerage is positive on the stock on the back of its healthy project pipeline, asset-light business model and strong execution capabilities. It expects the company's net profit to grow at a CAGR of 9.1% over FY23-26.

  • Media stocks like TV18 Broadcast, Network18 Media & Investments, Zee Entertainment Enterprises and PVR INOX are falling in trade. The broader sectoral index, Nifty Media, is also trading in the red.

  • Ramkrishna Forgings is rising as it bags an order worth Rs 270 crore from the BHEL-TRSL consortium for 32 Vande Bharat train sets, comprising 16 coaches each.

  • Aster DM Healthcare surges as its board approves a special dividend of Rs 118 per share on account of the sale of the GCC business and the redemption of redeemable preference shares issued to the company by Affinity Holdings.

  • Jagannarayan Padmanabhan, Sr. Director at CRISIL, expects 8-12% growth in domestic aviation passenger traffic during summer. He notes the pricing discipline among industry players and IndiGo's healthy margins. He adds that airlines may increase fares if crude prices continue to rise.

  • ISMT surges as it wins two orders worth Rs 343.7 crore from ONGC to supply regular casing pipes.

  • Senco Gold surges as it reports revenue growth of 28% YoY in FY24, with a 39% YoY increase in Q4FY24. Despite rising gold prices, the company achieved volume growth of 13% and 19% in gold and diamond, respectively, for FY24.

  • Exide Industries rises sharply as Morgan Stanley reportedly keeps its 'Overweight' rating on the stock with a target price of Rs 485. This indicates a potential upside of 17.2%. The brokerage believes that the company is on track to become the leading player in battery cell tech due to its first-mover advantage.

  • Jefferies initiates coverage on Oil And Natural Gas Corp with a 'Buy' rating and a target price of Rs 390, citing favourable crude and gas reforms and improved profitability. The brokerage also expects the company to generate strong free cash flow and reduce net debt.

  • Dolly Khanna cuts stake in Simran Farms to below 1% in Q4FY24. She held a 1% stake in Q3FY24.

  • Ashish Kacholia sells a 0.2% stake in Safari Industries (India) in Q4FY24. He now holds a 1.9% stake in the company.

  • Ami Organics' board of directors approves raising funds worth Rs 500 crore through a qualified institutional placement (QIP).

  • Tata Consultancy Services' Q4FY24 net profit grows by 12.4% QoQ to Rs 12,434 crore. Its revenue increases by 1.1% QoQ to Rs 61,237 crore on the back of improvements in the banking & financial services, manufacturing and communication, media & technology sectors. The company appears in a screener of stocks with increasing revenue for the past eight quarters.

  • Markets opened on a low note. Nifty 50 was trading at 22,325.20 (-194.2, -0.9%), BSE Sensex was trading at 73,698.06 (-546.8, -0.7%) while the broader Nifty 500 was trading at 20,435.50 (-310, -1.5%).

  • Market breadth is highly negative. Of the 1,921 stocks traded today, 87 showed gains, and 1,805 showed losses.

Riding High:

Largecap and midcap gainers today include Oil And Natural Gas Corporation Ltd. (279.85, 5.3%), Hindalco Industries Ltd. (612.70, 2.4%) and Gujarat Gas Ltd. (572.95, 2.2%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (407.25, -5.7%), Max Healthcare Institute Ltd. (833.35, -4.3%) and Mahindra & Mahindra Financial Services Ltd. (290.80, -4.2%).

Volume Shockers

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (245.05, 12.0%), Aster DM Healthcare Ltd. (522.75, 7.1%) and CSB Bank Ltd. (411.15, 6.2%).

Top high volume losers on BSE were GMR Airports Infrastructure Ltd. (80.65, -3.6%) and Welspun Corp Ltd. (558, -1.9%).

Eureka Forbes Ltd. (482.10, 4.2%) was trading at 8.7 times of weekly average. Ramkrishna Forgings Ltd. (706.25, 2.5%) and Oil And Natural Gas Corporation Ltd. (279.85, 5.3%) were trading with volumes 6.4 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks took off, crossing 52 week highs, while 3 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (487.45, 1.5%), Bharat Electronics Ltd. (234.45, 0.4%) and Indus Towers Ltd. (334.55, 2.0%).

Stocks making new 52 weeks lows included - Dabur India Ltd. (495.20, -1.1%) and Hindustan Unilever Ltd. (2,194.05, -1.7%).

1 stock climbed above their 200 day SMA including Eris Lifesciences Ltd. (850.70, 0.4%). 31 stocks slipped below their 200 SMA including Coforge Ltd. (5396.20, -3.9%) and Ujjivan Small Finance Bank Ltd. (51.75, -3.9%).

 
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