Trendlyne Marketwatch
Trendlyne Marketwatch
05 Jun 2024
Market closes higher, Indian Oil Corp forms a 50:50 joint venture with Sun Mobility
By Trendlyne Analysis

 

Nifty 50 closed at 22,620.35 (735.9, 3.4%), BSE Sensex closed at 74,382.24 (2303.2, 3.2%) while the broader Nifty 500 closed at 21,054.40 (730.6, 3.6%). Of the 2,153 stocks traded today, 1,693 were on the uptick, and 431 were down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 29.4% and closed at 18.9 points. CARE Ratings upgrades Vodafone’s long-term bank facilities to BB+ from B+ and short-term bank facilities to A4+.

Nifty Smallcap 100 and Nifty Midcap 100 closed sharply higher following the benchmark index. All major sectoral indices closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day, with a rise of over 7%.

Most European indices trade in the green, except for England’s FTSE 100 trading flat. US indices futures trade higher, indicating a positive start. Eurozone’s composite PMI for May expands to 52.2 against estimates of 52.3.

  • Money flow index (MFI) indicates that stocks like GMM Pfaudler, PCBL, Ipca Laboratories, and Gujarat Ambuja Exports are in the oversold zone.

  • Motilal Oswal maintains its 'Neutral' rating on Max Financial Services with a lower target price of Rs 1,020. This indicates a potential upside of 13%. The brokerage expects the surrender charges regulation can adversely impact margins but suggests insurers can adjust product prices and commissions to soften this impact. It expects a revenue CAGR of 10.1% over FY25-26.

  • Bharat Forge is rising as orders for its Class 8 trucks grow by 39% YoY to 18,900 units in North America.

  • Vodafone Idea rises sharply after CARE Ratings upgrades its long-term bank facilities to BB+ from B+ and short-term bank facilities to A4+.

  • Indian Oil Corp rises as it forms a 50:50 joint venture (JV) with Sun Mobility, Singapore, to set up a battery swapping business.

  • Kotak Mahindra Bank rises sharply as the Reserve Bank of India (RBI) approves the acquisition of a 70% stake in Kotak Mahindra General Insurance for Rs 5,560 crore by Zurich Insurance.

  • Kronox Lab Sciences' Rs 130.2 crore IPO gets bids for 59.8X the available 67 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 39.6X the available 33.5 lakh shares on offer.

  • Tata Motors is rising as its subsidiary, Tata Motors Finance, is set to merge with Tata Capital following approval from the National Company Law Tribunal (NCLT), with completion expected in 9-12 months.

  • The Centre for Aviation (CAPA) projects widening losses for Indian airline companies in FY25 due to increased expenses surpassing growing demand and pricier tickets. CAPA estimates losses between $400-600 million for the year, with overall airline costs expected to rise by 3.8%. CAPA's CEO Kapil Kaul anticipates relief with an addition of 84 aircraft this year, bringing the total fleet, including grounded jets to 812.

  • Lupin rises as its European arm acquires Aarane in Germany and Nalcrom in Canada and the Netherlands from Sanofi.

  • GPT Infraprojects bags an order worth Rs 547 crore from Rail Vikas Nigam to construct a six-lane Kona expressway in West Bengal on an engineering, procurement, and construction (EPC) basis.

  • Shilpa Medicare rises sharply as its subsidiary, Shilpa Biologicals, submits its first drug master file (DMF) for a patented recombinant Human Albumin 20% with the US FDA.

  • Indian Railways' freight loading surges 9% MoM in May to 139.2 million tonnes. The freight revenue also rises significantly, reaching Rs 15,230.9 crore, up 8.2% MoM. Coal and cement loading rose MoM by 9% and 12%, respectively. However, iron ore loading remains flat MoM at 14.6 million tonnes.

  • Auto stocks like Maruti Suzuki India, Mahindra & Mahindra, Bajaj Auto, Eicher Motors, Hero MotoCorp, and TVS Motor surge more than 2% in trade. All constituents of the broader Nifty Auto index are trading in the green, helping it to touch its all-time high of 24,213.6.

  • Container Corp of India rises sharply as it signs a memorandum of understanding (MoU) with Shipping Corp of India to provide end-to-end logistics solutions.

  • Garden Reach Shipbuilders & Engineers inks a contract worth $16.6 million with Bangladesh Inland Water Transport Authority to procure a trailing suction hopper dredger (hopper capacity 1,000 cubic meters).

  • India’s services PMI moderates to a 5-month low of 60.2 in May, from 60.8 in April, due to a slightly slower growth in new domestic orders. The PMI reading, however, stays above the 50 mark for the 34th consecutive month.

  • Heritage Foods surges to touch its 52-week high of Rs 538.7 per share, boosted by Founder Chandrababu Naidu's fourth term as Andhra Pradesh Chief Minister. The stock has risen by 34% in three days and 63% in a month.

  • NLC India falls sharply as it plans to raise a foreign currency loan of $600 million (approx. Rs 5,007.1 crore) through external commercial borrowings (ECB) in its board meeting scheduled for June 10. The loan will fund upcoming renewable power projects.

  • Small Cap World Fund sells a 0.9% stake in NCC for Rs 143.2 crore in a bulk deal on Tuesday.

  • Le Travenues Technology, the parent company of Ixigo, sets the price band for its IPO at Rs 88-93 per share. The issue, valued at Rs 740 crore, consists of a fresh issue worth Rs 120 crore and an offer for sale of around Rs 620 crore. The issue opens on June 10.

  • Angel One's client base rises 63.3% YoY to 2.4 crore in May. The number of orders increase 75.2% YoY to 15.9 crore during the same period.

  • FMCG stocks like Hindustan Unilever, United Spirits, Dabur India and Britannia Industries rise more than 6% in trade. All constituents of the broader Nifty FMCG index are also trading in the green, helping it to surge more than 4%.

  • KEC International rises sharply as it bags multiple orders worth Rs 1,002 crore for residential projects and construction of official residences and facilities for senior defence officials in India.

  • Hindalco Industries falls sharply as its US subsidiary, Novelis, postpones its $945 million (approx. Rs 7,887.1 crore) IPO due to unfavourable market conditions.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (14.85, 12.5%), Adani Green Energy Ltd. (1,828.85, 11.1%) and JSW Energy Ltd. (608.55, 10.0%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (339.85, -4.9%), Adani Energy Solutions Ltd. (951.70, -2.7%) and Schaeffler India Ltd. (4,144.45, -2.4%).

Crowd Puller Stocks

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

Top high-volume gainers on BSE included Jyothy Labs Ltd. (447, 13.6%), Zydus Wellness Ltd. (1,895.35, 10.3%) and V-Mart Retail Ltd. (2,414.30, 9.8%).

Top high volume losers on BSE were Star Health and Allied Insurance Company Ltd. (499.25, -0.1%) and Nippon Life India Asset Management Ltd. (545.95, -0.1%).

Radico Khaitan Ltd. (1,710.10, 8.8%) was trading at 5.6 times of weekly average. Procter & Gamble Hygiene & Healthcare Ltd. (16425.05, 1.5%) and Godrej Consumer Products Ltd. (1,426.80, 5.8%) were trading with volumes 5.6 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

29 stocks took off, crossing 52-week highs, while 3 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,266.40, 5.8%), Bajaj Auto Ltd. (9,602.25, 3.8%) and Britannia Industries Ltd. (5,486.65, 3.0%).

Stocks making new 52-week lows included - GMM Pfaudler Ltd. (1,194.40, 0.0%) and EPL Ltd. (179, 2.6%).

45 stocks climbed above their 200 day SMA including Jyothy Labs Ltd. (447, 13.6%) and Godrej Agrovet Ltd. (540.20, 8.2%). 40 stocks slipped below their 200 SMA including RHI Magnesita India Ltd. (659, -3.1%) and Rites Ltd. (607.45, -2.7%).

 
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