Trendlyne Marketwatch
Trendlyne Marketwatch
07 Jun 2024
Market trades higher, Rail Vikas Nigam bags an order worth Rs 495 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,290.15 (468.8, 2.1%), BSE Sensex closed at 76,693.36 (1,618.9, 2.2%) while the broader Nifty 500 closed at 21,764.15 (399.2, 1.9%). Market breadth is highly positive. Of the 2,153 stocks traded today, 1,777 were on the uptick, and 348 were down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 0.5% and closed at 16.9 points. Wipro bagged an order worth $500 million from a US-based communication service provider to supply managed services solutions for the next five years.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply higher following the benchmark index. All major sectoral indices closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, telecom services emerged as the top-performing sector of the day, with a rise of over 4.1%.

Most European indices trade in the red. US indices futures trade flat, indicating a cautious start. Eurozone’s GDP in Q1 2024 expands by 0.4% YoY from 0.2% growth in Q4 2023.

  • Relative strength index (RSI) indicates that stocks like Emami, KNR Constructions, UNO Minda, and Bikaji Foods International are in the overbought zone.

  • Rites bags an order worth Rs 39.6 crore from Tata Steel for loco hiring along with operation and maintenance

  • India Pesticides surges as it commissions an intermediate plant for one of the fungicides, previously imported, as part of backward integration.

  • Energy stocks like Power Grid Corp of India, Adani Energy Solutions, ONGC and Tata Power rise more than 3% in trade. All constituents of the broader Nifty Energy index are also trading in the green, helping it to surge more than 2%.

  • Consumer electronics, specialty retail, construction materials, roads & highways, personal products, and breweries & distilleries industries surge more than 7% over the past week.

  • Great Eastern Shipping rises sharply as it announces the purchase of a 49,990 dwt medium-range product tanker built in 2013.

  • Foreign institutional investors divest Rs 10,201.2 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 15,159.9 crore from foreign investors. Mutual funds are net sellers in the equity market, pulling out Rs 147.9 crore during the same period.

  • Tata Consultancy Services launches its GenAI Aggregation Platform, 'WisdomNext'. This platform can provide multiple GenAI services in a single interface and facilitate the adoption of technologies with scale and lower costs.

  • Adani Port receives a letter of intent from Kolkata Port for operations and maintenance of the container facility in the Netaji Subhas Dock at the Syama Prasad Mookerjee Port in Kolkata for five years.

  • Bajaj Finance approves the sale of shares worth Rs 3,000 crore in its arm, Bajaj Housing Finance, through an offer for sale.

  • Axis Direct upgrades HCL Technologies to 'Buy' from 'Hold' with a higher target price of Rs 1,550 per share. This indicates a potential upside of 8.4%. The brokerage believes the company is well-placed for growth in the long term, given its multiple long-term contracts. It expects the company's revenue to grow at a CAGR of 4.4% over FY25-26.

  • Economists believe that the RBI will likely start lowering interest rates from October. According to Gaura Sen Gupta from IDFC First Bank, heatwave conditions have added to the near-term upside risks to food inflation, but monsoon will ease it. He adds that core inflation is also easing, and as a result, sees rate cuts beginning in October.

  • Dixon Technologies (India) rises as it forms a joint venture with HKC Corp to manufacture liquid crystal modules, thin film transistor liquid crystal display modules, assemble end products including smartphones, TVs, monitors, and auto displays, and sell HKC branded end products in India.

  • Mastek surges as it plans to upgrade its icxPro platform with NVIDIA's accelerated computing to provide advanced AI-powered customer experience (CX) solutions. This will improve CX management for the manufacturing, healthcare, banking, financial services, and insurance (BFSI) sectors.

  • Rail Vikas Nigam rises sharply as it bags an order worth Rs 495 crore from National Thermal Power Corp to construct and install a barrage complex and head race tunnel at the Rammam hydroelectric project in West Bengal.

  • The RBI raises its projection for India's GDP growth for FY25 to 7.2% from 7%. RBI's MPC forecasts CPI inflation at 4.5% for FY25 and 4.9% for Q1FY25.

  • IT stocks like Wipro, Mphasis, Coforge, and Persistent Systems are rising in trade. The broader sectoral index, Nifty IT, is also trading in the green.

  • Hindustan Unilever appoints Arun Neelakantan as the new Executive Director (ED), with effect from July 1.

  • Garden Reach Shipbuilders & Engineers surges as it receives an order worth Rs 500 crore from the Defence Research and Development Organisation to construct a research vessel. The contract is yet to be signed.

  • The RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting.

  • IRB Infrastructure Developers is rising as its total toll collection increases by 30.3% YoY to Rs 535.5 crore in May.

  • Hero MotoCorp rises as it buys an additional 2.2% stake in Ather Energy for Rs 124 crore.

  • Ashish Kacholia buys a 3.9% stake in Aimtron Electronics for approx Rs 19.3 crore in a bulk deal on Thursday.

  • Wipro is rising as it bags an order worth $500 million (approx. Rs 4,175 crore) from a US-based communication service provider to supply managed Services for some products and industry-specific solutions for the next five years.

  • Nifty 50 was trading at 22,822.15 (0.8, 0%) , BSE Sensex was trading at 75,061.53 (-13.0, 0.0%) while the broader Nifty 500 was trading at 21,408.75 (43.8, 0.2%)

  • Of the 1,886 stocks traded today, 1,384 were on the uptrend, and 445 went down.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (381.30, 10%), Vedant Fashions Ltd. (1,114.50, 6%) and Mahindra & Mahindra Ltd. (2,857.45, 5.8%).

Downers:

Largecap and midcap losers today include Schaeffler India Ltd. (4,153.90, -2.7%), Linde India Ltd. (8,512.95, -2.0%) and Indian Bank (534.70, -1.5%).

Volume Rockets

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

Top high volume gainers on BSE included IIFL Finance Ltd. (470.50, 13.6%), Garware Technical Fibres Ltd. (4,062.80, 10.9%) and Tejas Networks Ltd. (1,284.85, 10.7%).

Top high volume loser on BSE was JBM Auto Ltd. (2,024.75, -5.7%).

Mastek Ltd. (2,790.50, 8.2%) was trading at 22.8 times of weekly average. Avanti Feeds Ltd. (615.40, 8.9%) and Gujarat Ambuja Exports Ltd. (152.70, 8.6%) were trading with volumes 17.3 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks made 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (777.85, -1.7%), Amara Raja Energy & Mobility Ltd. (1,401.15, 9.7%) and Aurobindo Pharma Ltd. (1,265.15, 1.1%).

55 stocks climbed above their 200 day SMA including Praj Industries Ltd. (590.40, 10.3%) and Mastek Ltd. (2,790.50, 8.2%). 1 stock slipped below their 200 SMA including Tata Chemicals Ltd. (1,056.15, -0.7%).

 
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