Trendlyne Marketwatch
Trendlyne Marketwatch
24 Jun 2024
Market closes higher, Century Textiles' subsidiary, Birla Estates, acquires a 16.5 acre land parcel in Pune
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,537.85 (36.8, 0.2%), BSE Sensex closed at 77,341.08 (131.2, 0.2%) while the broader Nifty 500 closed at 22,289.10 (52.9, 0.2%). Market breadth is balanced. Of the 2,176 stocks traded today, 1,083 were in the positive territory and 1,063 were negative.

Indian indices closed marginally higher after switching between losses and gains on a volatile day of trade. The Indian volatility index, Nifty VIX, rose 6.7% and closed at 14.1 points. Cipla fell sharply and closed in the red after it received Form 483 with six observations from the US FDA after inspecting the company's manufacturing facility in Goa.

Nifty Smallcap 100 closed flat while the Nifty Midcap 100 closed in the green. Nifty FMCG and Nifty Realty closed higher than their Friday close. According to Trendlyne’s sector dashboard, FMCG emerged as the best-performing sector of the day, with a rise of 3.5% in a volatile market.

Major Asian indices closed flat or lower, except for Japan’s Nikkei 225 and India’s BSE Sensex closing in the green. European indices traded higher after opening flat. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures recovered from their day lows but still traded in the red on a volatile day of trade.

  • Money flow index (MFI) indicates that stocks like C.E. Info Systems, Mahindra Holidays & Resorts India, The Fertilisers and Chemicals Travancore, and Whirlpool of India are in the overbought zone.

  • Route Mobile surges as it signs a pact with Billeasy and enables WhatsApp-based ticketing for Nagpur, Pune, Hyderabad, and Delhi Metro, becoming the largest enabler for such services in India.

  • Century Textiles & Industries rises sharply as its subsidiary, Birla Estates, acquires a 16.5 acre land parcel in Pune with a development potential of 32 lakh square feet and expected revenue of Rs 2,500 crore.

  • Oil and Natural Gas Corp (ONGC) seeks partners to revive the Deen Dayal gas field in the Bay of Bengal, which has seen little success despite a $1.2 billion investment over seven years.

  • S&P Global Ratings predicts India's GDP growth rate at 6.8% in FY25 and 6.9% in FY26. The ratings agency projects an average CPI of 4.5% in FY25 and 4.6% in FY26. The firm foresees a slowdown in growth to 6.8% in FY25 due to elevated interest rates and lower fiscal stimulus, which will moderate demand in non-agricultural sectors.

  • Devansh Trademart, promoter of Gujarat Fluorochemicals, sells a 1.2% stake in the company. It now holds a 4.8% stake.

  • Stanley Lifestyles' Rs 418 crore IPO gets bids for 3.6X the available 1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.6X the available 51.9 lakh shares on offer.

  • Westbridge Crossover Fund sells a 1.2% stake (7.3 lakh shares) in IndiaMART InterMESH worth Rs 189.9 crore, in a block deal on Friday. Meanwhile, Morgan Stanley Asia and SBI Mutual Fund pick 0.3% and 0.9% stakes, respectively, in the company.

  • Sivaramkrishnan Ganapathi, Vice Chairman and MD of Gokaldas Exports, highlights the company’s target to achieve double-digit revenue growth in FY25, and expects an EBITDA margin of around 11.5% by FY26. He adds that the firm aims to double its revenue run rate in the next 3-5 years.

  • Fertilizers stocks like The Fertilisers and Chemicals Travancore, National Fertilizers, Rashtriya Chemicals & Fertilizers, and Madras Fertilizers fall more than 5.8% in trade as the GST council recommends exempting the sector from the current 5% GST on rate rationalisation. The broader fertilizers industry declines by over 4.8% today.

  • Larsen & Toubro's power transmission & distribution (PT&D) business receives an order worth Rs 1,000-2,500 crore to set up a 185 MW solar power plant and a 254 MWh battery energy storage system in Kajra, Bihar.

  • Sanghvi Movers receives two work orders worth Rs 180 crore, which include turnkey customised solutions for independent power producers in the renewable energy sector and ground piping work from the hydrocarbons sector.

  • Goldman Sachs initiates a 'Buy' call on TBO Tek with a target price of Rs 1,970. The brokerage notes positive characteristics of the company's business model, which include an asset-light balance sheet, negative working capital, strong FCF generation, and low competition & regulatory risks. It expects strong growth in the firm's India business.

  • Ujjivan Small Finance Bank is falling as it lowers its loan growth outlook by 500 basis points to 20% in FY25 from 25% earlier due to stress in the microfinance lending segment in certain states.

  • CarTrade Tech falls sharply as 71 lakh shares (15.1% stake), amounting to Rs 588.3 crore, change hands in a block deal. Highdell Investment and MacRitchie Investments are the likely sellers in the transaction.

  • Garden Reach Shipbuilders rises sharply as it bags an order worth $54 million (approx. Rs 451.1 crore) from Germany's Carsten Rehder Schiffsmakler and Reederei. The order is to construct and supply four multi-purpose cargo ships with a capacity of 7,500 deadweight tonnage (DWT) each.

  • Venkatraman Narayanan, MD and CFO of Happiest Minds Technologies, reiterates the company’s revenue growth target of 35-40% in FY25. He highlights the firm has set up GenAI as a separate business unit, and expects it to deliver 10-15% of the revenue in the next few years.

  • NBCC (India) wins a Rs 100 crore order from REC for the construction and renovation of the existing REC Institute of Power Management & Training buildings in Hyderabad

  • Mas Financial Services is rising as it raises Rs 500 crore through a qualified institutional placement. Notable investors include Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Bajaj Life Insurance, SBI General Insurance, and Aditya Birla Sun Life Mutual Fund.

  • Cipla is falling as it receives Form 483 with six observations from the US FDA after conducting an inspection at the company's manufacturing facility in Goa.

  • Adani Ports Special Economic Zone (APSEZ) joins the S&P BSE Sensex index during the semi-annual rejig, while Wipro exits from the 30-stock index. Stocks like ICICI Bank, Infosys, and others are expected to observe a rise in their weights in the index. Nuvama projects passive inflows of $259 million alongside the addition of 14.9 million shares.

  • Lupin rises as it receives an establishment inspection report from the US FDA for its manufacturing facility in Somerset, New Jersey, with a voluntary action indicated status.

  • Welspun Specialty Solutions surges more than 10% as it bags an order worth Rs 117 crore from Bharat Heavy Electricals to supply seamless stainless steel boiler tubes for two 660 MW thermal power projects.

  • Mazagon Dock Shipbuilders rises as reports suggest that the company is in talks with the Defence Ministry for the Kalvari submarine deal worth Rs 35,000 crore.

  • Prestige Estates Projects' board of directors approves issuing equity shares or securities worth Rs 5,000 crore through qualified institutional placements (QIP).

  • Nifty 50 was trading at 23,406.15 (-95.0, -0.4%), BSE Sensex was trading at 76,864.47 (-345.4, -0.5%) while the broader Nifty 500 was trading at 22,166.15 (-70.1, -0.3%).

  • Market breadth is in the green. Of the 1,964 stocks traded today, 1,008 were on the uptick, and 912 were down.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (4,288.15, 7.7%), Bajaj Holdings & Investment Ltd. (8,724.80, 6.1%) and Astral Ltd. (2,384.40, 4.9%).

Downers:

Largecap and midcap losers today include Container Corporation of India Ltd. (1,049.35, -3.8%), PB Fintech Ltd. (1,285.05, -3.8%) and Union Bank of India (141.49, -3.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Bombay Burmah Trading Corporation Ltd. (2,014.40, 19.6%), Route Mobile Ltd. (1,750.05, 14.4%) and Kama Holdings Ltd. (2,969.90, 9.9%).

Top high volume losers on BSE were Ujjivan Small Finance Bank Ltd. (45.83, -5.2%), CreditAccess Grameen Ltd. (1,407.70, -4.4%) and Container Corporation of India Ltd. (1,049.35, -3.8%).

Bajaj Holdings & Investment Ltd. (8,724.80, 6.1%) was trading at 15.2 times of weekly average. Maharashtra Scooters Ltd. (8,950, 7.7%) and KSB Ltd. (4,775, -0.1%) were trading with volumes 12.6 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks made 52 week highs,

Stocks touching their year highs included - Astral Ltd. (2,384.40, 4.9%), BASF India Ltd. (5,277.35, 1.6%) and Bombay Burmah Trading Corporation Ltd. (2,014.40, 19.6%).

11 stocks climbed above their 200 day SMA including Route Mobile Ltd. (1,750.05, 14.4%) and Kama Holdings Ltd. (2,969.90, 9.9%). 7 stocks slipped below their 200 SMA including Jyothy Labs Ltd. (429.05, -3.6%) and Vedant Fashions Ltd. (1,092.70, -2.5%).

 
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