Trendlyne Marketwatch
Trendlyne Marketwatch
25 Jun 2024
Market closes higher, Aditya Birla Sun Life AMC reappoints A Balasubramanian as the CEO and MD
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,721.30 (183.5, 0.8%), BSE Sensex closed at 78,053.52 (712.4, 0.9%) while the broader Nifty 500 closed at 22,370.65 (81.6, 0.4%). Market breadth is in the red. Of the 2,145 stocks traded today, 920 showed gains, and 1,205 showed losses.

Indian indices continued to gain in the afternoon session and closed higher, with the Sensex crossing 78,000 for the first time in its history, and ICICI Bank's market cap hitting $100 billion as Nifty Bank jumped. The Adani group said it plans to invest around Rs. 1.3 lakh crore in FY25 across its portfolio companies.  

The Indian volatility index Nifty VIX rose by 1.78% and closed at 14.3 points.  Nifty Smallcap 100 and Nifty Midcap 100 closed flat. According to Trendlyne’s Sector dashboard, forest material stocks emerged as the best-performing of the day, with a rise of 1.1%.

Major Asian indices closed in the red, except for the Nikkei and Indian indices. US index futures are trading mixed due to the uncertainty around tech stocks. Brent crude oil futures are trading lower, but oil prices are set for monthly gains amid simmering tensions between Israel and Lebanon.

  • Info Edge (India) sees a long buildup in its June 27 future series as its open interest rises 21.3% with a put-call ratio of 0.8.

  • Aditya Birla Sun Life AMC reappoints A Balasubramanian as the CEO and Managing Director of the company for three years, effective July 25, 2024.

  • Jefferies believes drastic changes in spending patterns are unlikely but adds that the income tax collection rise gives the government some fiscal space for tax cuts. It adds that the upcoming Union Budget will be positive for consumer discretionary and durables, telecom, and retailers. The brokerage expects a reduction in borrowing targets by the government.

  • Intellect Design Arena secures a seven-year partnership deal with Canada's largest community credit union, Vancity, for eMACH.ai composed digital transformation.

  • Allied Blenders & Distillers' Rs 1,500 crore IPO gets bids for 0.3X the available 3.9 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 2 crore shares on offer.

  • Stanley Lifestyles' Rs 418 crore IPO gets bids for 33.6X the available 1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 11.6X the available 51.9 lakh shares on offer.

  • BSE Sensex surpasses the 78,000 mark for the first time. The Sensex climbed over 600 points to reach its all-time high of 78,016. Nifty 50 breaches the 23,700 mark and also hits its record high of 23,710.5 today.

  • Muthoot Microfin surges as it receives a corporate agent license from the Insurance Regulatory and Development Authority of India. This license will enable the company to offer tailored insurance plans to its customer base.

  • Swan Energy rises as the board approves the acquisition of the remaining 26.2 crore shares (49% stake) in Triumph Offshore from Indian Farmers Fertiliser Cooperative for Rs 440 crore. With this, Triumph Offshore becomes a wholly-owned subsidiary of Swan Energy.

  • Amara Raja Energy & Mobility surges more than 16% as its subsidiary, Amara Raja Advanced Cell Technologies (ARACT), signs a technical licensing agreement with GIB EnergyX, a subsidiary of Gotion High-Tech. As per the agreement, GIB EnergyX will license Gotion’s Lithium Iron Phosphate (LFP) technology for lithium-ion cells to ARACT.

  • CLSA has a 'Buy' rating on Zomato with a target price of Rs 248. The brokerage believes the stock is growing faster than Swiggy on key parameters. It notes that Swiggy’s gross order value (GOV), including food delivery and quick-commerce, rose 26% YoY in FY24, outpaced by Zomato's 36% YoY GOV growth. However, CLSA highlights risks due to subdued urban consumer sentiment, high competitive intensity, and regulatory strictness.

  • Craftsman Automation surges as it signs a memorandum of understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital for a potential acquisition of all or part of Sunbeam's business.

  • Alkem Laboratories rises as it receives an establishment inspection report from the US FDA for its manufacturing facility in Baddi, India, with a voluntary action indicated status.

  • Krishna Institute of Medical Sciences rises as its board considers the sub-division/split of its existing shares from one equity share into five equity shares.

  • Umesh Revankar, Executive Vice Chairman of Shriram Finance, projects revenue growth of more than 15% for FY25, and expects more than 20% growth in MSME, PV and gold loans. He highlights the company’s focus on lending to small entrepreneurs.

  • Allied Blenders and Distillers raises Rs 449.1 crore from anchor investors ahead of its IPO by allotting around 1.6 crore shares at Rs 281 each. Investors include Societe Generale, Goldman Sachs, Authum Investment, BNP Paribas, JM Mutual Fund, and Troo Capital.

  • JSW Steel's subsidiary, JSW Steel USA, plans to invest $110 million (approx Rs 918 crore) to upgrade its steel plate mill in Texas. The upgrade will help the company manufacture high-quality monopile steel plates to support the US government's plans to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030.

  • Happiest Minds Technologies falls sharply as its promoter, Ashok Soota, reportedly plans to sell a 6% stake in the company worth Rs 754.7 crore via the open market at a floor price of Rs 826 per share.

  • India is gearing up for its upcoming auction of 10,522.4 MHz of various 5G bands, valued at Rs 96,238.5 crore ($11.53 billion), starting today. The auction consists of eight frequency bands, with participation from telecom giants like Reliance Jio, Bharti Airtel, and Vodafone Idea.

  • Ram Ratna Research & Holdings, promoter of R R Kabel, sells a 0.5% stake in the company for approx Rs 102.3 crore in a bulk deal on Monday.

  • Shashi Kiran Janardhan Shetty, promoter of Allcargo Logistics, sells a 0.7% stake in the company for approx Rs 41.8 crore in a bulk deal on Monday.

  • Kalpataru Projects International secures new orders worth Rs 2,333 crore. These include transmission and distribution projects in India and overseas, developing an industrial plant in the metal industry, and a residential building order in India.

  • Chemplast Sanmar is rising as its board of directors approves raising Rs 1,000 crore by issuing equity shares through preferential allotment, rights issue, private placement, qualified institutional placement (QIP), or other modes.

  • Nifty 50 was trading at 23,594.90 (57.1, 0.2%), BSE Sensex was trading at 77,515.43 (174.4, 0.2%) while the broader Nifty 500 was trading at 22,377.95 (88.9, 0.4%).

  • Market breadth is highly positive. Of the 1,933 stocks traded today, 1,599 were on the uptick, and 310 were down.

Riding High:

Largecap and midcap gainers today include LIC Housing Finance Ltd. (769.85, 4.9%), Patanjali Foods Ltd. (1,528.55, 4.7%) and Shriram Finance Ltd. (2,989.85, 3.7%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,480.30, -4.4%), United Breweries Ltd. (1,996, -4.1%) and Oberoi Realty Ltd. (1,829.30, -4.1%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Amara Raja Energy & Mobility Ltd. (1,646.20, 19.3%), Craftsman Automation Ltd. (5,463.80, 13.1%) and Raymond Ltd. (2,779.40, 6.5%).

Top high volume losers on BSE were Happiest Minds Technologies Ltd. (830.55, -9.5%), Capri Global Capital Ltd. (214.50, -1.0%) and RHI Magnesita India Ltd. (645, -0.8%).

Olectra Greentech Ltd. (1,808.20, 4.0%) was trading at 9.9 times of weekly average. Exide Industries Ltd. (579.65, 1.0%) and Patanjali Foods Ltd. (1,528.55, 4.7%) were trading with volumes 7.1 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,646.20, 19.3%), Ashok Leyland Ltd. (241.86, 0.7%) and Astral Ltd. (2,385.45, 0.0%).

12 stocks climbed above their 200 day SMA including Welspun Corp Ltd. (541.75, 5.7%) and Westlife Foodworld Ltd. (879.85, 5.0%). 5 stocks slipped below their 200 SMA including Happiest Minds Technologies Ltd. (830.55, -9.5%) and Jyothy Labs Ltd. (419.05, -2.3%).

 
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