Trendlyne Marketwatch
Trendlyne Marketwatch
26 Jun 2024
Market closes higher, Vedanta's promoter sells shares amounting to Rs 7,485 crore
By Trendlyne Analysis

 

Nifty 50 closed at 23,868.80 (147.5, 0.6%), BSE Sensex closed at 78,674.25 (620.7, 0.8%) while the broader Nifty 500 closed at 22,436.80 (66.2, 0.3%). Of the 2,146 stocks traded today, 954 were on the uptick, and 1,160 were down.

Indian indices extended their gains in the afternoon session and closed at their all-time highs. The benchmark Nifty 50 index closed in the green for a third straight trading session. The Indian volatility index, Nifty VIX, fell 1.8% and closed at 14.1 points. Zee Media closed higher after its board approved raising Rs 200 crore in one or more tranches through private placement, qualified institutional placement (QIP), preferential issue or other permissible modes.

Nifty Smallcap 100 closed in the green, while the Nifty Midcap 100 closed in the red. Nifty Energy and Nifty FMCG closed higher than their Tuesday close.  According to Trendlyne’s Sector dashboard, Telecom Services emerged as the best-performing sector of the day, with a rise of 3.2%.

European indices traded flat or higher, taking cues from the Asian indices, which closed in the green. US index futures traded in the green, indicating a positive start to the trading session. American high-end electric truck maker Rivian’s shares surged over 35% in the pre-market trading session after Volkswagen announced a major investment plan in the company.  Brent crude oil futures traded in the green after falling 1.2% on Tuesday.

  • Relative strength index (RSI) indicates that stocks like Samvardhana Motherson International, Craftsman Automation, Mahindra Holidays & Resorts India, and Cera Sanitaryware are in the overbought zone.

  • Motilal Oswal retains its 'Buy' call on ICICI Bank with an upgraded target price of Rs 1,350 per share. This indicates a potential upside of 11.1%. The brokerage believes ICICI Bank delivers best-in-class performance and expects this trend to continue. Its growth prospects, asset quality, and credit-deposit ratio remain strong.

  • Vodafone Idea surges to its 52-week high of Rs 18.5 per share as it reportedly partners with Samsung to utilise the virtual radio access network (vRAN) to expand its 4G and 5G networks.

  • Zee Media Corp rises sharply as its board approves raising Rs 200 crore in one or more tranches through private placement, qualified institutional placement (QIP), preferential issue or other permissible modes.

  • India’s 2024 spectrum auction concludes with the government earning Rs 11,300 crore from airwave sales across various bands. Bharti Airtel emerges as the top bidder, securing spectrum in over six circles to boost its holdings. Analysts predict around 17% of the total spectrum value will be sold, marking the lowest since 2014.

  • Vraj Iron & Steel's Rs 171 crore IPO gets bids for 2X the available 61.5 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 3.4X the available 30.7 lakh shares on offer.

  • Allied Blenders & Distillers' Rs 1,500 crore IPO gets bids for 1X the available 3.9 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.2X the available 2 crore shares on offer.

  • C.E. Info Systems falls sharply as its Chairman and Managing Director, Rakesh Kumar Verma, sells 6.1 lakh shares (1.1% stake) worth Rs 142.6 crore in a block deal at a floor price of Rs 2,332 per share.

  • Bajaj Auto unveils a new manufacturing facility in Manaus, Brazil. The facility features engine & vehicle assembly lines and testing capabilities, with an annual production capacity of 20,000 units operating on a single shift. The company plans to prioritize the sourcing, assembly, and testing of its 'Dominar' models at the plant.

  • Adani Total Gas is rising as it receives regulatory approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to establish and operate the city gas distribution network in Jalandhar.

  • Cement stocks like India Cements, Orient Cement, Udaipur Cement Works, and Burnpur Cement rise more than 5.7% in trade as the industry sees increasing construction activities and demand for residential complexes. The broader cement industry surges over 2.5% today.

  • ICICI Direct upgrades Tata Motors to 'Buy' with a higher target price of Rs 1,200 per share. This indicates a potential upside of 25%. The brokerage is positive on the stock due to the improvement in margins and deleveraging of the balance sheet. It expects revenue to grow at a CAGR of 7.6% over FY25-26.

  • Foreign institutional investors (FIIs) have offloaded significant equity from the financials, oil & gas, FMCG, IT, and construction sectors during H1CY24. The total outflow from these sectors exceeds Rs 1 lakh crore as per market data.

  • Promoters Ambuja Cements and Ravi Sanghi are set to sell up to a 3.5% stake in Sanghi Industries through an offer for sale (OFS) at a floor price of Rs 90 per share. The OFS will be open today for non-retail investors and tomorrow for retail investors.

  • Nifty 50 hits an all-time high of 23,825.8 today after rising for three consecutive days.

  • Vedanta falls as 17.4 crore shares (4.6% stake), amounting to Rs 7,485 crore, change hands in a block deal. The company's promoters are the likely sellers in the transaction.

  • Jugeshinder Singh, CFO of Adani Enterprises, highlights the company's plans to invest around Rs 1.7 lakh crore ($21 billion) in its airports business over the next 10 years. He says the Navi Mumbai International Airport is set for completion by early next year. Singh adds that the company plans to invest Rs 1.3 lakh crore ($15.6 billion) in FY25 across various sectors, focusing significantly on green energy and airports.

  • Sharda Motor surges to its all-time high of Rs 2,193.1 as 23.7 lakh shares, amounting to Rs 474 crore, reportedly change hands in a block deal. The transaction was executed at an average price of Rs 1,996 per share.

  • Akme Fintrade (India)’s shares debut on the bourses at a 5.8% premium to the issue price of Rs 120. The Rs 132 crore IPO has received bids for 55.1 times the total shares on offer.

  • DEE Development Engineers’ shares debut on the bourses at a 67% premium to the issue price of Rs 203. The Rs 418 crore IPO has received bids for 99.6 times the total shares on offer.

  • Reports suggest that 1.3 crore shares of Hindustan Foods, amounting to approx Rs 638.4 crore have changed hands in a block deal. Westbridge and Sixth Sense are the likely sellers in the transaction.

  • Vishnu Prakash R Punglia rises sharply as it bags an order worth Rs 273.1 crore from the Office of Superintending Engineer U.P. Jal Nigam to survey, engineer, design, and supply all materials for the water supply scheme for the Naini extended area.

  • Goldman Sachs Funds sells a 1% stake in Restaurant Brands Asia for approx Rs 49.9 crore in a bulk deal on Tuesday.

  • Copthall Mauritius Investment buys a 0.8% stake in Jupiter Wagons for approx Rs 213.8 crore in a bulk deal on Tuesday.

  • Borosil is rising as its board of directors approves issuing 47.2 lakh equity shares worth Rs 150 crore through a qualified institutional placement (QIP) at a floor price of Rs 318 per share.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (18.02, 4.8%), Reliance Industries Ltd. (3,028.05, 4.1%) and Biocon Ltd. (352.15, 3.8%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (249.25, -3.4%), Macrotech Developers Ltd. (1,434.85, -3.1%) and Vedanta Ltd. (442.10, -2.6%).

Volume Rockets

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

Top high-volume gainers on BSE included India Cements Ltd. (262.62, 14.5%), CESC Ltd. (167.98, 10.9%) and IIFL Finance Ltd. (493.55, 7.3%).

Top high volume losers on BSE were Vedanta Ltd. (442.10, -2.6%) and Honeywell Automation India Ltd. (57,121, -1.4%).

Prince Pipes & Fittings Ltd. (692.60, 3.3%) was trading at 10.7 times of weekly average. JK Lakshmi Cement Ltd. (866.95, 2.0%) and The Ramco Cements Ltd. (865.45, 1.7%) were trading with volumes 7.2 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks made 52-week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,669.35, 1.4%), Astral Ltd. (2,406, 0.9%) and Axis Bank Ltd. (1,285.40, 1.1%).

6 stocks climbed above their 200 day SMA including India Cements Ltd. (262.62, 14.5%) and Welspun Corp Ltd. (565.85, 4.5%). 5 stocks slipped below their 200 SMA including Indiabulls Housing Finance Ltd. (170.29, -1.9%) and IndiaMART InterMESH Ltd. (2683.45, -0.7%).

 
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