Trendlyne Marketwatch
Trendlyne Marketwatch
01 Jul 2024
Market closes higher, Maruti Suzuki's wholesales rise 12.4% YoY to 1.8 lakh units in June
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,141.95 (131.4, 0.6%), BSE Sensex closed at 79,476.19 (443.5, 0.6%) while the broader Nifty 500 closed at 22,727.60 (167.9, 0.7%). Market breadth is overwhelmingly positive. Of the 2,208 stocks traded today, 1,586 were in the positive territory and 605 were negative.

Indian indices extended their gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 0.2% and closed at 13.8 points. Cochin Shipyard closed higher after it bagged a Rs 1,100 crore order from Wilson ASA, Norway, to develop dry cargo vessels.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher, following the benchmark index. According to Trendlyne’s sector dashboard, Media emerged as the top-performing sector of the day, with a rise of 2.9%.

Most European indices traded in the green, while the Asian indices closed flat or higher. US index futures traded mixed, indicating a cautious start to the trading session. Boeing announced the acquisition of Spirit AeroSystems in an all-stock deal worth $4.7 billion. Brent crude futures traded in the green after falling 0.6% on a volatile day on Friday.

  • Mahanagar Gas sees a long buildup in its July 25 future series as its open interest rises 40.5% with a put-call ratio of 0.7.

  • Wockhardt's surges more than 19% after its investigational antibiotic, Zaynich, treats a cancer patient in the United States with chronic thigh infection caused by pseudomonas bacteria.

  • Rane Holdings rises sharply as its board approves the acquisition of the remaining 91.3 lakh shares (51% stake) in joint venture company, Rane NSK Steering Systems (RNSS), from JV partner NSK Japan for Rs 45 crore. This makes RNSS a wholly-owned subsidiary of Rane Holdings.

  • Maruti Suzuki India's wholesales rise 12.4% YoY to 1.8 lakh units in June. It’s domestic wholesales increase by 6.1% YoY, while exports grow by 57%.

  • According to Kotak Institutional Equities, the pace of promoters selling stakes in their companies has accelerated in the first half of 2024, totaling $10.5 billion across 37 companies listed on the NSE500.

  • Motilal Oswal keeps its 'Buy' rating on Kalpataru Projects with a higher target price of Rs 1,385 per share. This indicates a potential upside of 20.3%. The brokerage believes the company's merger with JMC Projects will help to enter large and complex projects. It expects the company's revenue to grow at a CAGR of 16.7% over FY25-26.

  • Morgan Stanley reportedly retains its 'Overweight' rating on Reliance Industries with a target price of Rs 3,046 per share. The brokerage expects the company's market capitalisation to grow by $60-100 billion, driven by investments in new energy, retail expansion to take market share from the unorganised sector, and repurposing existing energy projects.

  • Mahindra & Mahindra's wholesales rise 11% YoY to 69,397 units in June. Passenger vehicle wholesales increase 23% YoY, however commercial vehicle sales fall 2% YoY.

  • Reports suggest that 24 lakh shares (3.14% equity) of Nazara Technologies, amounting to Rs 210 crore, have changed hands in a large trade.

  • Larsen & Toubro's hydrocarbon business secures an order worth Rs 1,000-2,500 crore from ONGC for the engineering, procurement, construction, installation, and commissioning (EPCIC) of 129 km of subsea pipelines and associated modification works across ONGC’s offshore fields on India’s west coast.

  • Alembic Pharmaceuticals is rising as it receives approval from the US FDA for its Bosutinib tablets. The tablets, used to treat a certain type of leukemia, have an estimated annual sales of $275 million in the US.

  • Godrej Properties rises sharply as it announces the development of an 11-acre land parcel in Pune and a 7-acre parcel in Bengaluru. The Pune project will include Group Housing and High Street Retail, while Bengaluru will feature a high-end residential project with a combined revenue potential of nearly Rs 3,000 crore.

  • Kotak Institutional Equities initiates coverage on J B Chemicals & Pharmaceuticals with a 'Buy' rating and a target price of Rs 2,025. The brokerage believes the stock will trade at a premium compared to its competitors, helped by a strong market share in its core brands and robust contract manufacturing capabilities. It also highlights the company has limited exposure to the US, EU, and other regulated markets.  

  • Cochin Shipyard rises as it wins a Rs 1,100 crore order from Wilson ASA, Norway, to develop TDW dry cargo vessels.

  • GTI Alpha sells a 4.7% stake (1 crore shares) in Samhi Hotels, worth approx Rs 192.7 crore, in a block deal on Friday. Meanwhile, Morgan Stanley Asia Singapore, ICICI Prudential Mutual Fund, and Abu Dhabi Investment Authority pick 1.4%, 1%, and 0.5% stakes, respectively, in the company.

  • Escorts Kubota's total wholesales fall 2.6% YoY to 9,593 units in June, due to a 59.7% YoY decrease in exports. The company's domestic wholesales increase marginally.

  • NMDC lowers iron ore lump and fine prices by 7% and 9% to Rs 5,950 and Rs 5,110 per tonne, respectively. The industry anticipated a larger cut of Rs 700-800 per tonne, compared to Rs 500 per tonne.

  • Transformers & Rectifiers (India) rises sharply as it bags three orders worth Rs 148.5 crore from NCC, Power Grid Corp, and Adani Energy Solutions to supply transformers and class reactors.

  • Asian Paints plans to expand its capacity to 60,000 kilo liter (KL) from 30,000 KL at its Mysuru manufacturing plant with an estimated capex of Rs 1,305 crore.

  • Garden Reach Shipbuilders & Engineers surges as it wins an order worth $21 million from Bangladesh's Ministry of Defence to construct and deliver an advanced ocean-going tug.

  • India’s manufacturing PMI rises to 58.3 in June, compared to 57.5 in May, driven by improved business conditions and increased hiring.

  • Vodafone Idea is falling as it hikes its prepaid and postpaid plan rates by 10-21%, effective July 4.

  • Nextwave Communications, promoter of HFCL, sells a 1.4% stake in the company for approx Rs 215.2 crore in a bulk deal on Friday.

  • Rashmi Chowdhary, promoter of Titagarh Rail Systems, sells a 2% stake in the company in a block deal on Friday.

  • Bharat Electronics rises as it bags a contract worth Rs 3,127 crore from Armoured Vehicles Nigam to supply and install sighting and fire control systems (FCS) to upgrade tanks for the Indian Army. The company has also bagged orders worth Rs 481 crore for meteorological equipment.

  • Nifty 50 was trading at 24,012.30 (1.7, 0.0%), BSE Sensex was trading at 79,034.05 (1.3, 0%) while the broader Nifty 500 was trading at 22,581.10 (21.4, 0.1%).

  • Market breadth is surging up. Of the 1,975 stocks traded today, 1,419 showed gains, and 511 showed losses.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (1,517.15, 8.6%), JSW Infrastructure Ltd. (353.20, 7.6%) and Patanjali Foods Ltd. (1,699.35, 6.8%).

Downers:

Largecap and midcap losers today include Torrent Power Ltd. (1,456.45, -2.8%), Schaeffler India Ltd. (4,610.25, -2.8%) and NTPC Ltd. (369.75, -2.3%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Cholamandalam Financial Holdings Ltd. (1,609.30, 10.7%), Mahanagar Gas Ltd. (1,746.80, 9.4%) and Home First Finance Company India Ltd. (1,126.30, 8.8%).

Emami Ltd. (721.10, 4.6%) was trading at 19.7 times of weekly average. Vaibhav Global Ltd. (331.75, 7.5%) and J B Chemicals & Pharmaceuticals Ltd. (1,792.80, 2.2%) were trading with volumes 10.3 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks made 52 week highs,

Stocks touching their year highs included - ACC Ltd. (2,749.60, 5.0%), Ambuja Cements Ltd. (695, 3.7%) and Bayer Cropscience Ltd. (6,693.70, -0.3%).

19 stocks climbed above their 200 day SMA including Alembic Pharmaceuticals Ltd. (923.50, 5.4%) and Jyothy Labs Ltd. (451.20, 4.5%). 4 stocks slipped below their 200 SMA including Bata India Ltd. (1,499, -1.0%) and IndusInd Bank Ltd. (1,456.90, -0.5%).

 
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