Trendlyne Marketwatch
Trendlyne Marketwatch
05 Jul 2024
Market closes flat, RVNL signs MoU with Delhi Metro Rail Corp
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,323.85 (21.7, 0.1%) , BSE Sensex closed at 79,996.60 (-53.1, -0.1%) while the broader Nifty 500 closed at 22,987.65 (73.5, 0.3%). Market breadth is in the green. Of the 2,178 stocks traded today, 1,240 were on the uptrend, and 919 went down.

Indian indices closed flat after switching between losses and gains throughout the day. The volatility index, Nifty VIX, fell 1.2% and closed at 12.7 points. Rail Vikas Nigam touched an all-time high of Rs 498.5 as it signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corp (DMRC) to participate in upcoming projects in India and abroad as a project service provider.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty FMCG and Nifty PSU Bank closed higher.  According to Trendlyne’s Sector dashboard, Oil & Gas emerged as the top-performing sector of the day, with a rise of 2.2%. 

European indices traded flat or higher, while major Asian indices closed mixed. Most US index futures traded higher, indicating a positive start to the trading session. Investors look ahead to the release of the key monthly labor market report later today. Brent crude oil futures traded higher.

  • Relative strength index (RSI) indicates that stocks like Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders, Fine Organic Industries, and Persistent Systems are in the overbought zone.

  • Reliance Infrastructure's arm Mumbai Metro One(MMOPL) to reportedly receive a one-time settlement consideration from Maharashtra for its Rs 1,700 crore debt owed to lenders.

  • GPT Infraprojects surges to its all-time high of Rs 157 per share as its board of directors approves raising funds worth Rs 175 crore through a qualified institutional placement (QIP) or other modes.

  • Steel Authority of India rises sharply as the Steel Executives Federation of India proposes merging SAIL with Rashtriya Ispat Nigam (RINL), Ferro Scrap Nigam (FSNL), and Nagarnar steel plant to achieve capacity expansion targets and address resource challenges.

  • Bajaj Auto is rising as it launches the world's 1st CNG bike, 'Bajaj Freedom 125'. The starting price of the bike is Rs 95,000. The bike can operate on petrol and compressed natural gas (CNG), allowing riders to switch between the two.

  • Emcure Pharmaceuticals' Rs 1,952 crore IPO gets bids for 27.7X the available 1.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 5.9X the available 68.8 lakh shares on offer.

  • Bansal Wire Industries' Rs 745 crore IPO gets bids for 20.4X the available 2.2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 10.6X the available 1.1 crore shares on offer.

  • Foreign institutional investors divest Rs 2,450.7 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 66,912.9 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 4,532.8 crore during the same period.

  • Nirmal Bang initiates coverage on HUDCO with a target price of Rs 375. The brokerage notes that the company has a strong relationship with state governments and their agencies, which gives them a better chance to provide loans. It sees growth opportunities in the infra lending space, improvement in NIMs and strong capital position.

  • Ahluwalia Contracts (India) rises sharply to its all-time high of Rs 1,542.4 as it secures an order worth Rs 572 crore from the Airports Authority of India for the development of a new civil enclave at Darbhanga Airport in Bihar.

  • Thermax rises as its arm, Thermax Babcock & Wilcox Energy Solutions, wins an order worth Rs 513 crore from Jindal Energy Botswana to supply two 550 TPH boilers.

  • Rail Vikas Nigam rises sharply to its all-time high of Rs 455 as it signs a Memorandum of Understanding (MoU) with Delhi Metro Rail Corp (DMRC) to participate in upcoming projects in India and abroad as a project service provider.

  • Indian markets have surged 11% in the past month after the election results on June 4, led by renewed foreign investor interest. This marks the strongest post-election rally since May 2019 and May 2014. In May 2019, markets saw a slight 0.1% dip one month after elections, while in May 2014, they surged 5.8%. Sunil Subramaniam, MD of Sundaram Mutual Fund, predicts the Sensex could reach 90,000 by year-end, driven by increased foreign investments.

  • Kalyan Jewellers India rises as its India operations report a revenue growth of 29% YoY in Q1FY25, driven by healthy same-store sales growth. Its Middle East business also records a 16% YoY revenue increase. The company appears in a screener of stocks where mutual funds increased their holding in the past quarter.

  • RailTel Corp of India rises as it receives a work order worth Rs 23.9 crore from Webel Technology to upgrade and enhance existing IT and non-IT DC infrastructure at the West Bengal State Data Centre (WBSDC) in Monibhandar.

  • Raymond surges as it announces a vertical demerger of its real estate business into its wholly owned subsidiary, Raymond Realty. The new entity will seek automatic listing on stock exchanges, and each Raymond shareholder will receive one share of Raymond Realty for every share held in Raymond.

  • Titan Co is falling as Kotak Institutional Equities downgrades its rating to ‘Reduce’ and lowers the target price to Rs 3,075. The brokerage anticipates an increase in competitive intensity with the launch of Aditya Birla Group’s Novel Jewels. The brokerage sees multiple margin headwinds, and adds that the risk-reward is unfavourable. It cuts the EPS estimates by 5-6% for FY25-27E.

  • Mahindra Lifespace Developers rises sharply as it bags a third redevelopment project in Mumbai with an estimated gross development value (GDV) of Rs 1,800 crore. The company also acquires a land parcel in South Bengaluru with a potential GDV of Rs 250 crore.

  • HDFC Mutual Fund sells a 0.9% stake in Restaurant Brands Asia for approx Rs 50.3 crore in a bulk deal on Thursday.

  • Macrotech Developers' Q1FY25 pre-sales rise 20% YoY to Rs 4,030 crore. The collections for the quarter increase by 12% YoY to Rs 2,690 crore.

  • BEML hits a new 52-week high at Rs 5,488 today, following reports indicating the company's progress in delivering all ten trainsets by year-end and seeking a repeat order. This is crucial as the Indian Railways aims to complete trials of the first Vande Bharat sleeper rakes by August.

  • Radhakishan Damani buys a 2% stake in VST Industries in Q1FY25. He now holds a 34.7% stake in the company.

  • Sunil Singhania cuts stake in PSP Projects to below 1% in Q1FY25. He held a 1.5% stake in the company in Q4FY24.

  • Angel One is rising as its average daily turnover (ADTO) grows by 92.7% YoY to Rs 43.8 lakh crore in Q1FY25. Its client base also improves by 64.2% YoY to 2.5 crore, with total order numbers rising by 85.9% YoY in the same quarter. The company appears in a screener of stocks where mutual funds increased their holding in the past month.

  • Ircon International rises sharply as its joint venture (JV) with Paras Railtech and PCM Strescon Overseas Ventures bags an order worth Rs 750.8 crore from Rail Vikas Nigam. The orders are for the design, supply, installation, testing, and commissioning of broad gauge ballastless track (BLT), supply of ballast, and installation of track in Uttarakhand.

  • Nifty 50 was trading at 24,210.70 (-91.5, -0.4%), BSE Sensex was trading at 79,794.51 (-255.2, -0.3%) while the broader Nifty 500 was trading at 22,881.75 (-32.5, -0.1%)

  • Of the 1,950 stocks traded today, 1,310 were on the uptick, and 603 were down.

Riding High:

Largecap and midcap gainers today include Rail Vikas Nigam Ltd. (491.05, 17.3%), YES Bank Ltd. (26.64, 11.2%) and CG Power and Industrial Solutions Ltd. (772.20, 6.9%).

Downers:

Largecap and midcap losers today include HDFC Bank Ltd. (1,648.10, -4.6%), PB Fintech Ltd. (1,379.45, -2.9%) and Vedant Fashions Ltd. (1,095.85, -2.7%).

Volume Shockers

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (491.05, 17.3%), YES Bank Ltd. (26.64, 11.2%) and Vardhman Textiles Ltd. (535.90, 10.5%).

Top high volume loser on BSE was Medplus Health Services Ltd. (669.30, -3.0%).

Ircon International Ltd. (307.75, 10.0%) was trading at 14.7 times of weekly average. Blue Star Ltd. (1,705.25, 6.2%) and Raymond Ltd. (3,229.50, 9.9%) were trading with volumes 14.5 and 14.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

59 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (922, 3.5%), Aurobindo Pharma Ltd. (1,303.55, 3.9%) and BASF India Ltd. (5,379.10, 3.0%).

6 stocks climbed above their 200 day SMA including Westlife Foodworld Ltd. (853.60, 3.7%) and Hatsun Agro Products Ltd. (1,106.20, 2.5%). 3 stocks slipped below their 200 SMA including APL Apollo Tubes Ltd. (1,570, -0.7%) and Bajaj Finance Ltd. (7,138, 0.4%).

 
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