Trendlyne Marketwatch
Trendlyne Marketwatch
23 Aug 2024
Market closes flat, Sun Pharma rises to an all-time high following the launch of STARIZO
By Trendlyne Analysis

 

Nifty 50 closed at 24,823.15 (11.7, 0.1%) , BSE Sensex closed at 81,086.21 (33.0, 0.0%) while the broader Nifty 500 closed at 23,418.65 (-22.1, -0.1%). Market breadth is even. Of the 2,248 stocks traded today, 1,067 were in the positive territory and 1,155 were negative.

Indian indices closed flat, with the benchmark Nifty 50 index closing at 24,823.2 points. The Indian volatility index, Nifty VIX, rose by 4.3% and closed at 13.6 points. Adani Group-owned Holderind Investments plans to sell a 2.8% stake (or 7 crore shares) in Ambuja Cements worth $500 million (approx. Rs 4,194.4 crore).

Nifty Midcap 100 closed in the red, while Nifty Smallcap 100 closed flat. Nifty Auto & S&P BSE Midsmallcap were among the top index gainers today. According to Trendlyne’s Sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a jump of over 2.4%.

Asian indices closed flat or lower while European indices are trading higher. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. Citi Research identifies a potential short-term buying opportunity, despite a reduction in geopolitical tensions. The brokerage highlights that several factors could drive a rebound, with oil prices possibly reaching $80 per barrel.

  • Money flow index (MFI) indicates that stocks like PCBL, Vijaya Diagnostic Centre, Trent, and Glenmark Lifesciences are in the overbought zone.

  • Sun Pharmaceuticals rises to an all-time high of Rs 1,781 following the launch of STARIZO, an antibacterial treatment for drug-resistant infections. The new drug specifically targets acute bacterial skin and skin structure infections (ABSSSI), particularly those caused by drug-resistant bacteria.

  • SEPC rises sharply to a new 52-week high of Rs 26.7 as it receives the final acceptance certificate from The Hutti Gold Mines for a Rs 232 crore contract. The contract involves constructing a new circular shaft with complete winding installations in Hutti, Karnataka.

  • InterGlobe Aviation (IndiGo) rises sharply after Jefferies upgrades its rating to 'Buy' with a target price of Rs 5,225 per share, implying a 10.8% upside. The brokerage is positive about IndiGo’s growth due to its expanding market share and strong revenue per passenger.

  • The Indian Government plans to amend the Foreign Exchange Management Act (FEMA) regulations to ease the transition of foreign portfolio investor (FPI) inflows into foreign direct investments (FDI). This change will simplify the process when an FPI surpasses the 10% ownership threshold in a company.

  • Jindal Saw rises sharply as its board approves a stock split, dividing existing equity shares with a face value of Rs 2 each into shares with a face value of Re 1 each.

  • Shriram Finance's board of directors approves the sale of its subsidiary, Shriram Housing Finance, to Mango Crest Investment, pending approval from the Competition Commission of India (CCI).

  • Foreign institutional investors buy equity worth Rs 3,044.4 crore in the market over the past week, according to Trendlyne's FII dashboard. Whereas, index options witness the highest inflow of Rs 12,706.5 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 7,059.3 crore during the same period.

  • Reports suggest that 1.2 crore shares (2.9% equity) of Tata Technologies, amounting to Rs 1,218.5 crore, change hands in a large trade.

  • JK Cement reportedly plans to invest Rs 4,900 crore to set up new 6 million ton grinding units and 8 million ton clinker units in Jaisalmer.

  • Shakti Pumps (India) rises as it secures an order worth Rs 9.4 crore from the Department of Agriculture, Jharkhand, for 400 solar water pumping systems (SWPS). The order includes the design, manufacture, supply, transport, installation, testing, and commissioning of the systems.

  • Emkay maintains its 'Reduce' rating on One97 Communications (Paytm) but raises the target price to Rs 375 per share. This indicates a potential upside of 32.8%. The brokerage believes the company's deal with Zomato to sell its ticketing business will improve Paytm’s cash equivalents which will be used to scale up rewards/cash-back program to revive its payment business following the RBI action. It expects the company's revenue to grow at a CAGR of 3.5% over FY25-27.

  • The global copper market is experiencing significant disruptions as China, usually a major importer, has started exporting large quantities due to low domestic demand. This shift has caused a substantial gap in global prices, leading the US to import approximately 91,000 tons in July alone, the third-largest monthly amount in the past decade.

  • CDSL rises sharply to a new all-time high of Rs 1,595 as the stock trades ex-date for its bonus issue. Shareholders will receive one new fully paid-up equity share with a face value of Rs 10 each for every existing equity share.

  • Reliance Home Finance (RHFL) shares fall as SEBI bars Anil Ambani and 24 others, including key RHFL officials, from participating in the securities market for five years due to fund diversion from the company. Ambani is also prohibited from holding positions like director or key manager in any listed company.

  • Power Mech Projects' surges to its all-time high of Rs 7,167 as its board of directors approves a bonus issue of shares to equity holders in the ratio of 1:1. The record date for the issue is September 28.

  • Brij Bhushan Agarwal, MD & VC of Shyam Metalics & Energy, highlights that the firm's current value-added products stand at 70% of the mix and will support their margins. He guides an EBITDA per tonne in the range of Rs 6,000-6,500 and expects a return on capital employed (ROCE) of 28% in the coming years.

  • Bharat Forge invests an additional Rs 105.5 crore in Kalyani Powertrain by subscribing to 10.5 crore shares in the company.

  • JSW Energy's wholly-owned subsidiary, JSW Neo Energy, receives a letter of award from NTPC for setting up a 300 MW wind-solar hybrid power project.

  • Jain Irrigation Systems rises sharply as it signs a memorandum of understanding (MoU) with the Coffee Board of India for the commercial supply of advanced high-quality, disease-resistant coffee plants to growers.

  • Global funds have been consistently investing in India’s debt market for 14 consecutive weeks, marking the second significant buying streak this year. This trend highlights India’s appeal amid the turbulence in global financial markets. With potential rate cuts on the horizon and the rupee trading near historic lows, offshore investors have net purchased around $7 billion worth of Indian bonds since May.

  • Promoters of FSN E-Commerce Ventures (Nykaa) reportedly plan to sell up to 4.1 crore shares (a 1.4% stake) for Rs 810 crore in a block deal at an average price of Rs 198 per share.

  • Adani Group-owned Holderind Investments plans to sell a 2.8% stake (or 7 crore shares) in Ambuja Cements worth $500 million (approx. Rs 4,194.4 crore).

  • RailTel Corp of India rises sharply as it secures a work order worth Rs 52.7 crore from Uttar Pradesh Police Recruitment and Promotion Board for CCTV surveillance, Aadhaar-based biometric services, and digital fingerprint and facial recognition during exams.

  • Adani Power is rising as it receives approval from the National Company Law Tribunal (NCLT) to acquire Lanco Amarkantak Power with an upfront payment of Rs 4,101 crore.

  • Nifty 50 was trading at 24804.95 (-6.6, 0.0%) , BSE Sensex was trading at 81165.65 (112.5, 0.1%) while the broader Nifty 500 was trading at 23448.95 (8.3, 0.0%)

  • Market breadth is in the green. Of the 1977 stocks traded today, 1160 were gainers and 778 were losers.

Riding High:

Largecap and midcap gainers today include FSN E-Commerce Ventures Ltd. (226.77, 7.8%), InterGlobe Aviation Ltd. (4,710.45, 5.1%) and Bajaj Auto Ltd. (10,406.45, 5.0%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,161.25, -5.0%), Deepak Nitrite Ltd. (2,821.05, -4.4%) and Avenue Supermarts Ltd. (4,901.50, -3.1%).

Movers and Shakers

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

Top high volume gainers on BSE included Minda Corporation Ltd. (631.15, 17.3%), Himadri Speciality Chemical Ltd. (527.15, 9.0%) and FSN E-Commerce Ventures Ltd. (226.77, 7.8%).

Top high volume losers on BSE were Prince Pipes & Fittings Ltd. (582, -4.4%), Anand Rathi Wealth Ltd. (3,605.35, -4.1%) and The Ramco Cements Ltd. (819.90, -1.5%).

Vardhman Textiles Ltd. (500.25, 3.4%) was trading at 19.6 times of weekly average. Ambuja Cements Ltd. (633.60, 0.3%) and Tata Technologies Ltd. (1,036.95, 3.0%) were trading with volumes 7.5 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks hit their 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (6,860.70, 0.4%), Ashok Leyland Ltd. (260.40, -0.5%) and Aurobindo Pharma Ltd. (1,538.20, 0.3%).

10 stocks climbed above their 200 day SMA including Prism Johnson Ltd. (167.74, 3.9%) and Eureka Forbes Ltd. (527.85, 3.9%). 8 stocks slipped below their 200 SMA including Macrotech Developers Ltd. (1,161.25, -5.0%) and Sammaan Capital Ltd. (170.50, -3.5%).

 
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