Trendlyne Marketwatch
Trendlyne Marketwatch
30 Aug 2024
Market closes higher, Technocraft's board approves buyback worth Rs 130 crore
By Trendlyne Analysis
 

Nifty 50 closed at 25,235.90 (84.0, 0.3%) , BSE Sensex closed at 82,365.77 (231.2, 0.3%) while the broader Nifty 500 closed at 23,734.55 (103.2, 0.4%). Market breadth is in the green. Of the 2,234 stocks traded today, 1,249 were on the uptick, and 958 were down.

Indian indices maintained their gains from the morning session to close higher. The Indian volatility index, Nifty VIX, fell 2.9% and closed at 13.4 points. Prestige Estates Projects closed 3.7% higher after its board of directors approved a qualified institutional placement (QIP) of equity shares at a floor price of ?1,755.1 per share.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. Nifty Bank and Nifty Pharma closed higher. According to Trendlyne’s sector dashboard, Realty emerged as the best-performing sector of the day, with a rise of 1.6%.

European indices traded mixed, while major Asian indices closed higher. US index futures traded mixed, indicating a cautious start to the trading session. Investors look ahead to the release of the PCE (personal consumption expenditures) price index data, the Federal Reserve’s preferred inflation measure. PCE inflation is expected to rise 0.2% MoM or 2.6% YoY in July.

  • Money flow index (MFI) indicates that stocks like Trent, Gillette India, Mankind Pharma, and Godrej Industries are in the overbought zone.

  • Technocraft Industries (India) rises as its board approves a Rs 130 crore buyback of up to 2.9 lakh equity shares at Rs 4,500 per share. The buyback offer will open on September 2 and close on September 6.

  • Lemon Tree Hotels signs a license agreement for a new hotel in Ayodhya, set to open in FY26. The property will be managed by Lemon Tree's wholly-owned subsidiary, Carnation Hotels, and feature 72 rooms.

  • Healthcare stocks like Glenmark Pharmaceuticals, Metropolis Healthcare, Alkem Laboratories, and Dr Lal Pathlabs rise more than 2% in trade. All constituents of the broader Nifty Healthcare index are trading in the green, helping the index touch a new all-time high of 14,554.2.

  • According to reports, Adani Group has invested approximately Rs 2,000 crore in the Dharavi Redevelopment Project (DRP), Asia's largest slum redevelopment initiative covering 640 acres in Mumbai. The group has already disbursed Rs 1,000 crore to the Indian Railways for 27 acres of land designated for the project. Further funds are being allocated for a comprehensive survey to assess the number of tenements in Dharavi, anticipated to be completed by March 2025.

  • Mahindra & Mahindra signs a non-binding memorandum of understanding (MoU) with Sentrycs to explore creating advanced anti-drone solutions for civilian and military use in India.

  • Piramal Pharma rises as its board of directors approves the subscription to 13.9 crore preference shares of its wholly-owned subsidiary, Piramal Dutch Holdings NV, for approximately Rs 1,306.6 crore, in exchange for an existing unsecured loan.

  • Motilal Oswal retains its 'Buy' call on HCL Technologies with a higher target price of Rs 2,000 per share. This indicates a potential upside of 13.6%. The brokerage believes the company will outperform its competitors due to its go-to-market (GTM) strategy, combining the IT services and R&D businesses. It expects the firm's revenue to grow at a CAGR of 5.9% over FY25-27.

  • According to a poll of economists, India's gross domestic product (GDP) is estimated to grow 6.8% in the April–June period compared to 7.2% in the previous quarter. Gross value added is projected to grow by 6.5%. Economic growth likely slowed in Q1FY25 due to subdued government spending and weaker demand.

  • Foreign institutional investors buy equity worth Rs 9,098.2 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 18,799.9 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 4,339.5 crore during the same period.

  • SJVN reportedly signs a memorandum of agreement (MoA) with the Government of Arunachal Pradesh to develop five hydroelectric projects totaling 5,097 MW. Etalin and Attunli hydroelectric plants (HEPs) are in advanced stages of clearance, requiring an investment of approximately Rs 44,000 crore and generating around 15,787 million units of electricity annually.

  • Hindustan Oil Exploration Co rises sharply as it announces the successful activation of wells D1 and D2 in the western offshore Block B-80 field. The company reports that both wells are in the stabilization phase.

  • Pramod Patwari, CFO of Balrampur Chini Mills, believes the Centre’s decision to remove the cap on sugarcane diversion for ethanol production eliminates uncertainty. He projects ethanol volumes of 22-23 crore litre for FY25, and 30 crore for FY26.

  • Tech Mahindra rises as it signs a memorandum of understanding (MoU) with Marshall Group to collaborate on innovative and sustainable solutions in aerospace and defense.

  • Welspun Living’s promoter, Balkrishan Goenka’s family trust, sells 3.8 crore shares (3.9% stake) worth Rs 781.5 crore in a block deal. The transaction was executed at an average price of Rs 205.2 per share.

  • Max Estates' board of directors approves the qualified institutional placement (QIP) of equity shares at a floor price of Rs 628.7 per share.

  • MSCI's August rejig is set to take effect today, which is estimated to lead to net inflows worth $5.5 billion into the Indian stock market. The MSCI Global Standard index will add seven stocks and remove one. HDFC Bank will see an increase in its weight within the index. According to IIFL Alternative Research, India's weight in the MSCI Emerging Markets (EM) index is projected to reach a record 20%, up from 19.4%.

  • Great Eastern Shipping Co sells its 2011-built Supramax Dry Bulk Carrier, Jag Rani, with a deadweight tonnage of about 56,820. The company will deliver the vessel to the new owner by Q3FY25.

  • Garden Reach Shipbuilders & Engineers rises sharply as it signs a memorandum of understanding (MoU) with the National Highway Infrastructure Development Corp (NHIDCL) to supply double-lane bridges.

  • SpiceJet falls sharply as it reportedly temporarily ceases the paid employment of 150 cabin crew members amid financial and legal woes. The Directorate General of Civil Aviation (DGCA) has placed the company under enhanced surveillance, and the Delhi High Court has asked the airline to ground three engines and return them to its lessors in 15 days.

  • Macquarie maintains its ‘Overweight’ rating on TVS Motor and Hero MotoCorp, and a ’Neutral’ stance on Bajaj Auto and Eicher Motors. The brokerage notes the robust growth in the two-wheeler segments and believes it will continue to lead FY25 growth. The brokerage anticipates volume growth in the low teens in FY25, driven by rural demand recovery and rising EV penetration.

  • ITI surges as it secures its first order from the State Election Commission (SEC) of West Bengal to supply 500 electronic voting machines (EVMs).

  • Rail Vikas Nigam rises as it signs a memorandum of understanding (MOU) with Patel Engineering to cooperate and establish a framework for achieving synergies in hydro and other infrastructure projects, both in India and overseas.

  • Life Insurance Corp of India receives a goods and services tax demand worth Rs 605.6 crore from the Deputy Commissioner of State Tax, Mumbai.

  • Prestige Estates Projects' board of directors approves the qualified institutional placement (QIP) of equity shares at a floor price of Rs 1,755.1 per share.

  • Markets opened high. Nifty 50 was trading at 25,239.55 (87.6, 0.4%) , BSE Sensex was trading at 82,637.03 (502.4, 0.6%) while the broader Nifty 500 was trading at 23,720.90 (89.5, 0.4%)

  • Market breadth is highly positive. Of the 1,909 stocks traded today, 1,455 showed gains, and 419 showed losses.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (621.90, 12.2%), Jindal Stainless Ltd. (793.40, 7.8%) and Au Small Finance Bank Ltd. (688.70, 7.6%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (15.64, -4.1%), APL Apollo Tubes Ltd. (1,462.10, -2.7%) and Voltas Ltd. (1,743.65, -2.5%).

Movers and Shakers

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

Top high volume gainers on BSE included One97 Communications Ltd. (621.90, 12.2%), Jindal Stainless Ltd. (793.40, 7.8%) and Au Small Finance Bank Ltd. (688.70, 7.6%).

Top high volume losers on BSE were Vodafone Idea Ltd. (15.64, -4.1%), Cochin Shipyard Ltd. (1,886.65, -3.5%) and Capri Global Capital Ltd. (205.52, -3.2%).

Praj Industries Ltd. (766.90, 5.2%) was trading at 21.3 times of weekly average. Prestige Estates Projects Ltd. (1,813.15, 5.1%) and HDFC Bank Ltd. (1,636.90, -0.1%) were trading with volumes 14.5 and 14.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

49 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Abbott India Ltd. (3,0152, 0.6%), Apollo Hospitals Enterprise Ltd. (6,927.50, 1.0%) and Aurobindo Pharma Ltd. (1,569.40, 0.4%).

19 stocks climbed above their 200 day SMA including Au Small Finance Bank Ltd. (688.70, 7.6%) and ZF Commercial Vehicle Control Systems India Ltd. (1,5880, 3.9%). 9 stocks slipped below their 200 SMA including Engineers India Ltd. (217.50, -3.0%) and Usha Martin Ltd. (331.35, -1.7%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five stocks to buy from analysts this week - June 10, 2025
The Baseline | 10 Jun 2025, 05:15PM
Market closes flat, DoT advises state governments to use BSNL and MTNL services
Trendlyne Marketwatch | 10 Jun 2025, 03:54PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021