Trendlyne Marketwatch
Trendlyne Marketwatch
04 Sep 2024, 03:58PM
Market closes lower, Lupin launches Mirabegron Extended-Release tablets in the US
By Trendlyne Analysis

 

Nifty 50 closed at 25,198.70 (-81.2, -0.3%) , BSE Sensex closed at 82,352.64 (-202.8, -0.3%) while the broader Nifty 500 closed at 23,748.90 (-39.6, -0.2%). Market breadth is even. Of the 2,237 stocks traded today, 1,086 were in the positive territory and 1,131 were negative.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 25,198.7 points. The Indian volatility index, Nifty VIX, rose by 3.9% and closed at 14.4 points. India’s IPO fundraising reached a 27-month high in August, with 10 companies collectively raising Rs 17,048 crore. This represents the largest primary market fundraising since May 2022.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty MidSmall Healthcare & S&P BSE Midsmallcap were among the top index gainers today. According to Trendlyne’s Sector dashboard, Retailing emerged as the best-performing sector of the day, with a jump of over 1.6%.

Asian indices closed in the red while European indices are trading in the red with an exception of Russia’s MOEX and RTSI which are trading higher. US index futures traded lower, indicating a cautious start to the trading session. Brent crude oil futures are trading in the red. A significant selloff occurred following news about the potential resolution of a dispute in Libya, which had previously halted the country's crude production and exports.

  • Relative strength index (RSI) indicates that stocks like Gujarat State Petronet, Godrej Industries, Eris Lifesciences, and Bajaj Finserv are in the overbought zone.

  • Lupin rises to its all-time high of Rs 2,282 per share as it launches Mirabegron Extended-Release tablets in the US, after receiving approval from the US FDA. These tablets are a generic equivalent of Myrbetriq Extended-Release tablets from Astellas Pharma Global Development. According to IQVIA, the market size of the drug was $1.6 billion as of July 2024.

  • SpiceJet rises as Chairman and MD, Ajay Singh, reportedly considers diluting a 10% stake and raising up to Rs 3,000 crore through qualified institutional placement (QIP). The company plans to conduct QIP roadshows in Mumbai, Hong Kong, and Singapore to attract institutional investors.

  • RITES signs a memorandum of understanding (MoU) with NBCC (India) to collaborate on consultancy and EPC projects. The partnership will focus on urban energy, water management, transport, infrastructure, and township development, covering all phases from concept to commissioning.

  • India’s services PMI rises to 60.9 in August, from 60.4 in July. However, Composite PMI remains unchanged at 60.7. The PMI reading stays above the 50 mark for the 37th consecutive month.

  • GlaxoSmithKline Pharmaceuticals is rising as it receives an income tax refund of Rs 222.2 crore from the Income Tax Department.

  • Krishna Institute of Medical Sciences rises to hit its all-time high of Rs 2,654 as the board sets September 13 as the record date for its stock split, dividing existing equity shares from one equity share with a face value of Rs 10 into five equity shares with a face value of Rs 2.

  • Samvardhana Motherson International is reportedly set to launch a share sale this month, raising up to $715 million through a Qualified Institutional Placement. The funds will be used for debt repayment, expansion, and capital expenditure.

  • Singapore’s CapitaLand Investment plans to more than double its funds under management in India to more than Singapore $14.8 billion (Rs 90,280 crore) by 2028.

  • Motilal Oswal maintains its 'Buy' call on VRL Logistics with a higher target price of Rs 660 per share. This indicates a potential upside of 12.5%. The brokerage believes that the company's sales volumes will grow due to the pick-up in agricultural and textile commodity sales driven by strong monsoons. It expects the company's revenue to grow at a CAGR of 14% over FY25-26.

  • PSU banks like Canara Bank, Indian Bank, Bank of Baroda, and Punjab National Bank fall by more than 1.5% in trading. All constituents of the broader Nifty PSU Bank index trade in the red.

  • Exicom Tele-Systems falls sharply as Late Rakesh Jhunjhunwala-backed RARE Enterprises offloads 15.9 lakh shares at an average price of Rs 348.6 per share.

  • Indian Railways launches Vande Bharat Sleeper trains, set to debut by year-end. Kinet Railway Solutions, a joint venture between Russian firm TMH and Rail Vikas Nigam (RVNL), won the international tender to produce 120 trainsets (1,920 coaches) under a contract worth $6.5 billion (Rs 54,576.5 crore).

  • IT stocks like Wipro, MphasiS, LTIMindtree, and Infosys fall more than 2% in trade. All constituents of the broader Nifty IT index are trading in the red.

  • Minda Corp rises as it signs a technology licensing agreement with China's Sanco Connecting to locally develop EV connection systems, including charging gun assemblies, power distribution units, and battery distribution units. This collaboration is expected to strengthen Minda Corp's electrical distribution systems in the growing EV market.

  • ICICI Securities retains its 'Buy' rating on Tata Technologies with a target price of Rs 1,290 per share, indicating a potential upside of 21.9%. The brokerage remains confident in the firms growth potential, citing the company's emphasis on deepening partnerships with OEM ecosystem stakeholders to accelerate the transition to a software/SDV portfolio. It expects the company's revenue to grow at a CAGR of 15.5% over FY25-27.

  • Investment banker DAM Capital Advisors submits its draft prospectus to SEBI for an initial public offering (IPO). The IPO will consist solely of an offer-for-sale (OFS) of up to 3.2 crore equity shares, with no fresh issue of shares.

  • Ecos (India) Mobility & Hospitality's shares debut on the bourses at a 16.8% premium to the issue price of Rs 334. The Rs 601.2 crore IPO received bids for 64.3 times the total shares on offer.

  • General Insurance Corporation of India falls as central government announces plans to sell 6.8% stake worth Rs 4,700 crore. This will be done through an offer for sale at an average price of Rs 395 per share.

  • VST Industries gets approval from NSE and BSE for a bonus issue of 15.4 crore equity shares with a face value of Rs 10 each. Shareholders to receive 10 new equity shares for each equity share they have in the company.

  • IPO fundraising surges to a 27-month high in August, with 10 companies raising a total of Rs 17,048 crore. This marks the largest primary market fundraising since May '22. Of the total amount, fresh issues account for 57% of the total amount, or Rs 9,715 crore, while the remaining Rs 7,333 crore was raised via offer for sale (OFS) route.

  • Westbridge AIF I sells 1.5% stake (1.1 crore shares) in AU Small Finance Bank at an average price of Rs 676.1 per share, worth approx Rs 736.6 crore, in a bulk deal on Tuesday. AU Small Finance Bank submits an application to the Reserve Bank of India on Tuesday, requesting approval for a voluntary transition from a small finance bank to a universal bank.

  • Texmaco Rail & Engineering enters an agreement with Jindal Rail Infrastructure to acquire a 100% stake in the company for Rs 614 crore. The acquisition will help Texmaco in the R&D, design, and manufacturing of commodity-specific freight wagons.

  • Indian Energy Exchange's electricity volume rises 17.1% YoY to 9,914 million units (MU) in August. IEX Green Market achieves a volume growth of 259.5% YoY to 871 MU.

  • NHPC signs a memorandum of understanding (MoU) with the Department of Energy, Gov. of Maharashtra to set up pumped storage systems and other renewable energy sources (water, solar, wind, and hybrid). The pumped storage systems in Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), Jalond (2,400 MW) in Maharashtra with a capacity of 7,500 MW.

  • Market sinks in morning trading. Nifty 50 was trading at 25,089.80 (-190.1, -0.8%), BSE Sensex was trading at 82,023.59 (-531.9, -0.6%) while the broader Nifty 500 was trading at 23,627.40 (-161.1, -0.7%).

  • Market breadth is moving down. Of the 1,938 stocks traded today, 597 were in the positive territory and 1,309 were negative.

Riding High:

Largecap and midcap gainers today include Biocon Ltd. (379.40, 4.8%), Hindustan Petroleum Corporation Ltd. (445.10, 4.5%) and Berger Paints (India) Ltd. (597.70, 3.6%).

Downers:

Largecap and midcap losers today include Oil India Ltd. (682.25, -6.5%), General Insurance Corporation of India (397.85, -5.6%) and Federal Bank Ltd. (187.87, -3.5%).

Volume Shockers

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

Top high volume gainers on BSE included CCL Products India Ltd. (832, 15.3%), Piramal Pharma Ltd. (213.03, 10.3%) and Jubilant Ingrevia Ltd. (742.35, 10.2%).

Top high volume losers on BSE were General Insurance Corporation of India (397.85, -5.6%), KSB Ltd. (880.15, -5.1%) and Mastek Ltd. (2,829.80, -2.6%).

Indigo Paints Ltd. (1,539.75, 6.2%) was trading at 19.4 times of weekly average. Aether Industries Ltd. (931.50, 4.6%) and BEML Ltd. (4,106.70, 6.7%) were trading with volumes 16.4 and 10.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Akzo Nobel India Ltd. (3,570, 1.7%), Bajaj Finserv Ltd. (1,871.90, 0.3%) and Bajaj Holdings & Investment Ltd. (11,067.70, 1.5%).

12 stocks climbed above their 200 day SMA including Prism Johnson Ltd. (182.32, 3.8%) and Medplus Health Services Ltd. (719, 2.9%). 11 stocks slipped below their 200 SMA including Punjab National Bank (112.94, -2.3%) and C.E. Info Systems Ltd. (2,025.20, -2.1%).

 
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