Trendlyne Marketwatch
Trendlyne Marketwatch
06 Sep 2024
Market closes lower, Pidilite Industries signs a partnership agreement with CollTech Group
By Trendlyne Analysis

 

Market sinks in today's trading. Nifty 50 closed at 24,852.15 (-293.0, -1.2%) , BSE Sensex closed at 81,183.93 (-1,017.2, -1.2%) while the broader Nifty 500 closed at 23,477.70 (-285.1, -1.2%). Market breadth is highly negative. Of the 2,238 stocks traded today, 625 were gainers and 1,592 were losers.

Indian indices closed lower after falling throughout the day. The Indian volatility index, Nifty VIX, rose 7.1% and closed at 15.2 points. VA Tech Wabag secured an approximately Rs 2,700 crore order from the Saudi Water Authority for a 300 million litre per day (MLD) seawater desalination plant in Saudi Arabia.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty PSU Bank and S&P BSE Telecom Index were among the biggest index losers today. According to Trendlyne’s Sector dashboard, Fertilizers emerged as the worst-performing sector of the day, with a fall of 2.5%.

Asian indices closed mixed. European indices are trading in the red. US index futures are trading in the red as investors awaited job data, which will impact the Federal Reserve's decision on an interest rate cut later this month. Brent crude oil futures are trading higher.

  • Money flow index (MFI) indicates that stocks like Bajaj Finserv, Eris Lifesciences, KEC International, and Chalet Hotels are in the overbought zone.

  • Synergy Green Industries surges to its all-time high of Rs 469 as it receives orders worth Rs 163.7 crore from Vestas Wind Systems for 2 megawatt (MW) and 4 MW parts, split equally between domestic and export requirements.

  • Sansera Engineering signs a long-term deal with Dynamatic Technologies to produce complex components for the Airbus A220 door program.

  • Godfrey Phillips India surges to its all-time high of Rs 7,095 per share as its board of directors schedules a meeting on September 20 to consider a share buyback.

  • RITES emerges as the lowest bidder for a major infrastructure project by the UP State Bridge Corporation. The project involves supervising, monitoring, and ensuring the quality and safety of bridges, rail overpasses/underpasses, flyovers, and elevated roads across multiple districts in Uttar Pradesh. If awarded, the contract will last 36 months from the date of the letter of award.

  • Pidilite Industries rises as it signs a partnership agreement with CollTech Group to serve as the exclusive distributor of CollTech’s extensive range of products in India.

  • Shyam Metalics and Energy's stainless steel sales rise 91% YoY to 7,060 million tonnes (MT) in August. Aluminium foil sales increase by 23% YoY to 1,561 MT. The company's speciality alloys sales grows 29% YoY, and carbon sales rise by 25% YoY.

  • Gujarat Mineral Development Corporation (GMDC) rises after the coal ministry reportedly allocates the Kudanali Lubri coal mine to the company.

  • Peak XV Partners Investments (formerly Sequoia India) reportedly increased the size of its block deal for Indigo Paints, launched on September 5, from Rs 750-800 crore to Rs 1,550 crore due to strong demand. As a result, the firm has sold 22% of its stake, doubling the initially planned dilution of 11%.

  • KPI Green Energy receives approval for 12.72 MW wind-solar hybrid power projects under its captive power producer (CPP) segment.

  • Foreign institutional investors buy equity worth Rs 11,885.5 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 56,340.2 crore from foreign investors. Meanwhile, mutual funds are net sellers in the equity market, divesting Rs 1,753.5 crore during the same period.

  • Motilal Oswal maintains its 'Buy' call on Coal India with an upgraded target price of Rs 600 per share. This indicates a potential upside of 22.7%. The brokerage remains positive on the stock due to its strong volume outlook, healthy e-auction premiums, and lower costs. It expects the company's revenue to grow at a CAGR of 9.1% over FY25-26.

  • Reports indicate that the Securities and Exchange Board of India (SEBI) plans to tighten derivative rules to raise entry barriers and make trading more costly, aiming to curb retail investors' speculation on risky contracts. The regulator will restrict options contract expiries to one per exchange per week and nearly triple the minimum trading amount.

  • Phoenix Mills rises as it announces September 21 as the record date for its 1:1 bonus share issue, pending shareholders' approval at the annual general meeting (AGM) on September 13.

  • Reliance Industries' board of directors approves a bonus issue of shares to equity holders in the ratio of 1:1. This means that each shareholder will receive one fully paid-up equity share, with a face value of Rs 10, for every share they hold on the record date.

  • Baazar Style Retail’s shares make a flat debut on the bourses at Rs 389. The Rs 834.7 crore IPO received bids for 40.7 times the total shares on offer.

  • Morgan Stanley notes that while the Indian IT sector has seen a significant rally, there is still potential for further gains. This is attributed to an ongoing revenue upgrade cycle that is likely to maintain high valuations. The brokerage expects this cycle, which started in Q1FY25, to continue for at least one to two more quarters, supporting sustained high multiples. 

  • Matrimony.com rises as its board approves a Rs 72 crore buyback of approximately 7 lakh equity shares at Rs 1,025 per share.

  • Strides Pharma rises sharply as its subsidiary, Strides Pharma Global, gets US FDA approval for a generic version of Theophylline extended-release tablets. According to IQVIA, the tablets, used for treating chronic asthma and other lung diseases, have a market size of $22.3 million.

  • VA Tech Wabag surges after winning a $317 million (approximately Rs 2,700 crore) order from the Saudi Water Authority for a 300 million litre per day (MLD) mega seawater desalination plant in Saudi Arabia.

  • Nuvama maintains its 'Buy' rating on Jubilant Ingrevia, and sets a higher target price of Rs 849. The brokerage expects the company's EBITDA contribution from its specialty chemicals business to grow from 48% in FY24 to 65% by FY27. They also anticipate a recovery in the agrochemicals sector and early progress in the diketene business, which are expected to boost margins.

  • Angel One's average daily turnover (ADTO) grows by 57.9% YoY to Rs 44.9 lakh crore in August. Its client base also improves by 62.9% YoY to 2.7 crore, with total order numbers rising by 40.8% YoY in the same month.

  • Mrs. Bectors Food Specialities' surges as it reportedly plans to issue shares worth Rs 400 crore through a qualified institutional placement (QIP) with an indicative price of Rs 1,550 per share.

  • Ashoka Builldcon surges to its all-time high of Rs 284.7 per share as its subsidiary, Viva Highways, sells its land in Pune for a consideration of Rs 453 crore.

  • KEC International surges to its all-time high of Rs 1,037.1 per share as it bags an order worth Rs 1,423 crore to design, supply, and install 380 kV transmission lines in Saudi Arabia.

  • Nifty 50 was trading at 25,088.80 (-56.3, -0.2%) , BSE Sensex was trading at 82,080.74 (-120.4, -0.2%) while the broader Nifty 500 was trading at 23,742.70 (-20.1, -0.1%)

  • Market breadth is ticking up strongly. Of the 1,921 stocks traded today, 1,363 showed gains, and 520 showed losses.

Riding High:

Largecap and midcap gainers today include Gujarat Fluorochemicals Ltd. (3,808.90, 8.1%), SBI Cards and Payment Services Ltd. (800.65, 4.3%) and Marico Ltd. (665.25, 3.3%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (13.35, -11.5%), Indian Bank (523.45, -5%) and Indus Towers Ltd. (423.10, -4.5%).

Volume Rockets

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

Top high volume gainers on BSE included Godfrey Phillips India Ltd. (7,205.85, 12.4%), Gujarat Fluorochemicals Ltd. (3,808.90, 8.1%) and Galaxy Surfactants Ltd. (3,056.15, 4.8%).

Top high volume losers on BSE were IDBI Bank Ltd. (88.33, -4.5%), State Bank of India (782.50, -4.4%) and NLC India Ltd. (269.15, -4.2%).

Indigo Paints Ltd. (1,479.35, -4.0%) was trading at 90.6 times of weekly average. Gujarat Mineral Development Corporation Ltd. (370.90, 1.8%) and Aavas Financiers Ltd. (1,875.85, 3.3%) were trading with volumes 6.9 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks made 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (3,350.35, 0.6%), Akzo Nobel India Ltd. (3,760, 2.0%) and Bajaj Finserv Ltd. (1,857.15, -0.4%).

Stock making new 52 weeks lows included - CSB Bank Ltd. (314.50, -1.3%).

16 stocks climbed above their 200 day SMA including Gujarat Fluorochemicals Ltd. (3,808.90, 8.1%) and GMM Pfaudler Ltd. (1,409.10, 3.5%). 20 stocks slipped below their 200 SMA including Vodafone Idea Ltd. (13.35, -11.5%) and Canara Bank (103.38, -4.5%).

 
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