Trendlyne Marketwatch
Trendlyne Marketwatch
12 Sep 2024
Market closes higher, Minda Corp's board approves raising Rs 1,000 crore via a QIP
By Trendlyne Analysis

 

Nifty 50 closed at 25,388.90 (470.5, 1.9%) , BSE Sensex closed at 82,962.71 (1,439.6, 1.8%) while the broader Nifty 500 closed at 23,907.35 (376.1, 1.6%). Market breadth is in the green. Of the 2,253 stocks traded today, 1,401 were in the positive territory and 823 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index touching a record high of 25,430.4 points. The Indian volatility index, Nifty VIX, declined by 3.3% and closed at 13.2 points. NBCC (India) signed a Rs 1,600 crore memorandum of understanding (MoU) with Mahanagar Telephone Nigam (MTNL) to jointly develop a 13.9 acre land parcel owned by MTNL in Delhi.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, taking cues from the benchmark index. Nifty Metal and BSE Metal were among the top index gainers today. According to Trendlyne’s Sector dashboard, Telecom Services emerged as the best-performing sector of the day, with a jump of over 3.1%.

Asian indices closed mixed while European indices are trading in the green except Russia’s MOEX & RTSI. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. U.S. stock futures climbed after a tech-driven rally on Wall Street in the previous session. Global semiconductor stocks also rose, with Nvidia's shares jumping 8.2% on Wednesday, marking its largest one-day gain in six weeks.

  • Granules India sees a short buildup in its September 26 futures series, with open interest increasing by 120.2% and a put-call ratio of 1.

  • Wanbury surges to its 5% upper circuit as it announces plans to launch two new active pharmaceutical ingredients, Dextromethorphan, a cough suppressant, and Ketamine, an anaesthetic used for medical purposes.

  • Ashika Credit Capital rises to its all-time high of Rs 308.6 per share as its board of directors schedules to meet on Tuesday to consider a fundraising proposal by issuing equity shares or convertible warrants.

  • Thermax rises sharply as it signs a license agreement with Ceres Power to manufacture and provide green hydrogen solutions using Ceres solid oxide electrolysis cell (SOEC) technology, covering stack modules and electrolyser systems.

  • Nifty 50 rises to a record high of 25,430.2 today, fueled by gains in financial and IT stocks, following economic data from the US that alleviated growth concerns.

  • HDFC Bank rises as reports emerge the company is in talks with global banks to offload loans worth $1 billion (approx. Rs 8,398 crore) in a bid to reduce its credit book and improve the credit-to-deposit ratio. Notable banks in discussions with HDFC Bank include Barclays Plc, Citigroup, JPMorgan Chase, and ICICI Bank.

  • Bharti Airtel rises to a new all-time high of Rs 1,609.2 after signing a deal with Sparkle for additional capacity on the Blue-Raman submarine cable system to diversify its global undersea cable network. Airtel will further diversify its global network and meet growing data demands in India and nearby regions.

  • Consumer durables stocks like Kalyan Jewellers, Aditya Birla Fashion & Retail, Havells India, and Amber Enterprises rise more than 1% in trade. All constituents of the broader BSE Consumer Durables index are trading in the green, helping it touch its all-time high of 66,009.4.

  • UBS maintains its ‘Buy’ rating on Zomato with a target price of Rs 283.6, citing optimism about the company’s growth. The brokerage highlights that Zomato vs Swiggy is a push-and-pull scenario, continuing into Q2FY25. It projects the company’s GMV to grow by 7% QoQ in Q2.

  • Varun Beverages rises sharply as it trades ex-stock split. The company had approved a 2:5 stock split, reducing the share price to Rs 635.5 from Rs 1,569.2, increasing the float in the market.

  • Minda Corp is rising as its board of directors approves raising Rs 1,000 crore through a preferential issue, qualified institutional placement (QIP), or other modes.

  • CE Info Systems rises as it partners with Zoomcar to offer car rental services on the Mappls app. The collaboration will leverage Zoomcar's fleet and Mappls' AI-powered integration to provide road trip and travel solutions.

  • Maruti Suzuki introduces a new CNG variant of the Swift hatchback in India, priced between Rs 8.2-9.2 lakh. This move is part of its eco-friendly strategy following the discontinuation of diesel models. The company aims to sell six lakh CNG vehicles by the end of FY25.

  • Kalpataru Projects International rises as it bags multiple orders worth Rs 2,774 crore from the domestic and international markets. The orders include transmission and distribution (T&D) projects overseas, and engineering, procurement, and construction (EPC) contracts for airport extensions and a residential building in India.

  • Shree Tirupati Balajee Agro Trading Company's shares debut on the bourses at an 8.4% premium to the issue price of Rs 83. The Rs 169.7 crore IPO received bids for 55.8 times the total shares on offer.

  • Bharat Petroleum Corp rises as its exploration and production arm, and its 50:50 joint venture (JV) partner, Indian Oil Corp, receives a production concession from the Supreme Council for Financial & Economic Affairs (SCFEA). The concession is for a 6,162 square kilometer (sq km) of land and gives the JV equity rights to the oil procured from the land.

  • Ola Electric Mobility, JBM Auto, and Ashok Leyland, along with other EV automakers, rise as the government approves a new Rs 10,900 crore subsidy scheme for the sector. The two-year scheme, called PM E-Drive, focuses on two-wheelers, three-wheelers, and buses, supporting 24.8 lakh electric two-wheelers, 3.2 lakh electric three-wheelers, and 14,028 electric buses.

  • Adani Ports & Special Economic Zone rises as it signs a 30-year concession agreement with Deendayal Port Authority to operate a 5.7 million tonne capacity multipurpose terminal in Kandla, Gujarat. The company secures the contract by offering Rs 200 per ton royalty.

  • Cholamandalam Investment & Finance surges to its all-time high of Rs 1,562.4 as Jefferies reportedly maintains 'Buy' on the stock with an upgraded target price of Rs 1,800 per share. This indicates a potential upside of 16%. The brokerage believes the company will benefit from the rate-cut cycle owing to its strong auto loan portfolio and focus on building a network in the non-auto business.

  • Inox Wind rises sharply as its subsidiary, Resco Global Wind Services, completes a Rs 350 crore equity raise through a preferential allotment to non-promoter investors. The funds will be used to scale up its wind energy business in India.

  • The Open Network for Digital Commerce (ONDC) has reached a new milestone of 100 million transactions in under 18 months. Namma Yatri, a ride-hailing platform on ONDC, has topped a cumulative $100 million (Rs 839.8 crore) in driver earnings and 50 million trips since its inception. CEO T Koshy highlights the platform's target to democratize e-commerce, ensuring equal participation for all segments of society, merchants, and buyers.

  • Honasa Consumer falls sharply as 3.5 crore shares (10.9% stake), worth approximately Rs 1,763.3 crore, change hands in a block deal at an average price of Rs 500 per share. Peak XV Partners, Sequoia Capital, Redwood Trust, Fireside Ventures, Stellaris Ventures, and Sofina Ventures are reportedly the sellers in the transaction.

  • Hindustan Petroleum Corp is rising as its board of directors approves the construction of a pipeline from Visakh to Raipur with an estimated capex of Rs 2,212 crore. The board has also revised its capex for the Visakh Refinery modernization project to Rs 30,609 crore, expected to be operational by October.

  • NBCC (India) rises sharply as it signs a Rs 1,600 crore memorandum of understanding (MoU) with Mahanagar Telephone Nigam (MTNL) to jointly develop a residential or commercial space at a 13.9-acre land parcel owned by MTNL in Delhi.

  • Tata Steel rises sharply as it signs a grant funding agreement worth £500 million (approx Rs 5,475.1 crore) with the UK government for its £1.3 billion project to install an electric arc furnace at Port Talbot.

  • Markets rise on early trading, Nifty 50 was trading at 25,016.35 (97.9, 0.4%), BSE Sensex was trading at 81,930.18 (407.0, 0.5%) while the broader Nifty 500 was trading at 23,665.85 (134.6, 0.6%).

  • Market breadth is ticking up strongly. Of the 1,926 stocks traded today, 1,436 were gainers and 450 were losers.

Riding High:

Largecap and midcap gainers today include Gujarat Fluorochemicals Ltd. (4,296.45, 6.5%), CG Power and Industrial Solutions Ltd. (729.15, 5.7%) and Zomato Ltd. (283.90, 4.5%).

Downers:

Largecap and midcap losers today include Biocon Ltd. (376.60, -2.3%), FSN E-Commerce Ventures Ltd. (207.69, -2%) and YES Bank Ltd. (23.43, -1.6%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Kaynes Technology India Ltd. (5,165.85, 10.8%), Engineers India Ltd. (226.91, 7.9%) and FDC Ltd. (612.65, 6.0%).

Top high volume losers on BSE were Granules India Ltd. (564.90, -16.5%), Honasa Consumer Ltd. (493.85, -5.4%) and Kama Holdings Ltd. (2,672.05, -0.9%).

Krishna Institute of Medical Sciences Ltd. (2,735.90, 2.6%) was trading at 10.0 times of weekly average. JBM Auto Ltd. (1,994.45, 3.6%) and CG Power and Industrial Solutions Ltd. (729.15, 5.7%) were trading with volumes 8.9 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (3,390, 0%), Apollo Hospitals Enterprise Ltd. (7,061.80, 2.3%) and Bajaj Auto Ltd. (11,723.50, 2.7%).

15 stocks climbed above their 200 day SMA including Engineers India Ltd. (226.91, 7.9%) and L&T Finance Ltd. (174.36, 4.9%). 10 stocks slipped below their 200 SMA including Tamilnad Mercantile Bank Ltd. (474.90, -0.8%) and ITI Ltd. (291.45, -0.6%).

 
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