Trendlyne Marketwatch
Trendlyne Marketwatch
17 Sep 2024
Market closes higher, Torrent Power signs MoU with Gujarat for a 5 GW project
By Trendlyne Analysis

 

Nifty 50 closed at 25,418.55 (34.8, 0.1%) , BSE Sensex closed at 83,079.66 (90.9, 0.1%) while the broader Nifty 500 closed at 23,969.90 (1.7, 0.0%). Market breadth is in the red. Of the 2,277 stocks traded today, 847 were on the uptrend, and 1,400 went down.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 25,418.6 points. The Indian volatility index, Nifty VIX, rose by 1% and closed at 12.6 points. Spicejet’s board of directors approved the qualified institutional placement (QIP) of shares worth Rs 3,000 crore

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. S&P BSE Midsmallcap and S&P BSE Large MidCap were among the top index gainers today. According to Trendlyne’s Sector dashboard, Forest Materials emerged as the best-performing sector of the day, with a jump of over 6.6%.

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 red. UBS has lowered its oil price forecasts for 2024-2026 due to weaker global demand and a stable supply outlook. The Q4CY24 Brent crude forecast is cut to $75 per barrel from $83, reducing the 2024 average price to $80 per barrel.

  • Money flow index (MFI) indicates that stocks like Glenmark Life Sciences, Jubilant Pharmova, Gujarat Fluorochemicals, and Radico Khaitan are in the overbought zone.

  • BLS International Services falls sharply as 55 lakh share (1.3% stake), worth Rs 224 crore, reportedly change hands in a block deal at an average price of Rs 408 per share.

  • Firstsource Solutions announces a collaboration with Microsoft to deliver advanced digital transformation services globally. The partnership utilizes Azure OpenAI Service and other tools to provide AI-powered solutions, enhancing innovation and efficiency across industries.

  • Nuvoco Vistas rises sharply as 45 lakh share (1.2% stake), worth Rs 158 crore, reportedly change hands in a block deal at an average price of Rs 352 per share.

  • Ahead of the festive season beginning in October, the Open Network for Digital Commerce (ONDC) informs network players via a memo that the maximum incentive they can claim this month is Rs 40 lakh. This represents an 84% reduction from the Rs 2.5 crore limit available in the previous month.

  • Veefin Solutions rises sharply as it announces its third acquisition in digital lending platform EpikIndifi, worth Rs 125 crore. The acquisition offers solutions in digital supply chain finance, identity verification, trade securitisation, and automated AR/AP services. The company's three recent acquisitions are valued at Rs 400 crore.

  • DCX Systems surges to its 5% upper circuit as its subsidiary, Raneal Advanced Systems, receives an industrial license from the government to manufacture defence electronic systems. The company will produce microwave submodules for command and guidance units for missile subsystems, avionics & defence electronic equipment, and radar systems.

  • Torrent Power surges as it signs a memorandum of understanding (MoU) with the Government of Gujarat for a 5 gigawatt (GW) solar, wind or solar-wind hybrid project in the Dwarka District of Gujarat.

  • Sharekhan maintains a 'Buy' rating on ITC with a target price of Rs 595. The brokerage highlights that the company is on a steady earnings growth path, with the core cigarette and non-cigarette FMCG businesses anticipated to maintain consistent performance. Additionally, a recovery is expected in the paperboard, paper, and packaging (PPP) sector in the coming quarters.

  • Reliance Infrastructure rises sharply as its board of directors is set to meet on Thursday to consider fundraising through preferential issue, qualified institutional placement (QIP), rights issue, or other modes.

  • P N Gadgil Jewellers' shares debut on the bourses at a 72.9% premium to the issue price of Rs 480. The Rs 1,100 crore IPO received bids for 59.4 times the total shares on offer.

  • RailTel Corporation of India receives a work order worth Rs 48.7 crore from Health Insurance TPA of India to develop an integrated claims management solution portal and mobile application.

  • India's WPI inflation eased to a 4-month low of 1.3% in August, down from 2% in July, due to a slowdown in major sub-indices like manufactured products. Additionally, prices for fuel and power also contracted.

  • JBM Auto's subsidiary, JBM ECOLIFE Mobility, secures $100 million (approx. ?838.3 crore) in strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). The funds will support the supply and operation of electric buses across several states in India under the Gross Cost Contract (GCC) model.

  • Motilal Oswal upgrades Godrej Agrovet to a 'Buy' call with an improved target price of Rs 970. This indicates a potential upside of 20%. The brokerage believes that the company's profitability will improve across segments, owing to the segment-specific measures taken to improve efficiency. It expects the company's net profit to grow at a CAGR of 37.4% over FY25-26.

  • JK Tyre & Industries is falling as its board of directors approves its merger with its subsidiary, Cavendish Industries. As per the merger agreement, shareholders of Cavendish will receive 92 shares of JK Tyre for every 100 shares owned in Cavendish.

  • Phillip Capital initiates coverage with a 'Buy' rating on Bajaj Housing Finance and a target price of Rs 210. The brokerage emphasizes the company's promising outlook, especially in the Rs 50 lakh home loan segment, which makes up 65% of India's home loan market. It anticipates the company's balance sheet will surpass Rs 2 lakh crore within three years and expects credit costs to stay low in the near term.

  • Panacea Biotech surges to its 52-week high of Rs 349.8 per share as it enters a settlement with Sanofi Healthcare India concerning a patent infringement case filed in the Delhi High Court (HC). Panacea had previously filed a suit before the Delhi HC looking to restrain Sanofi from marketing its hexavalent vaccine which would infringe on Panacea's vaccine, EasySix.

  • Sandur Manganese & Iron Ores surges as its board of directors approves the issuance equity shares worth Rs 1,000 crore through a qualified institutional placement (QIP).

  • Ola Electric rises sharply as Godman Sachs reportedly initiates coverage with a 'Buy' call and a target price of Rs 160 per share. This indicates a potential upside of 44%. The brokerage believes that the company is well-positioned for long-term growth in the electric two-wheeler segment. It expects the company's revenue to grow at a CAGR of 40% over FY25-30.

  • In August, mutual funds, benefiting from record SIP inflows, invested over Rs 6,900 crore in eight IPOs. The biggest investment by mutual funds was in Brainbees Solutions with 4.21 crore shares worth Rs 2,810 crore. Most mutual fund investments in the primary market were made through anchor investments in public offerings.

  • Tata Motors falls sharply as 1.9 crore share (0.4% stake), worth Rs 1,758 crore, reportedly change hands in a block deal at an average price of Rs 970 per share.

  • Indo Count Industries is rising as its subsidiary, Indo Count Global, acquires an 81% stake in US-based quilt manufacturer, Fluvitex USA, for a cash consideration of $19.6 million (approx. Rs 164.6 crore). Indo Count also has the option to buy the remaining 19% stake in Fluvitex for $4.6 million (approx. Rs 38.6 crore) in the next five years.

  • Edelweiss Employees Welfare Trust sells 27.5 lakh shares (0.3% stake) in Edelweiss Financial Services, worth approximately Rs 34.1 crore, at an average price of Rs 124 per share in a block deal. Whiteoak Capital Asset Management is the buyer in the transaction.

  • Spicejet surges to its 52-week high of Rs 79.9 per share as its board of directors approves the qualified institutional placement (QIP) of shares worth Rs 3,000 crore at a floor price of Rs 64.8 per share.

  • Nifty 50 was trading at 25,366.95 (-16.8, -0.1%), BSE Sensex was trading at 82,955.20 (-33.6, 0.0%) while the broader Nifty 500 was trading at 23,958.75 (-9.5, 0.0%).

  • Market breadth is even. Of the 1,952 stocks traded today, 941 were on the uptrend, and 956 went down.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (649.65, 4.6%), Max Healthcare Institute Ltd. (964.70, 3.6%) and Indraprastha Gas Ltd. (548.10, 3.4%).

Downers:

Largecap and midcap losers today include Biocon Ltd. (375.85, -3.9%), Suzlon Energy Ltd. (82, -3.2%) and Hindustan Aeronautics Ltd. (4,458.50, -3.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Blue Dart Express Ltd. (9,253.65, 12.4%), Century Plyboards (India) Ltd. (885.05, 10.4%) and BASF India Ltd. (7,167.85, 4.9%).

Top high volume losers on BSE were BLS International Services Ltd. (408.20, -4.1%), Endurance Technologies Ltd. (2,407.80, -1.3%) and PCBL Ltd. (500.60, -0.9%).

Nuvoco Vistas Corporation Ltd. (365.35, 4.2%) was trading at 58.7 times of weekly average. Mahanagar Gas Ltd. (1,909.95, 4.9%) and Indraprastha Gas Ltd. (548.10, 3.4%) were trading with volumes 14.2 and 12.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

39 stocks made 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (7,008.05, -0.3%), Bajaj Auto Ltd. (11,950.30, 2.2%) and Bharti Airtel Ltd. (1,661.75, 1.6%).

5 stocks climbed above their 200 day SMA including Action Construction Equipment Ltd. (1,366.05, 3.4%) and Tamilnad Mercantile Bank Ltd. (494, 3.1%). 12 stocks slipped below their 200 SMA including Kama Holdings Ltd. (2,634, -3.6%) and Ircon International Ltd. (231.75, -3.4%).

 
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