Trendlyne Marketwatch
Trendlyne Marketwatch
24 Sep 2024
Market closes flat, Sterling and Wilson bags two solar EPC orders worth Rs 512 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 25,940.40 (1.4, 0.0%) , BSE Sensex closed at 84,914.04 (-14.6, 0.0%) while the broader Nifty 500 closed at 24,389.70 (10.5, 0.0%). Market breadth is in the red. Of the 2,272 stocks traded today, 1,016 were in the positive territory and 1,229 were negative.

Nifty 50 touched a new all-time high of Rs 26,011.6 before paring its gains in the afternoon session to close flat. The Indian volatility index, Nifty VIX, fell 2.9% and closed at 13.4 points. AstraZeneca Pharma India touched an all-time high as it received approval from the Central Drugs Standard Control Organisation, Govt. of India, to import Durvalumab.

Nifty Midcap 100 closed higher, while Nifty Smallcap 100 closed in the red. Nifty Metal and Nifty Auto closed higher. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.5%.

European indices traded higher, while Asian indices closed mixed. US index futures traded mixed, indicating a cautious start to the trading session. Boeing offered a 30% wage hike to its union workers to end the strike that has shut down its aircraft manufacturing across the Pacific Northwest.

  • Money flow index (MFI) indicates that stocks like SBFC Finance, Asahi India Glass, Campus Activewear, and Century Plyboards (India) are in the overbought zone.

  • Spicejet falls sharply as it resolves its dispute with Engine Lease Finance Corp (ELFC) in a settlement lower than the $16.7 million previously claimed by ELFC.

  • Geojit BNP Paribas downgrades Triveni Turbine to 'Accumulate' from 'Buy' with a target price of Rs 803 per share. This indicates a potential upside of 9.7%. The brokerage downgrades the company due to a recent surge in stock price. However, it remains confident due to its increasing mix of high-margin international orders and aftermarket sales. It expects the firm's revenue to grow at a CAGR of 29.2% over FY25-26.

  • Nifty Metal rises over 2% following the Chinese central bank's decision to cut short-term policy interest rates and introduce additional measures to support its struggling real estate market. The People's Bank of China (PBOC) reduced its 14-day reverse repo rate by 10 bps to 1.85%, after previously refraining from cutting longer-term mortgage rates.

  • Sterling and Wilson Renewable Energy receives two new domestic solar engineering, procurement, and construction (EPC) orders totaling Rs 512 crore from private independent power producers (IPPs). These include a 250 MWp direct current (DC) project in Gujarat and a 65 MWp DC project in Maharashtra.

  • JTL Industries rises sharply as its board of directors schedules to meet on October 3 to consider a bonus issue and an equity share split.

  • HDFC Bank rises as it reportedly plans to sell its loan assets worth Rs 60,000-70,000 crore. The move comes as the bank aims to increase its liquidity and decrease its credit-to-deposit ratio, which stood at 105% in Q1FY25.

  • Reports suggest that 50 lakh shares (10.4% stake) of CarTrade Tech, worth Rs 478 crore, have changed hands in a block deal at an average price of Rs 927 per share.

  • Western Carriers’ shares debut on the bourses at a 0.6% discount to the issue price of Rs 172. The Rs 492.9 crore IPO received bids for 30.6 times the total shares on offer.

  • Northern Arc Capital's shares debut on the bourses at a 33.1% premium to the issue price of Rs 263. The Rs 777 crore IPO received bids for 110.9 times the total shares on offer.

  • Arkade Developers' shares debut on the bourses at a 36.7% premium to the issue price of Rs 128. The Rs 410 crore IPO received bids for 106.8 times the total shares on offer.

  • Emkay Global upgrades its rating on One97 Communications (Paytm) to ‘Add’ with a higher target price of Rs 750. The brokerage has a positive outlook on the company due to easing regulatory pressures and effective cost optimisation strategies. It also highlights Paytm’s strong position in the market.

  • Larsen & Toubro rises as its power transmission & distribution (PT&D) business secures orders worth Rs 10,000-15,000 crore from the Middle East to expand high-voltage electricity grids with 500kV high voltage direct current transmission links. The company also secures contracts for two 380kV overhead transmission lines and a 380kV gas-insulated substation.

  • Tata Power rises sharply as Tata Power Delhi Distribution secures a 20-year patent for its innovative self-regenerating transformer breather. This patented technology will reduce maintenance efforts by minimizing the need to replace silica gel in the transformer’s breather, thereby protecting it from moisture damage.

  • AstraZeneca Pharma India surges to its all-time high of Rs 7,598 per share as it receives approval from the Central Drugs Standard Control Organisation (CDSCO), Govt. of India, to import Durvalumab for distribution and sales.

  • The periodic labour force survey for July 2023 to June 2024 reports an unchanged overall unemployment rate of 3.2% for both urban and rural areas. Urban unemployment decreased to 5.1% from 5.4% the previous year, while rural unemployment rose slightly to 2.5% from 2.4%. The unemployment rate for both males and females across these areas remains at 3.2%.

  • Reliance Power surges to its 5-year high of Rs 40.1 per share as its board of directors approves the issuance of 46.2 crore shares and warrants worth Rs 1,524.6 crore through a preferential issue at an issue price of Rs 33 per share.

  • Valor Estate's board of directors approves the reappointment of Shahid Balwa as its Vice Chairman (VC) and Managing Director (MD) for the next three years, effective December 10.

  • Firstsource Solutions rises sharply as its wholly-owned subsidiary, Firstsource Solutions UK, acquires 100% ownership in Ascensos for a consideration of GBP 42 million (approx. Rs 468.7 crore) to expand into the retail vertical and strengthen its nearshore, multi-lingual capabilities.

  • HSBC upgrades its rating on IIFL Finance to 'Hold' with a higher target price of Rs 540. The brokerage highlights the Reserve Bank of India (RBI) has lifted restrictions on IIFL's gold loan business, enhancing growth prospects. As a result, the brokerage raises its earnings per share (EPS) estimates for FY25-27 by 6-16%.

  • GR Infraprojects rises sharply as it bags an order worth Rs 903.5 crore from Maharashtra Metro Rail Corp to design and construct an elevated metro viaduct, railway spans, and a 6-lane double-decker portion with vehicular underpass (VUP).

  • Punjab National Bank's board of directors approves the issuance of shares worth Rs 7,500 crore through a qualified institutional placement (QIP) at a floor price of Rs 109.2 per share.

  • Power Grid Corp of India rises as it secures an order to establish an inter-state transmission system for dynamic reactive compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) in Gujarat on a build, own, operate, and transfer (BOOT) basis.

  • Coal India is rising as it enters a 74:26 joint venture (JV) with Rajasthan Rajya Vidyut Utadan Nigam (RRVUNL) to set up two 800 MW brownfield thermal power projects at RRUVNL's Kalisindh Thermal Power Station.

  • Nifty 50 was trading at 25,929.80 (-9.3, 0.0%), BSE Sensex was trading at 84,765.01 (-163.6, -0.2%) while the broader Nifty 500 was trading at 24,384.35 (5.2, 0.0%).

  • Market breadth is in the green. Of the 1,937 stocks traded today, 1,181 were on the uptick, and 709 were down.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (680.95, 4.5%), Tata Steel Ltd. (160.53, 4.3%) and NMDC Ltd. (223.93, 4.0%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (1,838.75, -4.3%), Punjab National Bank (107.83, -3.3%) and SBI Life Insurance Company Ltd. (1,864.35, -2.9%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included AstraZeneca Pharma India Ltd. (7,878.25, 16.8%), JM Financial Ltd. (143.68, 12.3%) and Schneider Electric Infrastructure Ltd. (853.55, 9.9%).

Top high volume losers on BSE were Indian Energy Exchange Ltd. (211.61, -11.6%), Amber Enterprises India Ltd. (4,723.05, -5.4%) and Punjab National Bank (107.83, -3.3%).

Sapphire Foods India Ltd. (376.45, 6.8%) was trading at 14.7 times of weekly average. Chalet Hotels Ltd. (914.85, 3.0%) and Firstsource Solutions Ltd. (333.50, 6.0%) were trading with volumes 8.2 and 5.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks hit their 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (7,122, -0.4%), Bajaj Auto Ltd. (12,443.65, 0.9%) and Bharti Airtel Ltd. (1,756.65, 0.4%).

10 stocks climbed above their 200 day SMA including Tata Steel Ltd. (160.53, 4.3%) and VIP Industries Ltd. (579.75, 4.1%). 2 stocks slipped below their 200 SMA including Indian Overseas Bank (59.83, -2%) and ACC Ltd. (2,475, -0.5%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 09, 2025
The Baseline | 09 May 2025, 04:56PM
Market closes lower, Intellect Design Arena's Q4 net profit surges 93% QoQ to Rs 135.3 crore
Trendlyne Marketwatch | 09 May 2025, 03:56PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021