Trendlyne Marketwatch
Trendlyne Marketwatch
26 Sep 2024
Market closes higher, Tata Motors' arm, JLR, plans to invest approx. Rs 5,587.3 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 26,216.05 (211.9, 0.8%) , BSE Sensex closed at 85,836.12 (666.3, 0.8%) while the broader Nifty 500 closed at 24,496.90 (125.7, 0.5%). Market breadth is in the red. Of the 2,277 stocks traded today, 859 were on the uptrend, and 1,405 went down.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 26,216.1 points. The Indian volatility index, Nifty VIX, declined by 5.8% and closed at 12 points. Oil and Natural Gas Corp. board of directors approved a Rs 10,505 crore investment in its subsidiary, ONGC Petro additions (OPaL), by buying equity shares in the company.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed in the red. Nifty Auto and BSE Auto were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a jump of over 2.3%.

Asian indices closed higher while European indices are trading in the green. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the red. Micron saw a surge in extended hours of trading today after the chipmaker provided Q1 guidance that significantly exceeded analysts' expectations, driven by a surge in demand for its memory chips used in artificial intelligence applications.

  • ITC sees a long buildup in its September 26 futures series, with open interest increasing by 49.6% and a put-call ratio of 0.3.

  • Mukta Arts surges as it signs a pact with Zee Entertainment for satellite and media rights to 37 films for six years starting August 25, 2027. The fee reportedly exceeds the previous agreement by 25%.

  • Sharekhan maintains its 'Buy' call on Affle (India) with an upgraded target price of Rs 1,820 per share. This indicates a potential upside of 16.8%. The brokerage expects the company to achieve sustained organic revenue growth due to its acquisitions, which helped create synergies and cross-platform efficiency. It expects the firm's revenue to grow at a CAGR of 22.8% over FY25-27.

  • One97 Communications rises sharply as 47.2 lakh shares (0.8% stake), worth Rs 327.8 crore, reportedly change hands in a block deal at an average price of Rs 701 per share.

  • Trent, Bharat Electronics, Canara Bank, JSW Energy, and Macrotech Developers, among others, are rising ahead of the semi-annual rebalancing of NSE indices, including Nifty, Bank Nifty, and Nifty Next 50. On a cumulative basis, Trent will likely attract $495 million ( Rs 4,141.5 crore) inflows, while BEL may attract $336 million ( Rs 2,811.2 crore) in inflows on the Nifty50 inclusion.

  • Linc surges as it forms a joint venture (JV) with Mitsubishi Pencil, Japan, with Mitsubishi holding a 51% stake and Linc holding 49%. This partnership aims to produce high-quality, affordable writing instruments for Indian consumers.

  • Godrej Properties' board of directors schedules a meeting for October 1 to consider a fundraising proposal by issuing equity or debt through a qualified institutional placement (QIP), preferential issue, or other modes.

  • Krsnaa Diagnostics announces plans to acquire a 23.5% stake in start-up Apulki Healthcare for exclusive rights to provide diagnostic services, expected to close in three months. Apulki Healthcare is engaged in establishing and maintaining hospitals under public-private partnerships.

  • Spicejet reportedly clears all pending salary dues for June-August, after raising Rs 3,000 crore through a qualified institutional placement. The airline company had Rs 80 crore in pending payments.

  • Tata Motors is rising as its subsidiary, Jaguar Land Rover (JLR), reportedly plans to invest £500 million (approx. Rs 5,587.3 crore) to retool its Halewood plant to manufacture electric SUVs.

  • GR Infraprojects reportedly plans to raise Rs 1,670 crore (approximately $200 million) in equity capital, with Standard Chartered Bank as the lead advisor to fund greenfield power transmission projects.

  • Prestige Estates Projects launches a residential project, Prestige Pine Forest, in Whitefield, Bengaluru. The development occupies 9 acres of land, with a sales potential of Rs 1,100 crore.

  • CDSL is set to introduce a uniform tariff of Rs 3.5 per debit transaction starting October 1 in compliance with SEBI regulations. The new rate will apply to all debit transactions involving shares. However, CDSL will maintain some discounts: a Rs 0.25 discount for debit transactions made by female demat account holders (as sole or first holders) and a Rs 0.25 discount for transactions involving mutual funds and bond ISINs.

  • Aarti Drugs is falling as it receives Form 483 with seven observations from the US FDA following an inspection at its active pharmaceutical ingredient (API) facility in Maharashtra.

  • Avantel receives a purchase order worth Rs 3.5 crore from Bharat Electronics to supply satellite communications equipment.

  • Reports suggest that 3.3 crore shares (11.2% stake) of Five-Star Business Finance, amounting to Rs 2,034.6 crore, have changed hands in multiple block deals. Peak XV Partners and other PE investors are the likely sellers in the transaction.

  • UBS maintains its 'Sell' rating on Hero MotoCorp with a target price of Rs 3,350. The brokerage notes that stock performance is driven by an expected increase in wholesale volumes for September and October, along with the management’s positive outlook for the festive season. However, this contrasts with Hero's retail trends, which show a significant inventory buildup. Its retail volume growth was just 11% for FY23 and 6% for FY24, notably lower than its peers.

  • KPI Green Energy receives a letter of award (LoA) from Sai Bandhan Infinium to develop a 66.2 MW hybrid power project under the company's captive power producer (CPP) segment.

  • Axis Direct initiates coverage on Arvind SmartSpaces with a 'Buy' call and a target price of Rs 1,085 per share. This indicates a potential upside of 28.1%. The brokerage is positive on the stock due to strong visibility in news launches, asset-light business, strong cash flow, and healthy strategic partnerships. It expects the company's revenue to grow at a CAGR of 45.4% over FY25-26.

  • ASK Automotive falls sharply as its promoter Kuldip Singh Rathee announces the sale of up to 1.1 crore equity shares (5.5% stake) valued at Rs 516 crore through an offer for sale on September 26 and 27. An additional 11 lakh shares (0.55% stake) may be sold if the oversubscription option is exercised.

  • Citi initiates a ‘Buy’ on Trent with a target price of Rs 9,250, citing growth from transformation to a multi-format and commodity player. The brokerage notes the company is utilising its supply chain and turning around its Star Bazaar business. It believes the company is well-placed to grow its other pilot projects, including MISBU, Samoh, and its JV with MAS.

  • Hindustan Copper is falling as its board of directors approves the sale of its copper ore tailing (COT) beneficiation plant in Madhya Pradesh.

  • Oil and Natural Gas Corp's board of directors approves a Rs 10,505 crore investment in its subsidiary, ONGC Petro additions (OPaL), by buying equity shares in the company.

  • UNO Minda rises as its subsidiary, Minda Onkyo India, enters into a technical license agreement with Hyundai Mobis, Korea, to manufacture licensed speakers.

  • IDFC First Bank is rising as it receives approval from the National Company Law Tribunal (NCLT) for the merger of IDFC Financial Holdings with IDFC and the subsequent merger of the resulting entity into IDFC First Bank.

  • Nifty 50 was trading at 26,030.05 (25.9, 0.1%), BSE Sensex was trading at 85,183.64 (13.8, 0.0%) while the broader Nifty 500 was trading at 24,375.10 (3.9, 0.0%).

  • Market breadth is horizontal. Of the 1,947 stocks traded today, 917 were in the positive territory and 964 were negative.

Riding High:

Largecap and midcap gainers today include Maruti Suzuki India Ltd. (13,383.80, 4.7%), Vedanta Ltd. (501.75, 4.6%) and NMDC Ltd. (234.29, 3.8%).

Downers:

Largecap and midcap losers today include Voltas Ltd. (1,857.55, -2.8%), Oil India Ltd. (564.20, -2.5%) and Jubilant Foodworks Ltd. (687.90, -2.4%).

Volume Rockets

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

Top high volume gainers on BSE included Maruti Suzuki India Ltd. (13,383.80, 4.7%), Swan Energy Ltd. (592.60, 4.4%) and Blue Star Ltd. (2,134.80, 4.1%).

Top high volume losers on BSE were Crompton Greaves Consumer Electricals Ltd. (419.25, -5.1%), CIE Automotive India Ltd. (552, -2.6%) and Granules India Ltd. (543.70, -2.2%).

Capri Global Capital Ltd. (207.18, -0.5%) was trading at 17.5 times of weekly average. Prism Johnson Ltd. (211.34, -0.6%) and Intellect Design Arena Ltd. (1,025.10, 1.3%) were trading with volumes 10.3 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks overperformed with 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (564.25, 3.6%), Bajaj Auto Ltd. (12,621.65, 1.8%) and Bajaj Finserv Ltd. (1,982.80, 2.8%).

Stock making new 52 weeks lows included - RBL Bank Ltd. (208, 0.1%).

7 stocks climbed above their 200 day SMA including NMDC Ltd. (234.29, 3.8%) and Steel Authority of India (SAIL) Ltd. (139.20, 3.7%). 6 stocks slipped below their 200 SMA including Tata Teleservices (Maharashtra) Ltd. (84.54, -0.9%) and IRB Infrastructure Developers Ltd. (61.41, -0.2%).

 
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