Trendlyne Marketwatch
Trendlyne Marketwatch
27 Sep 2024
Market closes lower, Sequent Scientific announces a Rs 8,000 crore merger with Viyash
By Trendlyne Analysis

 

 

Nifty 50 closed at 26,178.95 (-37.1, -0.1%) , BSE Sensex closed at 85,571.85 (-264.3, -0.3%) while the broader Nifty 500 closed at 24,489.55 (-7.4, 0.0%). Market breadth is horizontal. Of the 2,284 stocks traded today, 1,106 were in the positive territory and 1,153 were negative.

Nifty 50 touched a new all-time high of Rs 26277.4 before paring its gains in the afternoon session to close lower. The Indian volatility index, Nifty VIX, fell 0.3% and closed at around 12 points. SJVN closed 5.4% higher as it signed two memorandums of understanding (MoUs) with the Government of Maharashtra to set up pumped storage and floating solar projects.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty Metal and Nifty PSU Bank closed in the green. According to Trendlyne’s sector dashboard, Oil & Gas emerged as the best-performing sector of the day, with a rise of 2%.

European indices traded higher, while Asian indices closed mixed. US index futures traded mixed, indicating a cautious start to the trading session as markets await personal spending and PCE (personal consumption expenditures) index data, which could provide a glimpse into the health of the US economy. PCE index is expected to rise by 0.2% MoM in August. On a YoY basis, the reading is seen cooling to 2.3% from 2.5% in July.

  • Money flow index (MFI) indicates that stocks like Rainbow Childrens Medicare, Lloyds Metals & Energy, Bharti Airtel, and Escorts Kubota are in the overbought zone.

  • Foreign institutional investors buy equity worth Rs 15,122.3 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 56,514.9 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 3,790.9 crore during the same period.

  • Akme Fintrade rises as it announces a partnership with MAS Financial Services for co-lending in the MSME sector. Akme will handle 20% of the loan exposure, while MAS Financial will cover 80%, aiming to enhance credit access for underserved MSMEs.

  • Sequent Scientific surges to its 52-week high of a Rs 224.7 as it reportedly announces an Rs 8,000 crore merger with Viyash Life Sciences (Viyash). This merger aims to establish a global animal health platform with end-to-end integrated capabilities.

  • India's Oil Secretary Pankaj Jain states that India will not purchase liquefied natural gas (LNG) from Russia's Arctic LNG 2 project, which is under Western sanctions. The US has also imposed sanctions on companies involved in the project's development and LNG shipments. India imports nearly 40% of its crude oil from Russia. In July, it bought $2.8 billion (Rs 23,437 crore) worth of oil, making it the second-largest importer after China.

  • Genesys International Corp rises as it secures two orders worth Rs 35 crore from NEOM and the Saudi Geological Survey Authority to implement geospatial technology for infrastructural development in Saudi Arabia.

  • Alembic Pharma receives final approval from the US FDA for its abbreviated new drug application (ANDA) for Paliperidone extended-release tablets. The tablets are a generic equivalent of Janssen Pharma's reference-listed drug (RLD), Invega extended-release tablets, which have a market size of $48 million in the year ended June 2024, according to IQVIA.

  • Authum Investment and Mahi Madhusudan Kela sign a share purchase agreement to acquire a 46.9% controlling stake in Prataap Snacks for Rs 846.6 crore. The acquisition includes 1.13 crore shares at Rs 746 each from PE promoters Peak XV Partners Growth Investment I & II and Sequoia Capital GFIV Mauritius.

  • Morgan Stanley upgrades Tata Power to ‘Overweight’ from ‘Underweight’ earlier with a target price of Rs 577. The brokerage notes the company has a strong balance sheet and stable regulated business, enabling it to accelerate investments in transmission, utility-scale renewable energy, and pumped storage.

  • Newgen Software Technologies surges as it secures a purchase order worth Rs 25 crore from a domestic entity, expected to be executed over five years.

  • Shivalik Bimetal Controls rises as 81.8 lakh shares (4.5% stake), amounting to Rs 500 crore, reportedly change hands in a block deal. The transaction was executed at an average price of Rs 611 per share.

  • SJVN rises sharply as it signs two memorandums of understanding (MoUs) with the Government of Maharashtra to set up an 8,100 MW pumped storage project (PSP) and a 505 MW floating solar project (FSP).

  • Sugar stocks like Shree Renuka and Balrampur Chini rise following remarks by the Food Minister Pralhad Joshi. On Thursday, Joshi highlighted the Centre's plan to raise ethanol prices for the 2024-25 season and review the minimum selling price of sugar and sugar exports. The minister added that a committee of secretaries is currently examining a proposal to increase the minimum selling price of sugar.

  • Sterling and Wilson Renewable Energy rises as 1.9 crore shares (8% stake), amounting to Rs 1,192 crore, reportedly change hands in a large deal. The transaction was executed at an average price of Rs 629 per share.

  • Marsons surges to its all-time high of Rs 280.9 as it receives an order worth Rs 675 crore from the National Agricultural Cooperative Marketing Federation (NACOF) OORJA. The order includes the development of a 150 MW (AC) grid-interactive ground-mounted solar photovoltaic power generation plant at various locations in Rajasthan. This project is for the Rajasthan Renewable Energy Corp (RRECL) under the Kisan Urja Suraksha Evam Utthaan Mahabhiyan (KUSUM) Scheme.

  • PC Jewellers surges to its 5-year high of Rs 659 per share as it receives a one-time settlement (OTS) approval from a consortium of banks, including Bank of India (BoI), for unpaid dues.

  • Macquarie notes the declining trend in credit card spends and expects the slowdown to continue due to tightened scrutiny and the impact of new RBI norms. The brokerage continues monitoring the impact of increased stress in the banks’ credit card portfolio on credit costs and asset quality.

  • Nuvama Wealth Management rises as 22.1 lakh shares (6.2% stake), amounting to Rs 1,464.8 crore, reportedly change hands in a block deal. Edel Finance Company and Ecap Equities are the likely sellers in the transaction.

  • Biocon rises as it signs a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing to commercialize its glucagon-like peptide (GLP-1) products for diabetes treatment and chronic weight management in the Middle East and North Africa (MENA) region.

  • Bondada Engineering surges to its 5% upper circuit as it bags an order worth Rs 468 crore from KPI Green Energy to supply components for a 130-megawatt peak (MWp) solar power plant.

  • The Central Government increases minimum wage rates for workers by revising the variable dearness allowance (VDA), effective October 1, 2024. Following the revision, minimum wages are Rs 783 per day (Rs 20,358 per month) for unskilled work. For semi-skilled work, the rate is Rs 868 per day (Rs 22,568 per month). Skilled, clerical, and watch & ward without arms earn Rs 954 per day (Rs 24,804 per month), while highly skilled and watch & ward with arms receive Rs 1,035 per day (Rs 26,910 per month).

  • Gulf Oil Lubricants India's promoter sells 40.2 lakh shares (8.2% stake), worth Rs 542.7 crore, at an average price of Rs 1,351.5 per share in a block deal. UTI Mutual Fund (MF), ITI MF, Aditya Birla Sun Life Insurance, Axis Securities, and Societe Generale are among the buyers in the transaction.

  • Ola Electric Mobility's subsidiary, Ole Electric Technologies, receives certification for compliance with eligibility as per the production-linked incentive (PLI) scheme for components of its Ola S1 X 2kWh scooter.

  • Rites emerges as the lowest bidder for an order worth Rs 42.9 crore from Delhi Metro Rail Corp (DMRC) for retrofit work on DMRC's RS-1 trains.

  • RailTel Corp of India rises sharply as it bags an order worth Rs 155.7 crore from the Rural Development Department, Maharashtra, to set up the Aaple Sarkar Seva Kendra (ASSK)-GP project in Konkan, Pune and Nashik.

  • Nifty 50 was trading at 26221.95 (5.9, 0.0%) , BSE Sensex was trading at 85893.84 (57.7, 0.1%) while the broader Nifty 500 was trading at 24506.85 (10.0, 0.0%)

  • Market breadth is ticking up strongly. Of the 1925 stocks traded today, 1280 were gainers and 603 were losers.

Riding High:

Largecap and midcap gainers today include Bharat Petroleum Corporation Ltd. (367.30, 6.4%), Indian Oil Corporation Ltd. (180.01, 5.1%) and Polycab India Ltd. (7,054.80, 4.6%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,300.40, -6.1%), One97 Communications Ltd. (672.30, -4.7%) and JSW Energy Ltd. (740.30, -4.7%).

Volume Rockets

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

Top high volume gainers on BSE included Shree Renuka Sugars Ltd. (53.05, 10.3%), Lakshmi Machine Works Ltd. (17,916.85, 10.0%) and Balrampur Chini Mills Ltd. (654.80, 6.9%).

Top high volume losers on BSE were Tamilnad Mercantile Bank Ltd. (450.90, -5.5%), JSW Energy Ltd. (740.30, -4.7%) and ITI Ltd. (264.25, -4.0%).

Westlife Foodworld Ltd. (930.45, 6.1%) was trading at 43.6 times of weekly average. Sterling and Wilson Renewable Energy Ltd. (648.75, 1.0%) and Praj Industries Ltd. (801.55, 5.5%) were trading with volumes 17.8 and 15.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

44 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (7,249, 1.1%), Bajaj Auto Ltd. (12,666.40, 0.4%) and Bajaj Finserv Ltd. (2,010.70, 1.4%).

Stock making new 52 weeks lows included - CSB Bank Ltd. (308.70, -2.0%).

13 stocks climbed above their 200 day SMA including SJVN Ltd. (133.84, 6.2%) and IRB Infrastructure Developers Ltd. (62.91, 2.4%). 3 stocks slipped below their 200 SMA including IIFL Finance Ltd. (477.80, -2.3%) and Bandhan Bank Ltd. (203.22, -1.0%).

 
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