Trendlyne Marketwatch
Trendlyne Marketwatch
30 Sep 2024
Market closes lower, Mahindra Logistics forms a 50:50 JV with Seino Holdings
By Trendlyne Analysis

 

Nifty 50 closed at 25,810.85 (-368.1, -1.4%) , BSE Sensex closed at 84,299.78 (-1,272.1, -1.5%) while the broader Nifty 500 closed at 24,245.20 (-244.4, -1%). Market breadth is in the red. Of the 2,325 stocks traded today, 966 showed gains, and 1,340 showed losses.

Nifty 50 extended its losses in the afternoon session to close lower, as Israel presses on with its attacks on Hamas and Hezbollah in the Middle East. The Indian volatility index, Nifty VIX, rose 6.9% and closed at around 12.8 points. The Nifty Metal index touched its 52-week high of Rs 10,263.7 following the People's Bank of China's announcement (PBOC) on Sunday to reduce mortgage rates for existing home loans by at least 30 points before October 31.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty Metal and Nifty Media closed in the green. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 1.9%.

European indices traded lower, while Asian indices closed mixed. US index futures traded lower, indicating a cautious start to the trading session. China’s FTSE China 50 closed 3.2% higher as the government of China introduced changes like allowing funds, insurers, and brokers easier access to funding to buy stocks. The government also lifted restrictions on buying homes in Guangzhou, Shanghai, and Shenzhen cities.

  • Relative strength index (RSI) indicates that stocks like Bajaj Auto, Trent, Lloyds Metals & Energy, and Sun Pharmaceutical Industries are in the overbought zone.

  • Mahindra Logistics announces a 50:50 joint venture with Japan's Seino Holdings to provide warehousing and trucking services primarily for Japanese automobile and auto ancillary companies in India.

  • Aurobindo Pharma is falling as its subsidiary, Apitoria Pharma, receives ten observations from the US FDA after an inspection at its active pharmaceutical ingredient (API) manufacturing facility, Unit-II.

  • Avantel is rising as it receives a purchase order worth Rs 44.5 crore from Larsen & Toubro to manufacture and supply satellite communication systems.

  • Crude oil futures rise in the morning session amid concerns over supply disruptions due to escalating tensions in West Asia. December Brent oil futures increased by 0.4% to $71.83, while November West Texas Intermediate (WTI) crude futures climbed 0.5% to $68.50.

  • Reliance Infrastructure rises sharply as the Calcutta High Court rules in favor of the company regarding a petition against an arbitration award of Rs 780 crore related to the Raghunathpur thermal power project. The court has also ordered the release of a Rs 600 crore bank guarantee provided by the company.

  • Welspun Corp rises to its all-time high of Rs 762.8 per share as it bags an order to supply coated longitudinal submerged arc welding (LSAW) pipes and bends to a client in the Middle East.

  • Alembic Pharma is rising after the USFDA issues an establishment inspection report (EIR) for its oral solid formulation facility following an inspection in July 2024. The company now has EIRs in place for all its USFDA facilities.

  • Manan Shah, Managing Director of Man Infraconstruction, expects completion of the Atmosphere O2 tower by FY25, with a sales potential of Rs 3,000-3,500 crore. He highlights the company’s target to launch projects worth Rs 4,500 crore. Shah anticipates the onset of the US business by February 2025.

  • NBCC (India) rises as it receives an order worth Rs 101 crore from the National Highways Authority of India (NHAI) to construct a permanent office building for its regional offices (ROs) and project implementation units (PIUs).

  • PB Fintech is rising as it plans to enter the healthcare sector by acquiring a 20-35% stake in an independent healthcare management organisation (HMO) for up to $100 million (approx. Rs 838 crore).

  • Paras Defence and Space Technologies rises sharply as it receives an order worth approximately Rs 305 crore from Larsen & Toubro to manufacture and supply 244 Sight-25HD Electro-Optics (EO) systems.

  • Dr. Agarwal Health Care, an eye care hospital backed by Temasek Holdings and TPG, submits its draft prospectus (DRHP) with the market regulator SEBI to raise funds through an initial public offering (IPO). The IPO consists of a fresh issue of up to Rs 300 crore and an offer for sale of up to 69,568,204 equity shares by the promoter and other selling shareholders.

  • Lupin is falling as it receives six observations from the US FDA following an inspection at its API and finished product manufacturing facility in Pithampur.

  • Bajel Projects is rising as it secures its first order from an upcoming data centre service provider. The project involves designing and constructing a 220/33 KV gas-insulated substation (GIS) and transmission line extension in Navi Mumbai.

  • Manba Finance's shares debut on the bourses at a 20.8% premium to the issue price of Rs 120. The Rs 150.8 crore IPO received bids for 224.1 times the total shares on offer.

  • The Nifty Metal index touches a 52-week high of Rs 10,263.7 following the People's Bank of China's announcement (PBOC) on Sunday to reduce mortgage rates for existing home loans before October 31. The bank has instructed commercial banks in China to lower interest rates on existing mortgages by at least 30 basis points (bps) below the Loan Prime Rate (LPR) in phases. On average, existing mortgage rates are expected to decrease by approximately 50 bps.

  • Bharat Electronics receives approval from the Ministry of Corporate Affairs (MCA) for its 40:60 joint venture (JV), BEL IAI AeroSystems, with Israel Aerospace Industries.

  • NHPC is rising as it enters a joint venture (JV) with Andhra Pradesh Power Generation Corp (APGENCO) to set up pumped storage hydropower and renewable projects in Andhra Pradesh.

  • Rajoo Engineers receives a purchase order valued at $1.6 million (approximately Rs 13.4 crore) from an international customer to supply a high-barrier seven-layer blown film machine.

  • HSBC Global initiates a ‘Buy’ on Varun Beverages with a target price of Rs 780. The brokerage believes the company is poised to become the largest PepsiCo bottler with a 28% market share in carbonated soft drinks. It expects the firm to achieve double-digit volume growth through geographic expansion.

  • ICICI Lombard General Insurance is falling as it receives a tax demand worth Rs 1,388.9 crore from the Office of the Assistant Commissioner of Income Tax, Mumbai, for FY22.

  • Dr Reddy's Laboratories' board of directors approves a GBP 500 million (approx. Rs 5,606.9 crore) investment in its Swiss subsidiary, Dr Reddy's Laboratories SA. The company will use the investment to acquire Nicotinell and other brands owned by Haleon Group.

  • Welspun Enterprises surges as it secures an order worth approximately Rs 1,989.9 crore from Brihanmumbai Municipal Corporation (BMC) to design and construct a tertiary-treated water conveyance tunnel from Dharavi to Ghatkopar.

  • RailTel Corp of India rises as it receives a work order valued at Rs 134.5 crore from Adani Connex for an advanced smart metering infrastructure project.

  • Nifty 50 was trading at 26,089.45 (-89.5, -0.3%), BSE Sensex was trading at 85,208.76 (-363.1, -0.4%) while the broader Nifty 500 was trading at 24,426.30 (-63.3, -0.3%).

  • Market breadth is horizontal. Of the 2,044 stocks traded today, 1,020 showed gains, and 947 showed losses.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (4,336.05, 4.6%), NMDC Ltd. (244.91, 4.1%) and APL Apollo Tubes Ltd. (1,584.15, 3.4%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,234.40, -5.1%), Hero MotoCorp Ltd. (5,712.40, -4.1%) and Adani Green Energy Ltd. (1,902.70, -4.0%).

Volume Rockets

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

Top high volume gainers on BSE included Mishra Dhatu Nigam Ltd. (405.50, 4.7%), Alok Industries Ltd. (26.53, 4.7%) and Whirlpool of India Ltd. (2,289.60, 4%).

Top high volume losers on BSE were Gujarat Mineral Development Corporation Ltd. (359.65, 0.0%) and JK Lakshmi Cement Ltd. (769.55, 0.0%).

Trident Ltd. (36.66, 2.8%) was trading at 6.7 times of weekly average. Eris Lifesciences Ltd. (1,316.15, 3.8%) and Vardhman Textiles Ltd. (473.40, 1.7%) were trading with volumes 4.5 and 3.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks hit their 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (7,199.15, -0.5%), Bharat Petroleum Corporation Ltd. (369.95, 0.7%) and Blue Star Ltd. (2,063.70, -2.6%).

Stocks making new 52 weeks lows included - CSB Bank Ltd. (313, 1.4%) and Ujjivan Small Finance Bank Ltd. (40.43, -1.2%).

10 stocks climbed above their 200 day SMA including APL Apollo Tubes Ltd. (1,584.15, 3.4%) and PNC Infratech Ltd. (446.30, 2.9%). 7 stocks slipped below their 200 SMA including IIFL Finance Ltd. (462.80, -3.1%) and IRB Infrastructure Developers Ltd. (61.06, -2.9%).

 
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