Trendlyne Marketwatch
Trendlyne Marketwatch
04 Oct 2024
Market closes lower, Wonderla Holidays' board approves Rs 800 crore share issue via a QIP.
By Trendlyne Analysis

 

Nifty 50 closed at 25,014.60 (-235.5, -0.9%) , BSE Sensex closed at 81,688.45 (-808.7, -1.0%) while the broader Nifty 500 closed at 23,534.95 (-220.5, -0.9%). Market breadth is in the red. Of the 2,326 stocks traded today, 808 were on the uptrend, and 1,490 went down.

Nifty 50 closed in the red after paring its gains in the afternoon session. The Indian volatility index, Nifty VIX, increased by 7.3% and closed at 14.1 points. HDFC Bank's gross advances grew by 7% YoY to Rs 25.2 lakh crore in Q2FY25, helped by rising domestic retail, commercial, and rural banking loans.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Media and Nifty FMCG were among the top index losers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a jump of over 1.7%.

Asian indices closed mixed while European indices are trading higher, except the UK’s FTSE 100 which is trading 0.5% lower. US index futures traded flat, indicating a cautious start to the trading session in anticipation of the job growth and unemployment data release later today. Brent crude oil futures are trading in the green.

  • Money flow index (MFI) indicates that stocks like Lloyds Metals & Energy, Balrampur Chini Mills, National Aluminium, and JSW Steel are in the overbought zone.

  • Orient Cement secures a work order from Madhya Pradesh Power Generating Co (MPPGCL) to install a clinker grinding unit at the Satpura Thermal Power Station in Sarni, along with a 25-year Fly Ash supply contract.

  • Media stocks like Saregama India, Network18 Media & Investments, Nazara Technologies, and Dish TV India fall more than 2.5% in trade. All constituents of the broader Nifty Media index are trading in the red.

  • Foreign institutional investors sell equity worth Rs 11,271.2 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 39,781 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 13,977.2 crore during the same period.

  • Ceigall India's board intends to establish two new wholly-owned subsidiaries dedicated to the Ayodhya Bypass project. The company plans to set up Ceigall Southern Ayodhya Bypass and Ceigall Northern Ayodhya Bypass, after the required statutory approvals.

  • RBM Infracon rises to its all-time high of Rs 1,029.8 and hits a 5% upper circuit limit as it reportedly enters into a memorandum of understanding (MoU) with Greenzo Energy India to develop and implement green hydrogen generation facilities at two locations in Gujarat-Jamnagar and Kutch. The total planned investment for this project is Rs 200 crore.

  • R Systems International rises sharply after 1 crore shares worth Rs 465.2 crore reportedly change hands in a block deal.

  • Wonderla Holidays' board of directors approves a Rs 800 crore fundraising by issuing equity shares through a private placement, qualified institutional placement (QIP), or other modes. The board also approves raising the company's equity capital to Rs 80 crore divided into 8 crore shares from Rs 60 crore divided into 6 crore shares.

  • Samhi Hotels’ board approves the acquisition of Benguluru-based Innmar Tourism and Hotels for an enterprise value of Rs 205 crore. This acquisition will give Samhi Hotels a stronger foothold in the city.

  • Mahindra & Mahindra Financial Services falls sharply as its total disbursements decline 1% YoY to Rs 13,160 crore in Q2FY25. However, business assets improve 20% YoY to Rs 1.1 lakh crore with a coefficient efficiency of 96%.

  • G R Infraprojects rises as its subsidiary, GR Hasapur Badadal Highway, secures an Rs 872.2 crore order from the National Highways Authority of India. The project involves six-laning a stretch of the Surat–Nashik–Ahmednagar–Solapur road in Maharashtra, to be executed under the Hybrid Annuity Mode as part of the Bharatmala Pariyojana initiative.

  • Edelweiss maintains its 'Buy' call on V2 Retail with a higher target price of Rs 1,754 per share. This indicates a potential upside of 24.6%. The brokerage believes the company's revenue and EBITDA margin will increase, driven by new store expansion and higher revenue per square foot. It expects the firm's revenue to grow at a CAGR of 48.5% over FY25-26.

  • Nuvama Alternative & Quantitative Research believes HDFC Bank could attract $1.8 billion (Rs 15,000 crore) in inflows as the global index services provider MSCI may increase its weight during the final phase of its rejig in November. The September shareholding pattern for HDFC Bank indicates that foreign institutional investor (FII) headroom remains comfortably above 20%.

  • HDFC Bank's gross advances grow by 7% YoY to Rs 25.2 lakh crore in Q2FY25, helped by rising domestic retail, commercial, and rural banking loans. Its deposits also increase by 15.4% to Rs 23.5 lakh crore during the quarter.

  • Shilpa Medicare is rising as its subsidiary, Shilpa Pharma Lifesciences, receives a certificate of suitability (CEP) from the European Directorate for the Quality of Medicines & Healthcare (EDQM) for its active pharmaceutical ingredient (API) for Desmopressin. The drug is used to treat diabetes insipidus and bedwetting.

  • Diffusion Engineers' shares debut on the bourses at a 20.9% premium to the issue price of Rs 168. The Rs 158 crore IPO received bids for 114.5 times the total shares on offer.

  • India’s services PMI moderates to a 10-month low of 57.7 in September, from 60.9 in August, due to a slightly slower growth in export orders.

  • Garden Reach Shipbuilders & Engineers signs an agreement with Carsten Rehder Schiffsmakler and Reederei GmbH of Germany for the construction and delivery of the fifth multi-purpose vessel (MPV) with a deadweight tonnage of 7,500.

  • Vedanta's aluminium production rises 3% YoY to 6.1 lakh tonnes in Q2FY25, while saleable steel production falls by 22% YoY to 3 lakh tonnes. Its oil and gas output declines 22% YoY to 1 lakh average daily gross operated production.

  • Indian Oil Corp signs a business-to-business (B2B) framework agreement with Nepal Oil Corp (NOC) to extend the Motihari-Amlekhgunj petroleum pipeline to Chitwan, Nepal. The deal also includes building oil storage terminals at Chitwan and Jhapa, along with a new pipeline from Siliguri, India, to Jhapa, Nepal.

  • JPMorgan maintains its 'Overweight' rating on Coforge with a higher target price of Rs 9,300. The brokerage attributes the increase in target price to the consolidation of Cigniti starting in Q2FY25, naming the company as its top pick in the IT services sector. It has raised its earnings estimates by 15-20% for FY25-27 and anticipates Cigniti will grow more rapidly than Coforge's organic business.

  • Uflex's Egyptian subsidiary, Flex Asepto (Egypt), plans to set up an aseptic packaging facility with a capacity of 12 billion packs per annum and an estimated capex of $126 million (approx. Rs 1,066.3 crore).

  • Sundaram-Clayton is rising as its board of directors approves the qualified institutional placement (QIP) of shares at a floor price of Rs 2,320.8 per share.

  • JTL Industries' board of directors approves the sub-division/split of one equity share of the company having face value of Rs 2 each, into two equity shares with a face value of Rs 1 each.

  • CESC's subsidiary, Purvah Green Power, enters into a binding agreement to acquire 100% shareholding of Bhojraj Renewables Energy for a cash consideration of up to Rs 108.6 crore. The acquisition focuses on securing approvals for a 300 MW wind project and a 150 MW solar project, aiming to expand its renewable energy assets.

  • Nifty 50 was trading at 25,176.50 (-73.6, -0.3%), BSE Sensex was trading at 82,244.25 (-252.9, -0.3%) while the broader Nifty 500 was trading at 23,664 (-91.5, -0.4%).

  • Market breadth is horizontal. Of the 1,904 stocks traded today, 893 were on the uptrend, and 960 went down.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (572.75, 6.3%), Mankind Pharma Ltd. (2,611.65, 2.9%) and Torrent Pharmaceuticals Ltd. (3,473.55, 2.4%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Financial Services Ltd. (300.45, -6.8%), Godrej Properties Ltd. (2,897.45, -5.7%) and Adani Energy Solutions Ltd. (962.75, -5.2%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included VIP Industries Ltd. (563.80, 7.9%), Home First Finance Company India Ltd. (1,240, 4.9%) and Aptus Value Housing Finance India Ltd. (356, 4.6%).

Top high volume losers on BSE were Avenue Supermarts Ltd. (4,737.55, -4.2%), Action Construction Equipment Ltd. (1,321.50, -3.6%) and Ingersoll-Rand (India) Ltd. (4,095, -0.9%).

Chennai Petroleum Corporation Ltd. (943.20, 2.7%) was trading at 5.7 times of weekly average. Sapphire Foods India Ltd. (350, -0.2%) and Grindwell Norton Ltd. (2,413, -0.3%) were trading with volumes 4.9 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks made 52 week highs, while 3 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Info Edge (India) Ltd. (8,198.65, 0.9%), JSW Steel Ltd. (1,033.75, -0.5%) and Whirlpool of India Ltd. (2,362.60, 1.5%).

Stocks making new 52 weeks lows included - RBL Bank Ltd. (197.69, -0.8%) and CreditAccess Grameen Ltd. (1,149.80, -1.8%).

10 stocks climbed above their 200 day SMA including Steel Authority of India (SAIL) Ltd. (139.01, 1.4%) and Indian Bank (523.35, 1.4%). 33 stocks slipped below their 200 SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (645.75, -4.7%) and Honasa Consumer Ltd. (427.20, -4.5%).

 
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