Trendlyne Marketwatch
Trendlyne Marketwatch
07 Oct 2024
Market closes lower, Godrej Properties bookings grow 3% YoY to Rs 5,200 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,795.75 (-218.9, -0.9%) , BSE Sensex closed at 81,050 (-638.5, -0.8%) while the broader Nifty 500 closed at 23,181.95 (-353, -1.5%). Market breadth is moving down. Of the 2,367 stocks traded today, 233 were on the uptrend, and 2,114 went down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,795.8 points. The Indian volatility index, Nifty VIX, rose 6.7% and closed at around 15.1 points. Adani Group reportedly plans to acquire Germany’s Heidelberg Materials' India cement operations for Rs 10,000 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty Auto and Nifty FMCG closed lower. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 5.5%.

European indices traded mixed. Major Asian indices closed higher, except for India's Nifty 50 index, which closed in the red. US index futures traded mixed, indicating a cautious start to the trading session. Chevron plans to sell its oil projects in Alberta to Canadian Natural Resources in an all-cash deal worth $6.5 billion. This transaction is part of the company's target to divest $10-15 billion of its assets by 2028.

  • Relative strength index (RSI) indicates that stocks like Lloyds Metals & Energy, BASF India, Whirlpool of India, and National Aluminium are in the overbought zone.

  • Godrej Properties' booking value goes up 3% YoY to Rs 5,200 crore in Q2FY25 and 89% YoY to Rs 13,800 crore in H1FY25. Its cash collections also increase by 68% YoY to 4,000 crore during the quarter. The company features in a screener of stocks with improving book value over the past two years.

  • PSU Banks like Indian Overseas Bank, UCO Bank, Central Bank of India, Canara Bank, and Punjab National Bank fall more than 4% in trade. All constituents of the broader Nifty PSU Bank index are trading in the red.

  • Eraaya Lifespaces' subsidiary, Ebix Cash, bags a three-year contract worth Rs 138.8 crore from Punjab National Bank for its network integrating services.

  • Nuvama Institutional Equities initiates a ‘Buy’ rating on Jubilant Pharmova with a target price of Rs 1,450. The brokerage believes the company’s radio business will benefit from the Ruby-Fill ramp-up and I-MIBG launch, while its allergy business is expected to gain from ex-US market growth.

  • Heidelberg Cement India rises sharply to its 52-week high of Rs 258 following reports that Adani Group is in talks to acquire the Indian cement operations of Germany’s Heidelberg Materials for $1.2 billion (or Rs 10,000 crore).

  • Vodafone Idea falls sharply as the Department of Telecommunications reportedly issues notice over the non-payment of bank guarantees for past spectrum auction dues.

  • Lupin is falling as it receives five observations from the US FDA following a pre-approval inspection at the company's biotech facility in Pune.

  • Ola Electric Mobility declines more than 8% after a contentious exchange between its founder & CEO, Bhavish Aggarwal, and comedian Kunal Kamra. The debate focused on the service problems associated with Ola Electric's scooters. The company, which reportedly receives about 80,000 complaints each month, has faced criticism for service delays and unresolved issues.

  • RBL Bank's total deposits increase 20% YoY to Rs 1.1 lakh crore in Q2FY25, while gross advances grow by 15% YoY to Rs 88,443 crore.

  • Sharekhan retains its 'Buy' call on Zydus Lifesciences with a higher target price of Rs 1,268 per share. This indicates a potential upside of 20.2%. The brokerage believes the company is well-positioned for significant growth, driven by its strategic partnerships and active clinical programs. It expects the firm's revenue to grow at a CAGR of 13% over FY25-27.

  • Nestle India announces the retirement of Suresh Narayan as Chairman and Managing Director, effective July 31, 2025. The company nominates Manish Tiwary to succeed him as MD from August 1, 2025, subject to approval.

  • Brent crude oil futures rise over 8% in the past week, while WTI futures increase by 9.1%. One contributing factor is the escalation of conflicts in West Asia, including a missile attack on Israel by Iran. In addition, the available spare production capacity within the OPEC (Organization of the Petroleum Exporting Countries) has eased concerns about potential supply shortages in the market. You, 6 min

  • Tata Steel's India steel production grows 5% YoY to 5.3 million tonnes in Q2FY25. The company's delivery volumes improve by 5% YoY. It appears in a screener of stocks outperforming their respective industry over the past month.

  • Hitachi Energy India plans a capex of Rs 2,000 crore over the next five years to expand its capacity and improve its product portfolio.

  • ITC is rising as it receives approval from the National Company Law Tribunal, Kolkata Bench (NCLT), to demerge its hotel business. Under the demerger scheme, ITC will retain 40% ownership of ITC Hotels, while its shareholders will acquire the remaining 60% based on their stake in the parent entity.

  • RBI's Monetary Policy Committee (MPC) is scheduled to meet from October 7 to 9. According to a poll of economists, the MPC may implement a 25 bps rate cut, though this is more likely in December. Madan Sabnavis, Chief Economist at Bank of Baroda, highlights that maintaining the current rates is the most probable outcome. The inflation forecast will likely be revised by 10-20 bps, while the GDP forecast is expected to remain unchanged.

  • Kalyan Jewellers' India operations report a revenue growth of 39% YoY in Q2FY25, driven by healthy same-store sales growth. Its Middle East business also records a 24% YoY revenue increase. The company appears in a screener of stocks where mutual funds increased their holding in the past quarter.

  • Macrotech Developers is rising as its pre-sales grow 21% YoY to Rs 4,290 crore in Q2FY25. Collections for the quarter increase by 11% YoY to Rs 3,070 crore.

  • Natco Pharma surges as it announces that Mylan Pharmaceuticals and Novo Nordisk have settled the US patent litigation regarding the development of a generic Ozempic (Semaglutide) drug. Natco partners with Mylan on this product.

  • Retail sales for the automotive industry decline 9.3% YoY to 17.2 lakh units in September, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are down 8.5% YoY, while cars decrease by 18.8% YoY. FADA states that Ganesh Chaturthi and Onam failed to boost demand across the sector.

  • Jio Financial Services is rising as it receives approval from the Securities and Exchange Board of India (SEBI) to set up a mutual fund in partnership with Blackrock Financial Management.

  • GAIL (India) signs a memorandum of understanding (MoU) with Netherlands-based AM Green B.V. for the long-term supply of carbon dioxide for eMethanol production and renewable energy projects with a total capacity of 2.5 GW.

  • Antony Waste Handling Cell rises sharply as its subsidiary, AG Enviro Infra Projects, secures an order worth Rs 908 crore from Navi Mumbai Municipal Corporation (NMMC) to collect and transport municipal solid waste and related services over nine years.

  • IndusInd Bank rises as its net advances rise 13% YoY to Rs 3.6 lakh crore in Q2FY25, and deposits grow by 15% YoY to Rs 4.1 lakh crore. However, the bank's CASA ratio contracts by 350 bps YoY to 35.9%, indicating a higher cost of funds and lower margins.

  • Nifty 50 was trading at 25,118.90 (104.3, 0.4%), BSE Sensex was trading at 82,017.38 (328.9, 0.4%) while the broader Nifty 500 was trading at 23,636.30 (101.4, 0.4%).

  • Market breadth is highly positive. Of the 2,033 stocks traded today, 1,415 showed gains, and 567 showed losses.

Riding High:

Largecap and midcap gainers today include CG Power and Industrial Solutions Ltd. (759.15, 5.6%), Supreme Industries Ltd. (5,490, 3.9%) and LTIMindtree Ltd. (6,254.95, 2.3%).

Downers:

Largecap and midcap losers today include Rail Vikas Nigam Ltd. (451.70, -8.5%), Varun Beverages Ltd. (542.05, -6.4%) and One97 Communications Ltd. (651.85, -6.2%).

Volume Rockets

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

Top high volume gainers on BSE included Finolex Industries Ltd. (294.40, 8.4%), CG Power and Industrial Solutions Ltd. (759.15, 5.6%) and Natco Pharma Ltd. (1,401.65, 3.5%).

Top high volume losers on BSE were Rail Vikas Nigam Ltd. (451.70, -8.5%) and CIE Automotive India Ltd. (527.90, -4.4%).

Brigade Enterprises Ltd. (1,399, 2.1%) was trading at 5.4 times of weekly average. eClerx Services Ltd. (3,077.05, 1.8%) and MphasiS Ltd. (2,874.45, 1.0%) were trading with volumes 4.7 and 3.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks made 52 week highs, while 7 stocks tanked below their 52 week lows.

Stocks touching their year highs included - BASF India Ltd. (8,235.90, 0.7%), eClerx Services Ltd. (3,077.05, 1.8%) and Info Edge (India) Ltd. (8,000, -2.4%).

Stocks making new 52 weeks lows included - IDFC First Bank Ltd. (72.22, 0.5%) and Zee Entertainment Enterprises Ltd. (125.95, -4.4%).

9 stocks climbed above their 200 day SMA including Finolex Industries Ltd. (294.40, 8.4%) and Star Cement Ltd. (210.75, 1.2%). 57 stocks slipped below their 200 SMA including Graphite India Ltd. (535.30, -7.1%) and Varun Beverages Ltd. (542.05, -6.4%).

 
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