Trendlyne Marketwatch
Trendlyne Marketwatch
08 Oct 2024, 03:40PM
Market closes higher, PSP Projects secures a Rs 249 crore order in GIFT City
By Trendlyne Analysis

 

 

Nifty 50 closed at 25,013.15 (217.4, 0.9%) , BSE Sensex closed at 81,634.81 (584.8, 0.7%) while the broader Nifty 500 closed at 23,512.55 (330.6, 1.4%). Market breadth is highly positive. Of the 2,328 stocks traded today, 1,897 showed gains, and 402 showed losses.

Nifty 50 closed higher after rising throughout the day. The Indian volatility index, Nifty VIX, fell 3.3% and closed at 14.6 points. Ola Electric has received a show cause notice from the Central Consumer Protection Authority (CCPA) after allegations of violation of consumer rights, misleading advertisement, and unfair trade practices.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Momentum and S&P BSE IPO were among the top index gainers today. According to Trendlyne’s Sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 4.5%.

Asian indices closed mixed, and European indices are trading in the red. US index futures are trading higher as investors reconsider the chances of Federal Reserve rate cuts before new inflation data, indicating a positive start to the trading session. Brent crude oil futures are trading lower.

  • Money flow index (MFI) indicates that BASF India is in the overbought zone.

  • Transformers & Rectifiers (India) rises to its 5% upper circuit as its Q2FY25 net profit surges by 13.9x to Rs 42.1 crore, helped by inventory destocking. Revenue rises 78.6% YoY to Rs 457.7 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • ICICI Securities upgrades Vedanta to 'Buy' with a higher target price of Rs 600 per share. This indicates a potential upside of 21.5%. The brokerage believes the company's upcoming demerger will help with the individual entities' growth and offer investors an opportunity to invest in growth-oriented pure-play companies. It expects the firm's revenue to grow at a CAGR of 5.1% over FY25-26.

  • HDFC Bank rises as its board approves the sale of its 100% stake in HDFC Education and Development Services (HDFC Edu) to Vama Sundari Investments for Rs 192 crore.

  • CLSA upgrades Mahindra & Mahindra to 'Overweight' with a higher target price of Rs 3,400. The brokerage cites profitable growth in M&M’s SUV segment, along with a rising return on equity (ROE), as the key factors driving this sustainable re-rating.

  • Media stocks like Saregama India, Dish TV, Nazara Technologies, and Tips Music rise more than 4.5% in trade. All constituents of the broader Nifty Media index are trading in the green.

  • Zodiac Energy surges to its 5% upper circuit as it bags an order worth Rs 154.3 crore from Ahmedabad Municipal Corporation (AMC). The project involves designing, supplying, and installing a 30 MW ground-mounted solar facility in Gujarat, including erection, operation, and maintenance for five years.

  • Allied Digital Services rises sharply as it secures the Pune Safe City project, a six-year contract worth over Rs 430 crore. In collaboration with Pune Police and the Government of Maharashtra, the company will design, integrate, implement, and customize a comprehensive security solution to improve Pune's security infrastructure.

  • Varun Beverages rises more than 8% today, a day ahead of the board meeting to consider a proposal to raise funds via a qualified institutional placement (QIP).

  • PSP Projects rises sharply as it secures an order worth Rs 249 crore to construct the 'SIBAN' high-rise residential tower at GIFT City in Gandhinagar, Gujarat. The project has a completion timeline of 31 months.

  • SpiceJet is rising as it announces plans to add ten new aircraft to its fleet by November 2024, with seven leased and three from its grounded fleet. The company has finalized agreements for the leased aircraft, aiming for their complete induction by November 15.

  • MOIL rises as its September production grows 8.1% YoY to 1.5 lakh tonnes. The company achieves sales of 1.6 lakh tonnes, up 2% YoY.

  • National Securities Depository receives SEBI approval to launch an initial public offering (IPO). The IPO will consist of an offer for sale of up to 5.7 crore shares, with IDBI Bank, NSE, SBI, HDFC Bank, and Union Bank of India paring stakes.

  • Jyoti Structures rises sharply as Ashish Kacholia buys 2.2 crore shares (2.5% stake) for Rs 63.9 crore through a bulk deal.

  • Nuvoco Vistas Corp is rising as it emerges as the preferred bidder for three limestone blocks in Nimbol, Rajasthan, at an auction held by the Government of Rajasthan. The block has an estimated limestone reserve of 2.8 crore tonnes and is located near the company's cement factory, providing a strategic advantage.

  • Mindteck (India) receives trading approval from NSE and BSE for a bonus issue of equity shares with a face value of Rs 10 each. The company's shareholders will receive one new equity share for every four shares they hold.

  • The Federation of Automobile Dealers Associations (FADA) urges original equipment manufacturers (OEMs) to implement corrective measures ahead of the festive season following a 9% YoY decline in automobile retail sales in India. The fall was due to a significant buildup of passenger vehicle inventory linked to sluggish demand. FADA President C S Vigneshwar highlights that dealers reported largely stagnant performance during festivals like Ganesh Chaturthi and Onam.

  • Tata Motors is falling as Jaguar Land Rover's (JLR) wholesales decline by 10% YoY to 87,303 units in Q2FY25 due to a 7% YoY reduction in production to 86,000 units. Retail sales also decrease by 3% YoY to 1 lakh units during the quarter.

  • HEG is rising as it acquires an 8.2% stake in a NYSE-listed company, GrafTech International, for Rs 248.6 crore by purchasing shares in the secondary market.

  • Ola Electric receives a show cause notice from the Central Consumer Protection Authority (CCPA) after allegations of violation of consumer rights, misleading advertisement, and unfair trade practices. The CCPA has given the company a timeline of 15 days to respond to the notice.

  • Trent is rising as it enters the jewellery space with the launch of Pome, a lab-grown-diamond jewellery line. The brand will be available across its Westside stores.

  • Sobha falls sharply as its Q2FY25 sales value declines by 31.6% YoY to Rs 1,178.5 crore. However, the average price realization improves by 24% YoY to Rs 12,674 per square foot, helped by Gurugram projects and price increases in other projects.

  • Rites receives an order worth Rs 45.3 crore ($5.4 million) from Ntokoto Rail Holdings to supply and commission overhauled Cape Gauge ALCO diesel-electric locomotives. The locomotives will get new bogies, traction motors, control systems, and air brakes. The contract includes one year of on-site warranty support.

  • Hi-Tech Pipes' board of directors approves raising Rs 600 crore through a qualified institutional placement (QIP) of shares at a floor price of Rs 195 per share.

  • Bharat Electronics bags multiple orders worth Rs 500 crore for electromagnetic interference (EMI) shelters, air mobility command (AMC) for integrated air command, control systems, spares for gun systems, and communication systems.

  • Nifty 50 was trading at 24,777.65 (-18.1, -0.1%), BSE Sensex was trading at 81,035.36 (-14.6, 0.0%) while the broader Nifty 500 was trading at 23,111.15 (-70.8, -0.3%).

  • Market breadth is sharply down. Of the 1,985 stocks traded today, 601 showed gains, and 1,350 showed losses.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (750.60, 15.2%), Varun Beverages Ltd. (590, 8.9%) and Trent Ltd. (8041.95, 8.0%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (218.99, -4.3%), SBI Life Insurance Company Ltd. (1728.05, -3.4%) and Tata Steel Ltd. (159.52, -2.9%).

Volume Shockers

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

Top high volume gainers on BSE included Triveni Turbine Ltd. (731.20, 11.0%), HEG Ltd. (2,447.50, 9.9%) and Rail Vikas Nigam Ltd. (487.05, 7.8%).

Top high volume losers on BSE were Supreme Petrochem Ltd. (766, -2.0%) and Carborundum Universal Ltd. (1,420.15, -0.2%).

Hatsun Agro Products Ltd. (1,121.10, 0.6%) was trading at 30.9 times of weekly average. AIA Engineering Ltd. (4,149, 0.1%) and ZF Commercial Vehicle Control Systems India Ltd. (15,201, 0.8%) were trading with volumes 6.8 and 4.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks hit their 52 week highs, while 4 stocks hit their 52 week lows.

Stocks touching their year highs included - Akzo Nobel India Ltd. (3,881.50, 2.1%), Ipca Laboratories Ltd. (1,537.75, 3.5%) and Coforge Ltd. (7,340, 1.8%).

Stocks making new 52 weeks lows included - Zee Entertainment Enterprises Ltd. (126.79, 0.7%) and RBL Bank Ltd. (196.01, 2.9%).

28 stocks climbed above their 200 day SMA including Varun Beverages Ltd. (590, 8.9%) and Housing and Urban Development Corporation Ltd. (228.88, 8.8%). 32 stocks slipped below their 200 SMA including NMDC Ltd. (218.99, -4.3%) and Titan Company Ltd. (3,493.35, -2.7%).

 
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