Trendlyne Marketwatch
Trendlyne Marketwatch
09 Oct 2024, 04:06PM
Market closes lower, Varun Beverages' board approves raising Rs 7,500 crore via a QIP
By Trendlyne Analysis

 

Nifty 50 closed at 24,981.95 (-31.2, -0.1%) , BSE Sensex closed at 81,467.10 (-167.7, -0.2%) while the broader Nifty 500 closed at 23,599.60 (87.1, 0.4%). Market breadth is highly positive. Of the 2,320 stocks traded today, 1,572 were on the uptick, and 717 were down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,981.9 points. The Indian volatility index, Nifty VIX, declined by 3.2% and closed at 14.1 points. The Reserve Bank of India (RBI) kept the policy repo rate unchanged at 6.5% and shifted its stance to ‘Neutral’ from 'Withdrawal of Accommodation’ during the Monetary Policy Committee (MPC) meeting.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. BSE Realty index and Nifty Realty were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a jump of over 2.6%.

Asian indices closed mixed while European indices are trading higher except Russia’s MOEX & RTSI index. US index futures traded in the red, indicating a cautious start to the trading session. Brent crude oil futures are trading in the green. Oil prices climbed, recovering some of the significant losses from the previous session. However, crude's rebound was tempered by data from the American Petroleum Institute, which revealed that U.S. oil inventories increased by 10.9 million barrels last week, far exceeding the expected rise of 1.9 million barrels.

  • Relative strength index (RSI) indicates that stocks like BASF India, eClerx Services, and Trent are in the overbought zone.

  • Varun Beverages' board of directors approves a Rs 7,500 crore fundraising in multiple tranches through a qualified institutional placement (QIP).

  • Senco Gold rises sharply as it reports a retail growth of 27% YoY in Q2FY25, with a 19% YoY increase in H1FY24.

  • Zaggle Prepaid Ocean Services surges as it enters an agreement with Equinox India to provide the Zaggle Propel reward platform.

  • Nilesh Shah of Kotak AMC highlights RBI's cautious approach to monetary policy and its oversight of NBFCs. He notes the central bank's proactive measures in managing unsecured loans and inflation. Shah believes that a flexible monetary policy will bolster economic growth, with the RBI forecasting a 7.2% GDP growth for FY25 despite global uncertainties and challenges.

  • Diamond Power Infrastructure is rising as its board of directors schedules a meeting on October 15 to consider a proposal for a stock split.

  • NBCC (India) rises as it receives a work order worth Rs 50 crore from the Sports and Youth Service Department of the Government of Odisha to construct an integrated sports complex in Dhamnagar, Bhadrak, Odisha.

  • Emkay initiates coverage on Genus Power Infrastructures with a 'Buy' call and a target price of Rs 500 per share. This indicates a potential upside of 25.1%. The brokerage believes the company is poised to become one of the largest beneficiaries of the upcoming smart meter installation drive under the Rs 3 lakh crore revamped distribution sector scheme. It expects the firm's revenue to grow at a CAGR of 66.7% over FY25-27.

  • Honasa Consumer partners with Meesho to make high-quality personal care products more accessible in Tier 3 and emerging markets.

  • Arvind SmartSpaces rises as it announces the launch of a high-rise residential project on ITPL Road, Bengaluru. The project spans 2.9 acres with 4.2 lakh square feet of saleable area and has a revenue potential of Rs 600 crore.

  • TVS Motor rises as it enters a partnership with Ecofy to provide financing for electric three-wheelers across India.

  • Sharan Bansal, Director of Skipper, highlights the company's target to reach Rs 10,000 crore in revenue by FY29. He anticipates margins will improve to 11% over the next three years, supported by planned capital expenditures of Rs 800-1,000 crore in tower manufacturing. Bansal notes that reduced competition from China and Turkey in key markets led to a 64% increase in the firm's international pipeline in FY24.

  • Ceinsys Tech surges to its all-time high of Rs 848.4 as it secures an order worth Rs 331.6 crore from the State Water and Sanitation Mission (SWSM) under the Water Supply and Sanitation Department (WSSD) of the Government of Maharashtra. The order involves appointing system integrators to design, implement, and maintain an Internet of Things (IoT) platform for Phase II of the Jal Jeevan Mission.

  • Ajmera Realty rises sharply as its Q2FY25 sales grow by 1% YoY to Rs 254 crore. Collections for the quarter increase by 20% YoY to Rs 133 crore.

  • JSW Infrastructure's Chief Executive Officer (CEO) & Joint Managing Director Arun Maheshwari tenders his resignation, effective November 7. The company appoints Rinkesh Roy as his successor.

  • RBI Governor Shaktikanta Das states the Monetary Policy Committee will remain “watchful” of the evolving outlook. He expects a significant rise in CPI for September due to base effects and increasing food prices, projecting retail inflation at 4.1% for Q2FY25. The GDP growth forecast remains steady at 7% for Q2, 7.4% for Q3 and Q4, and a slight dip to 7.3% in Q1FY26.

  • Kalpataru Projects International plans to sell its entire 100% stake in a wholly owned subsidiary, Vindhyachal Expressway, to Actis Atlantic Holdings. The estimated enterprise value of the transaction is approximately Rs 775 crore.

  • Spicejet is rising as it settles a $131.9 million (approx. Rs 1,107 crore) dispute with its lessor, Babcock & Brown Aircraft Management (BBAM), for $22.5 million (approx. Rs 189 crore).

  • Premier Energies rises as its subsidiary, Premier Energies International, enters into a module supply agreement (MSA) with BN Hybrid Power-1. Under the agreement, the company will supply 173.4 megawatt-peak (MWp) of Topcon solar modules for the 300 megawatt (MW) wind, solar, and energy storage project in Barmer, Rajasthan.

  • The Reserve Bank of India (RBI) keeps the policy repo rate unchanged at 6.5% and shifts its stance to ‘Neutral’ during the Monetary Policy Committee (MPC) meeting.

  • Torrent Power surges to its all-time high of Rs 1,984.7 per share as it bags an order from Maharashtra State Electricity Distribution (MSEDCL) for the long-term supply of 2,000 MW energy storage capacity from InSTS connected pumped hydro storage plant.

  • Rites is rising as it signs a memorandum of understanding (MoU) with Etihad Rail. The agreement focuses on exploring cooperation and combining strengths to develop railways and related infrastructure services in the UAE and the surrounding region.

  • SKF India rises sharply as its board of directors approves the demerger of its industrial and automotive businesses. The board also approves incorporating a new subsidiary for the proposed demerger.

  • Lemon Tree Hotels is rising as it signs a license agreement for a new hotel in Udaipur, Rajasthan, set to open in FY27. The property will be managed by Lemon Tree's wholly-owned subsidiary, Carnation Hotels. It will feature 54 well-appointed rooms, a restaurant, a bar, a swimming pool, a meeting room, and a fitness center.

  • Nifty 50 was trading at 25,056.30 (43.2, 0.2%) , BSE Sensex was trading at 81,838.46 (203.7, 0.3%) while the broader Nifty 500 was trading at 23,610.40 (97.9, 0.4%)

  • Market breadth is surging up. Of the 1,965 stocks traded today, 1,620 were on the uptrend, and 316 went down.

Riding High:

Largecap and midcap gainers today include Divi's Laboratories Ltd. (5,989.75, 8.0%), Torrent Power Ltd. (1,935.15, 6.5%) and Gujarat Fluorochemicals Ltd. (4,395, 6.5%).

Downers:

Largecap and midcap losers today include ITC Ltd. (491.70, -3.2%), Au Small Finance Bank Ltd. (705.30, -3.0%) and Tata Communications Ltd. (1,949.35, -2.7%).

Volume Shockers

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

Top high volume gainers on BSE included Akzo Nobel India Ltd. (4,338.85, 10.7%), Gujarat Ambuja Exports Ltd. (142.71, 9.3%) and Rites Ltd. (325.10, 8.2%).

Top high volume losers on BSE were Bank of Maharashtra (54.66, -4.2%), IDFC Ltd. (107.97, -1.8%) and ZF Commercial Vehicle Control Systems India Ltd. (15,175, -1.2%).

Torrent Power Ltd. (1,935.15, 6.5%) was trading at 10.5 times of weekly average. Divi's Laboratories Ltd. (5,989.75, 8.0%) and Birla Corporation Ltd. (1,243.10, 2.0%) were trading with volumes 6.3 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks hit their 52 week highs,

Stocks touching their year highs included - Akzo Nobel India Ltd. (4,338.85, 10.7%), Alembic Pharmaceuticals Ltd. (1,230.90, -1.3%) and Bosch Ltd. (38,606.15, 1.7%).

45 stocks climbed above their 200 day SMA including Action Construction Equipment Ltd. (1,355.45, 5.5%) and Elgi Equipments Ltd. (675, 5.2%). 7 stocks slipped below their 200 SMA including Nestle India Ltd. (2,516, -2.6%) and Adani Green Energy Ltd. (1,784.45, -1.6%).

 
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