Trendlyne Marketwatch
Trendlyne Marketwatch
10 Oct 2024
Market closes flat, Ashoka Buildcon's majority JV secures a Rs 1,668 crore order from CIDCO
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,998.45 (16.5, 0.1%) , BSE Sensex closed at 81,611.41 (144.3, 0.2%) while the broader Nifty 500 closed at 23,598.15 (-1.5, 0.0%). Market breadth is in the green. Of the 2,301 stocks traded today, 1,263 were in the positive territory and 1,010 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 24,998.5 points.  The Indian volatility index, Nifty VIX, fell 4.5% and closed at around 13.5 points. Ashoka Buildcon closed 2.2% higher after its majority JV bagged a Rs 1,667.8 crore order from the City & Industrial Development Corporation to construct roads and bridges.

Nifty Midcap 100 closed lower, while Nifty Smallcap 100 closed in the green. Nifty Metal and Nifty Financial Services closed higher. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.9%.

European indices traded mixed. Major Asian indices closed higher, except for Indonesia’s IDX Composite, which closed in the red. US index futures traded mixed, indicating a cautious start to the trading session as markets await the consumer price index (CPI) inflation print. CPI inflation is seen cooling to 2.3% YoY in September from 2.5% in August.

  • Chambal Fertilisers & Chemicals sees a long buildup in its September 26 futures series, with open interest increasing by 15.9% and a put-call ratio of 0.3.

  • CreditAccess Grameen reports a 12% YoY growth in assets under management to Rs 25,133 crore in Q2FY25. However, its disbursements decline 19% YoY to Rs 4,004 crore during the quarter. The company appears in a screener of stocks with improving book value per share over the past two years.

  • Indian Railway Finance Corp's board of directors appoints Manoj Kumar Dubey as its Chairman, Managing Director (MD), and Chief Executive Officer (CEO) for the next five years.

  • Rain Industries rises sharply as its wholly-owned subsidiary, Rain Carbon, enters into a joint development agreement with Northern Graphite to develop and commercialize natural graphite battery anode material (BAM) products for lithium-ion batteries used in electric vehicles.

  • Defense stocks like Hindustan Aeronautics, Bharat Dynamics, and Bharat Electronics rise following the approval of defense deals worth Rs 80,000 crore by the Cabinet Committee on Security (CCS) led by Prime Minister Narendra Modi, for 31 predator drones from the US and two nuclear submarines.

  • Alkem Laboratories signs a licensing agreement with Sonnet BioTherapeutics to develop, manufacture, and commercialize ‘SON-080’, used to treat diabetic peripheral neuropathy (DPN) in India.

  • Motilal Oswal maintains its 'Neutral' call on Clean Science & Technology with a higher target price of Rs 1,580 per share. The brokerage believes that the company's focus on research & development and entry into the Hindered Amine Light Stabilizers (HALS) series will help in revenue growth. It expects the company's revenue to grow at a CAGR of 28.8% over FY25-26.

  • Easy Trip Planners is rising as its board of directors schedules to meet on October 14 to consider and approve the issue of bonus shares to its shareholders.

  • Amarendu Prakash, Chairman of the Steel Authority of India (SAIL), highlights the need to impose tariffs on steel imports to support the domestic steel industry. This comes after India’s finished steel imports from China reaches a seven-year high.

  • NBCC (India) secures a Rs 198 crore order from SAIL Bokaro Steel Plant to design, supply, and install a rooftop solar system in Bokaro, Jharkhand.

  • Ashoka Buildcon rises sharply as its majority joint venture (JV), Ashoka JV, bags an order worth Rs 1,667.8 crore from the City & Industrial Development Corporation of Maharashtra (CIDCO) to construct roads and bridges.

  • Sonata Software is rising as it partners with insurance technology provider iNube to deliver digital solutions for the insurance sector. The platform streamlines policy administration, claims processing, and customer engagement while enhancing operational efficiency.

  • Star Health and Allied Insurance Co declines over 2% as it investigates allegations that its chief information security officer was involved in a data leak by a self-proclaimed hacker. This hacker, known as xenZen, used Telegram chatbots and websites to share customers' medical records and personal information, claiming on his site that the executive had "sold all this data to me."

  • Suzlon Energy secures a 400 MW wind power project from Jindal Renewables to support the decarbonisation of steel production. The project involves installing 127 advanced wind turbine generators in Karnataka, each with a 3.15 MW capacity. These turbines will supply power to steel plants in Chhattisgarh and Odisha.

  • Puravankara's customer collections from the real estate business grow by 18% YoY to Rs 1,033 crore Q2FY25. The company achieves pre-sales of Rs 1,331 crore, 18% higher than Q2FY24.

  • PNC Infratech is rising as it bags an infrastructure project worth Rs 2,091 crore near Navi Mumbai Airport from the City & Industrial Development Corporation of Maharashtra (CIDCO). The project includes road development, flyovers, bridges, and electrical works under the Navi Mumbai Airport Influence Notified Area (NAINA) project.

  • The Union Ministry of Heavy Industries initiates an investigation into the service-related issues faced by Ola Electric’s customers. This comes after a show cause notice issued by the Central Consumer Protection Authority (CCPA) over allegations of violation of consumer rights, misleading advertisement, and unfair trade practices.

  • JSW Steel is rising as its India crude steel production increases by 7% YoY to 6.6 million tonnes in Q2FY25. Capacity utilisation at its Indian operations stands at 91% during the quarter.

  • Diamond Power Infrastructure surges to its 5% upper limit as it receives an order worth Rs 109.4 crore from Swastika Infra. The order involves the supply of high-voltage cables for a project under Madhya Gujarat Vij (MGVCL) schemes.

  • GTPL Hathway is falling as its net profit declines 62.6% YoY to Rs 12.8 crore in Q2FY25 due to higher raw materials, operating, employee benefits, and finance costs. However, revenue grows by 9.1% YoY to Rs 862 core, helped by improvements in the cable TV and internet service segments. It appears in a screener of stocks with declining net cash flow.

  • Ratan Tata, chairman emeritus of Tata Sons, has passed away at 86. N Chandrasekaran, Chairman of Tata Sons, announced his death, praising Tata's commitment to excellence, integrity, and innovation. His love for stray animals was reflected in the dedicated kennels at Bombay House, Tata Group's headquarters in Mumbai, providing shelter for stray dogs.

  • Rashtriya Chemicals & Fertilizers surges as it places a purchase order worth Rs 1,000.3 crore with Larsen & Toubro. The order involves constructing a 1,200 metric tons per day (MTPD) complex fertilizer plant on a lump sum turnkey basis at Rashtriya Chemicals & Fertilizers' Thal facility.

  • GR Infraprojects is rising as it bags an order worth Rs 903.5 crore from Maharashtra Metro Rail Corp (MMRCL) to design and construct 17.6 km of an elevated metro viaduct, including a double-decker portion with vehicular underpass.

  • Va Tech Wabag is rising as it secures repeat orders worth Rs 300-500 crore from Reliance Industries for water treatment systems at its Dahej and Nagothane facilities.

  • Adani Enterprises' board of directors approves a fundraising reportedly worth $500 million (approx. Rs 4,197.2 crore) through a qualified institutional placement (QIP) at a floor price of Rs 3,117.5 per share.

  • Nifty 50 was trading at 25,052.50 (70.6, 0.3%), BSE Sensex was trading at 81,710.80 (243.7, 0.3%) while the broader Nifty 500 was trading at 23,684.85 (85.3, 0.4%).

  • Market breadth is surging up. Of the 1,920 stocks traded today, 1,450 were in the positive territory and 428 were negative.

Riding High:

Largecap and midcap gainers today include Mazagon Dock Shipbuilders Ltd. (4428.35, 8.4%), Gujarat Fluorochemicals Ltd. (4659.75, 6.8%) and CG Power and Industrial Solutions Ltd. (841.75, 4.8%).

Downers:

Largecap and midcap losers today include Lupin Ltd. (2154.65, -5.8%), Ambuja Cements Ltd. (585.25, -3.7%) and Cipla Ltd. (1618.90, -3.7%).

Volume Rockets

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

Top high volume gainers on BSE included Hitachi Energy India Ltd. (15960.15, 10.2%), Mazagon Dock Shipbuilders Ltd. (4428.35, 8.4%) and Usha Martin Ltd. (367.15, 7.0%).

Top high volume losers on BSE were Vedant Fashions Ltd. (1296, -2.6%), ZF Commercial Vehicle Control Systems India Ltd. (14850, -2.4%) and Procter & Gamble Hygiene & Healthcare Ltd. (16743.05, -0.8%).

Tata Investment Corporation Ltd. (6923.25, 5.7%) was trading at 36.9 times of weekly average. G R Infraprojects Ltd. (1638, -0.1%) and Rashtriya Chemicals & Fertilizers Ltd. (182.66, 6.8%) were trading with volumes 12.2 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks overperformed with 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Atul Ltd. (7951, 0.5%), Glenmark Pharmaceuticals Ltd. (1760.95, -1.4%) and HCL Technologies Ltd. (1808.65, -0.1%).

Stock making new 52 weeks lows included - CreditAccess Grameen Ltd. (1119.20, -2.8%).

21 stocks climbed above their 200 day SMA including Usha Martin Ltd. (367.15, 7.0%) and EIH Ltd. (431.40, 5.9%). 9 stocks slipped below their 200 SMA including Star Health and Allied Insurance Company Ltd. (566.25, -2.0%) and Chennai Petroleum Corporation Ltd. (904.90, -1.7%).

 
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