Trendlyne Marketwatch
Trendlyne Marketwatch
25 Nov 2024
Market closes higher, Tips Music partners with TikTok to promote its music library globally
By Trendlyne Analysis

 

Nifty 50 closed at 24,221.90 (314.7, 1.3%), BSE Sensex closed at 80,109.85 (992.7, 1.3%) while the broader Nifty 500 closed at 22,553.50 (328.0, 1.5%). Market breadth is highly positive. Of the 2,304 stocks traded today, 1,581 were gainers and 695 were losers.

Nifty 50 maintained its gains in the afternoon session to close higher after the BJP-led Mahayuti alliance witnessed a landslide victory in Maharashtra on Saturday. The Indian volatility index, Nifty VIX, declined 5% and closed at 15.3 points. Central Bank of India closed deep in the green as it received approval from the Reserve Bank of India to enter the insurance business through a joint venture with Generali Group.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty PSU Bank and BSE Oil & Gas closed in the green. According to Trendlyne’s sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a rise of 10.9%.

Most European indices are trading higher. Major Asian indices closed in the green, except China's FTSE China 50 and Hong Kong's Hang Seng indices which closed 0.5% and 0.4% lower, respectively. US index futures are trading higher, indicating a positive start to the trading session. BHP Group, Agilent Technologies, Zoom Video Communications, Woodward, and Bath & Body Works are set to report their earnings later today.

  • Money flow index (MFI) indicates that stocks like Vijaya Diagnostic Centre, Mastek, Indian Hotels, and Krishna Institute of Medical Sciences are in the overbought zone.

  • UPL rises as it enters a strategic partnership with CH4 Global to distribute a seaweed-based feed supplement in five major markets, including India. The partnership will focus on distributing CH4 Global's methane tamer product, derived from asparagopsis seaweed, through UPL's existing distribution networks. The product could reduce cattle methane emissions by up to 90%.

  • Geojit BNP Paribas maintains its 'Buy' call on Apollo Hospitals Enterprise with a higher target price of Rs 7,764 per share. This indicates a potential upside of 9.5%. The brokerage expects the company's revenue and margins to improve, led by expansion plans, a focus on digital health & diagnostics services, and an improvement in the integrated operations. It expects the firm's revenue to grow at a CAGR of 16.3% over FY25-26.

  • IFCI surges as its board approves the merger of several group companies to streamline its operations. The consolidation includes StockHolding Corp, IFCI Factors, VFCI Infrastructure, IIDL Realtors, and other subsidiaries into IFCI, following approval from the Ministry of Finance's Department of Financial Services (DFS).

  • Citi upgrades Reliance Industries to ‘Buy’ with a higher target price of Rs 1,530. The brokerage cites a favourable risk-reward scenario. The brokerage anticipates improved refining margins and growth in its telecom arm, Jio. Citi remains optimistic about RIL’s overall performance, though the retail segment may face challenges in the near term.

  • ICICI Direct upgrades Navin Fluorine International to 'Buy' from 'Hold' but reduces the target price to Rs 3,830 per share. This indicates a potential upside of 11.8%. The brokerage expects the company to grow due to a build-up in the order book, capex spending, and customer acquisitions. It expects the firm's revenue to grow at a CAGR of 20.7% over FY25-26.

  • Tips Music is rising as it partners with TikTok to promote its music library. The partnership provides TikTok users across multiple regions easy access to Tips' diverse collection, including Bollywood classics and regional language hits.

  • Alembic Pharmaceuticals receives Form 483 with five observations from the US FDA following an inspection at its solid oral formulation facility (F-4) in Jarod.

  • The MSCI rebalancing takes effect today, with Indian equities expected to see an influx of $1.7 billion (approximately Rs 1.4 lakh crore). HDFC Bank, Voltas, and BSE, among others, enter the MSCI Global Standard Index, while 13 stocks are added to the MSCI Smallcap Index, enhancing India's presence in global markets. Meanwhile, MSCI removes Adani Energy from the index and reduces the free-float weightage for Adani Green Energy and Adani Power, signaling a cautious outlook for these companies.

  • Swan Energy rises sharply as its subsidiaries, Triumph Offshore and Reliance Naval & Engineering (RNEL), enter a merger agreement. The amalgamation requires no financial payment, with consideration settled through redeemable preference shares issued by RNEL.

  • Indian Bank rises sharply as the Financial Services Institutions Bureau (FSIB) recommends Binod Kumar as its next Managing Director and CEO, succeeding SL Jain, whose term ends on December 31.

  • Mahindra Lifespace Developers is rising as its subsidiary, Mahindra World City Developers (MWCDL), partners with Japan's Sumitomo Corporation to develop the second phase of the industrial parks project in Tamil Nadu. MWCDL and Sumitomo Corp will invest Rs 225 crore in the joint venture.

  • Indraprastha Gas rises over 3% as it hikes prices by Rs 1.5-4/kg in different locations ex-Delhi. Delhi makes up 70% of IGL’s total consumption, with the remaining 30% coming from other regions. The company mulls additional price hikes due to the second reduction in the supply of cheaper input gas. The government reduced the supply of affordable natural gas from old gas fields by 20% from November 16, following a 21% cut implemented on October 16.

  • Prakash Industries is rising sharply as it executes a mining lease agreement with the Government of Chhattisgarh for mining coal from the Bhaskarpara Commercial Coal Mine for the next 30 years.

  • ICICI Lombard General Insurance acquires a 0.2% equity stake in HDFC Life Insurance for a cash consideration of Rs 233 crore.

  • Rites rises sharply after the Northeast Frontier Railways raises the project estimates by 84.4% to Rs 531.8 crore for railway electrification work of the LMG-BPB section of the Lumding division.

  • Jefferies maintains its 'Buy' rating on Mahindra & Mahindra with a target price of Rs 3,700. The brokerage chooses the company over Maruti Suzuki, expecting better margin sustainability and earnings growth due to strong demand in the SUV and tractor segments, with the latter projected to grow at 5% CAGR. It highlights that despite these prospects, M&M's stock trades at similar valuations to Maruti Suzuki.

  • HG Infra Engineering surges as it receives a letter of award (LoA) from NTPC Vidyut Vyapar Nigam to set up a 500 MW standalone battery energy storage system in the next 18 months.

  • Cochin Shipyard rises to its 5% upper limit as it signs a memorandum of understanding (MoU) with Seatrium Letourneau USA to design and provide critical equipment for jack-up rigs for the Indian market. This partnership aims to capitalise on opportunities for mobile offshore drilling units (MODUs) designed to meet the needs of the Indian market.

  • Jyoti Structures is rising as its board of directors approves raising Rs 500 crore through the rights issue of equity shares.

  • Zomato rises sharply as it is set to replace JSW Steel in the BSE Sensex index, effective December 23. Meanwhile, the company’s shareholders approve raising up to Rs 8,500 crore through a qualified institutional placement (QIP).

  • Central Bank of India is rising as it receives approval from the Reserve Bank of India to enter the insurance business through a joint venture with Generali Group. The bank will form a joint venture with Generali's arms, Future Generali India Insurance, and Future Generali India Life Insurance, subject to ongoing compliance with conditions set by the Reserve Bank of India and approval from IRDAI.

  • Paras Defence & Space Technologies rises sharply as it plans a capex of Rs 500 crore to set up India's first optical systems development park.

  • CESC is rising as its wholly-owned subsidiary, Eminent Electricity Distribution, receives a letter of intent to acquire 100% of the shares in a distribution company for Rs 871 crore. The company is responsible for electricity distribution and retail supply in the Union Territory of Chandigarh.

  • Rail Vikas Nigam rises sharply as it receives a letter of acceptance (LoA) for a Rs 837.7 crore order from the Eastern Railway to construct bridges, retaining walls, level crossing, side drains, and other works between Kalipahari to Pradhankhuta.

  • Markets rise on early trading, Nifty 50 was trading at 24,288.60 (381.4, 1.6%), BSE Sensex was trading at 80,193.47 (1,076.4, 1.4%) while the broader Nifty 500 was trading at 22,618.65 (393.1, 1.8%)

  • Market breadth is ticking up strongly. Of the 2,000 stocks traded today, 1,854 showed gains, and 121 showed losses.

Riding High:

Largecap and midcap gainers today include Central Bank of India (56.71, 8.4%), Siemens Ltd. (7,348.50, 7.3%) and Cummins India Ltd. (3,535.85, 6.5%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (968.80, -7.9%), Adani Energy Solutions Ltd. (625.20, -3.7%) and Adani Power Ltd. (446.65, -3%).

Volume Shockers

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

Top high volume gainers on BSE included Poly Medicure Ltd. (3,002.35, 16.3%), Elgi Equipments Ltd. (640.75, 14.5%) and Gillette India Ltd. (10,443.15, 12.1%).

Top high volume losers on BSE were Adani Green Energy Ltd. (968.80, -7.9%), JSW Steel Ltd. (953.30, -2.5%) and JSW Energy Ltd. (675.05, -2.0%).

GMM Pfaudler Ltd. (1,201.15, -0.3%) was trading at 33.1 times of weekly average. Grindwell Norton Ltd. (2,102, 1.8%) and Capri Global Capital Ltd. (194.68, 3.2%) were trading with volumes 30.0 and 29.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks made 52 week highs, while 6 stocks hit their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,795.45, -0.6%), Federal Bank Ltd. (212.88, 1.7%) and Fortis Healthcare Ltd. (697.85, 1.8%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (625.20, -3.7%) and Mahindra Holidays & Resorts India Ltd. (348.40, -0.8%).

55 stocks climbed above their 200 day SMA including Elgi Equipments Ltd. (640.75, 14.5%) and Cummins India Ltd. (3,535.85, 6.5%). 3 stocks slipped below their 200 SMA including Varun Beverages Ltd. (601.10, -2.5%) and Narayana Hrudayalaya Ltd. (1,264, -0.6%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Superstar investor portfolios take a hit from market volatility | Screener: Promoters reducing their stakes
The Baseline | 08 May 2025, 12:37AM
Chart of the week: India’s changing consumer demand, policy support is driving domestic market growth
The Baseline | 07 May 2025, 05:07PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021