Trendlyne Marketwatch
Trendlyne Marketwatch
02 Dec 2024
Market closes higher, Maruti Suzuki's total wholesales rise 10% YoY in November
By Trendlyne Analysis

 

Nifty 50 closed at 24,276.05 (145.0, 0.6%), BSE Sensex closed at 80,248.08 (445.3, 0.6%) while the broader Nifty 500 closed at 22,835.85 (148.9, 0.7%). Market breadth is in the green. Of the 2,301 stocks traded today, 1,430 were in the positive territory and 846 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 24,274 points. The Indian volatility index, Nifty VIX, increased by 1.9% and closed at 14.7 points. India’s manufacturing PMI declined to an eleven-month low of 56.5 in November, compared to 57.5 in October, driven by rising input cost inflation.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. BSE Realty Index and Nifty Realty were among the top index gainers today. According to Trendlyne’s Sector dashboard, Realty emerged as the best-performing sector of the day, with a rise of 2.8%.

Asian indices closed higher while European indices are trading mixed. US index futures traded in the red, indicating a cautious start to the trading session. Brent crude oil futures are trading in the green. Investors are concerned about an impending trade war after Trump threatened on Sunday to impose "100% tariffs" on BRICS nations. He criticized their efforts to create a new currency and move away from the US dollar, warning that the US could cut off trade with the bloc unless they agree to use the dollar.

  • Money flow index (MFI) indicates that stocks like CCL Products India, The Fertilisers and Chemicals Travancore, and Ramco Cements are in the overbought zone.

  • Gujarat Gas announces a price hike of Rs 1.5 per kg for compressed natural gas (CNG), effective December 1. The new price will be Rs 77.8 per kg across the state of Gujarat.

  • Sterling Tools rises sharply as its subsidiary, Sterling Tech-Mobility, partners with China's Zhejiang Meishuo Electric to manufacture latching relays for power transmission in India. The partnership is expected to generate Rs 200 crore revenue by FY30 for Sterling Tools, with an initial Rs 20 crore investment.

  • Escorts Kubota is falling as its total wholesales decline 9.4% YoY to 8,974 units in November, while its exports decrease 39.5% to 244 units. The company's domestic wholesales drop by 8.1% to 8,730 units.

  • NMDC's total sales rise 5.5% YoY to 4 million tonnes (MT) in November as its production grows by 18% YoY to 4.5MT.

  • The Centre announces the removal of windfall tax on aviation turbine fuel (ATF), crude oil products, petrol, and diesel, providing relief to oil majors like Reliance and ONGC. The tax, introduced in July 2022 in response to rising global crude prices, was designed to capture revenue from producers' unexpected gains. The removal is expected to provide a significant boost to refining margins.

  • Biocon’s arm Biocon Biologics receives US FDA approval for Yesintek, a biosimilar to Johnson & Johnson’s Stelara (ustekinumab). Yesintek is a monoclonal antibody used to treat Crohn’s disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis. The global market size for ustekinumab is projected at around $11.4 billion in 2024.

  • Reports suggest that 1.9 crore shares (21% equity) of Home First Finance have changed hands in a block deal. The company's promoters are the likely sellers in the transaction.

  • HCL Technologies is rising as it partners with Google Cloud Security to deliver AI-driven managed detection and response (MDR) solutions. The service integrates HCLTech’s Fusion Platform with Google Cloud Security technology for better threat detection and response.

  • India’s manufacturing PMI declines to an eleven-month low of 56.5 in November, compared to 57.5 in October, driven by rising input cost inflation.

  • TVS Motor is rising as its wholesales grow 10% YoY to 4 lakh units in November, driven by a 12% YoY increase in two-wheelers and a 57% YoY growth in electric vehicles. Exports surge 25% YoY during the same period.

  • Adani Ports and Special Economic Zone handles 36 million metric tonnes (MMT) of cargo in November, led by a 21% YoY growth in the container segment. January-November cargo volumes grow 7% YoY to 293.7 MMT, driven by containers (19% YoY) and liquids & gas (7% YoY).

  • Cochin Shipyard rises to its 5% upper limit as it secures a contract worth Rs 1,000 crore from the Ministry of Defence (MoD), Government of India, for the short refit and dry docking of a large Indian naval vessel.

  • Morgan Stanley maintains its 'Equal-weight' rating on IndusInd Bank with a lower target price of Rs 1,150. The brokerage highlights the 30% drop in share price following the bank's Q2 earnings, driven by concerns over weak asset quality in the microfinance (MFI) segment. The brokerage notes that the risk-reward isn't unfavorable, but near-term risk leans towards the downside.

  • RBL Bank declines to its 52-week low of Rs 147.5 as it discontinues its eight-year co-branded credit card partnership with Bajaj Finance. This aligns with the bank’s plans to build diverse partnerships with NBFCs like Mahindra & Mahindra Finance, TVS Finance, and other brands like IRCTC and Indian Oil Corp.

  • Sterling and Wilson Renewable Energy is rising as it secures a Rs 504 crore order from a repeat customer in Rajasthan for the supply, installation, and commissioning of a 396 megawatt peak direct current (MWp DC) solar project.

  • Mahindra & Mahindra is rising as its wholesales grow by 12% YoY to 79,083 units in November. Passenger vehicle sales increase 16% YoY, while exports are up 53% YoY.

  • India's GDP growth slowed in Q2FY25, primarily due to weaker performance in the industrial sector. This is the slowest growth in seven quarters, prompting economists to revise their full-year growth projections downward. Barclays has lowered its forecast for FY25 to 6.5%, down from the previous estimate of 6.8%. Despite this, there are still expectations of a recovery in the second half of the fiscal year.

  • GP Petroleums rises sharply as it secures a Rs 223 crore supply agreement with Hindustan Petroleum Corp (HPCL) to provide 50,000 metric tonnes of bulk bitumen (VG30) over a year, with a possible extension.

  • Cipla's promoter reportedly sells nearly 1.4 crore shares (1.7% stake), worth Rs 2,000 crore, in a block deal at a floor price of Rs 1,442 per share.

  • Dixon Technologies surges to its 52-week high of Rs 16,824 as its arm, Padget Electronics, signs a contract with Compal Smart Device India to launch the mass production of Google Pixel.

  • India’s GDP slows to a seven-quarter low of 5.4% in Q2FY25, down from 6.7% in Q1, below RBI’s projection of 7% growth. The decline is due to slower growth in manufacturing and deceleration in mining and quarrying.

  • Hero MotoCorp's monthly wholesales decline 6.4% YoY to 4.6 lakh units in November due to lower motorcycle sales and domestic business. However, its exports grow by 35.7% YoY to 20,028 units during the month.

  • Bajaj Auto's domestic wholesales decline by 7% YoY to 2.4 lakh units in November due to a decrease in two-wheeler and commercial vehicle sales by 7% YoY and 5% YoY, respectively. However, the company's exports grow by 24% YoY to 1.8 lakh units during the month.

  • Rail Vikas Nigam is rising as it emerges as the lowest bidder for a contract worth Rs 642.6 crore from Punjab State Power Corp (PSPCL) to upgrade power distribution infrastructure in Punjab’s Central Zone. The project focuses on reducing losses in high-tension and low-tension power lines under the revamped distribution sector scheme (RDSS).

  • KEC International secures orders worth Rs 1,040 crore for its transmission and distribution (T&D) business from international markets. The orders include supplying towers, hardware, and poles in the US and constructing 220 kV transmission lines in the Commonwealth of Independent States (CIS).

  • Nifty 50 was trading at 24,037.75 (-93.4, -0.4%) , BSE Sensex was trading at 79,643.55 (-159.2, -0.2%) while the broader Nifty 500 was trading at 22,630.25 (-56.8, -0.3%)

  • Market breadth is in the red. Of the 2,011 stocks traded today, 837 were on the uptrend, and 1,109 went down.

Riding High:

Largecap and midcap gainers today include Dixon Technologies (India) Ltd. (16,763.90, 6.1%), Indraprastha Gas Ltd. (343.55, 5.1%) and Torrent Power Ltd. (1,586.30, 5%).

Downers:

Largecap and midcap losers today include Adani Total Gas Ltd. (772.55, -4.9%), Adani Energy Solutions Ltd. (807, -4.0%) and UNO Minda Ltd. (1,021.80, -2.8%).

Volume Shockers

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

Top high volume gainers on BSE included Castrol India Ltd. (215.25, 7.2%), Affle (India) Ltd. (1,736.20, 7.2%) and Intellect Design Arena Ltd. (764.10, 6.6%).

Top high volume losers on BSE were Emami Ltd. (631.25, -7.7%), Can Fin Homes Ltd. (814.55, -1.1%) and Berger Paints (India) Ltd. (489.60, -0.8%).

Home First Finance Company India Ltd. (1,074.75, 2.2%) was trading at 27.1 times of weekly average. Relaxo Footwears Ltd. (680.20, 1.5%) and Happiest Minds Technologies Ltd. (770.40, 6.5%) were trading with volumes 15.6 and 11.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks hit their 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,236.05, 1.8%), Divi's Laboratories Ltd. (6,255.35, 1.3%) and eClerx Services Ltd. (3,542.05, 1.6%).

Stocks making new 52 weeks lows included - RBL Bank Ltd. (155.96, 0.6%) and Equitas Small Finance Bank Ltd. (62.52, 0.3%).

21 stocks climbed above their 200 day SMA including Torrent Power Ltd. (1,586.30, 5%) and Cochin Shipyard Ltd. (1,656.15, 5%). 16 stocks slipped below their 200 SMA including Emami Ltd. (631.25, -7.7%) and Kirloskar Oil Engines Ltd. (1,090, -2.8%).

 
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