Trendlyne Marketwatch
Trendlyne Marketwatch
03 Dec 2024
Market closes higher, Coal India signs an MoU with BPCL for a natural gas project
By Trendlyne Analysis

 

 

Markets closed up today. Nifty 50 closed at 24,457.15 (181.1, 0.8%) , BSE Sensex closed at 80,845.75 (597.7, 0.7%) while the broader Nifty 500 closed at 23,020.85 (185, 0.8%). Market breadth is surging up. Of the 2,279 stocks traded today, 1,609 were on the uptick, and 643 were down.

Nifty 50 closed higher after gaining throughout the day. The Indian volatility index, Nifty VIX, fell 2.2% and closed at 14.4 points. KPI Green Energy rose to its 5% upper limit as it secured an order worth Rs 1,311 crore from Coal India to set up a 300 megawatt solar photovoltaic plant.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty PSU Bank and Nifty Media Index were among the top index gainers today. According to Trendlyne’s sector dashboard, Transportation emerged as the top-performing sector of the day, with a rise of 3%.

Asian indices closed in the green. European indices are trading in the green, except for Russia’s RTSI and MOEX indices, which are trading in the red. US index futures are trading flat, as investors are looking ahead to Job Openings and Labor Turnover Survey (JOLTS) jobs data later in the day, indicating a cautious start to the trading session. Brent crude oil futures are trading higher as traders awaited the outcome of an OPEC+ meeting later this week.

  • Relative strength index (RSI) indicates that stocks like The Ramco Cements, Laurus Labs, Aster DM Healthcare, and CCL Products India are in the overbought zone.

  • BOB Capital retains its 'Buy' call on Hindustan Unilever with a target price of Rs 3,077 per share. This indicates a potential upside of 24.1%. The brokerage expects a favourable monsoon, improvement in agri-yield, and recovery in the rural areas to increase the company's sales and earnings. It expects the firm's revenue to grow at a CAGR of 8% over FY25-26.

  • Mazagon Dock Shipbuilders is rising as its board sets December 27 as the record date for its stock split, dividing one equity share of face value of Rs 10 each fully paid up into two equity shares of Rs 5 each.

  • Sky Gold surges to its 5% upper circuit as its board of directors sets December 16 as the record date for its 9:1 bonus share issue.

  • UBS initiates coverage on Indian real estate companies, rating DLF & Prestige Estates 'Buy' and Oberoi Realty 'Neutral' with target prices of Rs 1,005, Rs 2,175, and Rs 2,230, respectively. The brokerage believes the realty sector is in a "sweet spot," fueled by a unique combination of favorable factors expected to sustain growth for the next three to five years.

  • Tata Power rises as its subsidiary, Tata Power Renewable Energy, commissions a 431 MW direct current (DC) solar project at Neemuch, Madhya Pradesh. The project, spanning 1,635.6 acres, integrates advanced technology to improve efficiency by over 15% and reduce carbon dioxide (CO2) emissions by 7,80,300 tonnes.

  • Vakrangee surges to its 5% upper circuit as it enters an agreement with the Central Bank of India to offer banking services across India as a Corporate Business Correspondent (CBC).

  • HDFC Bank is rising as 21.7 lakh shares, worth approximately Rs 396 crore, reportedly change hands in a block deal at an average price of Rs 1,822.7 per share.

  • KPIT Technologies rises over 7% as JP Morgan maintains its 'Overweight' rating with a target price of Rs 1,900. The brokerage anticipates a recovery despite recent underperformance. While investment in EV and hybrid technologies has slowed, it expects continued, though measured, investment. JP Morgan names the stock its top pick among ER&D firms, forecasting growth from 2025 driven by a recovery in the auto sector.

  • TBO Tek falls sharply as 64.3 lakh shares (5.9% stake), worth Rs 951 crore, reportedly change hands in a block deal at an average price of Rs 1,476 per share.

  • Tata Consultancy Services is rising as it partners with the Bank of Bhutan to upgrade its digital infrastructure. TCS will implement its BaNCS Global Banking Platform to improve the bank's operations and integrate with Bhutan's digital public services.

  • Nazara Technologies is rising as it invests Rs 196 crore in its subsidiaries, Nodwin Gaming, Absolute Sports & Datawrkz, and to acquire a 60% stake in Funky Monkeys & Learntube.

  • Kotak Equities expects RBI's monetary policy committee to keep the repo rate unchanged in the upcoming meeting, citing high inflation in October-November, focus on disinflation, and global economic impacts. The firm also anticipates a 50 bps Cash Reserve Ratio (CRR) cut, infusing around Rs 1.2 lakh crore of liquidity and signaling the start of a monetary easing cycle.

  • Gland Pharma is rising as it receives approval from the US FDA for its latanoprost ophthalmic solution, used to treat high eye pressure in patients with ocular hypertension. The product is equivalent to the reference listed drug, Xalatan latanoprost ophthalmic solution, the market size of which is expected to reach $1.5 billion in 2024.

  • Pricol is rising as its subsidiary, Pricol Precision Products, acquires the injection-moulded plastic component division of Sundaram Auto Components (a wholly-owned subsidiary of TVS Motor) for Rs 215.3 crore. The company's board also approves an investment of up to Rs 120 crore to support the subsidiary’s operations and growth.

  • Indegene falls sharply as 1.1 crore shares (4.7% stake), worth Rs 707 crore, reportedly change hands in a block deal at an average price of Rs 623 per share. Global PE firm Carlyle-backed CA Dawn Investments is the likely seller in the transaction.

  • Zen Technologies declines over 4% as reports suggest that 21.4 lakh shares (2.6% equity), amounting to Rs 386.1 crore, have changed hands in a block deal.

  • Coal India rises as it signs a memorandum of understanding (MoU) with Bharat Petroleum Corp (BPCL) to explore setting up a coal-to-synthetic natural gas project at Western Coalfields (WCL).

  • Protean eGov Technologies is rising as it receives a work order worth Rs 161 crore from the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). The company will act as the system integrator for designing, developing, implementing, and maintaining the Central KYC Records Registry (CKYCRR 2.0).

  • E2E Networks is rising as it enters an agreement with Larsen & Toubro to expand E2E's data centre capacity to 10,200 KW from 4,200 KW over the next five years.

  • Food, beverage, and tobacco companies like ITC, Godfrey Phillips, and Varun Beverages are falling after a panel of state ministers recommend a sharp tax hike for “sin goods”, including tobacco products and aerated drinks, to 35% from 28% currently, under the goods and services tax (GST) framework.

  • MOIL is rising as its November sales increase 32% YoY to 1.3 lakh tonnes. The company's production rises marginally YoY to 1.6 lakh tonnes.

  • KPI Green Energy rises sharply as it bags an order worth Rs 1,311 crore from Coal India to set up a 300 megawatt alternating current (MW AC) ground-mounted solar photovoltaic (PV) plant. The order will be executed on an engineering, procurement & construction (EPC) basis, including operation and maintenance for the next five years.

  • Solar Industries India is rising as it, along with its subsidiary, secures export orders worth Rs 2,039 crore from international clients to supply defence products; to be delivered over four years.

  • Torrent Power is rising as its board of directors approves the qualified institutional placement (QIP) of shares worth Rs 5,000 crore at a floor price of Rs 1,555.8 per share.

  • Nifty 50 was trading at 24,315.40 (39.4, 0.2%), BSE Sensex was trading at 80,529.20 (281.1, 0.4%) while the broader Nifty 500 was trading at 22,904.05 (68.2, 0.3%).

  • Market breadth is surging up. Of the 1,925 stocks traded today, 1,500 were on the uptrend, and 379 went down.

Riding High:

Largecap and midcap gainers today include Torrent Power Ltd. (1,689.10, 6.5%), Adani Ports & Special Economic Zone Ltd. (1,288.65, 6.0%) and Tata Elxsi Ltd. (7,098.55, 5.7%).

Downers:

Largecap and midcap losers today include Deepak Nitrite Ltd. (2,627, -4.8%), Vedant Fashions Ltd. (1,388.70, -3.2%) and Mankind Pharma Ltd. (2,559, -2.2%).

Volume Rockets

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

Top high volume gainers on BSE included Jindal Worldwide Ltd. (387.35, 20%), HEG Ltd. (500.55, 14.1%) and Graphite India Ltd. (570.15, 9.2%).

Top high volume losers on BSE were Granules India Ltd. (534.15, -10.2%), C.E. Info Systems Ltd. (1,538.10, -9.0%) and Deepak Nitrite Ltd. (2,627, -4.8%).

TTK Prestige Ltd. (879, 3.7%) was trading at 16.8 times of weekly average. NMDC Steel Ltd. (48.25, 5.4%) and RHI Magnesita India Ltd. (553.80, 6.1%) were trading with volumes 12.6 and 11.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks made 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,312.40, 3.4%), City Union Bank Ltd. (182.90, 1.0%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,358.65, -0.7%).

Stock making new 52 weeks lows included - C.E. Info Systems Ltd. (1,538.10, -9.0%).

35 stocks climbed above their 200 day SMA including Jindal Worldwide Ltd. (387.35, 20%) and Graphite India Ltd. (570.15, 9.2%). 7 stocks slipped below their 200 SMA including TVS Holdings Ltd. (11,700, -1.7%) and Ratnamani Metals & Tubes Ltd. (3,365.10, -1.0%).

 
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