Trendlyne Marketwatch
Trendlyne Marketwatch
04 Dec 2024
Market closes flat, Bharti Airtel awards Ericsson a multi-billion 4G and 5G RAN contract
By Trendlyne Analysis

 

Nifty 50 closed at 24,467.45 (10.3, 0.0%), BSE Sensex closed at 80,956.33 (110.6, 0.1%) while the broader Nifty 500 closed at 23,099.50 (78.7, 0.3%). Market breadth is in the green. Of the 2,260 stocks traded today, 1,323 were gainers and 913 were losers.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 24,467.5 points. The Indian volatility index, Nifty VIX, increased by 0.5% and closed at 14.5 points. Swiggy’s Q2FY25 revenue grew by 30.3% YoY to Rs 3,601.5 crore, driven by improvements in the food delivery, quick-commerce, and supply chain & distribution segments. Net loss narrowed 4.8% YoY to Rs 625.5 crore during the quarter.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty PSU Bank and Nifty Realty were among the top index gainers today. According to Trendlyne’s Sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a rise of 3.1%.

Asian indices closed mixed while European indices are trading higher. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. Salesforce surged more than 10% in premarket trading after the cloud-based software company exceeded Q3 revenue expectations and raised the lower end of its annual revenue forecast, driven by strong demand for its enterprise cloud portfolio.

  • Money flow index (MFI) indicates that stocks like The Fertilisers and Chemicals Travancore, HEG, Laurus Labs and Caplin Point Laboratories are in the overbought zone.

  • Nazara Technologies is rising as it signs a letter of intent with Lysto to launch "The Growth Protocol," a blockchain-based Layer 1 infrastructure focused on digital marketing and growth applications.

  • Newgen Software Technologies rises sharply as it accepts a purchase order from the Reserve Bank of India (RBI). The order, valued at over Rs 32 crore, involves the implementation and maintenance of the regulatory application management system (RAMS).

  • Alembic Pharmaceuticals receives approval from the US FDA for its abbreviated new drug application (ANDA) for Olopatadine hydrochloride ophthalmic solution, used to temporarily relieve itchy eyes. The product is an equivalent of Alcon Laboratories’ Pataday Once Daily Relief hydrochloride ophthalmic solution, with an estimated market size of $22 million in the year ending September 2024, according to IQVIA.

  • The Association of Mutual Funds in India(AMFI) is set to re-categorize certain stocks in January 2025. Varun Beverages and ABB likely enter the large-cap space, while Timken and Metro Brands will move to midcaps. A total of 12 stocks are set for an upgrade from small to midcap status.

  • Geojit BNP Paribas downgrades Finolex Cables to 'Accumulate' from 'Buy' but upgrades target price of Rs 1,354 per share due to a reduction in expected earnings. This implies a potential upside of 11.2%. However, the brokerage believes the company's growth will return to normalised levels, led by improved construction activity and increased government spending on infrastructure in H2FY25. It expects the firm's net profit to grow at a CAGR of 15% over FY25-26.

  • Star Cement is rising as Adani Group's unit, Ambuja Cement, is reportedly in talks to acquire the company to strengthen its presence in the Northeast.

  • Honasa Consumer rises sharply as its co-founder Varun Alagh increases his stake to 31.9% with a Rs 4.5 crore investment.

  • Bajaj Auto cuts prices of its newly launched 'Freedom 125CC' bi-fuel powered motorcycle by Rs 5000-10,000 for entry & mid level variants. UBS maintains its 'Sell' rating on the company with a target price of Rs 7,900, noting that the price cut could lead to potential downside risks to market estimates. It also highlights that Bajaj Auto is facing weak demand, with domestic sales down 7% YoY in November, despite the festive season.

  • Cyient DLM signs a memorandum of understanding (MoU) with Arcedo Systems to set up a 500 kilowatt peak (kWp) rooftop solar power plant at Cyient's Mysore facility.

  • Adani Energy Solutions reportedly emerges as the preferred bidder for a Rs 25,000 crore transmission project under Rajasthan Part-I Power Transmission. The project includes building 6 GW HVDC (high-voltage direct current) terminal stations at Bhadla (Rajasthan) and Fatehpur (Uttar Pradesh), along with a transmission line and AC network between the stations.

  • Bharti Airtel awards Ericsson a multi-year, multi-billion-dollar contract extension to deploy 4G and 5G random access network (RAN) solutions in India. The deal includes centralized RAN, Open RAN-ready solutions, and 4G radio software upgrades.

  • Defence stocks are rising around 4% after the Defence Acquisition Council approves five capital acquisition proposals totaling over Rs 21,772 crore. The procurement includes equipment for the Indian Navy, Coast Guard, and Air Force to boost India's maritime operations, coastal security, and aircraft defense.

  • Suzlon Energy is rising after expanding its partnership with Jindal Renewables' arm, JSP Green Wind, to develop an additional 302.4 MW wind power project in Karnataka.

  • Wonderla Holidays surges as it opens a qualified institutional placement (QIP) with a floor price of Rs 829.7 per share. The company's board approved raising around Rs 800 crore through multiple funding options, including a QIP on October 4.

  • NBCC (India) is rising as it receives a work order worth Rs 213 crore from Motilal Nehru College, New Delhi, to upgrade the infrastructure of an auditorium, expand academic buildings, and build a hostel at Delhi University. The project will be completed in phases.

  • India’s services PMI declines marginally to 58.4 in November from 58.5 in October. The PMI reading, however, stays above the 50 mark for the 40th consecutive month, driven by a surge in hiring and growth in new orders in the services sector.

  • Swiggy rises as its Q2FY25 revenue grows by 30.3% YoY to Rs 3,601.5 crore, driven by improvements in the food delivery, quick-commerce, and supply chain & distribution segments. Net loss narrows 4.8% YoY to Rs 625.5 crore during the quarter. The company features in a screener of stocks gaining over 20% in a month.

  • Aditya Birla Capital invests Rs 300 crore in its subsidiary, Aditya Birla Housing Finance, through a rights issue of equity shares.

  • L&T Technology Services secures a $50 million multi-year contract with a global network solutions firm to serve as a strategic partner. The agreement focuses on providing product integration services in North America.

  • JSW Infrastructure is rising as Investec initiates coverage with a ‘Buy’ rating and a target price of Rs 370. The brokerage has a positive outlook on the company due to its strong growth prospects, driven by third-party cargo expansion at the new terminal and higher JSW Group traffic from FY27E. Investec also notes that the premium valuations look justified.

  • Reliance Power surges to its 5% upper circuit as the Solar Energy Corp of India (SECI) withdraws its order, barring the company and its subsidiaries from participating in tenders issued by the SECI.

  • Indian Energy Exchange is rising as its electricity volume increases by 16% YoY to 9,689 million units (MU) in November. IEX Green Market achieves a volume growth of 331.8% YoY to 818 MU.

  • Oil & Natural Gas Corp invests Rs 4,906.2 crore in its subsidiary ONGC Petro Additions (OPaL) through a rights issue of 490.6 shares.

  • Rail Vikas Nigam is rising as it receives an order worth Rs 186.8 crore from East Central Railway. The contract includes the design, supply, erection, testing, and commissioning of traction substations and switching posts. The project upgrades the electric traction system in the Gomoh-Patratu section of the Dhanbad Division to a dual 25 kV system.

  • Nifty 50 was trading at 24,479.25 (22.1, 0.1%) , BSE Sensex was trading at 81,036.22 (190.5, 0.2%) while the broader Nifty 500 was trading at 23,069.65 (48.8, 0.2%).

  • Market breadth is surging up. Of the 1,935 stocks traded today, 1,376 were in the positive territory and 511 were negative.

Riding High:

Largecap and midcap gainers today include UCO Bank (50.39, 11.7%), Indian Overseas Bank (58.97, 8.3%) and Central Bank of India (61.01, 7.6%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (1,260.85, -4.0%), Adani Total Gas Ltd. (746.65, -2.6%) and Vedant Fashions Ltd. (1,351.40, -2.5%).

Volume Shockers

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

Top high volume gainers on BSE included HEG Ltd. (581.65, 16.2%), KEC International Ltd. (1,240.40, 13.3%) and Swan Energy Ltd. (709.40, 12.3%).

Top high volume losers on BSE were Ratnamani Metals & Tubes Ltd. (3,325.10, -1.3%) and UTI Asset Management Company Ltd. (1,305.10, -0.3%).

Star Cement Ltd. (207.64, 6.2%) was trading at 41.7 times of weekly average. UCO Bank (50.39, 11.7%) and Central Bank of India (61.01, 7.6%) were trading with volumes 21.9 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks made 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,362.50, 2.2%), City Union Bank Ltd. (184.88, 1.1%) and eClerx Services Ltd. (3,611.40, 1.5%).

Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (232.59, -1.3%) and C.E. Info Systems Ltd. (1,571.30, 2.2%).

34 stocks climbed above their 200 day SMA including Central Bank of India (61.01, 7.6%) and Star Cement Ltd. (207.64, 6.2%). 8 stocks slipped below their 200 SMA including Samvardhana Motherson International Ltd. (162.48, -2.2%) and Cipla Ltd. (1,500.85, -2.2%).

 
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