Trendlyne Marketwatch
Trendlyne Marketwatch
06 Dec 2024
Market closes flat, Tata Power plans a Rs 1.5 lakh crore capex between FY25-30
By Trendlyne Analysis

 

Nifty 50 closed at 24,677.80 (-30.6, -0.1%), BSE Sensex closed at 81,709.12 (-56.7, -0.1%) while the broader Nifty 500 closed at 23,312.10 (34.2, 0.2%). Market breadth is in the green. Of the 2,256 stocks traded today, 1,308 showed gains, and 924 showed losses.

Nifty 50 closed lower after switching between gains and losses. The Indian volatility index, Nifty VIX, declined 2.7% and closed at 14.1 points. Borosil Renewables closed deep in the green as the Department of Revenue, Ministry of Finance imposes a provisional anti-dumping duty on the import of Textured Tempered Coated and Uncoated Glass from China and Vietnam.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Metal and BSE Consumer Durables were among the top-performing indices of the day. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 5.4%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading mixed, indicating a cautious start to the trading session ahead of the release of the monthly US jobs report. Brent crude oil prices fell 0.5%.

  • Relative strength index (RSI) indicates that stocks like Laurus Labs, HEG, Maharashtra Seamless, and Central Depository Services (India) are in the overbought zone.

  • Kalpataru Projects International is rising as it, along with its international subsidiaries, secures new orders worth Rs 2,174 crore. The orders include a design and construction project for an elevated metro rail in India, transmission and distribution (T&D) projects in India and international markets, and a residential building project in India.

  • Angel One is rising as its average daily turnover (ADTO) rises 24.1% YoY to Rs 42.6 lakh crore in November, while its client base grows 56% YoY to 2.9 crore. However, it reports an 11.7% YoY dip in gross client acquisition.

  • Emkay initiates coverage on Sonata Software with a 'Buy' call and a target price of Rs 780 per share. This indicates a potential upside of 17.3%. The brokerage is positive on the company's medium-term outlook, driven by a rebound in revenue growth with an improvement in discretionary spending. It expects the firm's revenue to grow at a CAGR of 14.4% over FY25-27.

  • Canara Bank rises after receiving RBI approval to divest part of its holdings in Canara Robeco Asset Management and Canara HSBC Life Insurance via IPO. The bank plans to sell 13% and 14.5% stakes, respectively, as mandated by RBI to reduce its holdings to 30% by October 31, 2029.

  • Landmark Cars is rising as it enters an asset transfer agreement to acquire a Kia Showroom in Bowenpally, Hyderabad. This comes after the company received approval from Kia India to operate its showroom in the country.

  • Kernex Microsystems (India) rises to its 5% upper limit as it receives an order worth Rs 2,041.4 crore from Chittaranjan Locomotive Works. The contract involves the supply, installation, testing, and commissioning of 2,500 sets of On-board KAVACH equipment.

  • Samvardhana Motherson International is rising as its board of directors approves the acquisition of Japan-based Atsumitec for $57 million (approx. Rs 482.6 crore) through its arm, Samvardhana Motherson Automotive Systems Group BV.

  • Maruti Suzuki India announces plans to raise car prices by up to 4% starting January 2025. The decision as per the company is driven by increased input costs and operational expenses.

  • IKIO Lighting is rising as its step-down subsidiary, Royalux, signs a memorandum of understanding (MoU) with Metco Engineering. The agreement involves the supply of energy-saving products, including solar panels, LED lighting solutions, and other energy-efficient products.

  • Adani Wilmar appoints Shrikant Kanhere as Deputy Chief Executive Officer (Dy. CEO), effective immediately.

  • Borosil Renewables rises sharply as the Department of Revenue, Ministry of Finance imposes a provisional anti-dumping duty on the import of Textured Tempered Coated and Uncoated Glass from China and Vietnam. The duty will be imposed for the next six months.

  • Ganesh Kumar, CEO of ITC's Agri Business Division, highlights the company's expansion of its Farmer Producer Organizations (FPOs) to enhance fruit and vegetable sourcing. With around 1,600 FPOs currently, ITC aims to grow this network to 4,000 and reach 10 million farmers in 4-5 years. He also mentioned the expansion of the company's 'MAARS' super app, a 'phygital' initiative offering personalized advisories to farmers through FPOs.

  • Paytm's parent company, One97 Communications, reportedly plans to sell its stake in Japan's digital payments firm PayPay to SoftBank Group for $250 million (approximately Rs 2,000 crore).

  • ICICI Securities maintains its 'Buy' call on Inox Wind, raising the target price to Rs 245 per share. This indicates a potential upside of 18.7%. The brokerage remains optimistic about the stock, citing a sharp improvement in the order book, a better industry environment, and synergies from new businesses. It forecasts the company's revenue to grow at a CAGR of 104.7% over FY25-26.

  • Mishtann Foods plunges as the Securities and Exchange Board of India (SEBI) bars it from raising public funds for seven years over alleged financial misrepresentation. Reports state that SEBI directs the recovery of Rs 100 crore, while the company claims the order is a show-cause notice.

  • RBI Governor Shaktikanta Das emphasises the recent reduction in the Cash Reserve Ratio (CRR) aligns with the MPC's 'Neutral' stance and will inject Rs 1.2 lakh crore into the banking system. He also notes that the rupee's depreciation and volatility have been lower compared to other emerging market economies, reflecting India's strong macroeconomic fundamentals.

  • Suraksha Diagnostic’s shares debut on the bourses at a 0.7% discount to the issue price of Rs 441. The Rs 846.3 crore IPO received bids for 1.3 times the total shares on offer.

  • Welspun Living is rising as the boards of directors of its subsidiaries, Welspun Home Solutions and Welspun Advanced Materials (India), approve the merger of the companies.

  • Waaree Energies is rising as it secures accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL) for its PV Module Test Lab (PMTL) at its module manufacturing facility in Chikhli, Gujarat.

  • The Reserve Bank of India (RBI) keeps the policy repo rate unchanged at 6.5% while reducing the GDP growth forecast for FY25 to 6.6% from 7.2%. Additionally, the RBI announces a 50 bps reduction in the Cash Reserve Ratio (CRR), bringing it down to 4.5%. Governor Shaktikanta Das highlights that the MPC assessed growth as resilient but has advised caution.

  • Ola Electric Mobility is falling as the Central Consumer Protection Authority (CCPA) seeks additional documents and information, amid allegations of whitewashing more than 10,000 service-related complaints.

  • Harsha Engineers International is rising as it secures a six-year agreement worth Rs 53.7–89.5 crore (EUR 6–10 million) annually with a leading multinational bearing company. The contract involves the manufacturing and supply of bearing cage products.

  • Garden Reach Shipbuilders & Engineers is rising as it bags a contract for four additional 7,500 deadweight tonnage (DWT) multi-purpose vessels.

  • Rites is rising as it secures an order worth Rs 148.3 crore from Indian Institute of Management Raipur. The company is appointed as the project management consultant (PMC) for the execution, supervision, monitoring, and development of Phase II of the IIM Raipur campus in Chhattisgarh.

  • Nifty 50 was trading at 24,689.40 (-19, -0.1%) , BSE Sensex was trading at 81,790.26 (24.4, 0.0%) while the broader Nifty 500 was trading at 23,281.55 (3.6, 0.0%)

  • Market breadth is in the green. Of the 1,952 stocks traded today, 1,229 were on the uptick, and 673 were down.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (2,142.30, 6.2%), Vedanta Ltd. (501.40, 6.1%) and Delhivery Ltd. (353, 5.9%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Financial Services Ltd. (278, -2.9%), Alkem Laboratories Ltd. (5,505.40, -2.5%) and Tube Investments of India Ltd. (3,680.15, -2.0%).

Volume Rockets

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

Top high volume gainers on BSE included ITI Ltd. (321.20, 13.3%), Multi Commodity Exchange of India Ltd. (6,920, 6.7%) and HBL Power Systems Ltd. (674.50, 6.5%).

Top high volume losers on BSE were India Cements Ltd. (360.20, -1.7%), Route Mobile Ltd. (1,453.25, -1.0%) and Patanjali Foods Ltd. (1,865.10, -0.2%).

Asahi India Glass Ltd. (749.15, 3.6%) was trading at 13.6 times of weekly average. Metropolis Healthcare Ltd. (2,135.50, 1.7%) and Westlife Foodworld Ltd. (815.05, 2.4%) were trading with volumes 10.2 and 7.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - City Union Bank Ltd. (184.96, -0.3%), Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,423.85, 3.3%) and eClerx Services Ltd. (3,615.85, -2.3%).

23 stocks climbed above their 200 day SMA including ITI Ltd. (321.20, 13.3%) and MMTC Ltd. (83.78, 4.5%). 16 stocks slipped below their 200 SMA including Jai Balaji Industries Ltd. (973.70, -4.3%) and Can Fin Homes Ltd. (802.95, -3.9%).

 
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