Trendlyne Marketwatch
Trendlyne Marketwatch
17 Dec 2024
Market closes lower, NMDC's sets December 27 as the record date for its 2:1 bonus issue
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,336 (-332.3, -1.4%) , BSE Sensex closed at 80,684.45 (-1,064.1, -1.3%) while the broader Nifty 500 closed at 23,095.75 (-256.7, -1.1%). Market breadth is in the red. Of the 2,396 stocks traded today, 796 were in the positive territory and 1,565 were negative.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,336 points. The Indian volatility index, Nifty VIX, rose 3.3% and closed at 14.5 points. Coromandel International hit an all-time high of Rs 1,855 after partnering with Mahindra & Mahindra’s farm equipment business, Krish-e, to extend its drone spraying services, Gromor Drive, to farmers across India.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower. Nifty Consumer Durables and Nifty PSU Bank closed in the red. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.1%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading lower, indicating a negative start to the trading session ahead of the Federal Reserve's final policy meeting of the year. McCormick & Co is reportedly in talks to acquire Duke’s mayo maker, Sauer Brands, from Falfurrias Capital Partners in a deal worth approximately $1 billion.

  • Money flow index (MFI) indicates that stocks like Swan Energy, Dixon Technologies, Varroc Engineering, and Godawari Power are in the overbought zone.

  • Nazara Technologies' arm, Paper Boats App, signs a licensing agreement with Moonbug Entertainment, granting Kiddopia rights to integrate Moonbug's popular property, Little Angel. This partnership aims to develop interactive activities and games to boost engagement and learning for children aged 2-7 years.

  • NMDC's board of directors sets December 27 as the record date for its 2:1 bonus share issue. The shareholders will get two new fully paid equity shares of Rs 1 each for every existing equity share of ?Rs 1 each.

  • Genesys International Corp is rising as it secures a Rs 56 crore project from the Directorate of Land Records and Surveys (DLRS), West Bengal. The project aims to modernise the state's land records through advanced geospatial technology, improving accuracy and efficiency in land administration.

  • Nuvama Alternative & Quantitative Research expects Bharti Hexacom and Go Digit General Insurance to enter the FTSE index, effective December 23. Among the largest inflows, major BFSI players are expected to take the lead, with ICICI Bank, Kotak Mahindra Bank, and Bajaj Finance seeing inflows of $310 million (?Rs 2,560 crore), $118 million (?Rs 978 crore), and $66 million (?Rs 540 crore), respectively.

  • Tata Motors secures an order for 1,297 bus chassis from Uttar Pradesh State Road Transport Corporation (UPSRTC). This marks UPSRTC's third order in the past year, bringing the total orders with the company to over 3,500 units.

  • Geojit BNP Paribas upgrades Bharat Forge to 'Buy' from 'Hold' but lowers the target price to Rs 1,558 per share. This indicates a potential upside of 15.2%. The brokerage believes the defence stock will continue to grow its domestic and international operations driven by a diverse product mix. It expects the firm's revenue to grow at a CAGR of 17.4% over FY25-27.

  • Coromandel International hits a new all-time high of Rs 1,855 as it partners with Mahindra & Mahindra’s Farm Equipment Sector (FES) business vertical, Krish-e, to extend its drone spraying services, Gromor Drive, to farmers across India.

  • ITC sets January 1, 2025, as the effective date for the demerger of its hotel business. ITC will retain 40% ownership in ITC Hotels, with the remaining 60% distributed to shareholders in proportion to their holdings in ITC. Eligible shareholders will receive one ITC Hotels share for every 10 ITC shares held.

  • TARC plunges to its 10% lower circuit after SEBI appoints a forensic auditor to examine its financials from FY21-23, citing concerns over disclosures potentially harmful to investors and securities markets.

  • Axis Direct initiates coverage on Oberoi Realty with a 'Buy' call and a target price of Rs 2,560 per share. This indicates a potential upside of 10.1%. The brokerage is positive on the stock due to its strong position in the Mumbai Metropolitan Region (MMR), growth in annuity, entry into new markets, and low debt with strong cashflows. It expects the firm's revenue to grow at a CAGR of 17.8% over FY25-27.

  • Oriana Power is rising as it signs a memorandum of understanding (MoU) with the Government of Rajasthan under the Rising Rajasthan 2024 initiative. The agreement focuses on exploring renewable energy investment opportunities, including solar power, floating solar, green hydrogen, and energy storage solutions, with a potential value of Rs 10,000 crore.

  • Jairam Paravastu Sampath, the Whole Time Director & CFO of Kaynes Technology India, reaffirms his revenue guidance of Rs 3,000 crore for FY25. He anticipates smart metre revenues will reach Rs 1,000 crore by FY26. Sampath also highlights that the high-density PC board & fabrication projects will benefit from the government’s new electronic component manufacturing scheme, set to launch in April 2025.

  • Mankind Pharma launches a QIP to raise up to Rs 3,000 crore at an issue price of Rs 2,616.5 per share. The funds will reportedly be used for the partial repayment of debt incurred from the acquisition of Bharat Serums and Vaccines (BSV).

  • Mindspace Business Parks REIT is falling as 5.4 crore shares (9.2% stake), worth approximately Rs 1,903 crore, reportedly change hands in a block deal. Abu Dhabi Investment Authority (ADIA) is likely the seller in the transaction.

  • Hindustan Construction's board of directors approves raising Rs 1,000 crore through a qualified institutional placement (QIP) of shares at a floor price of Rs 45.3 per share.

  • Jefferies notes that IndiGo and Air India are increasing the number of international flights, positively impacting domestic load factors and yields. The brokerage reiterates its 'Buy' rating on IndiGo with a target price of Rs 5,225, highlighting the airline's plans to have 40 aircraft by the end of 2025, with business class service operating on 12 domestic routes, marking a major move towards attracting premium travellers.

  • RailTel Corp of India is rising as it secures a work order worth Rs 38 crore from Central Warehousing Corp to supply, install, test, and commission (SITC) CCTV systems.

  • PNB Gilts is falling sharply as its Managing Director (MD) & Chief Executive Officer (CEO) Vikas Goel tenders his resignation, effective December 23.

  • Wipro is set to acquire 100% ownership in Applied Value Technologies and its subsidiaries, Applied Value Technologies B.V. and Applied Value Technologies Pte., for up to $40 million (approximately Rs 340 crore). This acquisition strengthens Wipro's presence in enterprise applications and IT services.

  • Quess Corp rises sharply as Antique Broking initiates coverage with a ‘Buy’ rating and a target price of Rs 1,000. The brokerage believes the company’s growth momentum will continue as it is set to benefit from strong hiring trends across industries. It sees double-digit growth in banking, manufacturing, and consumer sectors amid rapid urbanisation in India and robust growth of global capability centres (GCCs).

  • Gravita India is rising sharply as its board of directors approves raising Rs 750 crore through a qualified institutional placement (QIP) of equity shares at a floor price of Rs 2,206.5 per share.

  • Texmaco Rail & Engineering rises sharply as it bags an order worth Rs 187.4 crore from Chhattisgarh State Power Transmission Co (CSPTCL) to supply nine 132 KV transmission lines.

  • Rail Vikas Nigam is rising as it secures a contract worth Rs 270 crore from Maharashtra Metro Rail Corp to construct elevated metro stations under NMRP Phase-2. The project involves building 10 elevated metro stations in Maharashtra, including key locations like Hingna, Rajiv Nagar, and Wanadongri.

  • Hindustan Petroleum Corp is rising as its board of directors approves the lube modernisation and bottoms upgradation project at its Mumbai refinery with a capex of Rs 4,679 crore. This project will increase the production of lube oil base stocks (LOBS)to 764 kilotonnes per annum (KTPA) from 475 KTPA and will grow the bitumen production by 487 KTPA.

  • Nifty 50 was trading at 24,590.55 (-77.7, -0.3%), BSE Sensex was trading at 81,521.85 (-226.7, -0.3%) while the broader Nifty 500 was trading at 23,324.80 (-27.7, -0.1%).

  • Market breadth is in the green. Of the 1,973 stocks traded today, 1,202 were gainers and 733 were losers.

Riding High:

Largecap and midcap gainers today include Mazagon Dock Shipbuilders Ltd. (5,311.25, 5.6%), Suzlon Energy Ltd. (69.56, 4.8%) and United Spirits Ltd. (1,563.30, 2.9%).

Downers:

Largecap and midcap losers today include Shriram Finance Ltd. (2,976.90, -5.1%), Oil India Ltd. (444.80, -3.6%) and Pidilite Industries Ltd. (3,081.35, -3.5%).

Movers and Shakers

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

Top high volume gainers on BSE included Jyoti CNC Automation Ltd. (1,435.90, 10.9%), Quess Corp Ltd. (719.65, 7.4%) and Mazagon Dock Shipbuilders Ltd. (5,311.25, 5.6%).

Top high volume losers on BSE were Bandhan Bank Ltd. (163.87, -3.5%), Zydus Wellness Ltd. (1,992, -2.6%) and Chambal Fertilisers & Chemicals Ltd. (529.60, -0.4%).

CSB Bank Ltd. (318.20, 3.7%) was trading at 10.3 times of weekly average. Piramal Pharma Ltd. (260.60, 3.7%) and Rashtriya Chemicals & Fertilizers Ltd. (184.58, 4.6%) were trading with volumes 8.0 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks overperformed with 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,440, 0.8%), Coromandel International Ltd. (1,817.15, -0.1%) and Indian Hotels Company Ltd. (880.05, 1.4%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,356, -1.9%) and Tata Consumer Products Ltd. (904.90, -1.7%).

10 stocks climbed above their 200 day SMA including Five-Star Business Finance Ltd. (742.75, 5.4%) and Devyani International Ltd. (171.01, 3.4%). 18 stocks slipped below their 200 SMA including Bayer Cropscience Ltd. (6,023.25, -3.1%) and Sunteck Realty Ltd. (505.40, -2.9%).

 
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