Trendlyne Marketwatch
Trendlyne Marketwatch
27 Dec 2024
Market closes higher, Cochin Shipyard secures a Rs 450 crore order from Adani Ports
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,813.40 (63.2, 0.3%) , BSE Sensex closed at 78,699.07 (226.6, 0.3%) while the broader Nifty 500 closed at 22,445.20 (14.9, 0.1%). Market breadth is horizontal. Of the 2,401 stocks traded today, 1,130 were in the positive territory and 1,235 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 23,813.4 points. The Indian volatility index, Nifty VIX, declined 5.7% and closed at 13.2 points. UltraTech Cement acquired an 8.7% stake in Star Cement for Rs 851 crore.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed in the red. Nifty Pharma and Nifty Auto 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 2.1%.

Asian indices closed mixed, while European indices are trading in the green with an exception of Russia’s MOEX & RTSI index. US index futures traded in the red, indicating a cautious start to the trading session. Wedbush raised its price target on Apple to $325, citing the transformative AI-driven iPhone upgrade cycle, which is expected to drive growth into 2025. Brent crude oil futures are trading in the green following the growing hopes for fresh stimulus from China that could lift the demand outlook on crude.

  • Relative strength index (RSI) indicates that stocks like KFIN Technologies, Amber Enterprises, Intellect Design Arena, and Five-Star Business Finance are in the overbought zone.

  • Max Estates rises sharply as its subsidiary, Max Estates 128, launches phase-2 of Estate 128 in Noida. The project achieves pre-sales bookings worth Rs 845 crore, taking the total booking value to Rs 2,700 crore.

  • SKF India is rising as its board approves a scheme of arrangement to demerge its industrial business. The company plans to transfer the Industrial Business to its wholly-owned subsidiary, SKF Industrial.

  • JSW Infrastructure rises sharply as Motilal Oswal maintains its 'Buy' call with a higher target price of Rs 375 per share. This indicates a potential upside of 15.8%. The brokerage believes the company's focus on expanding capacity, improving the third-party cargo mix, and enhancing utilization at existing ports will drive continued volume growth. It expects the firm's revenue to grow at a CAGR of 19% over FY25-27.

  • Zaggle Prepaid Ocean Services aims to acquire at least two companies in the next financial year to drive growth. Founder and Executive Chairman Raj Narayanam states that the company is evaluating 5 to 6 potential targets in the SaaS FinTech space, including merchant card software, accounts receivables, and FASTag solutions.

  • Cochin Shipyard rises to its 5% upper limit as it receives an order worth Rs 450 crore from Adani Ports and Special Economic Zone. The order involves building eight 70-tonne bollard pull tugs under the Make in India initiative.

  • IndusInd Bank rises sharply as it reportedly seeks to offload Rs 1,573 crore of non-performing microfinance retail loans. The bank plans to auction these distressed assets through public bidding as sector stress increases.

  • Choice International is rising as it receives in-principle approval from the Securities and Exchange Board of India (SEBI) to sponsor and establish a mutual fund. The company will set up an Asset Management Company and a Trustee Company.

  • The Reserve Bank of India (RBI) highlights that credit growth for banks has been broad-based in 2023-24, led by the personal loan and services sectors, followed by agriculture and industry. The share of services and personal loans in total credit increased from 21.9% and 17.1%, respectively, at the end of March 2013 to 27.9% and 32.4%, respectively, by March 2024.

  • NBCC (India) is rising as it receives work orders worth Rs 368.8 crore. These include a Rs 300 crore order from Varanasi Development Authority to develop the Jawaharlal Nehru Commercial Complex, a Rs 44.4 crore order from Power Grid Corp for construction and furnishing works at AIIMS Gorakhpur, and a Rs 24.4 crore order from IIT Roorkee for construction and development works.

  • EFC (I) is rising as its board of directors approves a bonus issue of shares to equity holders in the ratio of 1:1. This means that each shareholder will receive one fully paid-up equity share with a face value of Rs 2 for every share they hold on the record date.

  • Concord Enviro Systems' shares debut on the bourses at a 17.8% premium to the issue price of Rs 701. The Rs 500.3 crore IPO received bids for 10.7 times the total shares on offer.

  • Dixon Technologies' wholly-owned subsidiary, Dixon Electro Manufacturing, signs a memorandum of understanding (MoU) with Cellecor Gadgets to manufacture refrigerators and other components for the company. This partnership aims to expand Dixon Electro Manufacturing's customer base in the refrigerator segment.

  • Mamta Machinery’s shares debut on the bourses at a 146.9% premium to the issue price of Rs 243. The Rs 179.4 crore IPO received bids for 194.9 times the total shares on offer.

  • Jubilant Foodworks rises to its new 52-week high of Rs 724.9 as it enters a memorandum of understanding (MoU) with Coca-Cola India. The agreement covers the purchase of sparkling beverage products and other items from Coca-Cola's authorized bottlers, as well as collaboration on marketing activities.

  • Aarti Pharmalabs rises sharply as Sunil Singhania’s Abakkus Asset Manager buys a 1.2% stake worth Rs 61.5 crore via a block deal. The transaction was executed at an average price of Rs 575 per share.

  • The government is considering an amendment to the Income Tax Act in the 2025 Budget to simplify the taxation regime for foreign semiconductor firms. The proposal includes a presumptive taxation scheme under Section 44 to attract global companies and boost semiconductor manufacturing in India. The amendment aims to ease compliance and position India as a leading semiconductor manufacturing hub.

  • Star Cement rises sharply as UltraTech Cement acquires an 8.7% stake in the company for Rs 851 crore. The stake was purchased from Star Cement's promoter group via a block deal at an average price of Rs 235 per share.

  • Sanathan Textiles’ shares debut on the bourses at a 31.6% premium to the issue price of Rs 321. The Rs 550 crore IPO received bids for 35.1 times the total shares on offer.

  • Transrail Lighting’s shares debut on the bourses at a 36.6% premium to the issue price of Rs 432. The Rs 838.9 crore IPO received bids for 80.8 times the total shares on offer.

  • DAM Capital anticipates a recovery for the auto sector in FY26, driven by favorable macroeconomic conditions. The brokerage highlights attractive valuations and a positive risk-reward outlook as key factors. It upgrades Tata Motors and Escorts Kubota to 'Buy' from 'Neutral' with target prices of Rs 870 and Rs 3,550, respectively. It lists M&M, TVS Motor, and RK Forgings as its top picks.

  • DAM Capital Advisors’ shares debut on the bourses at a 38.9% premium to the issue price of Rs 283. The Rs 840.3 crore IPO received bids for 82.1 times the total shares on offer.

  • Va Tech Wabag is rising as it secures an order worth €78 million (approximately Rs 700 crore) from Lusaka Water Supply and Sanitation Company (LWSC). The contract involves the development of two waste water treatment plants in Zambia, one with a capacity of 54 million litres per day (MLD) and the other with 19 MLD, located in Ngwerere and Chunga.

  • Gensol Engineering is rising as it secures an EPC contract worth Rs 897.5 crore from NTPC Renewable Energy. This contract involves the development of 225 MW-AC grid-connected solar PV projects at the GSECL Solar Park in Khavda, Gujarat.

  • Power Mech Projects is rising as it secures an order worth Rs 186 crore from Jaiprakash Power Ventures (JPVL) to provide field operation and maintenance services for two units of the 660 MW Jaypee Nigrie Super Thermal Power Plant in Nigrie, Madhya Pradesh.

  • Nifty 50 was trading at 23,823.05 (72.9, 0.3%) , BSE Sensex was trading at 78,747.99 (275.5, 0.4%) while the broader Nifty 500 was trading at 22,492.75 (62.4, 0.3%)

  • Market breadth is surging up. Of the 1,939 stocks traded today, 1,360 were in the positive territory and 527 were negative.

Riding High:

Largecap and midcap gainers today include JSW Infrastructure Ltd. (323, 4.4%), Escorts Kubota Ltd. (3,258.40, 3.4%) and Oracle Financial Services Software Ltd. (12,646.60, 3.0%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (69.32, -3.0%), Bharat Heavy Electricals Ltd. (235.40, -2.6%) and GAIL (India) Ltd. (192.50, -2.6%).

Volume Shockers

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

Top high volume gainers on BSE included Ajanta Pharma Ltd. (3,044, 9.1%), Garden Reach Shipbuilders & Engineers Ltd. (1,695.80, 8.9%) and Caplin Point Laboratories Ltd. (2,600.15, 8.4%).

Top high volume loser on BSE was Zydus Wellness Ltd. (1,898.55, -0.1%).

Finolex Industries Ltd. (256.05, 7.9%) was trading at 121.7 times of weekly average. Bata India Ltd. (1,381.30, 2.3%) and Usha Martin Ltd. (383.65, 5.9%) were trading with volumes 16.9 and 10.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks took off, crossing 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,600.15, 8.4%), Jubilant Foodworks Ltd. (708.10, 0.6%) and Oberoi Realty Ltd. (2,315.80, -0.3%).

Stocks making new 52 weeks lows included - Astral Ltd. (1,654.10, -1.0%) and Godrej Consumer Products Ltd. (1,067.80, -0.3%).

17 stocks climbed above their 200 day SMA including Garden Reach Shipbuilders & Engineers Ltd. (1,695.80, 8.9%) and Usha Martin Ltd. (383.65, 5.9%). 7 stocks slipped below their 200 SMA including ICICI Prudential Life Insurance Company Ltd. (656.15, -1.8%) and Maharashtra Seamless Ltd. (695.25, -1.4%).

 
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