Trendlyne Marketwatch
Trendlyne Marketwatch
09 Jan 2025
Market closes lower, ACME Solar commissions 90 MW solar capacity in Rajasthan
By Trendlyne Analysis

 

Nifty 50 closed at 23,526.50 (-162.5, -0.7%), BSE Sensex closed at 77,620.21 (-528.3, -0.7%) while the broader Nifty 500 closed at 22,046.55 (-185.3, -0.8%). Market breadth is highly negative. Of the 2,404 stocks traded today, 594 were on the uptrend, and 1,764 went down.

Indian indices closed lower, with the benchmark Nifty 50 index closing at 23,526.5 points. The Indian volatility index, Nifty VIX, rose 1.3% and closed at 14.7 points. Borosil Renewables surged to its 5% upper circuit as its board of directors approved a 50% capacity expansion of solar glass manufacturing to 1,500 tonnes per day (TPD) from 1,000 TPD.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty Consumer Durables and Nifty Media closed lower. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 4.9%.

European indices are trading mixed. Major Asian indices closed flat or lower. US index futures are trading mixed, indicating a cautious start to the trading session. The Biden administration reportedly plans to introduce one final round of AI chip export restrictions before leaving office to prevent advanced technology from reaching China and Russia.

  • Navine Fluorine International sees a long buildup in its January 30 futures series, with open interest increasing by 33.2% and a put-call ratio of 0.5.

  • ACME Solar Holdings rises sharply as it commissions an additional 90 MW of solar capacity in Rajasthan, increasing its total operational renewable generation capacity to 2,453 MW.

  • Swiggy is rising as its as its quick commerce platform, Swiggy Instamart, expands to 76 cities nationwide. It will soon be available as a standalone app, offering users a more direct experience while continuing to benefit from the multi-service app.

  • Realty stocks like Anant Raj, Signatureglobal (India), Sobha, and Phoenix Mills fall more than 2% in trade. All constituents of the broader BSE Realty index are also trading in the red, causing it to plunge more than 2%.

  • The Securities and Exchange Board of India (SEBI) formally lifts the suspension on JSW Cement's long-awaited initial public offering (IPO). The IPO will proceed through the standard regulatory process, with final approval expected within 30-60 days. The company aims to raise Rs 4,000 crore, consisting of a fresh issue of Rs 2,000 crore and an equal amount through an offer for sale.

  • Ajmera Realty & Infra India's Q3FY25 sales grow 7% YoY to Rs 270 crore, while collections increase 10% YoY to Rs 167 crore. The company's sales rise 14% YoY to Rs 830 crore for 9MFY25.

  • Puravankara acquires a 3.6-acre land parcel in Vajrahalli, Kanakapura Road, Bengaluru, to strengthen its presence in the city's high-demand micro-markets. The new parcel offers a saleable area of 5.4 lakh square feet, with an estimated gross development value (GDV) of over Rs 700 crore.

  • NMDC's board of directors approves the incorporation of a subsidiary in Gujarat and the opening of liaison offices in the United Arab Emirates (UAE) and Australia.

  • Mutual Funds' net equity inflows rise to Rs 41,136 crore in December, up from Rs 35,927.3 crore in November, according to data released by the Association of Mutual Funds in India (AMFI). Meanwhile, SIP inflows rise to Rs 26,459.5 crore in December, compared to Rs 25,320 crore last month.

  • Bharat Heavy Electricals (BHEL) commissions two units of the 6x170 MW Punatsangchhu-II hydroelectric project (PHEP-II) in Bhutan. The greenfield project includes BHEL’s scope for designing, manufacturing, and installing turbines, generators, and other key components.

  • Morgan Stanley reportedly maintains its 'Overweight' call on Reliance Industries with a higher target price of Rs 1,662 per share. This indicates a potential upside of 32%. The brokerage believes the company's refining segment will grow due to increasing global demand. It also expects the firm's profitability to improve in the retail segment, driven by an improvement in store footprint.

  • Persistent Systems launches Pi-OmniKG, an AI-driven knowledge graph solution built with Google Cloud technology. This solution empowers healthcare and life sciences organizations to accelerate biomedical research, streamline data mining, and deliver insights more quickly and accurately.

  • Kotak Institutional Equities retains a ‘Buy’ rating on Zomato with a target price of Rs 305. The brokerage projects a 19% YoY growth in the company's food delivery GMV (gross merchandise value) and a 114% increase in Blinkit's GMV. It notes that while Blinkit's expansion may lead to larger EBITDA losses, its solid unit economics continue to drive long-term growth prospects.

  • Aether Industries is rising as the Gujarat Pollution Control Board (GPCB) lifts the closure order on its Surat manufacturing facility. The move enables the complete resumption of its operations following a fire incident in November 2023, with required compliance.

  • Keystone Realtors is rising as its pre-sales grow 40% YoY to Rs 863 crore in Q3FY25. Its collections increase 20% YoY to Rs 542 crore during the quarter, helped by a Real Estate Regulatory Authority (RERA) project completion in Mumbai and two project additions with a gross development value (GDV) of Rs 980 crore.

  • Manappuram Finance is rising as the Reserve Bank of India (RBI) lifts restrictions on loan sanctioning and disbursal imposed on its subsidiary, Asirvad Micro Finance.

  • HSBC downgrades Indian equity markets to 'Neutral' from 'Overweight' amid slowing growth and high valuations. It also lowers its 2025-end Sensex target by 5,000 points to 85,990. The brokerage acknowledges India's strong emerging market outlook and suggests that a rebound in rural demand could support a broader economic recovery.

  • Tata Motors' Jaguar Land Rover (JLR) wholesales increase 3% YoY to 1 lakh units in Q3FY25, driven by higher sales across the Range Rover, Range Rover Sport, and Defender models. However, retail sales decline 3% YoY to 1 lakh units during the quarter.

  • Prataap Snacks is falling as it receives an open offer from Authum Investment & Infrastructure with Mahi Madhusudan Kela to acquire a 26% stake in the company.

  • Lupin receives an establishment inspection report (EIR) with a voluntary action indicated (VAI) status from the US FDA for its Pithampur Unit-1 manufacturing facility, which manufactures both APIs and finished products.

  • Industrial gas manufacturers such as SRF and Navin Fluorine International surge over 9% after US gas distributors announce price hikes for refrigerant gases. US-based IGas reported disruptions in the supply of R32 and R125, leading to price increases of up to 200%. Brokerage firm Equirus estimates that a $1/kg change in R32 prices could boost SRF's EBITDA by Rs 260 crore, while Navin Fluorine's EBITDA will likely increase by Rs 77 crore.

  • Zen Technologies receives a patent for its T-72 Containerized Crew Gunnery Simulator System (T-72 CGS), an advanced training platform designed to train T-72 tank commanders and gunners.

  • NTPC Green Energy forms a 74:26 joint venture (JV), NTPC Rajasthan Green Energy, with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL). The JV will set up renewable energy plants with a total capacity of 25 GW and develop green hydrogen and its derivatives in Rajasthan.

  • Anand Rathi Wealth is rising as its board of directors schedules a meeting for January 13 to consider a proposal for a bonus issue of shares.

  • Borosil Renewables surges to its 5% upper circuit as its board of directors approves a 50% capacity expansion of solar glass manufacturing to 1,500 tonnes per day (TPD) from 1,000 TPD.

  • Nifty 50 was trading at 23,618.20 (-70.8, -0.3%), BSE Sensex was trading at 78,206.21 (57.7, 0.1%) while the broader Nifty 500 was trading at 22,180.35 (-51.5, -0.2%).

  • Market breadth is in the green. Of the 1,927 stocks traded today, 1,016 were on the uptick, and 870 were down.

Riding High:

Largecap and midcap gainers today include SRF Ltd. (2,673.90, 13.7%), Marico Ltd. (666.90, 4.5%) and General Insurance Corporation of India (464.90, 4.1%).

Downers:

Largecap and midcap losers today include Oil India Ltd. (467, -5.0%), PB Fintech Ltd. (1,919.55, -4.2%) and GAIL (India) Ltd. (183.02, -4.0%).

Volume Shockers

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

Top high volume gainers on BSE included SRF Ltd. (2,673.90, 13.7%), Balaji Amines Ltd. (1,909.05, 9.7%) and Navin Fluorine International Ltd. (3,824.55, 9.5%).

Top high volume losers on BSE were Chemplast Sanmar Ltd. (485.05, -1.4%) and Manappuram Finance Ltd. (179, -0.5%).

Alkyl Amines Chemicals Ltd. (1,870.20, 7.6%) was trading at 69.7 times of weekly average. Kama Holdings Ltd. (2,655, 7.7%) and AstraZeneca Pharma India Ltd. (7,009.15, 1.9%) were trading with volumes 14.2 and 10.5 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 12 stocks tanked below their 52 week lows.

Stocks touching their year highs included - SRF Ltd. (2,673.90, 13.7%), Navin Fluorine International Ltd. (3,824.55, 9.5%) and PTC Industries Ltd. (17,305, 0.9%).

Stocks making new 52 weeks lows included - Mahindra Lifespace Developers Ltd. (446.50, -1.2%) and Rajesh Exports Ltd. (222.21, -1.0%).

15 stocks climbed above their 200 day SMA including SRF Ltd. (2,673.90, 13.7%) and Kama Holdings Ltd. (2,655, 7.7%). 28 stocks slipped below their 200 SMA including KIOCL Ltd. (400.10, -4.4%) and Ashok Leyland Ltd. (214.40, -3.7%).

 
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