Trendlyne Marketwatch
Trendlyne Marketwatch
10 Mar 2025
Market closes lower, Mahindra & Mahindra's wholesales rise 15% YoY in February
By Trendlyne Analysis

 

Nifty 50 closed at 22,460.30 (-92.2, -0.4%), BSE Sensex closed at 74,115.17 (-217.4, -0.3%) while the broader Nifty 500 closed at 20,266.50 (-176.9, -0.9%). Market breadth is moving down. Of the 2,475 stocks traded today, 467 were on the uptick, and 1,978 were down.

Indian indices closed lower, with the benchmark Nifty 50 index closing at 22,460.3 points. The decline was driven by uncertainty over US tariffs. The Indian volatility index, Nifty VIX, rose 3.8% and closed at around 14 points. Tata Power signed a memorandum of understanding (MoU) with the Andhra Pradesh Government to set up 7,000 MW of wind, solar and hybrid power projects with a capex of Rs 49,000 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. BSE Oil & Gas and Nifty Realty closed in the red. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 4.3%.

European indices are trading lower, except for Russia’s RTSI and MOEX. Major Asian indices closed mixed. US index futures are trading lower, indicating a negative start to the session. The US economy added 151,000 jobs in February, compared to estimates of 160K jobs. The unemployment rate rose MoM to 4.1%. Meanwhile, Ford Motor announced plans to invest around $4.8 billion in its German unit, Ford-Werke, as part of its European business revival strategy.

  • Money flow index (MFI) indicates that stocks like Hindalco Industries, Castrol India, and Tata Steel are in the overbought zone.

  • Mahindra & Mahindra's wholesales increase 14.8% YoY to 83,702 units in February. Passenger vehicle sales rise 18.9% YoY, while exports nearly double during the month.

  • Baazar Style Retail rises as it adds three new stores in Uttar Pradesh, Bihar and Assam, increasing its total number of stores to 210.

  • Gensol Engineering falls sharply as its promoter sells a 2.4% stake (or 9 lakh) in the company. The company will use the funds to improve liquidity and capex plans.

  • Fitch Ratings maintains a negative outlook on Adani Energy Solutions. The credit rating agency believes that ongoing investigations in the US could expose governance weaknesses and impact financial stability, leading to a negative rating in the near to medium term. Fitch notes that AESL secured Rs 5,100 crore in funding through onshore and offshore banking facilities, but the investigation's outcome could affect its future access to capital markets.

  • IRB Infrastructure Developers' total toll collection rises 18% YoY to Rs 529 crore in February, with per-day toll collection increasing 18.8% YoY to Rs 19 crore.

  • GMR Airports increases its stake in Delhi International Airport (DIAL) to 74% from 64% after acquiring a 10% stake from Germany's Fraport AG for $126 million (approximately Rs 1,099 crore).

  • HFCL's subsidiary, HTL, secures a Rs 44.4 crore contract from the Indian Army to supply tactical optical fibre cable assemblies. These cables are designed in India to withstand heavy armored vehicles and include durable military-grade connectors.

  • Atim Kabra, Director at Astra Microwave Products, forecasts 25% revenue growth to Rs 1,200-1,300 crore in FY26, driven by strong global defense demand and a healthy order pipeline. He expects order inflows to exceed Rs 1,250-1,300 crore, with around Rs 900 crore converting into sales from the existing order book and Rs 250-300 crore from new orders.

  • ICICI Securities initiates coverage on Inventurus Knowledge Solutions (IKS) with a 'Hold' call and a target price of Rs 1,820 per share. This indicates a potential upside of 4.2%. The brokerage expects revenue growth due to synergistic large acquisitions and US healthcare industry-led tailwinds. It expects the firm's revenue to grow at a CAGR of 21.2% over FY25-27.

  • JSW Steel is rising as its consolidated steel production grows 12% YoY to 24.1 lakh tonnes in February. Capacity utilisation at its Indian operations stands at 93.5% in the month.

  • Lupin receives final approval from the US FDA for its abbreviated new drug application (ANDA) for Rivaroxaban Tablets. The drug is bioequivalent to Janssen Pharmaceuticals' Xarelto Tablets, used to treat coronary artery disease (CAD) and peripheral artery disease (PAD). According to IQVIA, the tablets have an annual market value of $446 million for the year ending January 2025.

  • Reports suggest that 9.4 lakh shares of Bharti Airtel, amounting to Rs 153.2 crore, have changed hands in a large trade.

  • Geojit BNP Paribas upgrades CG Power and Industrial Solutions to a 'Buy' call from 'Accumulate' with a target price of Rs 696 per share. This indicates a potential upside of 13.8%. The brokerage is upbeat about the company's focus on expanding its export capabilities in power systems to increase international revenue share. It expects the firm's revenue to grow at a CAGR of 26.4% over FY25-27.

  • Indian Renewable Energy Development Agency is falling as the Reserve Bank of India (RBI) rejects its request for equity investment to develop and implement a 900 MW Upper Karnali Hydro Electric Power project in Nepal.

  • Neogen Chemicals falls sharply as it reduces the revenue guidance to Rs 765-800 crore during FY25-26 due to the fire at its Multi-Purpose Plant (MPP3) in Dahej, causing damage to the structure, machinery, and equipment. The company estimates the plant will be operational in 9-12 months.

  • Nuvama retains its ‘Buy’ rating on Pidilite Industries with a target price of Rs 3,660. The brokerage notes the company’s plans to expand in the electronics and EV adhesives market. It notes Pidilite's emphasis on premiumisation, innovation, and strengthening its brand leadership. Nuvama also underscores the focus on innovative products in the decorative paints and waterproofing segments.

  • Sun Pharmaceutical to acquire US-based Checkpoint Therapeutics, an immunotherapy and targeted oncology company, for $355 million (approximately Rs 3,095 crore).

  • Shyam Metalics and Energy is rising as its stainless steel sales surge 110% YoY to 8,552 million tonnes (MT) in February. Aluminium foil sales increase 23% YoY to 1,686 MT. However, the company's carbon steel sales decline 5% YoY.

  • Shilpa Medicare receives Form 483 with one observation from the US FDA after an inspection at its arm, Shilpa Pharma Lifesciences' Unit-1 in Raichur.

  • Jefferies maintains its constructive stance on Indian metal stocks and notes their outperformance versus the Nifty50 by 15-20% YTD in 2025. The brokerage highlights China’s recovery and potential safeguard duties on steel in India as key drivers. It has a ‘Buy’ call on Tata Steel and Hindalco Industries and a ‘Hold’ rating on JSW Steel.

  • Alembic Pharmaceuticals is falling as it receives Form 483 with one observation from the US FDA following an inspection at its bioequivalence facility in Vadodara.

  • IndusInd Bank plunges to its 52-week low of Rs 881.1 per share as the Reserve Bank of India (RBI) approves the reappointment of Sumant Kathpalia as the Managing Director and Chief Executive Officer (CEO) for one year.

  • Nazara Technologies sells its 94.9% stake in OpenPlay Technologies to Moonshine Technology, the parent company of PokerBaazi, for Rs 104.3 crore.

  • Tata Power is rising as it signs a memorandum of understanding (MoU) with the Andhra Pradesh Government to set up 7,000 MW of wind, solar and hybrid power projects with a capex of Rs 49,000 crore.

  • Nifty 50 was trading at 22,578.95 (26.5, 0.1%), BSE Sensex was trading at 74,474.98 (142.4, 0.2%), while the broader Nifty 500 was trading at 20,476.95 (33.6, 0.2%).

  • Market breadth is in the green. Of the 2,069 stocks traded today, 1,260 were gainers and 723 were losers.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (9,837.10, 3.7%), Power Grid Corporation of India Ltd. (271.30, 3.0%) and JSW Energy Ltd. (505.35, 2.8%).

Downers:

Largecap and midcap losers today include Dixon Technologies (India) Ltd. (13,131.15, -5.6%), CG Power and Industrial Solutions Ltd. (596.80, -5.3%) and Oil And Natural Gas Corporation Ltd. (223.19, -4.2%).

Movers and Shakers

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

Top high volume gainers on BSE included Godrej Industries Ltd. (1,152.65, 3.9%), Sanofi India Ltd. (5,660.55, 3.3%) and Aavas Financiers Ltd. (1,752.35, 3.1%).

Top high volume losers on BSE were IndusInd Bank Ltd. (900.50, -3.9%), Honasa Consumer Ltd. (218.99, -2.2%) and Sundram Fasteners Ltd. (950, 0.0%).

Tata Teleservices (Maharashtra) Ltd. (61.11, 0.6%) was trading at 4.9 times of weekly average. Chalet Hotels Ltd. (793.35, 0.4%) was trading with volume 3.5 times weekly average on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks hit their 52 week lows.

Stocks making new 52 weeks lows included - Astral Ltd. (1,289.15, -3.3%) and IDFC First Bank Ltd. (56.37, -1.7%).

7 stocks climbed above their 200 day SMA including Aavas Financiers Ltd. (1,752.35, 3.1%) and Gujarat Fluorochemicals Ltd. (3,810, 2.1%). 14 stocks slipped below their 200 SMA including Dixon Technologies (India) Ltd. (13,131.15, -5.6%) and Godfrey Phillips India Ltd. (5,109.10, -4.1%).

 
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