Trendlyne Marketwatch
Trendlyne Marketwatch
24 Mar 2025
Market closes higher, DLF to invest Rs 20,000 crore to expand its commercial portfolio
By Trendlyne Analysis

 

Nifty 50 closed at 23,658.35 (308.0, 1.3%), BSE Sensex closed at 77,984.38 (1078.9, 1.4%) while the broader Nifty 500 closed at 21,538.10 (264.2, 1.2%). Market breadth is in the green. Of the 2,491 stocks traded today, 1,533 showed gains, and 923 showed losses.

Indian indices closed higher after rising throughout the day, supported by FII buying. The Indian volatility index, Nifty VIX, rose 9% and closed at 13.7 points. NCC closed higher after securing an order worth Rs 1,480.3 crore from the Bihar Medical Services & Infrastructure Corporation.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher. Nifty PSU Bank and S&P BSE CPSE Indices were among the top index gainers today. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the top-performing sector of the day, with a rise of 3%.

Asian indices closed mixed. European indices are trading mixed. US index futures are trading higher, indicating a positive start to the trading session as investors assess reports that President Trump’s reciprocal tariffs may be less severe than expected and await key economic data this week. Brent crude futures are trading higher.

  • Money flow index (MFI) indicates that stocks like Aavas Financiers, AstraZenica Pharma India, ICICI Bank, and ICICI Securities are in the overbought zone.

  • Rajesh Exports, JBM Auto, and Garden Reach Shipbuilders rise 35.5%, 33.3%, and 30.6% over the past week, outperforming the Nifty 50 index by 29.9, 27.2, and 25.1 percentage points.

  • IIFL Capital Services surges as its board of directors appoints R. Venkataraman as Managing Director and Rekha Warriar as Chairperson. Meanwhile, MD Nemkumar H resigns and takes on the role of Chief Growth Officer.

  • The Petroleum and Natural Gas Regulatory Board (PNGRB) proposes amendments to its gas transmission tariff regulations, likely reducing operational expenses for IGL and MGL. However, these changes may lead to higher tariffs for GSPL and GAIL. Analysts believe these reforms could increase gas costs and household energy bills but may boost infrastructure and expand gas access over time.

  • Precision Wires India rises sharply as it receives approval from the Gujarat Pollution Control Board for recycling copper waste and copper scrap/refining plant at Zaroli with a Rs 188 crore investment.

  • Mahindra & Mahindra is reportedly in talks to acquire the entire promoter stake (approx. 44%) in SML Isuzu. The company is considering a valuation of Rs 1,400-1,500 per share, an 11-17% discount on the current price. The deal is expected to strengthen M&M’s truck and bus segment, and its board will likely meet this week to evaluate the proposal.

  • Diamond Power Infrastructure is rising as it receives an order worth Rs 214.7 crore from Adani Green Energy to supply conductors for the Khavda Power Project in Gujarat.

  • Kotak Institutional Equities expects muted volume and value growth for consumer staples in the coming quarters amid weak urban consumption. It anticipates persistent inflation in commodities like palm oil, tea, and coffee will pressure FMCG margins for another few quarters. The brokerage names Godrej Consumer as its top FMCG pick, and believes it can improve soap segment profitability through gradual price hikes.

  • Railtel Corp of India rises sharply as it bags an order worth Rs 25.2 crore from Hindustan Petroleum Corp for multiprotocol label switching (MPLS) and internet leased line (ILL) links for five years.

  • DLF rises as it announces a Rs 20,000 crore investment to expand its commercial portfolio. The company will develop office and retail properties over the medium term through its joint venture, DLF Cyber City Developers (DCCDL).

  • J Kumar Infraprojects is rising sharply as it bags an order worth Rs 1,020.7 crore from the City & Industrial Development Corp of Maharashtra (CIDCO) to design and construct a coastal road from Kharghar to Nerul.

  • HSBC's Flash India Composite PMI stands at 58.6 in March, slightly down from February's 58.8. The index has remained above 50 for the 44th consecutive month. Pranjul Bhandari, Chief India Economist at HSBC, notes that manufacturers faced margin pressures due to input price inflation, while factory gate prices rose at the slowest pace in a year. Additionally, growth in new export orders moderated amid tariff announcements.

  • Karur Vysya Bank receives a tax demand worth Rs 160.3 crore from the Income Tax (IT) Department for AY24.

  • Kotak Mahindra Bank surges as its board of directors appoints Bhavnish Lathia as Chief Technology Officer (CTO) and Vyomesh Kapasi as a member of the Group Management Council, effective March 22. The bank also appoints six other officials as Senior Management Personnel.

  • UCO Bank sets the floor price for its qualified institutional placement (QIP) at Rs 34.3 per share, a 9.2% discount to Friday's closing. The company aims to raise Rs 2,000 crore through the QIP.

  • Reports suggest that Larsen & Toubro is set to win a $4-4.5 billion (approximately Rs 33,000-37,000 crore) bid for Qatar Energy's expansion project. The project aims to boost Qatar's LNG capacity from 70 MTPA (million tonnes per annum) to 126 MTPA.

  • Ircon International receives a Rs 158.9 crore claim from Conarch Associates in an arbitral tribunal. The claim is related to the supply and stacking of 50mm Pakur Variety Machine Crushed Track Ballast for the Jayanagar-Bardibas Railway Project in Nepal.

  • EPACK Durables rises sharply as the Ministry of Commerce and Industry (MoCI) approves the disbursement of its second tranche of incentives under the PLI Scheme for White Goods. The company will receive Rs 30 crore from the Government of India for FY23-24 to manufacture room air conditioner (RAC) components, cross-flow fans (CFF), and heat exchangers.

  • Hindustan Copper is rising as the Ministry of Mines appoints Sanjiv Kumar Singh as its Chairman and Managing Director (CMD), effective June 30.

  • Nuvama maintains a 'Buy' rating on Jindal Stainless with a lower target price of Rs 723. The brokerage highlights weak exports and strong imports, pushing JSL to low-margin segments and hurting margins. It also notes a delay in downstream operations at Jajpur by 8-9 months. As a result, Nuvama reduces its FY26 and FY27 EBITDA forecasts by 10% and 13%, respectively.

  • Allied Blenders & Distillers is rising as it receives regulatory approval to increase its grain-based spirit production capacity by 15 lakh bulk litres (BL). This raises the company’s total capacity to 615 lakh BL at its Rangapur facility in Wanaparthy district, Telangana.

  • Hindustan Aeronautics receives a Rs 2,471 crore payment demand from the Commissioner of State Tax, Maharashtra, under the Amnesty Scheme for public sector undertakings (PSUs) announced by the Government of Maharashtra.

  • Larsen & Toubro is rising as its board of directors approves a long-term borrowing worth Rs 12,000 crore through external commercial borrowings, term loans, non-convertible debentures, or other instruments. The board also approves the appointment of Subramanian Sarma as its Deputy Managing Director and President.

  • NCC is rising as it secures an order worth Rs 1,480.3 crore from the Bihar Medical Services & Infrastructure Corporation (BMSICL) to redevelop the medical college, hospital, and other buildings at the existing Darbhanga Medical College & Hospital (DMCH) campus in Laheriasarai, Darbhanga.

  • Power Mech Projects is rising as it bags an order worth Rs 579 crore from Bharat Heavy Electricals (BHEL) for civil structural & architectural works including leveling & grading of the entire Power Block Area. The order is for Units 3 & 4 of the 2x800 MW Koderma Phase-II project, Jharkhand.

  • Markets opened high. Nifty 50 was trading at 23,514.05 (163.7, 0.7%), BSE Sensex was trading at 77,403.76 (498.3, 0.7%) while the broader Nifty 500 was trading at 21,464.20 (190.3, 0.9%).

  • Market breadth is highly positive. Of the 2,110 stocks traded today, 1,846 were on the uptick, and 221 were down.

Riding High:

Largecap and midcap gainers today include Indian Renewable Energy Development Agency Ltd. (170.04, 9.8%), Hindustan Aeronautics Ltd. (4,129.80, 6.1%) and Jubilant Foodworks Ltd. (660, 4.9%).

Downers:

Largecap and midcap losers today include Jindal Stainless Ltd. (591.35, -5.5%), Titan Company Ltd. (3,079.10, -2.6%) and IndusInd Bank Ltd. (669.45, -2.5%).

Volume Rockets

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

Top high volume gainers on BSE included JBM Auto Ltd. (662.05, 16.6%), Rajesh Exports Ltd. (212.43, 13.5%) and Finolex Cables Ltd. (939.05, 11.9%).

Top high volume losers on BSE were Jindal Stainless Ltd. (591.35, -5.5%), Dr. Lal Pathlabs Ltd. (2,490.45, -1.7%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,125.60, -1.5%).

Finolex Industries Ltd. (185.37, 6.5%) was trading at 27.6 times of weekly average. Vinati Organics Ltd. (1,599, -0.2%) and Alkyl Amines Chemicals Ltd. (1,774.50, 10.6%) were trading with volumes 9.9 and 9.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Bajaj Finance Ltd. (9,090.05, 2.0%), Chambal Fertilisers & Chemicals Ltd. (619.50, 3.8%) and Coromandel International Ltd. (1,980, 0.2%).

Stock making new 52 weeks lows included - Honeywell Automation India Ltd. (33,495, -1.2%).

28 stocks climbed above their 200 day SMA including Chalet Hotels Ltd. (864.20, 5.9%) and PTC Industries Ltd. (13,872.45, 5%). 4 stocks slipped below their 200 SMA including Glenmark Pharmaceuticals Ltd. (1,493.80, -1.4%) and Aadhar Housing Finance Ltd. (413.15, -1.0%).

 
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