Trendlyne Marketwatch
Trendlyne Marketwatch
19 Dec 2024
Market closes lower, FDC gets US FDA approval for its ANDA for Cefixime tablets
By Trendlyne Analysis

 

Nifty 50 closed at 23,951.70 (-247.2, -1.0%), BSE Sensex closed at 79,218.05 (-964.2, -1.2%) while the broader Nifty 500 closed at 22,752.15 (-182.3, -0.8%). Market breadth is in the red. Of the 2,392 stocks traded today, 926 were in the positive territory and 1,432 were negative.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 23,951.7 points. This follows the US Federal Reserve's decision to cut interest rates by 25 basis points and signal a slower pace of rate cuts in the coming year. The Indian volatility index, Nifty VIX, rose 1% and closed at 14.5 points. Lupin surged as it received US FDA approval for its abbreviated new drug application (ANDA) for Emtricitabine and Tenofovir Alafenamide tablets.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. S&P BSE Dollex 30 and Nifty IT Index were among the top index losers today. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the worst-performing sector of the day, with a fall of 2.8%.

Asian indices closed in the red, except for Malaysia’s KLCI which closed flat and Sri Lanka’s CSE All-share index which closed higher. European indices are trading mixed. US index futures are trading in the green, indicating a positive start to the trading session. Brent crude oil futures are trading lower.

  • LTIMindtree sees a short buildup in its December 26 futures series, with open interest increasing by 22.7% and a put-call ratio of 0.9.

  • FDC receives US FDA approval for its abbreviated new drug application (ANDA) for Cefixime 400 mg tablets. The tablets, used to treat bacterial infections, have a market size of $1.2 billion.

  • Interarch Building Products is rising as it enters a partnership with Jindal Steel & Power to utilise steel for the construction of multi-story buildings, data centres, and heavy structures.

  • Nomura India Investment acquires 3 crore shares of Vishal Mega Mart worth Rs 325 crore through a bulk deal. The transaction was executed at an average price of Rs 108.3 per share.

  • Bangladesh's interim government accuses Adani Power of violating a multi-billion-dollar agreement by withholding tax benefits granted by New Delhi to a power plant central to the deal. In 2017, the company signed an agreement with Bangladesh to supply power from its coal-fired plant in eastern India. However, the company denies any wrongdoing in the agreement.

  • Dolphin Offshore Enterprises (India)'s CEO, Krishan Gopal, tenders his resignation, effective December 17, for personal and professional reasons.

  • Infosys inaugurates a new development centre in Kolkata, built with an investment of Rs 426 crore. The facility supports over 4,000 employees and operates on a hybrid working model.

  • ICICI Securities retains its 'Buy' call on Awfis Space Solutions with a higher target price of Rs 1,049 per share. This indicates a potential upside of 43.3%. The brokerage remains positive on the stock due to its strategy for expansion through asset-light mergers & acquisitions, along with a combination of service-level (SL) contracts. It expects the firm's revenue to grow at a CAGR of 30.2% over FY25-27.

  • JPMorgan initiates coverage on Swiggy with a 'Buy' rating and a target price of Rs 730. The brokerage anticipates the company will make gains in both food delivery and quick commerce segments, driven by renewed focus and better execution. It views Swiggy as an "underestimated leader" in India's local service ecosystem.

  • Stove Kraft rises to its 52-week high of Rs 975 as it partners with IKEA to develop a cookware range set to launch through IKEA’s global store network in 2026. This partnership expands Stove Kraft's global footprint and strengthens its presence in international markets.

  • Zydus Lifesciences receives US FDA approval to produce Lidocaine and Prilocaine Cream USP, a topical anesthetic used as local analgesia and pretreatment for minor surgeries. The product has an annual sales of $22.1 million in the US as of October 2024.

  • Borosil Renewables is falling as its board of directors cancels the proposed Rs 450 crore rights issue and approves raising Rs 100 crore through a preferential issue of shares to its promoters at an issue price of Rs 530 per share. The board also approves setting up two 250 tonnes per day (TPD) furnaces with a capex of Rs 675 crore.

  • The Nifty IT index partly recovers from a 2.4% drop but trades lower, with LTIMindtree, Wipro, and L&T Technology Services down 2-4%. Kranthi Bathini, Equity Market Strategist at WealthMills, highlights that the disappointment stemmed from the US Federal Reserve's dot plot, which projected interest rate cuts of 50 basis points for 2025, lower than anticipated. Higher US interest rates mean increased bond yields and a stronger dollar, raising IT service costs for US clients and potentially reducing demand.

  • Gandhar Oil Refinery (India) is falling as it receives an establishment inspection report (EIR) with a voluntary action indicated (VAI) status from the US FDA for its manufacturing facility in Taloja, Maharashtra.

  • Yatharth Hospital & Trauma Care Services is rising as its board of directors approves raising funds through a qualified institutional placement (QIP) of shares at a floor price of Rs 626.2 per share.

  • DOMS Industries falls sharply as 27.9 lakh shares (4.6% stake), worth Rs 808 crore, reportedly change hands in a block deal at an average price of Rs 2,899 per share. Italian stationery maker FILA is the likely seller in the transaction.

  • SpiceJet rises over 7% after it reaches an amicable settlement with commercial aircraft leasing firm Genesis, resolving their $16 million (Rs 133 crore) dispute. As part of the settlement, Genesis will receive $6 million (Rs 50 crore) from SpiceJet and acquire $4 million (Rs 33 crore) worth of SpiceJet equity at Rs 100 per share.

  • Ipca Laboratories' promoter, Usha Madhukar Chandurkar, sells 40 lakh shares (1.6% stake) worth Rs 600.6 crore at an average price of Rs 1,501.5 per share in a block deal on Thursday.

  • JSW Infrastructure's subsidiary, JSW Tuticorin Multipurpose Terminal, avails a Rs 500 crore long-term loan from ICICI Bank and Canara Bank. The company will utilise the loan amount to develop North Cargo Berth-III (NCB-III)-Zone A and handle dry bulk cargo at VO Chidambaranar Port, with a capacity of 7 million tonnes per annum (MTPA).

  • Inventurus Knowledge Solutions’ shares debut on the bourses at a 43% premium to the issue price of Rs 1,329. The Rs 2,497.9 crore IPO received bids for 52.7 times the total shares on offer.

  • Nomura upgrades Dr. Reddy's Laboratories to 'Buy' with a target price of Rs 1,500. The brokerage believes the stock's underperformance concerns due to Revlimid's high contribution are already priced in. It highlights the company’s growth in H1FY25 was driven by initiatives such as biosimilar trials and believes increased investments in manufacturing infrastructure will support future growth.

  • Zaggle Prepaid Ocean Services' board of directors approves raising Rs 950 crore through a qualified institutional placement (QIP) of shares at a floor price of Rs 550.7 per share. The company bags an order from Narayana Hrudayalaya to provide employee expense management through Zaggle Save.

  • IOL Chemicals and Pharmaceuticals is rising as its board of directors schedules a meeting on December 27 to consider the declaration of sub-division / split of equity shares.

  • Lupin is rising as it receives US FDA approval for its abbreviated new drug application (ANDA) for Emtricitabine and Tenofovir Alafenamide tablets. The tablets are a generic equivalent of Gilead Sciences' Descovy tablets used in the treatment of HIV.

  • The Department of Financial Services, Ministry of Finance, appoints Rama Mohan Rao Amara as the Managing Director (MD) of State Bank of India.

  • Markets fell in early trading. Nifty 50 was trading at 23,919.55 (-279.3, -1.2%), BSE Sensex was trading at 79,410.24 (-772.0, -1.0%) while the broader Nifty 500 was trading at 22,630.75 (-303.7, -1.3%).

  • Market breadth is sharply down. Of the 1,972 stocks traded today, 158 showed gains, and 1,795 showed losses.

Riding High:

Largecap and midcap gainers today include Ipca Laboratories Ltd. (1,594.95, 5.4%), Dr. Reddy's Laboratories Ltd. (1,325.60, 3.9%) and Oracle Financial Services Software Ltd. (12,830.40, 3.7%).

Downers:

Largecap and midcap losers today include LTIMindtree Ltd. (6,220.60, -5.4%), Cummins India Ltd. (3,357.65, -4.8%) and ABB India Ltd. (7,351.90, -4.0%).

Volume Shockers

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

Top high volume gainers on BSE included Chennai Petroleum Corporation Ltd. (606.20, 5.5%), Dr. Reddy's Laboratories Ltd. (1,325.60, 3.9%) and Oracle Financial Services Software Ltd. (12,830.40, 3.7%).

Top high volume losers on BSE were Vaibhav Global Ltd. (302.90, -5.6%), V-Guard Industries Ltd. (428.05, -3.3%) and NLC India Ltd. (244.75, -0.2%).

Honeywell Automation India Ltd. (40,996.25, 3.0%) was trading at 5.4 times of weekly average. Kaynes Technology India Ltd. (7,242.75, 2.0%) and India Cements Ltd. (340.45, 0.1%) were trading with volumes 3.9 and 3.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks hit their 52 week highs, while 13 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Indian Hotels Company Ltd. (880.05, -0.2%), Muthoot Finance Ltd. (2,136.85, 1.1%) and Coforge Ltd. (9,657.10, 2.0%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,291.85, -2.3%) and IndusInd Bank Ltd. (964.40, -0.1%).

8 stocks climbed above their 200 day SMA including Home First Finance Company India Ltd. (1,031.75, 2.7%) and Indigo Paints Ltd. (1,447, 0.9%). 31 stocks slipped below their 200 SMA including ABB India Ltd. (7,351.90, -4.0%) and Tata Teleservices (Maharashtra) Ltd. (80.73, -2.6%).

 
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