Indian Stock Market News, Equity Market and Sensex Today in India

On Friday last week, Indian share market witnessed volatility trading activity and ended flat.

Nervousness persisted amid concerns about steep hike in interest rates and prospect of slowing economic growth.

The gains made by capital goods stocks were offset by the fall in IT stocks and energy stocks.

Also, benchmark indices swung between gains and losses as investors awaited a critical US jobs data to get clues on how aggressively the Federal Reserve will raise interest rates.

At the closing bell on Friday, the BSE Sensex stood higher by 36 points (up 0.1%).

Meanwhile, the NSE Nifty closed lower by 3 points.

Reliance, Maruti Suzuki, and IndusInd Bank were among the top losers.

HDFC, ITC, and L&T were among the top gainers.

Broader markets ended on a mixed note. The BSE MidCap dropped 0.4% and the BSE SmallCap index ended higher by 0.1%.

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As the smallcap index heads higher, check out these five smallcap growth stocks which score well on ROE as well as ROCE.

Sectoral indices ended on a mixed note on Friday with stocks in the oil and gas, metal and auto sectors witness selling.

On the other hand, stocks in capital goods sector, banking sector and finance sector witnessed most of the buying.

Shares of Mahindra Holidays, Pidilite Industries, and SKF India hit their 52-week high.

Since you’re interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 50,295 per 10 grams, at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading down by 34 points or 0.1% lower at 17,500 levels.

Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today’s market and what to expect today, in the video below.

Top Buzzing Stocks Today

ITC share price will be among the top buzzing stocks today.

Shares of ITC hit an over five-year high of Rs 323.4 last week amid expectation of strong earnings growth.

In the past six months, the stock has zoomed 50%, as compared to 6% rise in the S&P BSE Sensex.

With the recent rally, ITC’s market cap touched the Rs 4-trillion feat.

Larsen & Toubro (L&T) share price will also be in focus today.

Shares of L&T hit an over six-month high last week as the company’s strong order book of nearly Rs 4 tn suggests good revenue visibility in coming years.

Minority Shareholders Appeals Against Tamilnad Mercantile Bank IPO

The Securities Appellate Tribunal (SAT) on Friday dismissed appeals filed by minority shareholders of the Tamilnad Mercantile Bank against the lender’s upcoming initial public offering (IPO). As a result, the offer will now go live, as scheduled, on 5 September.

Three shareholders, Robert and Ardis James Co, East River Holdings Ltd, and Swiss Re Investors (Mauritius) Ltd had sought a stay on the public offer, citing concerns over the offer for sale (OFS) being scrapped and the regulator’s decision making process in approving the public offer.

The bank had originally planned an OFS and fresh issue of shares when it had filed the draft red herring prospectus (DRHP) in September 2021. However, subsequently, the bank scrapped its decision on the OFS.

The investors had argued that the bank needs to file a fresh DRHP. The markets regulator, however, did not find merit in the argument and did not ask the bank to file a fresh DRHP, allowing it to go ahead with its public issue. This led the three investors to file petitions before SAT to adjudicate if the bank can go ahead with its proposed listing.

Half a dozen foreign institutional investors together own 23.2% of the bank, according to the DRHP.

The OFS was scrapped because of a legal overhang on some of shares of the bank.

On Friday, the counsel appearing for the private lender had said nearly 37.7%, or 53.8 m shares of its equity shares, were under various legal and regulatory disputes. It is also being probed by the Reserve Bank of India and the Enforcement Directorate.

To know more, check out 5 things to know about Tamilnad Mercantile Bank IPO.

Tanla Platforms to consider buyback

Once the biggest multibagger stock, Tanla Platforms informed that its board will meet next week on Thursday, 8 September 2022 to consider the proposal of share buyback of the company.

Shares of Tanla Platforms jumped more than 4% after this news.

Hyderabad-based Tanla Platforms provides value-added services in the cloud communications space.

Tanla Platforms shares have declined more than 59% in 2022 (YTD) so far, and is down 17% in a year’s period. However, in the past five years, the stock has given multibagger return of more than 2,020%.

The company reported a decline in Q1 net profit, both on sequential and annual basis. Its net profit in the quarter ended 30 June 2022 fell to Rs 1 bn compared to Rs 1.4 bn in the March quarter.

Tanla Platform’s revenue was 27.7% year-on-year (YoY) however, was down 6.2% from the last quarter (Q4FY22). EBITDA margin decreased 530 bps YoY to 16.3%.

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Meanwhile, the company’s enterprise business had 16% gross margin vs 23% in Q4 of financial year 2021-22 whereas Platform business had 96% gross margin compared 95% in the previous quarter of March 2022.

Zomato initiates intercity delivery

From biryani from the Land of Nizams and Kolkata’s spongy sandesh to Lucknow’s juicy kebabs, Zomato is ‘tasting’ the waters with its Intercity Legends. Its new intercity service launched on Tuesday allows foodies to order popular authentic dishes from across the country and have them delivered to their doorstep the following day.

The restaurant aggregator will pilot the initiative in Gurugram and South Delhi.

State-of-the-art mobile refrigeration technology (tech) preserves the food without the need to freeze it or add any kind of preservatives. Once you receive your order, you can microwave, air-fry, or pan-fry the food, just like any other dish out of the refrigerator.

By leveraging Zomato’s vast network of restaurant partners and delivery partners, deep understanding of food tech, and insights into what our customers love, iconic dishes will be delivered from across India to users, read the blog.

Zomato will not be the first one to attempt delivery of food, intercity. There are niche start-up platforms that have been doing this for some time, such as JustMyRoots, which is delivering to international destinations.

Tastes2plate is another platform that allows people to order from any of the cities.

According to media reports, Tastes2plate delivers within 12 hours of placing an order and also makes sure the food is not ruined in transit. The company also does not charge extra for intercity delivery.

To know what’s moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns,

Read the latest Market Commentary

What else is happening in the markets today? Dig in…

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( With inputs from equitymaster)