Yesterday, Indian share markets extended gains as the session progressed and ended on a strong note.
Strong global cues supported sentiment.
There was some nervousness amid concerns about outcome of OPEC meeting.
The gains made by capital goods stocks were offset by a fall in power and oil & gas stocks.
After the closing bell on Monday, the BSE Sensex stood higher by 443 points (up 0.8%).
Meanwhile, the NSE Nifty closed higher by 126 points (up 0.7%).
Hindalco, JSW Steel, and ITC were among the top gainers.
Bajaj Auto, Nestle, and Britannia on the other hand, were among the top losers.
The broader markets ended on a positive note. The BSE Mid Cap index up by 0.4% while the BSE Small Cap index ended higher by 0.9%.
Barring oil & gas stocks, all sectoral indices ended on a strong note with stocks in the capital goods sector, banking sector and telecom sector witnessing most of the buying.
Shares of ITC, TVS Motors, and Lakshmi Machine hit their 52-week high.
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At 8:00 AM today, the SGX Nifty was trading down by 10 points or 0.1% lower at 17,680 levels.
Indian share markets are headed for a flat opening today following the trend on SGX Nifty.
Gold prices were trading up by 0.3% at Rs 50,368 per 10 grams, at the time of Indian market closing hours yesterday.
Meanwhile, silver prices for the latest contract on MCX were trading higher by 1% at Rs 53,022 per kg.
The question on everyone’s mind now is when will gold and silver prices recover?
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
Federal Bank will be among the top buzzing stocks today.
Shares of Federal Bank hit a record high of Rs 129.7 as they rallied 9% on the BSE in yesterday’s intra-day trade amid heavy volumes. The spike in volumes came after reports emerged of the bank’s merger with another private sector bank – Kotak Mahindra Bank.
On its part, Federal Bank has denied the news report saying it is speculative in nature.
Meanwhile, in the past three months, the stock price of Federal Bank has appreciated by 44% as the bank reported a healthy operational performance led by strong business growth in June quarter of the financial year 2022-23.
Dixon Technologies share price will also be in focus today.
The company said it has inked a deal with Google to sub-license rights relating to Android and Google TV.
The company claims to be the largest manufacturer of LED TVs in India, and is the first such company in the nation to get the sub-licensing rights relating to Android & Google TV.
It said in a filing,
- “This new partnership will enable the company in offering a cost effective, consistent, high quality and out of the box experience to our existing customers and potential new brands which will further strengthen the firm’s market leadership in the LED TV category,”
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OPEC agreed to oil output cut
For the first time in a year, OPEC+ agreed to make a token oil supply cut for October, trying to stabilise international markets after a faltering economic backdrop triggered the longest price rout in two years.
At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day next month, taking supplies back to August levels, the group said in a statement.
Noting the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning, the OPEC and non-OPEC Ministerial Meeting highlighted that it would be willing to call another ministerial meeting at any time if needed to address market developments.
Its next scheduled talks will be on 5 October.
Meanwhile, India is also the world’s third largest importer of oil. A rise in oil prices increases imported inflation.
Oil prices rose more than $2 a barrel yesterday, extending gains as OPEC+ producers agreed to cut oil output targets by 100,000 bpd in October, according to a source.
Recently crude oil was falling, but now, oil and gas companies will rejoice after this meet.
China faces economic slowdown, helps control inflation over the world.
A global slowdown, in particular in China, is taking the edge off inflation pressures, especially for key imports and commodities.
Global inflation eased in July, to 0.3% on a monthly basis, down from an average of 0.7% a month in the first half of the year, according to analysis by Nora Szentivanyi, a global economist at JP Morgan, and colleagues. The figures omit Turkey, where inflation is unusually high.
“Weaker global demand in the face of diminished purchasing power through the past year is now driving disinflation through two main channels,” said Ms. Szentivanyi-first, by weighing on some commodity prices, and, second, by easing global supply-chain constraints.
She and her colleagues estimate falling commodity prices and easing goods price pressures will lower global inflation to a 5% annualized rate in the second half of 2022, from 9.7% in the second quarter.
The global slowdown is being felt most acutely in commodity prices.
Copper is down around 28% from mid-April. The United Nations Food and Agriculture Organization’s food price index fell 1.9% in August from July, the fifth straight monthly decline. Prices of U.S. imports, excluding autos, rose 1.9% in July, down from 3.2% in March.
Foreign-made manufactured goods like furniture, recreational equipment and home entertainment increased just 2.8% in July, compared with 4.8% in April.
That relief on import prices should flow through to consumer prices in the coming quarters, said Omair Sharif, who leads forecasting firm Inflation Insights.
Speaking of China, this is how a China-Taiwan war could impact your portfolio.
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,
Indian Share Market Update: Top Gainers and Losers
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( With inputs from equitymaster)