On Tuesday, Indian share market trimmed some of the early gains towards the end but still ended on a firm note.
Benchmark indices managed to end 1% higher. The rally was led by broad-based gains across sectors on the back of a rebound in global stock markets, as investors remained focused on US Federal Reserve’s policy decision this week.
At the closing bell on Tuesday, the BSE Sensex stood higher by 578 points (up 0.9%).
Meanwhile, the NSE Nifty closed up by 194 points (up 1.1%).
Apollo Hospital, Cipla, and Sun Pharma were among the top gainers.
Nestle, Shree Cements, and Grasim on the other hand, were among the top losers.
The broader markets ended on a positive note. The BSE Mid Cap index was trading higher by 1.7% and the BSE Small Cap index ended up by 1%.
All sectoral indices ended on a firm note with stocks in the healthcare sector, realty sector, and auto sector witnessing most of the buying.
Investors were hunting for the best pharma stocks to buy as majority of stocks from the pharma sector ended in green.
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Shares of Maruti Suzuki, Adani Enterprises, and Eicher Motor hit their 52-week high.
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At 7:45 AM today, the SGX Nifty was trading down by 80 points, or 0.5% lower at 17,710 levels.
Indian share markets are headed for a negative opening today following the trend on SGX Nifty.
Gold prices were down by 0.1% at Rs 49,240 per 10 grams, at the time of Indian market closing hours yesterday.
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
Welspun Corp will be among the top buzzing stocks today.
Welspun Corp on Tuesday announced the acquisition of entire share capital of Nauyaan Shipyard. It was done at the fair value consideration of Rs 0.1 M from a related party.
This acquisition was made with an intention to make it a wholly owned subsidiary and a special purpose vehicle of investment in the field of marine fabrication.
Advanced Enzyme Technologies share price will also be in focus today.
Yesterday, Nalanda India Equity fund purchased 2.91 m equity shares, representing 2.6% stake in advanced Enzyme Technologies, worth Rs 786.2 m. The deal was carried out via block deal.
Rice Shipment Stranded at Port
At least 20 ships are waiting to load around 600,000 tonnes of rice at Indian ports, as New Delhi’s surprise export restrictions have trapped cargoes for nearly a fortnight, forcing sellers to pay demurrage charges.
India banned exports of broken rice and imposed a 20% duty on exports of various other types on 8 September 2022. It was as the world’s biggest exporter of the grain tries to boost local supplies and calm prices after below-average monsoon rainfall curtailed planting.
These surprise move has trapped cargo that was moved to the ports or was in transit before the government made the announcement.
There are 600,000 tonnes rice that is waiting for the loading at berthed vessels, while a further 400,000 tonnes of rice is stuck at port warehouses and container freight stations.
India is currently exporter to more than 150 countries. This reduction in shipments would increase upward pressure on food prices, which are already rising because of drought, heatwaves and Russia’s invasion of Ukraine.
Keep these rice stocks in your watchlist as the situation unfolds.
Edible Oil Stocks in Fast Lane
Shares of edible oil companies hit upper circuit on Tuesday. The rally was on the back of the strong demand outlook and margin expansion ahead.
Shares of Adani Wilmar and Patanjali Foods were locked at 5% upper circuit.
With this rally, Adani Wilmar regained Rs 1 tn market capitalisation on Tuesday. The company’s flagship brand Fortune is the largest edible oil brand in India.
Shares of Patanjali Foods also hit its 52-week high on Tuesday, regaining Rs 500 bn market cap.
The rally in the stocks was due to the expectation of the higher demand ahead in the festive seasons. To meet the rising demand, India’s import of edible oil grew 35.3% YoY in August against the same month last year.
Vikram Solar’s Solar Modules Order
Solar energy solutions provider Vikram Solar on Tuesday said it has bagged an order from a US- company for a 350 MW power project.
The order is for supplying solar modules for the project that will be located at Arizona in the US.
Commenting on it, Vice chairman and Managing Director of Vikram Solar, Gyanesh Chaudhary said,
- We are witnessing an increasing demand for high-quality Indian-made modules in the US aligned to the clarion call of diversifying sourcing policies. We are focused on further strengthening our market share in the US and cater to the utility, commercial as well as residential customers.
This new order will further strengthen Vikram Solar’s presence in the US and is aligned to the company’s commitment to accelerate the clean energy transition in this market.
Note that Vikram Solar Vikram Solar is one of the companies which has received markets regulator’s go ahead to raise funds through an initial public offering (IPO).
The IPO consists of a fresh issue of up to Rs 15 bn and an OFS of up to 50 lakh equity shares by the selling shareholders.
In India, the company’s customers include NTPC, Rays Power Infra, Amp Energy India, Azure Power India, West Bengal State Electricity Distribution Company Ltd, Solar Energy Corporation of India, Hindustan Petroleum Corporation Ltd and Keventer Agro.
To know more about IPOs, check out the upcoming IPO section on our website.
And 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
What else is happening in the markets today? Dig in…
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( With inputs from equitymaster)