On Wednesday, Indian share markets slipped during the afternoon session and ended the day lower amid high volatility.
Markets were on edge as investors braced for a hefty rate hike from the US Federal Reserve and clues on further hikes.
India’s government is in no hurry to push inflation which is now hovering near 7% and at an eight-year high, back to the central bank’s 4% medium-term target.
At the closing bell on Wednesday, the BSE Sensex stood down by 262 points (down 0.4%).
Meanwhile, the NSE Nifty closed lower by 98 points (down 0.6%).
Britannia, HUL, and ITC were among the top gainers.
Shree Cements, Adani Ports, and IndusInd Bank on the other hand, were among the top losers.
The broader markets ended on a negative note. Both, the BSE Mid Cap index and the BSE Small Cap index ended lower by 0.7%.
Barring FMCG sector, all sectoral indices ended on a negative note with stocks in the power sector, realty sector, and oil & gas sector witnessed maximum selling pressure.
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At 7:30 AM today, the SGX Nifty was trading down by 134 points, or 0.8% lower at 17,580 levels.
Indian share markets are headed for a gap-down 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
Liberty Shoes will be among the top buzzing stocks today.
Shares of Liberty Shoes hit an over four-year high of Rs 226.1 yesterday amid heavy volumes in an otherwise weak market.
As per the shareholding pattern as on 30 June 2022, individual shareholders held 5.3 m shares, or 31%, stake in Liberty Shoes. Geofin Investments, the promoter group company, held 4.5 m shares, or 26.3%, holding in the company.
Central Bank of India will also be in focus today.
Shares of Central Bank of India (CBI) soared 15% to Rs 23.5 on the BSE in yesterday’s intra-day trade, amid heavy volumes, after the Reserve Bank of India (RBI) removed the public sector lender from its Prompt Corrective Action (PCA) framework on complying with parameters like net non-performing assets (NNPAs) and capital ratios.
In June 2017, RBI had placed CBI under PCA due to high net NPAs and negative return on assets.
Analysts say that the PSU banks have remained laggards in the past few years due to concerns like subdued credit growth and asset quality pressure.
Market participants will also track shares of Swaraj Engines.
Shares of Swaraj Engines hit a fresh 52-week high yesterday after Mahindra & Mahindra (M&M) proposed to buy additional 17.4% stake in the diesel engines’ company for Rs 2,960 m.
With this, M&M’s stake in SEL would increase from 34.7% to 52.1%. Consequently, SEL, which is currently an Associate of the company, would become a subsidiary of the company. The transaction will be complete by 30 September 2022.
SEL is engaged in manufacturing and supplying of diesel Engines in the range of 22 HP to above 65 HP for fitment in tractors to the farm equipment sector of M&M.
From FMCG to ethanol blending
The small-cap company has announced to set up a 1,000 Kilolitres Per Day grain-based ethanol manufacturing facility in Gujarat. The proposed project is likely to incur Rs 22.5 bn and estimated annual revenue expected from the project is Rs 35 bn.
Mishtann is aiming to commence the operations of the plant from the second quarter of 2024.
The small-cap company went on to add that the aforesaid plant would be used to produce ethanol and the petroleum policy of adding ethanol as additive to reduce burden on import of crude oil.
The Government of India under the roadmap from ethanol blending in India 2020-25 has promoted the setting of such ethanol plants to reduce its dependence on crude oil imports.
Earlier this year, Mishtann Foods had bagged several orders for its branded salt from major retail stores and the company rewarded its shareholders with an issue of bonus share for each share held by them or in 1:1 ratio.
Gold price finally rise
Gold prices rose yesterday while oil rates jumped after Russian President Vladimir Putin ordered a partial mobilization.
On MCX, gold futures rose from six-month lows to Rs 49,451 per 10 gm while silver gained 1% to Rs 56,875 per kg. US bond yields also rose on safe-haven demand.
In global markets, West Texas Intermediate surged toward $87 a barrel, adding as much as 3.2%, while Brent futures jumped 3% to $93.4 a barrel.
The dollar index, which measures the currency against six major peers, rallied 0.4% to 110.6, just below a fresh two-decade high of 110.8.
Note that gold prices have fallen and have taken quite a knock in recent weeks. It remains to be seen when gold will be back above 50,000 levels.
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)