SGX Nifty Up 42 Points | Why Realty Stocks are Falling | Titan to Design Luxury Jewellery | Top Buzzing Stocks Today

Thu, 23 Feb Pre-Open

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On Wednesday, Indian share markets extended losses as the session progressed and witnessed a sharp selloff.

Benchmark indices crashed after strong economic data from the US kept investors worried that central banks would have to keep raising interest rates to tackle inflation.

At the closing bell on Wednesday, the BSE Sensex stood lower by 927 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 272 points (down 1.5%).

Divis Laboratories, Bajaj Auto, and ITC were among the top gainers.

Adani Ports, Adani Enterprises, and Grasim, on the other hand, were among the top losers.

Broader markets settled on a weak note. The BSE Midcap fell 1.2% while the BSE SmallCap index ended 1.1% lower.

All sectoral indices ended in red with stocks in the energy sector, metal sector, and power sector witnessing most of the selling.

Shares of Cera Sanitary and Blue Star hit their 52-week high on Wednesday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 81.92 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.1% at Rs 56,125 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:20 AM today, the SGX Nifty was trading up by 42 points or 0.2% higher at 17,600 levels.

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

Speaking of stock markets, there are stocks and then there are 'Stocks' From thousands of listed stocks, there are only a handful that you could never go wrong with. Ever wondered what are the characteristics of the best stocks in India?

Well, sit back and relax. We have done the groundwork for you. In the below video Yazad Pavri talks about 11 best stocks of India based on a series of defined characteristics and why!

Top Buzzing Stocks Today

Adani Power will be among the top buzzing stocks today.

Adani Power, on 22 February 2023, clarified to the stock exchanges that it has called off its plan to acquire a coal plant project in central India.

In August 2022, Adani Power agreed to take control of DB Power at an enterprise value of Rs 70.2 bn.

Bharat Electronics will also be in focus today.

Bharat Electronics on Wednesday announced that the company had signed a deal with the Aeronautical Development Agency (ADA) and the Defence Research and Development Organisation (DRDO) for advanced medium combat aircraft.

The deal outlines a collaboration between the companies to design, develop, and produce the Internal Weapon Bay Computer and other LRUs for the AMCA to provide lifetime product support to the Indian Air Force.

Adani disburses full payment for Haifa Port

The Adani Group, on Wednesday, paid the entire amount of $1.2 billion for acquiring the strategic Haifa Port.

The Haifa Port is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

The Adani Group acquired the strategic port of Haifa for $1.2 billion last month and vowed to transform the skyline of the Mediterranean city.

Further, on the occasion of the completion of 30 years of diplomatic relations between Israel and India, the Israeli envoy emphasised the importance of Adani's investment as strategic and looked forward to more investments by the company in other sectors of Israel.

Adani group stocks have been in a free fall since 24 January 2023. Some stocks from the group even fell around 60%.

To know whether or not it's time to buy the dip in the Adani Group stocks, check our editorial: Adani Group stocks: should you catch this falling knives?

Titan to design luxury jewellery with Zoya

Having become a dominant player in India's jewellery market with Tanishq, Tata group company Titan is now looking to capture the opportunity in the luxury segment with Zoya, its premium brand.

In the past decade, a handful of high-end luxury jewellers such as Amrapali, Viren Bhagat and Hazoorilal Jewellers have essentially been one- or two-location companies or those catering to a local customer base with ethnic designs and Indian sensibilities.

As Tanishq plans a major entry in the US, opening stores in Houston, Dallas, and Chicago in the next 12 months, Zoya itself will automatically get visibility in the market.

The Tata-backed company reported revenue of Rs 2 bn for Zoya for the past nine months, its highest ever. It was about Rs 1.4 bn for the same period a year ago.

Value Stocks: Stocks with Limited Downside but Good Upside Potential

Titan's goal is to increase business for Zoya fivefold to Rs 10 bn by 2027.

Speaking of Titan, here's some interesting data, even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouthwatering returns.

Take a look at how the power of compounding has gone wild here...

Believe it or not Titan was a Tata group penny stock two decades ago.

Real estate shares under pressure

On 22 February 2023, shares of real estate companies were trading weak, with the S&P BSE realty index falling nearly 2% on the BSE in Wednesday's intra-day trade on concerns of rising interest rates and fears of a recession globally.

BSE Realty index was down 1.9%, compared to a 1.5% decline in the S&P BSE Sensex.

Shares of Godrej Properties, DLF and Mahindra Lifespace Developers were down 3%, while Macrotech Developers, Oberoi Realty, and Indiabulls Real Estate and slipped 1 to 2%.

Heavy selling was seen in the stocks amid sticky inflation and resilient economic activity, fretted investors on Wednesday.

This is because an increase in home loan interest rates decreased the affordability of houses. According to experts, a 1% increase in home loan interest rate reduces house purchase affordability by 7.4%.

Moreover, increased geopolitical tensions between Russia and the US over the Ukraine war also added to the fuel-dampened sentiment.

In the October-December quarter (Q3FY23), the real estate industry witnessed a steady performance in residential sales momentum. While QoQ volumes dipped for Mumbai players like Oberoi.

The US recession fears, and continuous hardening of interest rates have dampened the real estate market sentiment marginally.

However, the retail business continues to exhibit healthy growth.

Since realty stocks interest you, check out our analysis of the best real estate stocks in India.

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, download our special report now!

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