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SGX Nifty Down 35 Points | Why Adani Enterprises is Rising | Updates on HDFC-HDFC Bank Merger | Top Buzzing Stocks Today
Wed, 1 Mar Pre-Open

What Sparked the Rally in Adani Enterprises | NCLT's Order on the HDFC-HDFC Bank Merger | Top Buzzing Stocks Today

On Tuesday, Indian share markets fell as the session progressed to end lower.

Benchmark indices swung between gains and losses in early trading but saw a sharp fall in the second half as investors decided to opt for caution ahead of the domestic GDP data for the December 2022 quarter.

At the closing bell on Tuesday, the BSE Sensex stood lower by 326 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 88 points (down 0.5%).

Adani Enterprises, Adani Ports, and Asian Paints were among the top gainers.

Cipla, Hindalco, and ONGC, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index rose 0.6% while the BSE SmallCap index gained 0.4%.

Sectoral indices ended on a mixed note with stocks in realty sector, and power sector witnessing buying.

On the other hand, stocks from the healthcare sector, IT sector and metal sector witnessed heavy selling pressure.

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Shares of Supreme Industries, and Triveni Turbine hit their 52-week highs on Tuesday.

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 82.66 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.4% at Rs 55,250 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:30 AM today, the SGX Nifty was trading down by 35 points or 0.2% lower at 17,360 levels.

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

The price of precious metals has remained quite volatile lately. In these uncertain times what should one do? Trade in gold or silver?

Chartist Brijesh Bhatia answers this question in the below video:

Top Buzzing Stocks Today

SBI will be among the top buzzing stocks today.

State Bank of India, on Tuesday, raised US$ 1 billion (bn) via a syndicated social loan from global banks for further lending to certain kinds of socially impactful businesses in India.

The funds will be used to further lend to microfinance institutions and self-help groups.

Paytm will also be in focus today.

After winning over many bears with double-digit gains on the back of its focus towards profitability, shares of One 97 Communications, which runs Paytm, on Tuesday crashed up to 8.8%.

Yesterday's selling pressure comes after Bharti Enterprises chairman Sunil Mittal confirmed that it is not in talks with Paytm to buy a stake in the company.

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NCLT reserves HDFC-HDFC Bank merger order

According to the media report, National Company Law Tribunal (NCLT) has reserved the order for its approval of the Housing Development Finance Corporation (HDFC) and HDFC Bank merger.

Reserving the order means that the NCLT has heard HDFC and HDFC Bank's counsel and needs time for the final judgement.

This order has been reserved for now, and further hearing date is yet to be announced by NCLT.

Before this, HDFC had already received the required approvals from the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and shareholders of HDFC and HDFC Bank.

In addition to this, the company had also received a no objection certificate (NOC) from both stock exchanges.

This largest merger in Indian history was announced on 4 April 2022.

The merger, in terms of market capitalization, is set to create the third largest company in the country, with the amalgamated entity estimated to have a combined asset base of around Rs 18 trillion (tn).

Among the best bank stocks in India, if you had invested Rs 10,000 in HDFC bank's IPO in 1995, today, your investment would have grown to Rs 152 m. With this stellar return over the years, it is among India's favourite stocks.

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Why did Adani Enterprises Zoom 24% from the day's low?

After falling non-stop for seven consecutive trading sessions, shares of Adani Enterprises were on a downward trajectory on opening trade yesterday but soon bounced back to rally 24.5% from the day's low.

The stock fell up to 7% in the morning but later on hit the 15% upper circuit limit in the sharp U-turn.

The flurry of activity in the counter comes ahead of a rejig by index provider MSCI tomorrow and a report that banks have retained credit limits of Adani's flagship entity.

Adani Enterprises will see a weight reduction of 20 basis points in the MSCI Global Standard Index with effect from 1 March 2023.

With this reshuffle in the index, the market expects the stock to bottom, rising stock to the day's high.

Oil headed for fourth monthly drop

Oil prices are headed for a fourth straight monthly drop as concerns about tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in top importer China.

Brent crude futures, the global benchmark, have fallen 2.2% to US$83 a barrel in February 2023, while West Texas Intermediate crude futures have dropped 3.2% to US$77 a barrel. The declines put the benchmarks on track to fall for a fourth consecutive month.

Crude has been burdened in February as signs of sticky inflation in the US have spurred expectations the Federal Reserve will keep hiking. That's aided the dollar, hurting commodities priced in the currency.

Oil prices have also been weighed down by rising US stockpiles, which are at the highest level since May 2021. As part of that increase, there have been builds in crude holdings at the key storage hub in Cushing, Oklahoma.

Crude has softened in 2023 despite China's rapid reemergence from Covid Zero and a host of signs the nation's energy consumption is picking up.

However, analysts expect these oil prices to rally again once Russia starts cutting its production levels.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

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

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Read the latest Market Commentary


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