SGX Nifty Up 107 Points | SC Verdict on Adani-Hindenburg Fallout | SBI to Sell Stake in Yes Bank | Top Buzzing Stocks Today

Fri, 3 Mar Pre-Open

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On Thursday, Indian share markets extended losses as the session progressed and ended deep in the red.

Benchmark indices ended in losses with IT stocks dragging the market amid negative global cues.

Unlike markets, Adani group stocks defied the trend and continued to rise for the second session as Supreme Court set up an expert committee on the issue arising from the Hindenburg Research report.

At the closing bell on Thursday, the BSE Sensex stood lower by 502 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 129 points (down 0.7%).

Adani Enterprises, Adani Ports, and Coal India were among the top gainers.

Maruti Suzuki, Axis Bank, and TCS, on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index fell 0.1% and the BSE SmallCap index fell 0.2%.

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

While stocks in the auto sector, IT sector, and finance sector witnessed heavy selling.

Shares of Procter and Gamble Health, and Jindal Stainless hit their 52-week highs on Thursday.

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 82.59 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.1% at Rs 55,764 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the SGX Nifty was trading up by 107 points or 0.6% higher at 17,460 levels.

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

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Also, to understand investor sentiment and what our readers are thinking, we ran a poll on Equitymaster's telegram channel.

With majority votes, investors are still investing in stocks and mutual funds. It can be that they're looking for bargain buys amid the Adani stocks selloff.

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Top Buzzing Stocks Today

Sun Pharma will be among the top buzzing stocks today.

Sun Pharma, on Thursday, reported an information security incident. However, the incident has not impacted the company's core systems and operations.

Ramco Systems will also be in focus today.

Enterprise aviation software provider Ramco Systems, on 2 March 2023, announced signing a pact with Etihad Airways Engineering to implement its Aviation Suite V5.9.

The project was officially announced at the 2023 edition of MRO Middle East, held at the Dubai World Trade Centre.

Supreme Court directs market regulator to probe Adani fallout

The Supreme Court on 2 March 2023 directed the Securities Exchange Board of India (Sebi) to investigate if the Adani group had violated the securities acts or any other manipulation in the Adani stocks.

The court also directed the regulatory body to submit a report in two months.

The Supreme Court on Thursday also formed an expert committee of five members headed by a retired judge to review regulatory mechanisms and protect investor interests in the light Adani rout.

The committee will consist of OP Bhatt, Justice JP Devadhar (retired), Nandan Nilekani, KV Kamath, and Somasekhar Sundaresan as members, and former Supreme Court Judge AM Sapre will head the committee.

The committee has been ordered to submit its report in a sealed cover before the Supreme Court within two months.

Following the development, most Adani Group stocks were locked in an upper circuit of 5% on Thursday.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks

SBI to cut stake in Yes Bank

The State Bank of India (SBI), the country's top lender, is expected to cut its stake in private sector lender, Yes Bank, after the lock-in period ends on 6 March 2023.

This was put in place by the Reserve Bank of India (RBI) as a part of Yes Bank's restructuring.

According to media reports, SBI does not want to permanently retain a stake in the private sector lender and wants to reduce its holdings, albeit in phases.

Also, the percentage of equity dilution that the bank intends to do will have to be placed before the RBI.

SBI initially acquired 49% of Yes Bank and now holds a 26.14% stake as of 31 December 2022, stock exchange data showed.

SBI is still the largest single shareholder in the rescued lender.

However, as per the reconstruction plan, SBI cannot reduce its holding below 26% before the completion of three years from the date of the infusion of the capital.

After a decade of underperformance, the share price of SBI has woken up. It's experiencing a similar breakout like ITC, Coal India, among other stocks.

Divgi TarqTransfer IPO's retail portion fully subscribed

The initial public offering (IPO) of Divgi TorqTransfer Systems continued to get a decent response from the investors on the second day of the bidding process. The issue majorly attracted the retail bidders, whose portion sailed through on day two.

The IPO was subscribed to 23% on Day two, with retail investors' portion subscribed 1.01 times and NIIs 11%, according to the data available with the exchanges.

The QIB part was unchanged from Day 1, which bid for 700 shares.

About 75% of the offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 10% for retail investors.

The grey market premium (GMP), which indicates the premium commanded by the company in the unlisted market, has risen from the previous day to Rs 70.

The auto components maker has fixed a price band of Rs 560-590 per equity share, and at the upper end, the public issue is expected to fetch around Rs 4.1 billion (bn). The shares will get listed on the exchanges on 14 March 2023.

The public issue opened on 1 March 2023 and will close on 3 March 2023.

Divgi TorqTransfer Systems is engaged in the business as an automotive component entity.

For more details, check out the current IPOs and upcoming IPOs 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, download our special report now!

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