SGX Nifty Up 208 Points, Rupee at New Record Low, M&M Partners Volkswagen for EVs, and Top Buzzing Stocks Today

Fri, 20 May Pre-Open

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On Thursday, Indian share markets remained in the bear grip throughout the trading session tracking weak global cues.

Benchmark indices extended losses as persistent foreign fund outflows and a spurt in crude oil price damped sentiment.

At the closing bell on Thursday, the BSE Sensex plummeted 1,416 points, ending 2.6% lower.

Meanwhile, the NSE Nifty plunged 431 points, ending at 15,809.

ITC and Dr Reddy's Laboratories were among the top gainers.

HCL Technologies, Wipro, and Infosys were among the top losers.

The broader markets ended deep in red as the BSE Mid Cap index slipped 2.7% while the BSE Small Cap index plunged 2.3%.

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

Heavy selling was seen in stocks from the IT sector with Nifty IT index falling 6% intraday, tracking the tech sell-off and the anticipated economic slowdown in the US markets.

Meanwhile, the metal index fell 4%. To know what factors are dragging metal stocks lower, read our recent article - Why are Metal Stocks Falling?

In a falling market, shares of ITC and MRPL hit their 52-week high.

ITC's results beat estimates as it reported a consolidated net profit of Rs 42 bn, which is 11.7% higher YoY.

At 8:00 AM today, the SGX Nifty was trading up by 208 points or 1.3% higher at 16,000 levels.

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

Gold prices were trading up by 0.4% at Rs 50,423 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about why the RBI must raise interest rates, in his latest video for Fast Profits Daily.

Tune in to find out more:

Top Buzzing Stocks Today

Lupin share price will be among the top buzzing stocks today.

The pharma company yesterday reported disappointing set of numbers for the March quarter where its net loss came in at Rs 5.1 bn. This was due to higher manufacturing costs.

The company had reported a net profit of Rs 4.6 bn in the year-ago quarter.

HPCL share price will also be in focus as the state-run oil refiner and marketer posted a 34% decline in its consolidated net profit to Rs 20.2 bn.

The company's operating margin for the quarter contracted sharply to 1.57% from 4.46% last year.

Market participants will also track shares of ADF Foods, Thermax and Sobha as these companies will announce their March quarter results later today.

Palm Oil Export Ban

Days after announcing an export ban on palm oil, Indonesia will lift the ban next week from Monday, following improvements in the domestic cooking oil supply situation, the country's President Joko Widodo said.

The decision comes despite bulk cooking oil having not yet receded to the targeted 14,000 rupiah per litre price, as the government considers the welfare of 17 m workers in the palm oil industry, the president said in a video statement.

He said the supply of bulk cooking oil has now reached a level greater than what the domestic market needed.

The world's top palm oil exporter has since 28 April halted shipments of crude palm oil and some derivative products to try to tame soaring prices of domestic cooking oil.

When the ban was announced, the prices of all edible oils such as sunflower oil, mustard oil, and soy oil started going up. Spotting the opportunity, we wrote a piece on top edible oil stocks in India which are most likely to gain in the current circumstances.

Rupee at All-Time Low

Yesterday, the rupee extended its losses and slumped 10 paise to close at a record low of 77.72 (provisional) against the US dollar.

The domestic currency was weighed down by a negative trend in domestic equities and unabated foreign fund outflows.

In forex market, the rupee opened lower at 77.72, and finally settled for the day at 77.72, down 10 paise over its previous close.

During the trading session, it touched an intra-day low of 77.76 and a high of 77.63.

On Wednesday, the rupee declined by 18 paise to close at 77.62.

Dr Reddy's Universal Booster Dose

In news from the pharma space, Dr Reddy's Lab is reportedly approaching to the regulator for its single-dose Sputnik Light jab as booster dose for approvals by June-end or early July.

Deepak Sapra, CEO (active pharmaceutical ingredients and services) of Dr Reddy's, told that the company has presently put its Sputnik M, a Covid-19 vaccine for children (12-17 years of age) on the backburner, and prioritising Sputnik Light the price of which is being re-worked.

In September 2020, Dr Reddy's partnered with the Russian Direct Investment Fund (RDIF) to conduct clinical trials of Sputnik V and distribute the vaccine in India.

In April 2021, the DCGI granted approval to the two-dose Sputnik V vaccine for restricted use in emergency situation in India.

Dr Reddy's Lab reported its March quarter results where the company's net profit slumped 76%.

The company's board also recommended a final dividend of Rs 30 per share (600% on face value).

Big Move in the EV Space

Yesterday, it was announced that Volkswagen and Mahindra and Mahindra (M&M) have signed an agreement to study the feasibility of using the German company's components in the latter's electric vehicles (EVs).

M&M will use the world's second largest carmaker's components like electric motors, battery system components and battery cells for its "Born Electric Platform".

Both companies are expected to hammer out a binding deal for the supply of the said components by the end of this calendar year, as per a joint press statement.

Mahindra, one of the first companies to launch electric vehicles in India, has been working on its own platforms for several years now. The company was also closely associated with Ford before the two companies decided to go separate ways in 2020.

We will keep you updated on the latest developments from this space. Stay tuned.

Since you're interested in electric vehicles, check out Equitymaster's powerful stock screener to find the best electric vehicle (EV) 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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