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SGX Nifty Trades Flat, Centre Doubles Fertilizer Subsidy, Paytm Forms Insurance Firm, and Top Buzzing Stocks Today
Mon, 23 May Pre-Open

On Friday last week, bulls marked a strong comeback as Indian share markets ended nearly 3% higher.

Equity markets extended gains as the session progressed and ended near the day's high. Benchmark indices erased Thursday's losses and ended on a strong note as investors cheered positive global cues and buying returned to index heavyweight stocks.

At the closing bell on Friday, the BSE Sensex rallied 1,534, ending 2.9% higher.

Meanwhile, the NSE Nifty zoomed 457 points, ending at 16,266.

Dr Reddy's Laboratories and Reliance Industries were among the top gainers. All stocks from the Sensex ended in green.

The broader markets ended on a strong note as the BSE Mid Cap index jumped 2% while the BSE Small Cap index increased 2.1%.

All sectoral indices ended in green with stocks in the metal sector, pharma sector, and banking sector witnessing most of the selling.

Shares of Welspun Corp and ESAB India hit their 52-week high.

For more details about 52-week high stocks, check out our recent article on the stocks hitting 52-week high and whether its time to exit them.

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At 7:50 AM today, the SGX Nifty was trading up by 7 points or 0.1% higher at 16,260 levels.

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

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Top buzzing stocks today

Paytm share price will be in focus today.

The fintech company on Saturday said it has formed a joint venture general insurance company in which it has committed to invest Rs 9.5 bn over a period of 10 years.

Fortis Healthcare share price will also be in focus today.

In response to market regulator's order dated 18 May related to alleged fund diversion by erstwhile promoters of Fortis Healthcare, the company said that the board is now evaluating the order in detail, in consultation with legal advisors.

Market participants will also track shares of SAIL, Divi's Laboratories and Zomato as these companies will announce their March quarter results later today.

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Realty developers on export duties

Over the weekend, the government slapped an export duty on certain steel products, reduced the import duties on select raw materials for steel and plastics, and sought to shore up supplies of cement through better logistics.

Reacting to these developments, real estate companies said that it was a timely move and hoped that it will have the desired effect considering that input costs of steel, cement have gone up by almost 40-45% in the recent past, prompting developers to increase prices.

A reduction in import duty of iron ore and steel intermediates will further bolster the availability of raw materials domestically, cool off the prices of steel products, and help tide the rise in prices of projects, strengthening consumer sentiment, real estate developers said.

Infosys reappoints Salil Parekh for 5 years

India's second-largest IT services company Infosys on Sunday said it has reappointed Salil Parekh as its chief executive officer (CEO) and managing director (MD) for a five-year term ending March 2027.

The decision was taken in the meeting of the company's board held on 21 May 2022.

The board took the decision based on the recommendations of the Nomination and Remuneration Committee (NRC) of the company, Infosys said in a regulatory filing to the stock exchanges.

Salil Parekh has been the CEO and MD of Infosys since January 2018. His reappointment is subject to the approval of shareholders.

Infosys' board also approved a grant of 104,000 shares to six key management personnel and another 375,760 shares to 88 other senior executives.

To know more about the company, check out the latest shareholding pattern of Infosys.

Investment Idea: Fundamentally Strong Stocks Backed By Investor Frenzy

The latest on Paytm Payments Bank curbs

Paytm Payments Bank is expecting the central bank to allow it to resume taking on new customers in the next few months.

In March this year, the Reserve Bank of India ordered a comprehensive audit of the company's IT systems, citing "material" supervisory concerns, without elaborating further, and barring it from taking on new customers.

The bank, which facilitates transactions on mobile commerce platform Paytm, is working with the RBI to complete the IT audit and address the regulator's concerns.

Last week on Friday, One 97 Communications, the parent of fintech firm Paytm, reported a wider fourth-quarter loss due to higher payment processing, marketing and employee costs.

Paytm's Q4 results showed that its net loss widened despite a massive surge in revenues.

Additional fertilizer subsidy

Amid a sharp increase in global prices of fertilisers, Finance Minister Nirmala Sitharaman on Saturday said the government will provide an additional fertiliser subsidy of Rs 1.10 lakh crore to further cushion farmers from the price rise.

With this, the government's total fertiliser subsidy is likely to touch a record Rs 2.15 lakh crore in the current 2022-23 fiscal.

Chemicals and fertilizers minister Mansukh Mandaviya had recently said the total fertiliser subsidy bill could be between Rs 2-2.5 lakh crore in the current fiscal due to a sharp rise in global prices.

India imports urea, potassic and phosphatic fertilisers, while global fertiliser prices have risen due to the Russia-Ukraine war.

The top fertiliser companies of India are expected to remain in focus today post these developments.

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

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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