SGX Nifty Down 54 Points, India's Q4 GDP Data, Ajanta Soya Stock Split, and Top Buzzing Stocks Today

Wed, 1 Jun Pre-Open

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On Tuesday, Indian share markets witnessed negative trading activity and ended lower.

Benchmark indices snapped their 3-day winning streak ahead of the March quarter GDP data, and amid tepid global cues.

At the closing bell on Tuesday, the BSE Sensex stood lower by 359 points, down 0.6%. Meanwhile, the NSE Nifty fell 77 points.

M&M and NTPC were among the top gainers. Sun Pharma and Kotak Bank, on the other hand, were among the top losers.

Both, the BSE Midcap index and the BSE Smallcap index bucked the trend and ended higher by 0.5% and 0.7%, respectively.

On the sectoral front, power stocks, banking stocks, and finance stocks were among the hardest hit.

Metal stocks, on the other hand, witnessed huge buying interest. Metal stocks have been falling for quite some time now with Tata Steel, JSW Steel and Jindal Steel being the top losers.

Sugar sector stocks were in focus yesterday, days after the government decided to limit sugar exports.

Shares of AIA Engineering and Fine Organic Industries hit their respective 52-week highs.

Vodafone Idea share price has gained consecutively for the past two days after reports state Amazon is set to invest in the telecom company.

Meanwhile, Adani Power's momentum got lost when it fell 5% yesterday.

In this volatile market, a few penny stocks are continuously hitting their 52-week highs. Several Indian stocks have delivered multibagger returns in a span of one month.

But not all are worthy. Most of them are trading in uncharted territory and have become overvalued.

If you're new and on the lookout for fundamentally strong penny stocks, check out the list of penny stocks to buy for long term.

At 7:30 AM today, the SGX Nifty was trading down by 54 points, or 0.3% lower at 16,530 levels.

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

Speaking of stock markets, Chartist Brijesh Bhatia discusses what the charts say about investing in unicorn stocks like Paytm and Zomato, in his latest video for Fast Profits Daily.

Is there a reversal on the cards? Are these stocks becoming good investments now? Brijesh answers all these questions in the video below.

Tune in to find out more:

Top buzzing stocks today

Bharat Dynamics share price will be in focus today.

The state-owned defence company has signed a contract worth Rs 29.7 bn with the Ministry of Defence for supply of ASTRA MK-I Beyond Visual Range (BVR) air to air missile and associate equipments to Indian Air Force & Indian Navy.

The Defence Ministry highlighted that till now, the technology to manufacture missiles of this class indigenously was not available.

Notably, the Transfer of Technology from Defence Research and Development Organisation to Bharat Dynamics for production of the ASTRA MK-I missile and all associated systems has been completed and production at the company is in progress.

Speaking of defence manufacturing companies, check out these 6 defence stocks with big growth stories.

Rail Vikas Nigam Limited share price will also be in focus today.

Joint venture Rail Vikas Nigam (RVNL) - Bhartia has received a Letter of Acceptance from Northeast Frontier Railway for construction of single line BG tunnel. The total estimated cost of the project is Rs 5.6 bn.

While posting Q4 results, RVNL reported 1% fall in consolidated net profit at Rs 3.8 bn in the March quarter as compared to the same quarter last year.

In financial year 2022, the company recorded a 19.3% jump in net profit to Rs 11.8 bn on a 25.8% surge in net sales to Rs 193.8 bn over the previous fiscal.

India's GDP data

The Indian economy expanded at the slowest quarterly pace in a year as the impact of the Russian invasion of Ukraine rippled across the globe, sending raw material and energy prices soaring and weakening demand.

For the quarter ended March 2022, the economy grew 4.1%, the slowest pace in a year, official data showed.

As per the national statistical office's data, the economy expanded by 8.7% for the full year, slower than the government's second advance estimate of 8.9%.

The pace of growth was also partly due to a low base of the previous year when the economy contracted 6.6% because of the pandemic.

The GDP was just 1.4% higher than the pre-covid level during 2020 fiscal.

Nevertheless, India emerged as the fastest-growing major economy in the world in the financial year 2022.

Ajanta Soya's stock split

Ajanta Soya, a small-cap company in the agro processing industry, has decided to split equity shares with a face value of Rs 10 each into five equity shares of face value of Rs 2 each.

The company in its BSE exchange filing said that the board of directors have set 17 June 2022, as the record date for sub-division/split of shares.

Ajanta Soya's core activity is the production of Vanaspati and different types of cooking oil with fat products for bakery applications such as biscuits, puffs, pastries, and other bakery items.

Ajanta soya has given a multibagger return of 118.8% in one year and has increased 6.3% in 2022 so far.

To know more, check out Ajanta Soya's company factsheet.

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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