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SGX Nifty Trades Flat, Oil on the Boil, the Latest on 5G Spectrum Auction, and Top Buzzing Stocks Today
Thu, 23 Jun Pre-Open

On Wednesday, Indian share markets ended on a weaker note as investors fretted over rising inflation and aggressive policy tightening by central banks.

Benchmark indices ended deep in the red as panic-stricken investors took cues from weak global sentiment.

India's 10-year benchmark yield was down marginally to 7.39%, from its previous close of 7.48%.

At the closing bell on Wednesday, the BSE Sensex declined 710 points (down 1.4%).

Meanwhile, the NSE Nifty plunged 226 points (down 1.4%).

TCS and Power Grid were among the top gainers.

Tata Steel, Wipro, and Reliance Industries, on the other hand, were among the top losers.

The broader markets also ended on a weak note. The BSE MidCap index and the BSE SmallCap index ended lower by 1.5% and 1.1% respectively.

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

Speaking of realty sector, Chartist Brijesh Bhatia thinks realty stocks can rally in the short term. According to him, the charts are suggesting this is the right time to buy realty stocks.

As Indian share markets are in a downtrend, you must be wondering when will the markets fully recover.

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In this uncertainty, check out these 5 consistent compounding stocks that are available at discount.

As you know IT stocks have taken a strong beating in the current calendar year. But here's what the massive selloff in US tech stocks teaches us about investing.

Also, check out this stock we call as the greatest dividend stock of all time. This IT company's dividend growth rate has beaten Nifty's 20 year annual returns.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 50,673 per 10 grams at the time of Indian market closing hours yesterday.

At 7:50 AM today, the SGX Nifty was trading up by 13 points, or 0.1% higher at 15,420 levels.

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

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about the interest rates hike and what it means for traders, in his latest video.

In the video, Vijay explains the implications of rising interest rates on your portfolio and on your open trades.

Tune in to find out more:

Top Buzzing Stocks Today

Tata Steel will be among the top buzzing stocks today.

Tata Steel and Thyssenkrupp lost their fight yesterday against a European Union antitrust veto of their proposed landmark joint venture three years ago.

The companies had sought to tackle over-capacity and other challenges in the steel industry via the joint venture but the European Commission said the deal could result in price hikes.

The EU competition enforcer in its 2019 decision said the companies had not offered sufficient remedies to address such concerns, forcing it to block the deal.

TCS share price will also be in focus today.

TCS has bagged a deal to drive business process transformation at Aadhar Housing Finance for an undisclosed sum.

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According to a statement, the domestic housing financier will be deploying the Tata group company's lending and securitisation platform for market expansion.

The partnership is for an end-to-end business process transformation using the integrated and collaborative blockchain-based cloud platform.

Rupee hits new low

The Indian rupee tumbled to a record low of 78.29 a dollar in yesterday's trade amid a slide in Asian currencies on a firm dollar.

The fresh fall was seen amid selling in emerging market equities and currencies ahead of the US Fed Chair Jerome Powell's testimony to US Congress later in the day.

There are expectations that Powell will reinitiate Fed's commitment to curb inflation. This has helped the dollar stay firm against a host of emerging market currencies.

The dollar index, which compares the greenback's strength against a basket of six currencies, advanced 0.32% to 104.76.

The persistent weakness in the rupee has also intensified amid foreign investor outflows. Widening trade deficits and high crude oil prices are also restricting gains of the rupee.

As per data, foreign equity outflows have topped Rs 400 bn in June so far, taking year-to-date outflows to Rs 2.07 tn.

Experts expect the rupee to remain volatile this week as the Fed seems firm to hike rates sharply several more times this year.

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Oil prices plunge

Oil prices plunged more than 5% yesterday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation.

Crude has soared in recent months to multi-year highs on concerns that tight supplies caused by the Ukraine war will not be enough to meet demand from reopening world economies.

But central banks have been forced to ramp up borrowing costs as the rise in energy costs has helped send inflation soaring to levels not seen since the 1980s.

That has fanned concerns that economies around the world are heading for a recession, sending chills through crude markets.

Eyes are on a two-day Congressional testimony by Federal Reserve boss Jerome Powell this week, which will be looked over for an idea about officials' plans for fighting runaway prices.

Latest on 5G spectrum auction

According to an analyst report, the upcoming 5G spectrum auctions may see telcos bidding for only four of the ten bands being put up for auction.

5G spectrum is likely to be sold at the base price, which the telcos consider are still high despite a 40% overall reduction in base prices.

The report estimates a total bid value of Rs 710 bn, and if the three major telcos opt for the option of equal installments over 20 years, the government would receive Rs 6.2 bn proceeds in financial year 2023.

Telcos are expected to give the expensive 700 MHz band a miss, despite a 40% reduction in base prices from before, as they await further reduction.

We will keep you updated from the developments of this space.

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!

Read the latest Market Commentary


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