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Sensex Zooms 600 Points, Nifty Above 15,600; Hero MotoCorp, Tata Motors & Maruti Top Gainers
Thu, 23 Jun 10:30 am

Sensex Zooms 600 Points, Nifty Above 15,600; Hero MotoCorp, Tata Motors & Maruti Top Gainers

Asian share markets open flat today. Jerome Powell in a testimony to US said that there was a possibility of recession in the US, that pushed Asian markets into cautious trading.

The Nikkei was trading flat while the Hang Seng is up 0.5%. The Shanghai Composite is down 0.2%.

In US stock markets, Wall Street indices ended on a negative note on Wednesday, washing away the gains of Tuesday.

The fall is because of the remarks of Jerome Powell, who said that the US central bank is committed to bring down the inflation.

The Dow Jones fell 0.2% while the tech heavy Nasdaq also dropped 0.2%.

Back home, Indian share markets are trading on a firm note.

Benchmark indices opened in green following the trend on SGX Nifty and extended gains as the session progressed.

FII & DII data is widely tracked as FIIs continue to offload Indian shares.

At present, the BSE Sensex is trading up by 573 points. Meanwhile, the NSE Nifty is trading higher by 174 points.

Asian Paints and Maruti Suzuki are among the top gainers today.

Power Grid and Bajaj Finance are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.7%. The BSE Small Cap index is trading higher by 0.8%.

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Sectoral indices are trading in the green with stocks in the telecom sector and auto sector witnessing most of the buying.

Most metal stocks are trading in green today. Note that big metal stocks have fallen over 50% from their peaks this year.

Tata Steel is down close to 60% after having a record run last year. The company has announced a stock split and a high dividend this year.

Elecon Engineering and Rajnish Wellness hit their 52 week high today.

In the commodity markets, gold prices continue to fall. Today, prices are down by Rs 217, trading at Rs 50,687 per 10 grams.

Meanwhile, silver prices are trading lower at Rs 60,381 per kg.

Crude oil prices slipped lower as Fed chair acknowledged that rise in interest rates could lead to recession in the US.

Cryptos are trading on a slightly positive note today. The overall markets gained 0.1% today.

Investors in crypto markets are not having a good night's sleep these days as coins continue to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

2022 had been the year of volatility for equity markets. Most of the companies, no matter how strong or weak, how big or small all were knocked out clean by the punch of global downfall.

In this period of volatility capital appreciation from any stock cannot be predicted hence in this period stocks that give regular payback are very important.

Dividend paying stocks offer regular payback. So it is important to know which stock is paying the greatest dividend in these times.

In his latest video, Yazad Pavri tell us which is the greatest dividend stock of all time.

In the news from telecom sector, Vodafone Idea board meeting finally approves fund raising.

On Wednesday Vodafone idea rose 0.7% to Rs 8.5 in an otherwise weak market. This rise comes after the news of fund raising from directors.

Board of directors met on 22 June 2022, to approve a proposal for raising of funds up to Rs 4.4 bn, by way of issuance of equity shares or convertible warrants on a preferential basis.

The board has also approved convening of an "Extraordinary General Meeting" of the company on 15 July 2022 to seek approval of shareholders for the aforesaid preferential issue, VIL said.

Over the last few months, Indian telecom operators have been adding more firepower to their arsenal as the market gears up for rollout of 5G services that will usher in ultra high-speeds and spawn new-age offerings and business models.

After the news of Amazon investing in VI went viral the share price had seen a hike after a long time.

Moving on to news from FMCG sector, ITC issues its notice for the AGM to be held on 20 July 2022.

As per the company's shareholder notice for the upcoming annual general meeting (AGM).ITC, which has been exporting unmanufactured or raw tobacco to British American Tobacco (BAT), said it could supply ship it for a value of almost Rs 19.9 bn in 2022-23.

The conglomerate is also revising the salary of chairman and managing director Sanjiv Puri and two executive directors, Nakul Anand and B Sumant, from October.

To make the remuneration "market competitive, performance driven and long term oriented, while recognizing the enduring impact of leadership on business performance and the need to reward talent," it said in the notice.ITC board will seek shareholders' nod for these proposals at the AGM.

Since this will be a related-party transaction for ITC and exceed Rs 10 bn or 10% of the annual consolidated turnover of the company, whichever is lower, it will require approval of the shareholders.

ITC said it is an associate of Tobacco Manufacturers (India) Ltd, which is a subsidiary of BAT Plc. By virtue of the same, BAT Plc and its subsidiaries are related parties of the company, it said.

On the change in remuneration of the top management, Puri's basic/ consolidated salary per annum will go up from Rs 26.4 m last fiscal to Rs31.2 m.

ITC share price is currently trading up by 0.6%.

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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