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SGX Nifty Down 58 Points, Why Auto Stocks are Rising, the Latest on Cryptos, and Top Buzzing Stocks Today
Tue, 28 Jun Pre-Open

On Monday, Indian share markets rose for the third consecutive session, as prospects of a slowing economic growth fanned hopes that global central banks may go slow on interest rate hikes.

At the closing bell on Monday, the BSE Sensex stood higher by 433 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 133 points (up 0.9%).

L&T and Tech Mahindra were among the top gainers.

Kotak Mahindra Bank and Reliance, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended up by 0.9% and 1.6%, respectively.

All sectoral indices ended in green with stocks in the IT sector, metal sector and power sector witnessing most of the buying.

Shares of Voltamp Transformers and M&M hit their respective 52-week high.

At 7:50 AM today, the SGX Nifty was trading down by 58 points or 0.3% lower at 15,780 levels.

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

As crude oil prices are falling and there are rumors that central banks may go slow on rising interest rates, the Indian share markets have recovered.

No one know how long the stock market recovery will continue.

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In volatile times like current one, it's better to have high ROE stocks and high dividend yield stocks in your portfolio.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 50,925 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, smallcap analyst at Equitymaster Richa Agarwal talks about a critical metric to look at before you buy the dip, in her latest video.

As per Richa, ignoring this factor could be detrimental to your portfolio.

Top Buzzing Stocks Today

Vodafone Idea share price will be among the top buzzing stocks today.

Vodafone Idea is evaluating opportunities on the metaverse to enhance customer experience. The company is following this emerging technology to see how it evolves.

Bajaj Auto share price will also be in focus today.

Bajaj Auto on Monday approved the buyback of shares worth up to Rs 25 bn. The company will buy back 5.4 m shares aggregating around 9.6% of the paid-up share capital via the open market.

The buyback price is set at Rs 4,600 apiece.

Market participants will also track Ruchi Soya share price.

According to the company's CEO, edible oil prices are likely to remain under control unless and until there's a major shocking news.

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Cryptos back in focus

After the recent selloff, cryptos are once again gaining traction. The entire market has seen an up-move in the past three days.

This recovery helped the crypto market to revisit the US$1 bn market capitalization on Monday.

At the time of writing, Bitcoin was trading at US$21,500 mark.

Its largest peer Ethereum outperformed bitcoin and rose 6%.

Note that bitcoin and ethereum have wiped out more than two third of their values from their recent peaks.

Investors in crypto markets are worried as coins have tumbled 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.

We at Equitymaster are not against investing in Bitcoins at all.

However, an investment like a Bitcoin should not be where you park your maximum savings. They should be the high risk-high return part of your overall corpus.

Before you invest in cryptos, we recommend you take a look at Nithin Eapen's CryptoMaster course. This should help you get started in the world of cryptos...

Also check out the craziest predictions about cryptos...these predictions will definitely surprise you.

Auto stocks continue momentum

Continuing the upward trend, automobile stocks gained yesterday with the S&P BSE Auto index hitting a seven-month high on hopes of positive sales momentum in June.

Another reason behind the rally is stability in commodity prices which is benefitting the domestic automobile companies.

Majority of auto stocks rallied yesterday with Escorts and Bajaj Auto being the top gainers.

Hero MotoCorp has also gained 10% in the past one week.

Speaking of the automobile sector, Aditya Vora, Research Analyst at Equitymaster has this to say on the current outlook:

  • Auto firms will no longer be only assembling companies but will transform into technology companies.

    As they say, catch them young.

    Companies like the one above which are at the forefront of technological change should be bought in this downcycle.

    When the cycle turns up, which in my view has already happened, these auto and auto ancillary companies will be huge wealth creators.

    It's time to buy them.

You can read Aditya's entire editorial here: Auto Stocks are in the Fast Lane. Is it Time to Buy?

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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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