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SGX Nifty Down 158 Points, Tata Motors' Price Hike, Ruchi Soya Becomes Patanjali Foods, and Top Buzzing Stocks Today
Wed, 29 Jun Pre-Open

On Tuesday, Indian share markets witnessed a volatile trading session as crude oil prices rebounded following last week's rout.

Benchmark indices pared losses and were lifted by positive global peers while oil prices rose over renewed supply concerns.

At the closing bell on Tuesday, the BSE Sensex ended flat at 53,177 (up 16 points).

Meanwhile, the NSE Nifty closed higher by 18 points (up 0.1%).

M&M, Reliance Industries, and Tata Steel were among the top gainers.

Asian Paints, Titan, and Bajaj Finserv, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index both ended up by 0.2%.

Among the sectoral indices, stocks in the metal sector, IT sector, and auto sector witnessed buying. On the other hand, stocks in the banking and financial sector witnessed most of the selling.

Shares of Maharashtra Seamless and M&M hit their respective 52-week highs.

At 7:30 AM today, the SGX Nifty was trading down by 158 points or 1% lower at 15,700 levels.

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

As crude oil prices fell last week and there are rumors that central banks may go slow on rising interest rates, the Indian share markets recovered a bit.

But no one knows how long the stock market recovery will continue.

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

Investors should keep track of promoters pledging their stake as high levels of share pledging raises a big red flag.

If you are interested in penny stocks, have a look at these fundamentally strong penny stocks.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 50,860 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, in the latest episode of the Investor Hour podcast, Rahul Goel talks to Ajit Dayal about asset allocation and making better investment decisions.

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We highly recommend you watch the hour-long podcast because Ajit Dayal has nearly four decades of experience in asset management. When he talks about asset allocation, it makes sense.

Tune in below to find out more:

Top Buzzing Stocks Today

SBI share price will be among the top buzzing stocks today.

This week State Bank of India received in-principle approval from central bank for its proposed operations support subsidiary which is aimed at bringing down the cost-to-income ratio.

The bank will soon start a pilot run in a few regions before launching the new subsidiary pan India, the company announced.

Sona BLW Precision Forgings share price will also be in focus today.

The auto-ancillary stock will trade ex-dividend today. The company had set 30 June 2022 as the record date for dividends.

Note that auto stocks are rising and have bucked the trend over the last 3 months.

Market participants will also track Avadh Sugar & Energy share price.

The small-cap sugar company has finalized 13 July 2022 as the record date for determining entitlements of members to final dividend of Rs 10 per equity share.

Ruchi Soya Industries Becomes Patanjali Foods

Edible oil firm Ruchi Soya Industries said the name of the company has been changed to Patanjali Foods with effect from 24 June.

Last month, Patanjali Ayurved sold its food retail business to group firm Ruchi Soya for Rs 6.90 bn as part of its strategy to focus on non-food, traditional medicine and wellness business.

Meanwhile, Ruchi Soya recently raised Rs 43 bn through its follow-on public offer (FPO) mainly to clear its debt.

To know more about the company, check out Ruchi Soya Industries' financial factsheet.

Tata Motors' price hike

The auto major has announced an impending price hike of its commercial vehicle range.

The steep rise in overall input costs at various levels of manufacturing has pushed the company to go for a price hike.

An increase in price in the range of 1.5-2.5%, will come into effect from 1 July 2022 across the range, depending upon individual model and variant, announced the company.

Tata Motors' domestic total sales jumped nearly three folds in May to 76,210 units compared to 26,661 units in COVID-hit May 2021.

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


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