SGX Nifty Down 34 Points, Tata Steel's Big Bet on New Tech, Jet Airways' Relaunch Plan, and Top Buzzing Stocks Today

Thu, 30 Jun Pre-Open

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On Wednesday, Indian share markets recovered from intraday's low but still ended on a negative note.

Benchmark indices fell yesterday after a four-session rally, as worries about high crude oil prices and inflation returned.

Further, sentiment was dampened after overnight data showed the US consumer confidence index dropped to its lowest since February 2021.

At the closing bell on Wednesday, the BSE Sensex dipped 150 points, ending 0.3% lower.

Meanwhile, the NSE Nifty fell 51 points, ending at 15,800.

NTPC, Reliance, and Sun Pharma were among the top gainers.

HUL, Axis Bank, and Bajaj Finserv were among the top losers.

The broader markets ended in the red as the BSE Mid Cap index fell 0.7% while the BSE Small Cap index lost 0.3%.

Among sectoral indices, buying was seen in auto sector, power sector, and energy sector while stocks in the banking sector, IT sector, and FMCG sector witnessed most of the selling.

Shares of Voltamp Transformers and Phoenix Mills hit their respective 52-week highs.

At 7:40 AM today, the SGX Nifty was trading down by 34 points or 0.2% lower at 15,745 levels.

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

As companies publish their annual reports, check out these 4 companies which turned profitable in 2022.

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 down by 0.1% at Rs 50,750 per 10 grams at the time of Indian market closing hours yesterday.

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Top Buzzing Stocks Today

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

Infosys has agreed with The House Fund III, a venture capital fund based out of the US, for investment of US$ 10 m.

The investment is a minority holding and does not exceed 20% of the fund size. It is expected to be completed today.

GR Infraprojects share price will also be in focus today.

The company has completed development of Purvanchal Expressway, from Mojrapur to Bijaura in Uttar Pradesh on EPC basis.

The completion certificate has been issued by the Independent Engineer on 28 June and has declared the project fit for entry into commercial operation with effect from 7 March 2022.

Market participants will also track Minda Industries share price.

Minda Industries has acquired 0.44 m equity shares or 5.24% stake in German-based FRIWO AG, by investing 15 m Euro.

Tata Steel spends big on technology development

Tata Steel is betting big on new technology development over the next three to four years and has firmed up plans to pump in around Rs 12 bn as a part of its endeavour to enter materials beyond steel, a top company official said.

In the new materials business, the steel giant has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products, among other attributes.

The company is a leading global producer of graphene-enriched products - the biggest in the country and among the top 10 in the world.

The graphene business of the company is around Rs 5 bn, but expansion plans are afoot, including export of graphene-enriched products.

Tata Steel has inked a pact with Digital University Kerala and Centre for Materials for Electronics Technologies, paving the way for the first graphene research and innovation centre in the country to become a reality.

The steel giant has also identified advanced ceramics as one of the new materials for strategic growth.

Note that Tata Steel was among the top 6 undervalued stocks that you should add to your watchlist.

Jet Airways' relaunch plans

According to people in the know, Jet Airways is in discussions with aircraft manufacturers and lessors to lease 6-8 planes, as it gets ready for the relaunch.

Once a major player in the Indian aviation space, the carrier has not flown since 17 April 2019 and is being revived under the ownership of the Jalan-Kalrock consortium.

Last month Jet Airways got its air operator certificate revalidated by the aviation safety regulator.

The airline is expected to only provide domestic services initially and the airline is mulling to fly to Mumbai, Goa, Bengaluru, among others, from its new base Delhi.

Mutli-purpose vehicles - The fastest growing segment

As per an article in The Economic Times, multi-purpose vehicles (MPVs) have emerged as the fastest growing segment in India's passenger vehicle industry in the first five months of this year.

As per estimates, as many as 138,322 MPVs were sold in the local market during January-May 2022, up 54% from a year earlier.

Sales of SUVs increased 21% to 565,384 units in the same period. In the year 2021, sales of SUVs had grown 62% to 1,147,227 units, faster than MPVs which posted a 32% increase.

The market share of MPVs in India's passenger vehicle sales has also increased to 9.2% in the first five months of 2022 from 6.8% a year earlier.

Maruti is a dominant force to reckon with in this segment.

Note that auto stocks have seen a sharp rally over the past few days as commodity prices have come down.

Hero MotoCorp has gained around 10% in a week while Bajaj Auto has also rallied.

Bajaj Auto shares gained this week post its buyback announcement.

It remains to be seen whether this rally is here to stay or will it be short lived.

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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