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SGX Nifty Trades Lower, Google-Bharti Airtel Deal, Eveready Industries AGM Highlights, and Top Buzzing Stocks Today
Fri, 1 Jul Pre-Open

On Thursday, Indian share markets traded in a rangebound fashion throughout the day to end flat.

Benchmark indices gave up early gains and slipped into red owing to weakness in auto, and IT stocks.

At the closing bell on Thursday, the BSE Sensex stood lower by 8 points.

Meanwhile, the NSE Nifty closed lower by 19 points (down 0.1%).

Axis Bank and SBI were among the top gainers.

Tech Mahindra and IndusInd Bank, on the other hand, were among the top losers.

IOC share price rose yesterday after being under pressure constantly for the past few weeks. Shares of IOC were under pressure for the past couple of weeks owing to marketing margin pressure.

The BSE MidCap index and the BSE SmallCap index ended lower by 0.7% and 0.5%, respectively.

Sectoral indices ended on a mixed note with stocks in the power sector and banking sector witnessing most of the buying interest.

Auto stocks, IT stocks and realty stocks, on the other hand, witnessed selling pressure.

Shares of Orient Bell and Axita Cotton hit their 52-week highs.

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At 7:40 AM today, the SGX Nifty was trading down by 54 points, or 0.2% lower at 15,715 levels.

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

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Top Buzzing Stocks Today

Sterlite Tech will be among the top buzzing stocks today as the company has signed a definitive agreement to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber Co. (JSTFCL) for cash consideration of Rs 650 m.

The company's current shareholding in JSTFCL is 75%. Post-acquisition, JSTFCL will become a wholly owned subsidiary of Sterlite Tech.

Eveready Industries share price will also be in focus today.

Eveready's MD and CEO in the AGM informed that that the topline growth coupled with sustainable profit and adherence to the 'highest degree of good corporate governance' will be key areas of focus for India's largest dry cell battery maker.

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Market participants will also track Bharti Airtel share price.

Bharti Airtel has opted for the four-year moratorium on adjusted gross revenue (AGR) related dues for FY18 and FY19 amounting to around Rs 30 bn.

The telecom company has decided against availing the option to convert accrued interest on such statutory dues into government equity.

Consumer Sentiment Check

The index of consumer sentiments recovered marginally in June 2022 after three consecutive months of fall.

However, the uneven and slow recovery can delay the recovery in final consumption expenditure, according to the Centre for Monitoring Indian Economy (CMIE).

As per the CMIE, the 30-day moving average as of 26 June was 1.3% higher than its level as of May-end after 3.7% dip in March, 3% fall in April and 0.8% decline in May.

According to CMIE, poorer households have seen a much slower recovery in consumer sentiments compared to the well-off households.

Airtel-Google Deal Approved

The Competition Commission of India (CCI) yesterday approved Google's proposed acquisition of a minority stake in Bharti Airtel.

Google International LLC and Airtel have entered into an investment agreement to buy a minority and non-controlling stake of 1.28% of equity share capital in the telecom player.

Along with the investment agreement, both companies through their affiliates have also entered into certain commercial deals. The parties also intend to enter into certain other commercial arrangements in future.

FIIs Continue Selling

FIIs are not done with offloading Indian shares yet. FII outflows for the month of June have set several records amid broader macro-economic uncertainties, such as a likely recession in the US, aggressive rate hikes by central banks and a global slowdown.

So far in 2022, at Rs 2.1 tn, this selling by FIIs is the highest ever seen during the first-half of any calendar year and it is also the second-highest monthly outflow at Rs 450 bn with the ninth straight month of selling.

FIIs are selling Indian shares big time and investing in countries like Indonesia, Brazil, among others.

It remains to be seen when this persistent selling by FIIs will stop.

We will keep you updated on the latest developments from this space. Stay tuned.

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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