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SGX Nifty Up 64 Points, Why ITC Shares Are Rallying, Tata Motors AGM Highlights, and Top Buzzing Stocks Today
Tue, 5 Jul Pre-Open

On Monday, despite opening the day with losses, Indian share markets reversed course as the session progressed to end higher.

Benchmark indices reversed course as gains in index heavyweight stocks helped uplift sentiment.

At the closing bell on Monday, the BSE Sensex stood higher by 327 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 83 points (up 0.5%).

HUL and IndusInd Bank were among the top gainers.

TCS and Tata Steel, on the other hand, were among the top losers.

The BSE MidCap index gained 0.8% while the BSE SmallCap index ended higher by 0.6%.

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

Metal stocks, on the other hand, witnessed selling pressure. Metal stocks fell as iron ore and steel prices tumbled on fears of a slump in demand for commodities.

Electric vehicle stocks will be in focus today as the central government yesterday said it will soon take a call on whether or not to take penal action against manufacturers of faulty electric vehicles.

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Shares of AIA Engineering and Rolex Rings hit their 52-week highs.

Avenue Supermarts share price rose 3% yesterday after the company posted its business update. Radhakishan Damani, who owns and operates the retail chain DMart, saw his wealth rising nearly Rs 44 bn due to this rally.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 52,055 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:30 AM today, the SGX Nifty was trading up by 64 points or 0.3% higher at 15,890 levels.

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

Speaking of stock markets, Rahul Goel talks to Ajit Dayal about investing in the Infosys IPO and his philosophy on investing, in the latest episode of Investor Hour Podcast.

Top Buzzing Stocks Today

ONGC and Reliance Industries will be among the top buzzing stocks today.

As per an article in The Economic Times, the government's decision to impose windfall taxes on refiners and oil explorers is likely to see earnings cut of 5-15% in the ongoing fiscal on lower revenues.

Here's an excerpt from the article:

  • Revenues may shrink by about Rs 1 lakh crore on a full-year basis, and refining and upstream companies are expected to contribute equally to the estimated compression.

    The move would essentially cap gross refining margin (GRM) expansion of refining companies in the current super cycle and realisation at upstream companies.

Last week, stocks of refiners and explorers plunged after the government announced the tax on export of petrol, diesel, among other things.

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Reliance and ONGC were big losers with Reliance shares falling 8%.

ITC share price will also be in focus today.

Shares of the FMCG to cigarette company hit an over two-year high yesterday on expectation of strong earnings growth.

The sharp up move can also be attributed to better-than-expected demand recovery and a healthy margin outlook in cigarettes and better capital allocation in recent years.

Market experts are of the view that this trend will continue and should result in improved cigarette volumes and earnings visibility.

Before the rally in ITC started, we covered an editorial on why ITC is set for its next leg of growth. You can read it here: ITC: Load, Aim...Fire!

To know more about the company, check out ITC's 2021-22 annual report analysis.

Market participants will also track Torrent Pharma share price.

Torrent Pharma will issue bonus shares this week in the ratio of 1:1.

Tata Motors AGM Highlights

Speaking to the shareholders at the 77th annual general meeting (AGM), N Chandrasekaran, chairman of Tata Motors told shareholders that the company is keen to return to paying dividends soon.

Tata Motors is planning to sell half a million cars in financial year 2022-23 and is confident that electric vehicle (EV) sales will cross one lakh units by the next fiscal year.

Tata Motors has ambitious plans when it comes to electric vehicles in India.

It has plans of expanding the product portfolio to 10 EV by 2025 and expects the share of electric vehicles in total sales to rise to 25% in the next five years.

At present, the company does not have any plans to make electric two-wheelers but it will offer a charging solution for different segments of the market.

The chairman added that Tata Motors is seeing strong demand for its vehicles across businesses - Jaguar Land Rover, commercial vehicles (CVs) and passenger vehicles (PVs) despite ongoing geopolitical, supply and inflation concerns.

FMCG market slows down in June

India's fast-moving consumer goods (FMCG) market fell 1% in value while sales of electronic goods such as air-conditioners and refrigerators dipped 25% in June from May, indicating higher prices continue to hurt demand.

This is the second consecutive decline for FMCG and consumer electronics sequentially.

The June quarter, however, saw growth of 14% due to a low base last year.

Over the past year, shrinkflation has helped companies post value growth as volume declined.

Several major FMCG companies such as Nestle, Dabur, Britannia, Hindustan Unilever, P&G, Coca-Cola, and PepsiCo have adopted this method in recent times.

Companies are expected to continue opting for 'shrinkflation'. This is because unprecedented inflation poses a significant challenges in the near term.

But some experts caution that there must be a limit or a maximum ceiling to the use of shrinkflation else it may lead to loss of market share as consumer sentiment could deteriorate towards the brand.

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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