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SGX Nifty Up 58 Points, HCL Tech Q1 Results, India's Inflation Print for June, and Top Buzzing Stocks Today
Wed, 13 Jul Pre-Open

On Tuesday, Indian share markets ended on a weak note tracking Asian peers as investors awaited inflation data.

At the closing bell on Tuesday, the BSE Sensex stood lower by 509 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 158 points (down 1%).

NTPC, Bharti Airtel, and Bajaj Finance were among the top gainers.

Infosys, Nestle, and HCL Technologies, on the other hand, were among the top losers.

TCS share price is falling owing to the mixed numbers it reported, among other reasons.

The broader markets also ended in the red. The BSE MidCap index and the BSE SmallCap index ended lower by 0.5%.

Sectoral indices ended on a mixed note yesterday with stocks in the IT sector, FMCG sector, and metal sector witnessing most of the selling.

While stocks in the realty sector, telecom sector, and energy sector witnessed most of the buying.

Shares of Blue Dart Express and Adani Total Gas hit their 52-week highs.

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Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 50,667 per 10 grams, at the time of Indian market closing hours yesterday.

Despite trading in the green yesterday, gold prices have fallen and have taken quite a knock in recent weeks.

At 7:50 AM today, the SGX Nifty was trading up by 58 points or 0.4% higher at 16,120 levels.

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

Speaking of stock markets, in the latest episode of Investor Hour Podcast, Rahul Goel talks to Ridham Desai about long term investing and why he is bullish on India.

Tune in to the below video to find out more:

Top Buzzing Stocks Today

Bank of Baroda share price will be among the top buzzing stocks today.

India's second-largest state-owned lender, Bank of Baroda, is making a comeback to corporate loans and eyeing strong growth paced by a revival in the CAPEX cycle.

The bank, which expanded corporate loans by 3% last year, is aiming to double the pace of expansion this fiscal.

Sanjiv Chadha, Managing director of Bank of Baroda, said:

  • We believe that the rate normalisation cycle allows us to have decent growth along with decent margins; hence we believe that corporate loans will grow significantly quicker for us as compared to last year.

He added that the bank would shed its conservative view on the corporate segment as the return ratios were improving.

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SpiceJet share price will also be in focus today.

In another incident, SpiceJet's flight was delayed after a technical malfunction. This is at least the ninth incident of technical malfunction in the airline's aircraft in twenty-four days.

On 6 July, the Directorate General of Civil Aviation issued a show-cause notice to SpiceJet following eight incidents of technical malfunction in its aircraft since 19 June 2022.

Market participants will also track shares of Mindtree and Tata Metaliks as these companies are set to announce their Q1 results later today.

Inflation print for June 2022

India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), was largely unchanged at 7.01% in June from 7.04% in May, the data released by the Ministry of Statistics and Programme Implementation showed.

The lack of any significant change in the inflation rate in June was due to several forces cancelling each other out.

Food prices, overall, rose in June, with the Consumer Food Price Index rising 1% month-on-month.

Meanwhile, the price of edible oils, pulses, and fruits edged lower from May.

Despite the cut in excise duty on petrol and diesel announced in late May, the index for the 'fuel and light' group of the CPI rose by 1% in June from May.

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The general index of the CPI rose 0.5% in June when compared to May.

The central bank's Monetary Policy Committee (MPC) is scheduled to next meet 2-4 August 2022.

Having already raised the repo rate by 90 basis points to 4.9% over two meetings in May and June, economists see another interest rate hike in the first week of August.

The fresh hike could take - depending on the quantum of the rate hike - the policy rate above the pre-pandemic level of 5.15%.

Speaking of inflation, check out Equitymaster's recent editorial on shrinkflation: the inflation you're not supposed to see.

HCL Tech: Q1 Results

HCL Technologies reported a 2.11% growth in its consolidated profit after tax at Rs 32.8 bn, compared to Rs 32.1 bn reported in the corresponding quarter a year ago.

Sequentially, the profit declined by 8.83% from Rs 36 bn reported in the quarter ended March 2022.

The consolidated revenues of the Noida-based IT company witnessed a growth of 16.9% at Rs 234.6 bn as against Rs 200.6 bn reported in the year-ago period.

For the quarter under review, total contract value of new deal wins was at US$ 2.05 bn, registering 23.4% YoY growth.

Services TCV was at US$ 1.95 bn enabled by seven net new large deal wins and products TCV at US$ 104 m enabled by nine new large product deal wins.

The late twelve month attrition rate - the rate at which employees are leaving the company- rose to 23.8% from 21.9% in the previous quarter and 11.8% in the same quarter last year.

The company has declared a dividend of Rs 10 per share.

In its guidance for financial year 2023, HCL Tech said revenue is expected to grow between 12-14% in constant currency. EBIT margin is expected to be between 18-20%.

Ever since IT major TCS released its Q1 results, IT stocks are falling.

The domestic currency hit a new record low against the US Dollar yesterday, begging the question can a depreciating rupee trigger the recovery in Indian IT stocks?

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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