SGX Nifty Up 208 Points, Dr Reddy's Lab Q1 Results, Adani Capital IPO, and Top Buzzing Stocks Today

Fri, 29 Jul Pre-Open

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On Thursday, Indian share markets ended on a strong note as index heavyweight stocks surged and Jerome Powell's comments on recession provided investors some relief.

At the closing bell on Thursday, the BSE Sensex stood higher by 1,041 points (up 1.9%).

Meanwhile, the NSE Nifty closed higher by 288 points (up 1.7%).

Bajaj Finance, Bajaj Finserv, and Tata Steel were among the top gainers.

Bharti Airtel, UltraTech Cement, and Dr Reddy's Lab, on the other hand, were among the top losers.

Tata Power share price ended on a flat note yesterday. Despite reporting good results, Tata Power share price is falling.

The broader markets ended on a positive note. The BSE MidCap climbed 0.9% and the BSE SmallCap index ended higher by 0.7%.

Barring telecom sector, all sectoral indices ended on a firm note with stocks in the finance sector, IT sector, and metal sector witnessing most of the buying.

At 8:05 AM today, the SGX Nifty was trading up by 208 points or 1.3% higher at 17,160 levels.

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

Shares of Timken India and Adani Total Gas hit their 52-week highs.

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Also, check out the 5 stocks paying out big dividends in August 2022.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 51,043 per 10 grams at the time of Indian market closing hours yesterday. Silver prices also surged yesterday.

We know that gold price was falling, and silver too was falling. But both these metals have started to recover.

This begs the question - when will gold and silver prices recover fully?

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below

5 Reasons why Indian Share Markets Rallied Yesterday

Here are five reasons why Indian share markets rallied yesterday.

#1 Fed Rate Hike Outcome

Earlier this week, the US Fed raised interest rate by 75 basis points to bring it to 2.25-2.5%. This was already expected.

The policy rate is now close to the Fed's estimate of the long-run or neutral rate 2.5%.

#2 Recession Fears Ease

Fed Chair Jerome Powell's comments dismissing chances of a recession and gave investors some relief.

Here's an excerpt of what he said,

• I do not think the US is currently in a recession. And the reason is, there are just too many areas of the economy, performing too well.

#3 Strong Results from Index Heavyweights

Bajaj twins - Bajaj Finance and Bajaj Finserv both rallied over 9% yesterday as they posted stellar set of earnings.

Bajaj Finance reported its highest ever quarterly profit while Bajaj Finserv approved bonus issue and stock split plan.

#4 Rupee Factor

The rupee has been falling for quite some time now. But yesterday, it appreciated. The rupee appreciated by 14 paise to 79.77 against the dollar, tracking overnight weakness in the greenback.

Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors. Which brings us to our final reason.

#5 FII Flow

This month's FII outflows have been very less at Rs 13.7 bn compared with Rs 502 bn of outflows in June 2022 and Rs 399.9 bn outflows in May 2022.

With this short recovery, investors' nerves have calmed. But it remains to be seen when the stock market will fully recover.

Top Buzzing Stocks Today

Tata Steel will be among the top buzzing stocks today.

Share price of Tata Steel surged more than 5% yesterday after the stock turned ex-date for subdivision of shares in a ratio of 1:10.

Tata Steel's board of directors had approved a proposal of sub-division of the equity shares. The rationale behind Tata Steel stock split was to enhance the liquidity in the capital market, and to widen shareholder base.

Nestle share price will also be in focus today.

Nestle India said it was seeing early signs of softening of prices in commodities such as edible oil and packaging materials, against the backdrop of surging inflation.

Nestle, which sells the popular Maggi instant noodles, KitKat chocolates and Nescafe coffee in the country, on Thursday reported a 4.3% degrowth in net profit to Rs 5.2 bn, hurt by expenses which rose 21%.

Market participants will also track shares of Ashok Leyland, Cipla and EKI Energy as these companies are scheduled to announce their Q1 results later today.

Dr Reddy's Q1 Results

Pharma major Dr Reddy's Lab on Thursday reported a 108% year-on-year (YoY) growth in consolidated net profit at Rs 11.9 bn.

Revenues rose 6% YoY to Rs 52.2 bn from Rs 49.2 bn in the same quarter last year.

The company's co-chairman & MD GV Prasad said,

• Our underlying business revenues adjusted for Covid products contribution during last year have grown well. The profits were aided by a few non-recurring incomes, offsetting the near term headwinds.
  
  We continue to improve the health of our core businesses through productivity improvement and robust product pipelines.

The company's revenue from the global generics segment came in at Rs 44.3 bn.

Largest Tender for EV Buses

In news from the electric vehicles sector, the government is looking at floating its largest ever tender for procuring nearly 8,000 electric buses for state transport undertakings (STUs) across the country.

This is the second such tender which the government has announced. This is done to encourage STUs to replace ageing, polluting diesel buses with electric ones.

Earlier this year, Convergence Energy Services (CESL), the state-run company handling the acquisition of EVs for central and state government departments, floated a tender to procure 5,580 electric buses. The tender was valued at about Rs 55 bn.

Tata Motors won the majority of the contracts to supply about 5,000 buses under the scheme.

Note that the electric vehicle (EV) megatrend is a once in a century revolution, happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption and India's top EV stocks are set to benefit from this shift.

Adani Group's New IPO

NBFC backed by Adani group's Gautam Adani, Adani Capital is planning to raise at least Rs 15 bn in an initial public offering (IPO) that could take place as early as 2024.

Adani Capital's first-time share sale will offer about a 10% stake in the shadow bank and target a valuation of around US$2 billion, Managing Director and Chief Executive Officer Gaurav Gupta said.

The firm has 154 branches in eight states and about 60,000 borrowers. The company currently looks after about Rs 30 bn in loans and its gross non-performing assets (NPAs) stand at about 1%.

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.

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