SGX Nifty Up 48 Points, Adani's 5G Plan, IOC's Green Hydrogen Drive, and Top Buzzing Stocks Today

Wed, 3 Aug Pre-Open

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On Tuesday, Indian share markets witnessed volatile trading activity and ended on a flat note amid negative global cues.

Escalating US-China tensions over Taiwan, demand weakening under inflation pressures, and the looming possibility of a recession curbed risk appetite which led to the negative market sentiments.

At the closing bell on Tuesday, the BSE Sensex stood higher by 20 points.

Meanwhile, the NSE Nifty closed higher by 5 points.

Yesterday was the fifth consecutive day of benchmark indices ending in green.

IndusInd Bank, Asian Paints, and NTPC were among the top gainers.

Tech Mahindra, HDFC, and L&T on the other hand, were among the top losers.

ITC share price hit a new 52-week high yesterday after it reported good quarterly results earlier this week.

Meanwhile, M&M share price touched its all-time high as the company received superb response to its new vehicle launch.

The broader markets ended on a positive note. The BSE MidCap climbed 0.5% and the BSE SmallCap index ended higher by 0.3%.

Sectoral indices ended on a mixed note. Realty sector and IT sector saw the maximum selling. While power, auto, and FMCG stocks witnessed buying.

At 7:50 AM today, the SGX Nifty was trading up by 48 points or 0.3% higher at 17,375 levels.

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

Shares of MRF, Page Industries, Maruti Suzuki and Blue Dart hit their 52-week highs.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

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

Gold prices on MCX were down by 0.4% or Rs 224 at Rs 51,402 per ten grams at the time of India market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX were trading down by 0.7% at Rs 57,987 per 1 kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Speaking of stock markets, India's #1 trader Vijay Bhambwani shares his thoughts on the rate hike in India, in his latest video for Fast Profits Daily.

The US Fed has raised interest rates by 0.75%. This has triggered speculation that the RBI will hike rats in a big way in its August meeting.

If this happens, how will the markets react and how should you approach it?

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

Top Buzzing Stocks Today

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

Ever since Yes Bank announced it will raise funds, shares of the company are on an upward trend. Yesterday, they hit the highest level since January 2021.

Another reason it could be rallying is because some reports state former HDFC Bank MD Aditya Puri, who is a senior advisor at The Carlyle Group, is likely to get a board seat in Yes Bank on Carlyle's behalf.

Yes Bank share price is rising finally. The past history of Yes Bank may not paint a good picture, but things are changing. It remains to be seen whether Yes Bank regains its glory once again, like how it performed in 2018.

DLF share price will also be in focus today.

DLF reported revenue at Rs 14.4 bn for June 2022 quarter, up 26.5% year-on-year (YoY) but down 6.8% sequentially.

The company's management expects occupancy to improve with a policy push if the special economic zone (SEZ) bill clears Parliament.

Market participants will also track shares of Adani Power, PI Industries and Gujarat Gas as these companies are scheduled to announce their quarterly results later today.

Adani's 5G Plan

India's richest person Gautam Adani's group on Tuesday said the Rs 2.1 bn worth of 5G spectrum it has bought in a millimetre wave band will be used to create a private network to support its businesses and data centres.

Adani Data Networks (ADNL), a unit of Adani Enterprises, acquired the right to use 400MHz of spectrum in the 26GHz millimetre wave band for 20 years in the auction that concluded on Monday.

Adani group plans to use the airwaves for its data centres as well as the super app it is building to support businesses from electricity distribution to airports, and gas retailing to ports.

In a statement, the group said,

• The newly acquired 5G spectrum is expected to help create a unified digital platform that will accelerate the pace and scale of the Adani group's digitisation of its core infrastructure, primary industry and B2C business portfolio.

Adani group bought less than 1% of all spectrum sold in the auction and its purchase price was a fraction of Rs 1.5 lakh crore bids that the government received.

Rupee Below 79 versus Dollar

On Tuesday, the rupee hit a one-month high, trading below the 79 per dollar mark as weakness in the dollar and falling crude oil prices bolstered appetite for emerging market currencies.

The US dollar index, a measure of the currency against six major rival pairs, was at 105.22 as against 105.41 around 3:30 PM yesterday.

Speculation that the US Federal Reserve slowing down the pace of its rate hikes has led to a significant drop in the global strength of the greenback. The index had climbed to a 20-year high of 108.54 in late July.

A slower pace of US rate hikes and a softer dollar increases the appeal of emerging market assets for overseas investors. The rapid pace of rate hikes by the Fed so far in 2022 had resulted in a huge exodus of foreign funds from Indian equities, exerting pressure on the rupee.

The rupee was falling for quite some time now, depreciating below the 80 per dollar mark last month.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

IOC's Green Hydrogen Drive

Indian Oil Corporation (IOC) is targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen as part of a decarbonization drive.

To start with, IOC is setting up green hydrogen plants at its Panipat and Mathura refineries.

The company is venturing into green hydrogen production and is targeting 5% of hydrogen produced by it as green hydrogen by 2027-28 and 10% by 2029-30.

In the annual report, IOC Chairman Shrikant Madhav Vaidya said to meet the net-zero commitment, the Indian government has announced the Green Hydrogen and Ammonia Policy to boost green hydrogen production to 5 million tonne by 2030 and make India an export hub for this clean fuel.

While renewable energy plants currently produce electricity equivalent to 5% of its electricity consumption, IOC is targeting nearly 5 GW of renewable electricity generation capacities by 2025 for use at its oil refineries.

If you're looking to invest in this space, check out our editorial on how to invest in green hydrogen stocks. It should give you a head start.

And 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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