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Sensex Zooms 450 Points, Nifty Tops 17,800; FMCG and Realty Stocks Rally
Tue, 16 Aug 10:30 am

Sensex Zooms 450 Points, Nifty Tops 17,800; FMCG and Realty Stocks Rally

Asian share markets opened higher today as another round of weak US data provided a little hope that the Federal Reserve will temper its pace of interest rate hikes.

The Nikkei traded flat while the Hang Seng was up by 0.4%. The Shanghai Composite is trading higher by 0.2%.

US stocks ended higher on Monday, adding to recent strong gains, with megacap growth stocks rising as US Treasury yields eased. Shares of Apple and Microsoft were among the biggest boosts to the S&P 500 and Nasdaq.

The Dow Jones was up by 0.5% while the tech heavy Nasdaq surged by 0.6%.

Back home, Indian share markets are trading on a strong note.

Benchmark indices opened in green today following the trend on SGX Nifty. And as the session progressed, gains were extended.

At present, the BSE Sensex is trading higher by 420 points. Meanwhile, the NSE Nifty is trading up by 124 points.

NTPC and Tata Steel are among the top gainers today.

Infosys and Maruti Suzuki are among the top losers today.

India celebrated its 75th year of independence yesterday. Check out the must have stocks in India's 75th year of independence

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Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.9% while the BSE Small Cap index is trading higher by 0.7%.

Check out these top 5 stocks which mutual funds bought and sold in July 2022.

Sectoral indices are trading on a positive note, with the exception of metal sector. The stocks in the Realty and FMCG sector witness most of the buying.

Keep an eye out on these 4 sectors that can produce future multibagger stocks.

Tata Elxsi and Page Industries hit their 52-week highs today.

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 our editorial on the most profitable mid cap stocks.

In the commodity markets, gold prices fall. Gold prices are trading lower by Rs 53. Currently, gold prices are trading at Rs 52,585 per 10 grams.

Note that gold prices have fallen and have taken quite a knock in recent weeks.

Meanwhile, silver prices are trading lower at Rs 58,075 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 79.5 against the US dollar.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

In news from the pharma sector, Glenmark Pharma and other leading drug makers are recalling generic medicines.

Mumbai-based drug firm Glenmark is recalling over 6.5 lakh tubes of a generic skin treatment ointment due to manufacturing issues, as per the latest Enforcement Report by the US Food and Drug Administration (USFDA).

Besides Glenmark, other leading generic drug makers, Sun Pharma, Dr Reddy's and Jubilant Cadista are also recalling multiple products in US, the world's largest market for medicines because of various issues.

Pharma sector has been flourishing ever since the pandemic period. However, the pharma sector has its own set of challenges. It is a highly regulated sector, and it has to depend on China for key starting materials.

Hence, the pharma sector poses both opportunity and threat for an investor. An investor must keep a look on these top 4 pharma stocks.

Speaking of pharma stocks, this is how the top pharma stocks have performed recently.

chart

Most of these have been beaten down due to the global stock market selloff which added volatility in Indian markets.

Further in news from oil and gas sector, Oil and Natural Gas Corporation (ONGC) posted its Q1 results.

ONGC reported a standalone net profit of Rs 152.1 bn in Q1 of financial year 2022-23, steeply higher than Rs 43.4 bn recorded in Q1 of financial year 2021-22.

Net revenue increased 83.8% YoY to Rs 423.2 bn during the quarter.

ONGC recorded a pre-tax profit of Rs 203.4 bn in Q1 of financial year 2022-23. It had reported a pre-tax profit of Rs 67.5 bn in the same period last year.

While the company's net crude oil price realization was $108.54 per barrel (up 65.5% YoY), gas price realization was $6.10 per mmbtu (up 240.8% YoY) in the first quarter.

ONGC's crude oil production rose by 3.2% to 4.742 m metric tonnes (MMT) in Q1 FY23 over Q1 FY22. Gas production during the period under review was 5.216 BCM, up by 2.1% on YoY basis.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services.

This might finally boost ONGC's share price, because as of late, ONGC share price was falling.

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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