SGX Nifty Up 35 Points, Gold Jewellery Demand in India, a General Insurance IPO after 5 Years, and Top Buzzing Stocks Today

Wed, 17 Aug Pre-Open

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On Tuesday, Indian share markets ended on a firm note as fag-end buying in Reliance Industries and other index heavyweight stocks pushed benchmark indices higher.

Strong global cues and steady decline in inflation (CPI and WPI) added fire to the rally.

At the closing bell on Tuesday, the BSE Sensex stood higher by 380 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 127 points (up 0.7%).

Mahindra and Mahindra, Maruti Suzuki, and Asian Paints were among the top gainers.

SBI, Bharti Airtel , and Bajaj Finance on the other hand, were among the top losers.

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

Broader markets ended on a positive note. The BSE Midcap index climbed up by 1.03% while the BSE Smallcap index also climbed up by 1.03%.

Sectoral indices ended on a mixed note with stocks in the auto sector and realty sector witnessing maximum buying.

On the other hand, stocks in the metal, IT and telecom sector witnessed selling interest.

Sugar stocks fell yesterday. To know more, check out why sugar stocks are falling.

Shares of Tata Elxsi, Wabco India and SKF India 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 these top 5 stocks which mutual funds bought and sold in July 2022.

At 8:00 AM today, the SGX Nifty was trading up by 35 points or 0.2% higher at 17,890 levels.

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

Gold prices for the latest contract on MCX were trading down by 1.4% at Rs 51,858 per 10 grams at the time of Indian market closing hours yesterday.

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

Top Buzzing Stocks Today

Wockhardt share price will be among the top buzzing stocks today.

Pharma company Wockhardt has initiated a global Phase III clinical study of its new antibiotic candidate WCK 5222.

The company has completed the first site initiation visit for the study, it said in a statement.

DFM Foods share price will also be in focus today.

Shares of DFM Foods were locked in upper circuit limit yesterday after the promoter's proposal to delist shares from the stock exchanges.

AI Global Investments (Cyprus) PCC and AI Darwin (Cayman) expressed their intention to acquire all the equity shares that are held by public shareholders, either individually or collectively.

Market participants will also track shares of Samvardhana Motherson.

Samvardhana Motherson International has recommended issue of bonus shares.

The company has decided to issue bonus shares in the ratio of 1 bonus equity share against 2 existing equity shares, which will be subject to shareholders approval.

Since bonus shares interest you, check out this zero debt company which announced bonus recently.

HDFC AMC Block Deal

Yesterday, after a prolonged wait, share price of HDFC Asset Management Company (AMC) surged 12% after nearly 6% of total equity changed hands via block deals.

ABRDN Investment Management (Formerly Standard Life Investments), one of the promoter of HDFC AMC, held 16.21% stake in the company as on June 2022, the shareholding pattern data shows.

Last month, Prashant Jain quit HDFC AMC after 19 years. He was serving as chief investment officer (CIO) at the country's third-largest fund house, overseeing assets of more than Rs 4 tn.

Note that HDFC AMC share price was falling for quite some time now.

Despite strong fundamentals, a rock-solid balance sheet, and good growth prospects of the India's mutual fund industry, shares of HDFC AMC were caught in broad-based selling.

HDFC AMC, being a leader in the Indian mutual fund industry, has been the most profitable AMC in India since 2013. The company also enjoys strong patronage of the HDFC brand.

Also, given the industry's low penetration levels vis-a-vis developed countries, the industry has tailwinds in its favor.

Gold Jewellery Demand in India

Jewellery demand in India will likely contract in Q2 and Q3 of financial year 2022-23 on the back of tepid demand conditions, as per rating agency ICRA.

This is due to factors such as recent hike in import duty on gold, high volatility in gold prices and lower disposable incomes in the hands of the consumers due to inflationary pressures.

While demand is likely to contract by 8% YoY, the contraction is expected to be higher at 15% in Q3 due to the extraordinary high base, following the post-pandemic reopening of the economy and the substantially high demand in the wedding and festive seasons.

The rating agency said that the overall industry is expected to grow by a moderate 10% YoY in 2023 on the back of strong performance in Q1 and steady demand in wedding and festive season in the current fiscal.

General Insurance IPO Alert after 5 Years

Go Digit, the general insurer backed by Canada's Fairfax, has filed its draft red herring prospectus (DRHP) to raise around Rs 50 bn through an initial public offering (IPO).

This will include fresh issuance of equity shares and an offer-for-sale (OFS).

Go Digit will be the first general insurer to be listed on the bourses in five years.

ICICI Lombard General Insurance and New India Assurance went public in 2017.

The company is looking to issue fresh equity of Rs 12.5 bn while the OFS will consist of 109.4 million equity shares by promoters and selling shareholders.

Go Digit Infoworks Services, the promoter holding around 86.35% stake in the company, will offload 109 million shares. Investors Nikita Mihir Vakharia and Mihir Atul Vakharia will sell up to 4,000 equity shares, Nikunj Hirendra Shah and Sohag Hirendra Shah will sell 3,778 equity shares, and Subramaniam Vasudevan jointly with Shanti Subramaniam will sell 3,000 equity shares.

The Bengaluru-based firm provides health, travel, property, marine, liability, and other general insurance. It may in consultation with merchant bankers consider a pre-IPO placement of equity shares, or any other method aggregating up to Rs 2.5 bn.

If such placement is completed, the fresh issue size will be reduced.

How this IPO sails through remains to be seen. Stay tuned to get further updates on this IPO and all upcoming IPOs in the market.

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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