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SGX Nifty Indicates Flat Opening | HPCL Q2 Results | Bikaji Foods IPO | Top Buzzing Stocks Today

Fri, 4 Nov Pre-Open

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On Thursday, Indian share markets recovered losses in early trade and traded on a lacklustre note throughout the session.

The US Fed raised interest rates by 75 basis points as it battles against inflation, requiring borrowing costs to rise further.

Benchmark indices felt the pressure of the Fed's hawkish statements on future interest rates. The sentiment was further affected by weekly F&O expiry.

At the closing bell on Thursday, the BSE Sensex stood lower by 70 points (down 0.1%).

Meanwhile, the NSE Nifty down by 30 points (down 0.2%).

SBI, Titan, and HUL were among the top gainers.

Tech Mahindra, Hindalco, and Power Grid Corporation, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index inched 0.2% and the BSE SmallCap index ended higher by 0.1%.

Sectoral indices ended on a mixed note with stocks in the realty sector, banking sector, and FMCG sector witnessing most of the buying.

On the other hand, stocks from the power sector, IT sector, and auto sector witnessed selling pressure.

Shares of Raymond, SBI, and Karnataka Bank hit their 52-week high on Thursday.

The rupee was trading at 82.9 against the US$.

Gold prices for the latest contract on MCX were trading down by 1% at Rs 50,084 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the SGX Nifty was trading up by 9 points, or 0.1% higher at 18,120 levels.

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

Speaking of stock markets, the Nifty has crossed the 18,000 mark. But there are a lot of questions. Will it stay above the mark? What stocks are driving the rally?

HDFC and HDFC Bank shares are up by more than 4% in the last couple of trading sessions.

On charts, they are breaking out of the consolidation zone but underperforming against the Nifty50. With a ~14% weightage of HDFC twins in Nifty50, can they take the index to an all-time high?

Chartist Brijesh Bhatia answers this question in the below video.

Top Buzzing Stocks Today

Adani Wilmar will be among the top buzzing stocks today.

The company reported a 73% YoY decline in the second quarter profit, down to Rs 487 m from Rs 1.8 bn a year ago. This decline was due to the dull demand from rural areas and input cost inflation. It further reported 9% volume growth, which was on the back of robust growth in Food and FMCG.

HDFC will also be in focus today.

The company on Thursday reported an 18% YoY rise in the net profit for the quarter to Rs 44.5 bn. The revenue of the company jumped 23% YoY to Rs 150.3 bn.

Indigo Paints Reports Two-Fold Jump in Q2 Net Profit

Indigo Paints reported a 274% year-on-year (YoY) growth in net profit to Rs 371 m for the quarter ended September on Thursday. It had posted Rs 135 m net profit in the same quarter last year.

The revenue for the September quarter grew 23.7% YoY to Rs 2.4 bn from Rs 1.9 bn a year ago.

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew by 44.4% on a YoY basis to Rs 337 m as against Rs 34 m a year ago.

For Q2, the raw material costs in the quarter rose 20.3% YoY to Rs 1.5 bn.

Indigo Paints is engaged in the manufacturing and selling of decorative paints. The Company is the fifth largest decorative paint manufacturer and fifth largest paint company in the Indian industry.

Oil Prices Fall

On Thursday, oil prices slipped as a US interest rate hike pushed up the dollar and fueled fears of a global recession. Data showing China's service sector contracted for the second month in a row also added to the market sentiment.

Brent crude futures were down 1%, at US$95.2 a barrel, while West Texas Intermediate crude futures fell 1.3% to US$ 89.9 a barrel.

The benchmarks had settled up more than US$1 on Wednesday, aided by another drop in US oil inventories.

With the dollar gaining strength, oil prices rolled down, with market participants booking profits on the recent gains.

Also, the output from the Organization of the Petroleum Exporting Countries (OPEC) fell in October for the first time since June.

All these factors have created a supply-side risk, pulling the prices down.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

HPCL Q2 Reports Net Loss of Rs 21.7 bn

HPCL reported a net loss of Rs 21.7 bn for the quarter ended September on Thursday.

It posted Rs 19.2 bn net profit in the same quarter last year. This weak bottom line was due to depressed motor fuel and LPG marketing margin.

However, the revenue for the September quarter grew 30.5% YoY to Rs 1.1 tn.

The total expense jumped 36.6% YoY to Rs 1.1 tn in the September quarter. This was due to a sharp rise in raw material costs, up 2 times YoY, and higher cost of purchase stock-in-trade, up 9.2% YoY.

Crude output in the second quarter was 4.5 MMT, up 77.5% from 2.5 MMT in the same period last year. The pipeline output was 5.5 MMT, up 16.4% YoY during the quarter.

The calculated gross refining margin for the September quarter stood at US$12.6 per barrel compared to US$2.8 per barrel last year.

These figures are before factoring in the impact of Special Additional Excise Duty and Road & Infrastructure Cess levied on the export of select petroleum products.

HPCL is engaged in the business of refining crude oil and marketing petroleum products.

Bikaji Foods IPO Subscribed 48%

The IPO was subscribed 48% on day 1. Of the total 10,193,395 shares available for retail individual investors (RIIs), the total bids stood at 8,416,050.

However, the quota for non-institutional investors was subscribed to 31% on day 1, as 1,359,700 bids were received for 4,368,598 reserve shares.

Bikaji Foods has sets a price band at Rs 285-300 per share.

The company hopes to raise a total of up to Rs 8.8 bn through the offer at the top end of the price range. A total of 29,373,984 equity shares will be made available.

The issuance will accept bids for a minimum of 50 equity shares from retail investors.

The finalization of the issue allotment is expected on November 11, while the shares of the company will debut on November 16.

To know more about IPOs, check out the upcoming IPO section on our website

And to know what's moving the Indian stock markets, 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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