SGX Nifty Up 76 Points | MF Activity Slows Down | Easy Trip Planners Corrects on Profit Booking | Top Buzzing Stocks Today

Thu, 24 Nov Pre-Open

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On Wednesday, Indian share markets ended marginally higher, tracking strong global cues and positive US stock futures.

Benchmark indices rose led by gains in banking stocks but erased some gains during closing hours.

Investors remained cautious ahead of the US Federal Reserve's November policy meeting minutes.

PSU bank stocks rose and continued their upward trend on the back of improved asset quality.

Shares of Inox Green Energy Services made a tepid debut yesterday, as they listed at Rs 60 apiece, an 8% discount to its issue price of Rs 65 per share.

At the closing bell on Wednesday, the BSE Sensex stood higher by 92 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 23 points (up 0.1%).

Bajaj Finance, Dr Reddy's Lab, and SBI were among the top gainers.

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

Broader markets settled on a positive note with smallcap index outperforming benchmark index. The BSE MidCap gained 0.2% while the BSE SmallCap index ended 0.5% higher.

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

While capital goods stocks and IT stocks witnessed selling.

Shares of GE Shipping and Canara Bank hit their 52-week highs.

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

The rupee was trading at 81.84 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 52,300 per 10 grams at the time of Indian market closing hours on Wednesday.

Meanwhile, silver prices for the latest contract on MCX were trading up by 0.7% at Rs 61,421 per kg.

At 8:30 AM today, the SGX Nifty was trading up by 76 points, or 0.4% higher at 18,330 levels.

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

Speaking of stock markets, Adani group stocks have been everyone's favorites. These stocks were on fire for a long time.

They have created huge wealth for investors. But what do the charts say now? Is the rally over?

Chartist Brijesh Bhatia answers these question in the below video.

Top Buzzing Stocks Today

RHI Magnesita share price will be in focus today.

Yesterday, RHI Magnesita India shares hit a record high after the company announced acquisition of the Indian refractory business of Dalmia Bharat Refractories for Rs 17.1 bn.

Through the consolidation of DBRL's production into RHI Magnesita's existing operations, the management believes that significant network optimisation synergies will be captured. Moreover, the acquisition would add production capacities in important industrial regions in the southern and western regions of India where RHI Magnesita currently has no assets.

Market participants will also track the share price of Jet Airways.

The future of Jet Airways 2.0 will depend on the outcome of the National Company Law Tribunal (NCLT) hearing on 29 November, as the airline's winning bidder Jalan-Kalrock Consortium and financial creditors await clarity on whether ownership can be transferred on the basis of bank guarantees worth Rs 1.5 bn.

MF Activity Slows Down

Reportedly, lump sum gross inflows into the equity segment, excluding new fund offers (NFOs), stood at Rs 179 bn in October, the lowest since November 2020.

The slowdown has been on account of large high net worth individuals (HNIs) waiting for a better entry point as the equity market is close to a new high, weakness in flows from lower-end customers in rural areas, and reduced NFO activity by large fund houses in the equity segment.

Over the past couple of months, a few major trends have emerged: resurgence of NFOs in Q2 during the financial year 2022-23 after a hiatus, steady trends in overall AUM, sustained high outflows from the debt segment, and new highs in monthly SIP inflows.

High net worth individuals (HNIs) have shown a rising propensity towards investing in the passive segment, driven by the formalization of their investment process as the next generation takes over.

HNIs also prefer to invest in alternate assets (such alternative investment funds and portfolio management services) as they offered relatively better returns in the past couple of years. This, despite the high cost that HNIs have to bear, when compared with mutual funds.

With the RBI raising interest rates (by 190 basis points over the past seven months), fixed deposit rates have moved higher. Traditional fixed income products may attract attention now.

Institutions are also considering investments in fixed deposits and non-convertible debentures (NCDs) versus debt funds to avoid a notable mark-to-market impact.

Easy Trip Planners Share Price Falls after Strong Gains

Online travel platform, Easy Trip Planners snapped its 2-day rally on Wednesday. Although, the stock opened at a fresh 52-week high on Dalal Street, however, it corrected more than 5.5% by day end.

The stock skyrocketed by a whopping over 40% in the previous two sessions. The company's board of directors yesterday approved the allotment of equity shares under the bonus issue of the 3:1 ratio. Investors booked profits as the stock hit a new 1-year high.

From 21 to 22 November, the stock climbed by over 43% on D-Street. Notably, the stock had turned ex-bonus and ex-split on 21 November.

Easy Trip had fixed 22 November to determine the eligible shareholders for both bonus issue and stock split.

Its bonus shares of 3:1 ratio meant the company will issue three new equity shares on every one existing share at a face value of Re 1 each. Also, the company announced a stock split of existing shares having a face value of Rs 2 each into 2 equity shares of a face value of Re 1 each.

Following the bonus issue and stock split, Easy Trip Planners shares have been corrected on stock exchanges.

Also, a bulk deal was carried in Easy Trip Planners on NSE by investors like Arham Share Private Limited, Graviton Research Capital, Prathana Enterprises, and Niraj Rajnikant Shah. Together, these investors sold Easy Trip shares to the tune of Rs 837.5 m, while they cumulatively also bought shares aggregating to around Rs 825.5 m.

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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