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India's Third Giant Leap

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SGX Nifty Down 22 Points | Bharti Airtel's Big Launch | Rupee at 1-Month Low | Top Buzzing Stocks Today
Wed, 7 Dec Pre-Open

On Tuesday, Indian share markets continued their downtrend throughout the session and ended marginally lower.

Benchmark Indices remained weak after hotter-than-expected services data for November spooked Wall Street investors overnight.

A rebound in employment level, along with pick-up in service activity, fueled fears that the US Federal Reserve may stay on course regarding rate hikes.

Nervousness persisted ahead of the Reserve Bank of India's (RBI) interest rate decision.

At the closing bell on Tuesday, the BSE Sensex stood lower by 208 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 58 points (down 0.3%).

Adani Enterprises, HUL, Bajaj Auto were among the top gainers.

BPCL, Tata Steel, Dr Reddy's Laboratories, on the other hand, were among the top losers.

The BSE Midcap inched lower 0.5% while the BSE SmallCap index fell 0.3%.

If you're looking to invest in midcap stocks that offer growth in the long run, check out these 5 midcap stocks for long term.

Sectoral indices ended on a mixed note with stocks in the power sector, FMCG sector and energy sector witnessing buying.

While stocks in the IT sector, metal sector, and telecom sector witnessed maximum selling pressure.

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Shares of Britannia, L&T Financial Holding, and Cummins India 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 81.6 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 53,810 per 10 grams, at the time of Indian market closing hours on Tuesday.

At 7:30 AM today, the SGX Nifty was trading down by 22 points or 0.1% lower at 18,730 levels.

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

Speaking of stock markets, Richa Agrawal talks about Indian space stocks and how they could lead to wealth creation.

Tune in to the below video to know more:

Top Buzzing Stocks Today

IRB Infra will be among the top buzzing stocks today.

IRB Infrastructure Developers and IRB Infrastructure Trust collectively reported a 39% YoY increase in the toll collection in November across all projects.

This toll collection jumped to Rs 3.6 billion (bn) in November 2022 from Rs 2.6 bn in November 2021.

Adani Green Energy share price will also be in focus today.

Adani Group's renewables subsidiary completed its third wind-solar hybrid power project at Jaisalmer, Rajasthan.

This recently installed hybrid power plant has a total operational generation capacity of 450 MW. With SECI, the plant has Power Purchase Agreements (PPA) for 25 years at Rs 2.67/kWh.

This makes Adani Green Energy the largest wind-solar hybrid power farm developer in the world.

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Rupee dives to one month low

The Indian rupee on Tuesday hits one month low against the US dollar tracking overnight surge data showed US services activity unexpectedly rose and suggested the Federal Reserve might stick longer with aggressive interest rate hikes.

The domestic currency opened at Rs 81.9 against US dollars and touched a low of Rs 82.6 a dollar, declining 76 paise.

The rupee was trading at 0.01% from its previous close of 81.8. It was due to a stronger greenback overseas and unrelenting foreign fund outflows.

Besides, a sell-off in domestic equities and rising crude oil prices overseas markets weighed on the local unit.

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.

Coal production on solid ground

The total amount of coal produced in India jumped by 11.7% from 67.9 m tons in November 2021 to 75.8 m tons in November 2022.

According to data from the coal ministry, Coal India experienced an increase in November 2022 of 12.8%, while Singareni Collieries Company and other captive mines experienced growth of 7.8% and 6.9%, respectively.

Out of the top 37 coal mines, 24 mines produced more than 100% of the total output, and five mines produced between 80% and 100% of the total output.

In November, the dispatch of power utilities grew by 3.5% to 62.3 m tons from 60.20 m tons during the same month last year.

Additionally, coal-based power output increased by 16.28% in November compared to the previous year, while overall power generation in November was 14.63% greater than in November 2021.

To increase production capacity, the coal ministry has put 141 new coal blocks up for commercial bidding.

The initiatives taken to boost domestic output and dispatches have yielded positive outcomes. India is the third-largest energy consumer in the world, and the country's yearly increase in electricity demand is 4.7%.

Airtel Launches World Pass

Bharti Airtel, the telecom giant, has launched a new range of foreign roaming services for both postpaid and prepaid customers called 'World Pass.'

These most recent ideas will work in 184 nations. It implies that customers may visit two or more nations while using a single roaming pack without purchasing additional packs.

Customers will receive unlimited data plans, which is a key perk of the Airtel World Pass.

Bharti Airtel Limited is an Indian multinational telecommunications services corporation. It is India's second-largest network operator.

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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