Gift Nifty Trades Flat | Dr Reddy's Collaborates with Coya Therapeutics | Why Sugar Stocks are Falling | Top Buzzing Stocks Today

Fri, 8 Dec Pre-Open

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On Thursday, after a muted opening, Indian share markets traded in a narrow range throughout the session and ended marginally lower.

Equity benchmark indices were dragged by weak global cues and falling crude oil prices. Moreover, the fall came after seven consecutive days of gains where the Sensex and Nifty scaled fresh all-time highs on multiple occasions.

At the closing bell, the BSE Sensex ended down by 132 points (down 0.2%).

Meanwhile, the NSE Nifty fell 35 points (down 0.2%).

Power Grid, Adani Ports and IOC were among the top gainers on Thursday.

Bharti Airtel, Godrej Consumer and HUL, on the other hand, were among the top losers.

Broader markets ended on a positive note with the BSE MidCap index up by 0.7% and the BSE SmallCap index gained 0.3%.

Sectoral indices ended mixed with stocks in the power sector, oil & gas sector, and consumer durable sector witnessing most of the buying.

Metal and FMCG stocks on the other hand, witnessed selling.

Shares of Nestle and Maruti Suzuki hit their respective 52-week highs on Thursday.

The rupee is trading at 83.36 against the US$.

Gold prices for the latest contract on MCX were trading at Rs 62,555 per 10 grams, 0.2% higher at the time of Indian markets closing on Thursday.

At 8:00 AM today, the Gift Nifty was trading down by 3 points at 21,073 levels.

Indian share markets are headed for muted opening today following the trend on Gift Nifty.

Speaking of stock markets, when it comes to famous turnarounds of the last one year, no discussion can be complete without Suzlon Energy.

For perspective, the stock is up a whopping 312% in the last one year, far outperforming the close to 40% returns earned by the BSE Small Cap index.

By the way, it is up a huge 20x from its March 2020 lows. Talk of life changing investments!

However, there is a risk to investing in a stock like Suzlon Energy and ignoring this risk could prove fatal over the long run.

Co-head of research, Rahul Shah, in his latest video talks about what exactly is this risk and how one should minimize it.

Top buzzing stocks today

Paytm will be in focus today. 

On Thursday, 7 December 2023, Paytm was in focus as the shares saw a steep fall of 20%. This fall came after the company announced plans to slow down its small-ticket post-paid loans. Instead, Paytm intends to focus on expanding its high-ticket personal loans and merchant loans.

SpiceJet will also be in buzz tomorrow. 

On 7 December 2023, after a long consolidation, shares of SpiceJet finally took off 20% to hit a new 52-week high and got locked in upper circuit.

This surge came after the company announced that its board would meet on 11 December 2023 to consider options for raising fresh capital.

Dr Reddy's New Collaboration

On Thursday, 7 December 2023, Dr. Reddy's Laboratories announced that Dr. Reddy's Laboratories SA, a wholly-owned subsidiary, has entered into an exclusive collaboration for the development and commercialization of COYA 302, aimed at treating amyotrophic lateral sclerosis (ALS).

Under the agreement, Dr. Reddy's will obtain commercialization rights for COYA 302 in the United States, Canada, the European Union, and the United Kingdom for ALS patients.

Value Stocks: For People Who Never Like Overpaying for Anything

COYA 302 is a combination biologic designed for subcutaneous administration, targeting the suppression of chronic and sustained inflammation underlying certain neurodegenerative diseases.

As part of the agreement, Dr. Reddy's will make an upfront payment of US$ 7.5 million (m) to Coya, with additional payments of US$ 4.2 m upon the first FDA acceptance for the drug and another US$ 4.2 m upon the dosing of the first patient in the first Phase 2 trial of COYA 302.

This collaboration follows a previous in-licensing agreement between the two companies in early 2023 when Coya licensed its proposed biosimilar abatacept for the development and commercialization of COYA 302.

After this news, the shares of Dr Reddy's rose 2% and settled in green during market close.

For more, check out this article on why Dr Reddy's Share price is rising and what's next.

Why Crude Oil Price is Falling

On 7 December 2023, oil prices experienced a partial recovery after initial losses. Brent crude futures, however, continued to trade below US$ 75 a barrel, marking the lowest levels since June.

The decline was attributed to factors such as high US crude output, increased gasoline inventories, and ongoing concerns about sluggish demand and economic slowdowns in the US and China.

It is important to note that a decrease in crude oil prices is considered positive for importers, including India and its oil marketing companies (OMCs).

For more, check out how crude oil prices impact OMC's profits.

Why are Sugar Stocks Falling

On 6 December 2023, sugar stocks experienced significant selling pressure after a government meeting aimed at controlling domestic sugar prices. Then, on 7 December 2023 the fall further continued as the government notified sugar mills not to use sugarcane juice for ethanol production in the 2023-2024 period to regulate sugar prices.

It's important to note that ethanol is used for blending with petrol. The government clarified that sugar mills can still produce ethanol from B-Heavy molasses to meet the blending requirements in petrol.

In recent years, sugar stocks have witnessed a rally due to increased demand for ethanol from oil companies. This demand surge is attributed to India's goal of achieving a 20 percent ethanol blending in transport fuel by 2025.

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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