SGX Nifty Trades Flat, Rupee at New Record Low, How PLI Schemes will Boost India's GDP, and Top Buzzing Stocks Today

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On Tuesday, despite opening the day on a firm note, Indian share markets erased all gains in the last hour of trading and ended lower.

Benchmark indices reversed course and erased all the intraday gains to end in the red amid high volatility.

Denting sentiment was the depreciating rupee, which fell to its all-time low yesterday.

At the closing bell on Tuesday, the BSE Sensex stood lower by 100 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 25 points (down 0.2%).

Power Grid and Bajaj Finserv were among the top gainers.

ITC and Wipro, on the other hand, were among the top losers.

The BSE MidCap index ended lower by 0.4% while the BSE SmallCap index ended higher by 0.2%.

Sectoral indices ended on a mixed note with stocks in the IT sector and auto sector witnessing most of the selling.

Metal stocks and pharma stocks, on the other hand, witnessed some buying.

Electric vehicle stocks were in focus after the central government said it will soon take a call on whether or not to take penal action against manufacturers of faulty electric vehicles.

Shares of Siemens and Varun Beverages hit their 52-week highs.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 52,218 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:50 AM today, the SGX Nifty was trading up by 12 points or 0.1% higher at 15,820 levels.

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

Speaking of stock markets, in the latest episode of investor hour, Ajit Dayal talks about investing in IPOs and his philosophy on investing.

Top Buzzing Stocks Today

Life Insurance Corporation of India share price will be among the top buzzing stocks today.

The insurance giant has received approval to invest Rs 806.7 m in the proposed rights issue of its joint venture LIC (Nepal).

LIC owns 55% stake in LIC (Nepal). The board of directors in their meeting held on 4 July 2022, has approved the same.

LIC got listed in May 2022. Here's How 2022's Newly Listed Stocks are Performing so far.

Adani Power share price will also be in focus today.

The company said it will seek shareholders' approval for the proposed related-party transaction worth up to Rs 50 bn with AdaniConnex during its annual general meeting on 27 July 2022.

The transaction involves sale by Adani Power of its SPVs in which ownership and/or leasehold rights in land or land parcels have been procured by the company to its related party, according to the notice for AGM.

Note that Adani Power is one the sources of Adani's Billions.

Market participants will also track SpiceJet share price.

The company's flight made an emergency landing following a technical fault. This is the sixth such incident on SpiceJet aircraft in the last 17 days.

Rupee at all-time low

Yesterday, the rupee weakened further in afternoon trade to touch a fresh record low against the US dollar.

The fall was witnessed as concerns of a wider current account deficit came to the forefront after the country's June trade deficit hit a record high.

Data late on Monday showed India's June trade deficit widened to a record US$ 25.6 bn, pushed by a rise in crude oil and coal imports, from US$ 9.6 bn a year ago.

The partially convertible rupee closed at 79.37 yesterday.

As the rupee falls, check out these five companies which stand to gain big from a weakening rupee.

Note that a depreciating rupee can be a lifeline for export backed industries like IT. This begs the question - Can a depreciating rupee trigger the recovery in Indian IT stocks?

The IT index is down by 28% in H12022 while a depreciating rupee may trigger a recovery in the IT index.

According to chartist Brijesh Bhatia, on the weekly chart of IT index, the bullish harami candlestick pattern is visible in mid-June indicating the sign of reversal.

Here's an excerpt from Brijesh's article:

• Historically, the USDINR and IT index stocks go hand-in-hand, though sometimes there are divergence considering the equity market scenario but the long-term relationship stays together.
  
  The rupee is likely to hit 80 sooner which will be beneficial for the Indian IT sector.

PLI schemes to boost GDP?

According to a report, the production-linked incentives (PLI) scheme can add 4% to the GDP annually in terms of incremental revenue.

The PLI scheme seeks to boost manufacturing in key areas by offering nearly Rs 2.4 tn in incentives over the next five years.

So far, the scheme has seen maximum response from the electronics, auto components, and pharma sectors.

The report said that domestic manufacturing was hit due to demonetisation, badly rolled out GST, and the pandemic apart from the missing consumer demand.

The report also attributes the success of the PLI scheme to the China+1 strategy.

Since the pandemic which originated there, China has been on the receiving end of many Western companies and governments.

The world's factory is again facing significant pushback after the recent lockdowns in many Chinese cities, which further aggravated supply chain as well as manufacturing disruptions.

Another enabling factor is the rupee depreciation against the Chinese yuan, making India more competitive on the manufacturing front.

The key beneficiaries of these developments are auto and auto components, textiles, chemicals, and capital goods.

Apart from PLI schemes, here's How Modi's Big Schemes Could Trigger Surges in Specific Stocks.

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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