Gift Nifty Down 342 Points | Tata Motors to Make JLR Cars in Tamil Nadu | Kronox Lab Sciences to Launch IPO | Top Buzzing Stocks Today

Fri, 19 Apr Pre-Open

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It was indeed a volatile trading session for Indian share markets yesterday.

Benchmark indices swung between gains and losses throughout the day as dimming hopes of US rate cuts and geopolitical tensions in the Middle East added to the volatility.

Apart from this, markets were volatile as over 19 companies were expected to post their Q4 results today.

At the closing bell on Thursday, the BSE Sensex closed lower by 455 points (down 0.6%).

Meanwhile, the NSE Nifty lower by 152 points (down 0.7%).

Bharti Airtel, Power Grid and Infosys were among the top gainers.

Nestle, Titan and Axis Bank on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index, which was up around 0.7% at a point, reversed course and fell 0.4%. The BSE SmallCap index ended on a flat note.

Sectoral indices ended mixed with stocks in the healthcare sector, energy sector, banking sector and consumer durables sector witnessing heavy selling.

While telecom stocks and auto stocks witnessed buying.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 72,580 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:55 AM today, the Gift Nifty was trading down by 342 points at 21,725 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of stock markets, lead smallcap analyst at Equitymaster Richa Agarwal talks about stocks to ride India's semiconductor opportunity, in her latest video.

Tune in to find out more.

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Top buzzing stocks today

Tata Motors share price will be in focus today.

Tata Motors is planning to manufacture Jaguar Land Rover (JLR) luxury cars at a US$1 billion plant that it's planning to build in the southern state of Tamil Nadu.

Last month, Tata Motors had announced to invest in a new plant in Tamil Nadu but did not give details on which models would be manufactured there.

Note that Tata Motors is the market leader in the commercial vehicle segment. It also has a leading market share in India's passenger electric vehicle (EV) segment

HDFC Life Insurance will also be a top buzzing stock.

HDFC Life Insurance's chairman Deepak S Parekh stepped down from his role, the company said in an exchange filing today.

Following Parekh's resignation, the company has appointed Keki M Mistry as the new chairman of the board. HDFC Life Insurance is a joint venture (JV) between HDFC Limited and Standard Life (UK).

Oil Prices Ease

Oil prices slipped in early trade on Friday as US jobs data pointed to higher interest rates for longer and easing tensions in the Middle East dampened supply concerns. The market largely shrugged off sanctions on Venezuela and Iran.

Brent futures fell 0.3%, to US$ 86.9 a barrel by 0037 GMT. US crude fell to US$ 82.48 per barrel, also down 0.3%.

The number of Americans filing new jobless claims was unchanged at a low-level last week, pointing to continued labor market strength. That reinforced views the Federal Reserve would keep rates higher for longer, which could dampen oil demand.

The European Central Bank, meanwhile indicated that an interest rate cut is coming in June, while in China, the world's biggest oil importer, central bank officials said the bank could take further steps to support the economy as real credit demand weakens.

In the global crude oil supply, Venezuela lost a key US license allowing the OPEC member to export oil to markets globally. The US also announced sanctions on Iran, another OPEC member, targeting after the country's drone strike on Israel last weekend.

The latter sanctions, however, excluded Iran's oil industry.

Helping to soften crude price decline, Goldman Sachs on Thursday revised its Brent crude oil price forecasts, projecting US$ 86 for the second half of 2024, up from US$ 85 previously and US$ 82 for 2025, up from US$ 80.

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Kronox Lab Sciences to Float IPO

Speciality chemicals company Kronox Lab Sciences has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the capital markets regulator showed on Thursday.

The proposed offer comprises an offer-for-sale (OFS) of 96 lakh equity shares by promoters -- Jogindersingh Jaswal, Ketan Ramani and Pritesh Ramani.

The offer represents up to 26% of the paid-up equity share capital of Kronox Lab Sciences, according to the draft red herring prospectus (DRHP).

The company, which filed preliminary IPO papers with Sebi in January this year, obtained its observations on 12 April, the latest update showed. In Sebi's parlance, obtaining observations means its go-ahead to float the public issue.

Vadodara-based Kronox is a manufacturer of high-purity speciality fine chemicals. Its products find application in a wide spectrum of industries for diversified uses such as pharmaceutical formulations, active pharmaceutical ingredients, biotech, scientific research and testing, nutraceuticals, personal care, agrochemicals, animal health, metallurgy, amongst others.

It has three manufacturing facilities and a Research, Development and Testing (RDT) laboratory, in Vadodara, Gujarat.

Additionally, the company has acquired land at Dahej, Gujarat, to set up a new manufacturing plant. The company has more than 120 products under various phases of research and development. The company exports to more than 20 countries, with major exports to the USA, the UK, Mexico, Australia, and Egypt, among others.

Pantomath Capital Advisors is the sole book-running lead manager.

The company's equity shares are proposed to be listed on the BSE and the NSE.

For more information on IPOs, check out the list of upcoming IPO's.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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