Gift Nifty Down 70 Points | Adani Port Raises Cargo Guidance | Rays Power Infra Files for IPO | Top Buzzing Stocks Today

Wed, 3 Jan Pre-Open

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On Tuesday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Indian benchmark indices declined on Tuesday as investors took home profit after solid gains in 2023, rising Covid-19 cases in the country, and mixed trends in Asian market.

At the closing bell on Tuesday, the BSE Sensex closed down by 379 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 76 points (down 0.3%).

Cipla, Coal India and Adani Ports were among the top gainers.

Eicher Motors, M&M and L&T on the other hand, were among the top losers.

Broader markets ended on positive note. The BSE MidCap index and BSE SmallCap index ended marginally lower.

Sectoral indices ended mixed with stocks in the energy sector and metal sector witnessing most of the buying. Meanwhile stocks in realty sector and auto sector witness selling.

The rupee was trading at 83.3 against the US$.

Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 63,568 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the Gift Nifty was trading 70 points lower at 21,682 levels.

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

Speaking of stock markets, with the rise of electric vehicles and renewable energy, the world may be on the verge of a revolution in transportation and energy technology.

This could transform the oil market the way the coal market was transformed a century ago.

Like coal then, oil could see its share in energy demand plummet in the coming decades.

In the below video, Research Analyst Tanushree Banerjee talks about green energy stock to profit from the end of the oil age.

Top buzzing stocks today

Vodafone Idea share price will be in focus today.

The company yesterday denied that it was in talks with Elon Musk-promoted Starlink to manage its services in India.

Alok Industries will also be a top buzzing stock.

Alok Industries soared 20% and were locked in its upper circuit at Rs 25.8, also its highest level in 52 weeks, on 2 January after Reliance Industries Ltd (RIL) subscribed to non-convertible redeemable preferential shares worth Rs 33 billion (bn).

Rays Power Infra Files for IPO

Rays Power Infra filed a draft red herring prospectus (DRHP) on 2 January with the Securities and Exchange Board of India (Sebi) for raising funds through an initial public offering.

The IPO of the solar power company will comprise a fresh issue of shares worth Rs 3 bn and an offer-for-sale of 2.9 m shares with a face value of Rs 10 each by promoters. Ketan Mehta will sell up to 1.4 m shares, and Sanjay Garudapally and Pawan Kumar Sharma will offload 0.8 m shares each in the OFS.

The company will use the net proceeds of Rs 2.1 bn to fund incremental working capital requirements, and the remaining amount will be used for general corporate purposes.

The book-running lead manager for the issue is Anand Rathi Advisors, and the registrar is Bigshare Services. The equity shares are proposed to be listed on the BSE and NSE.

The company's name and logo are not registered under the Trade Marks Act, 1999. It derives a significant portion of its revenues from a limited number of customers.

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

Adani Port Raises Cargo Guidance

Adani Ports and Special Economic Zone is looking to handle over 400 metric tonnes (MMT) of cargo volumes in the current financial year 2023-24, surpassing the upper end of the guidance range of 370-390 MMT provided at the start of the year.

In December 2023, the company reported in its exchange filing that its cargo volumes increased 42 percent year-over-year (YoY) to 35.65 MMT.

Dry bulk cargo handling was up 63% on-year while handling of containers increased by over 28% on year on a YoY basis.

For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, with 106 MMT contributed by our domestic ports portfolio.

In the initial nine months of FY 24, APSEZ managed around 311 MMT of total cargo, which is a healthy 23% on-year growth.

Last month, India's largest private port operator said it would raise Rs 50 bn ($599.8 million) by issuing non-convertible debentures and Rs 2.5 bn through non-cumulative redeemable preference shares.

The company, which operates 13 ports and terminals in the country, including its largest container handling port, Mundra, in the western Indian state of Gujarat, said a majority of the funds issued will be used for refinancing existing debt.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Rupee Falls 11 Paise

The rupee depreciated by 11 paise to 83.3 (provisional) against the US dollar on 2 January, amid a muted trend in domestic equities and dollar demand from importers.

Forex traders said foreign fund outflows and dollar demand from importers weighed on investor sentiments.

At the interbank foreign exchange market, the local unit opened at 83.3 and finally settled at 83.3 (provisional) against the dollar, down by 11 paise from its previous close.

On 1 January, the rupee depreciated by 5 paise to 83.2 against the US dollar in the first trading session of the year 2024.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.1% up at 101.4 on 2 January.

Brent crude futures, the global oil benchmark, was trading higher by 2.1% to US$ 78.7 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on 1 January as they offloaded shares worth Rs 8.6 bn, according to exchange data.

Surge in crude oil prices also weighed on rupee.

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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