Gift Nifty Down 42 Points | Why Railway Stocks Are Rising | ONGC Discovers 2 Gas Reserves | Tata Consumer Products & Top Buzzing Stocks Today

Tue, 16 Jan Pre-Open

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On Monday, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Indian equity benchmarks staged a blockbuster start to the week as both indices rallied sharply past key milestones today. Sensex surged past 73,000 for first time and Nifty above 22,000. Buying action in tech stocks again lifted the indices on Dalal Street today.

At the closing bell on Monday, the BSE Sensex closed higher by 760 points (up 1.1%).

Meanwhile, the NSE Nifty closed higher by 203 points (up 0.9%).

Infosys, ONGC and Wipro were among the top gainers.

Hindalco, Eicher Motors and Bajaj Finance on the other hand, were among the top losers.

The BSE MidCap index ended 0.6% higher and BSE SmallCap index rose 0.1%.

Barring metal sector, other sectoral indices are trading on positive note, with socks in Telecom sector, energy sector and IT sector witnessing most buying.

The rupee was trading at 82.8 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 62,588 per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the Gift Nifty was trading 42 points lower at 21,008 levels.

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

Speaking of stock markets, the last few days however have been quite hard on Polycab India. It has seen its share price erode by a huge 30% from its top and there could be more losses in the offing.

The decline is a result of the company coming in the cross hairs of the tax authorities.

Is this reason enough for the share price to fall 30%? Or are investors overreacting as usual?

Rahul Shah co-head of research at Equitymaster, answers these questions in below video.

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Top buzzing stocks today

Tata Consumer share price will be in focus today.

Tata Consumer Products Ltd (TCPL) is set to announce a Rs 35 billion (bn) rights issue to fund its acquisitions of Capital Foods and Organic India, valued at Rs 70 bn.

TCPL aims to diversify into high-margin, value-added food segments beyond commodities through these acquisitions that were announced last week.

The rights issue follows the company's recent deals with Capital Foods, known for brands like Ching's Secret and Smith & Jones, and Fab India-backed Organic India, offering access to the pharma distribution channel.

Just Dial will also be a top buzzing stock.

Shares of Just Dial jumped over 8% to hit 52-week high after the company's net profit surged 22.3% year-on-year (YoY) in the December-ended quarter.

Why Railway Stocks are Rising?

Railway stocks such as Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam (RVNL), Ircon International, Jupiter Wagons, Titagarh Rail Systems, and Texmaco Rail & Engineering rallied up to 19% in Monday's trade ahead of Budget 2024.

Shares of IRFC surged nearly 19% to hit an all-time high of Rs 134.5 as 33.66 crore shares worth Rs 42.9 bn changed hands on the counter.

IRFC shares have soared by 41.3% in the one month, 311% in the six months and 465% in the two years. The benchmark Sensex, meanwhile, has jumped by 2.4% in the one month, 10.83% in the six months and 203.2% in two years.

RVNL shares also advanced 13.5% to hit a new 52-week high of Rs 230.6 as 101.6 million (m) shares worth Rs 22.4 m changed hands on the counter. It has also surged by 23.1% in one month, 88% in six months and 520% in two years.

India is in the most transformative phase in its history with massive Infrastructure development (Highways, Logistics, Ports, Railways, Metro), Defense, PLI and significant increase in domestic demand with rising income levels and youngest population globally.

Meanwhile, other railway stocks, such as Jupiter Wagon hit 5% upper circuit at Rs 371.6. Titagarh Rail Systems shares rose 3.5%, and Ircon International jumped 7.5% to hit a 52-week high of Rs 209.7.

Also, shares of Texmaco Rail & Engineering rallied 6.2% and hit a 52-week high of Rs 193.5 in today's trade amid heavy volumes on the BSE.

For more top stocks, check out Top 7 Railway Ancillary Stocks to Play the Railway Theme in 2024.

ONGC Discovers 2 Gas Reserves

State-owned Oil and Natural Gas Corporation (ONGC) has made two significant back-to-back natural gas discoveries in a Mahanadi basin deepwater block in the Bay of Bengal as its calculated game plan of venturing into high-risk deepwater exploration starts yielding results.

The firm made the discoveries in the block MN-DWHP-2018/1, which it had won in the third round of auction under the open acreage licensing policy in 2019.

Significantly, the discoveries have been made in an area, which previously was classified as a 'no-go' area because of national security interests.

The first discovery, named Uktal, is in 714 metres of water depth and flowed more than 3 lakh cubic metres per day of gas during initial testing, the other find is at a water depth of 1,110 metres.

ONGC has notified the discoveries to upstream regulator Directorate General of Hydrocarbons (DGH), and is now doing pool size and commercial viability assessments.

For a nation that imports roughly half of its gas needs, finding new reserves augurs well for its energy security. India is targeting raising the share of natural gas in its energy basket to 15 per cent by 2030 from the current 6.3%, and more domestic production will aid that.

Gas is being seen as a transition fuel in India's journey towards net zero carbon emission by 2070. As the country pivots away from polluting fossil fuels, natural gas with a lower carbon footprint is seen as a bridge fuel.

Natural gas extracted from below ground or sea-surface is used to generate electricity, make fertilisers or turn into CNG to use as fuel in automobiles and piped to household kitchens for cooking purposes. Greater use of natural gas will replace coal in power generation and liquid fuels in industries.

For more, check out Rising Crude Oil Prices Drive OMC Stocks and ONGC. Is the Rally Sustainable?

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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