SGX Nifty Up 32 Points | Minda Corp Picks Stake in Pricol | MSCI Speeds Up ESG Review of Adani Group Companies | Top Buzzing Stocks Today

Mon, 20 Feb Pre-Open

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On Friday last week, Indian share markets continued their downtrend and ended 0.5% lower.

Benchmark indices fell tracking a fall on Wall Street indices after a fresh slate of US economic data underscored bets that the Federal Reserve would keep interest rates higher for longer.

At the closing bell on Friday, the BSE Sensex stood lower by 317 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 92 points (down 0.5%).

L&T, BPCL, and Asian Paints were among the top gainers.

Adani Enterprises, Nestle India, and SBI Life Insurance on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index fell 0.7% and the BSE SmallCap index ended 0.2% lower.

Sectoral indices ended on a mixed note with stocks in the energy sector, capital goods sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the banking sector, and realty sector witnessed selling pressure.

Shares of Supreme Industries, and Finolex Cables hit their 52-week high on Friday.

To get the latest news and which stocks will move the market, check out the stocks to watch today section on our website.

The rupee was trading at 82.84 against the US$.

At 8:10 AM today, the SGX Nifty was trading up by 32 points or 0.2% higher at 17,970 levels.

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

Speaking of stock markets, everyone is focused on looking for alternatives of crude oil and petroleum lately. As a result, people are now actively using ethanol and focusing more on electronic vehicles.

However, an important alternative is being missed out.

Green hydrogen is not a fuel everyone talks about. Hydrogen is not just another fuel. Hydrogen is expected to serve as a primary industrial fuel in the 21st century, just as coal drove the 19th century and oil drove the 20th century.

Hence, it's clear that green hydrogen stocks should be an important part of an investor's watch list. In the below video, Co-head of Research at Equitymaster Tanushree Banerjee shares three critical factors that decide if green hydrogen stocks make money.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Glenmark Pharma will be among the top buzzing stocks today.

Drug firm Glenmark Pharma has received approval from the US health regulator to market a generic medication to treat diabetes in the US market.

Glenmark Pharmaceuticals Inc, USA, a unit of the company, has received tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin Tablets in strengths of 2.5 mg and 5 mg.

BEML will also be in focus today.

BEML has signed multiple Memorandum of Understandings (MoUs) at Aero India 2023, a four-day show held between 13-17 February 2023.

During the event, BEML signed MoUs with companies such as Bharat Electronics, the Indian Navy, and R&DEE - a DRDO organisation for Hexagon Technologies.

Adani Group's ESG ratings by MSCI

One of the market's most popular ESG index providers will speed up its review of companies after it failed to address allegations of poor governance at the Adani group companies as quickly as its competitors.

MSCI will now review holdings in its ESG indexes on a monthly basis, more frequently than its previous quarterly schedule.

Any companies involved in significant ESG controversies, and those that do not comply with the principles outlined by the United Nations global compact, will be stripped from the indexes.

The change follows a delayed response to the Adani controversy that has left the market wondering about the lack of action from ESG's most influential gatekeeper.

To know whether it is time to buy the dip in the Adani Group stocks, check our editorial: Adani Group stocks: should you catch this falling knives?

Minda Corporation acquires stake in Pricol

Minda Corporation on 17 February 2023 acquired a 15.7% stake in Pricol, the automotive components and precision-engineered products manufacturer, for Rs 4 billion (bn).

The acquisition was done via the open market at an average price of Rs 208.98 per share aggregating to Rs 4 bn.

Pricol is in the automotive components and products equipment business.

The current deal is merely a financial investment without getting any special rights other than the rights as a shareholder of Pricol. This is an open-market transaction and no prior approvals have been obtained.

Minda Corp is an automotive company that manufactures electronic and mechanical security systems and serves clients worldwide. It offers systems and electronic controllers for electric vehicles.

Riding the EV revolution Minda Corporation is among 5 EV stocks to watch out potential multibagger return.

Note that the electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Oil suffers weekly losses

Despite rising towards the start of last week, crude oil prices ended the week with losses, largely driven by concern that the Federal Reserve is not done with aggressive rate hikes.

The PPI report followed the latest consumer price data, which showed that inflation had risen by 0.5% monthly in January 2023 and by 6.4% YoY, caused more that the Fed will continue with its aggressive approach to inflation control.

The latest snapshot of US supplies, released on Friday, showed crude inventories in the week to 10 February 2023 rose by 16.3 million (m) barrels to 471.4 m barrels, their highest level since June 2021.

Some support came from moves this week by the International Energy Agency and the Organization of the Petroleum Exporting Countries to raise their forecasts for global oil demand growth this year, citing expectations for more Chinese demand.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

FIIs back to buying Indian stocks

Foreign institutional investors, who were net sellers of Indian shares since the start of 2023 amid expectations of continuing rate hikes by global central banks due to inflation, bought a net US$ 876 m of Indian stocks over the last six sessions.

FIIs bought US$ 685.6 m in equities during 9-15 February 2023, data from the National Securities Depository (NSDL) showed.

They bought Rs 15.8 bn, or US$ 190.48 m, in equities on 16 February 2023, according to NSE provisional data.

Since the start of the year, FII sold US$ 3.6 bn in local equities, while in 2022, they remained net sellers of US$ 17.2 bn.

The purchases took place even amid the probability of higher inflation in India and globally and the central bank's disinclination to reduce the pace of interest rate hikes.

Moreover, US producer prices rebounded more than expected in January, highlighting persistent inflationary pressures that may prompt the Federal Reserve to implement additional interest rate hikes.

Experts noted that India's macroeconomic indicators remain robust compared to other markets. The country's GDP is projected to grow 7% in the financial year 2023, the highest in emerging markets.

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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