SGX Nifty Down 18 Points | LIC's Exposure to Adani Group Stocks | Maruti Suzuki's EV Push | Top Buzzing Stocks Today

Mon, 27 Feb Pre-Open

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On Friday, Indian share markets pared all early gains and ended marginally lower.

Benchmark indices fell for the sixth straight session and posted their worst week in more than eight months on fears of aggressive interest rate hikes by global central banks and a fall in liquidity.

So far in 2023, FIIs have remained net sellers in Indian equities, offloading Rs 48.1 billion (bn) (US$ 580.6 million) in the first half of February and Rs 288.52 bn in January 2023.

At the closing bell on Friday, the BSE Sensex stood lower by 142 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 45 points (down 0.3%).

Divis Laboratories, Adani Ports, and Asian Paints were among the top gainers.

Hindalco, Adani Enterprises, and Mahindra & Mahindra, on the other hand, were among the top losers.

The BSE Midcap and BSE SmallCap index ended 0.2% lower.

Sectoral indices ended on a mixed note with stocks in the energy sector, healthcare sector and consumer durables sector witnessing most of the buying.

On the other hand, stocks from the metal sector, auto sector and power sector witnessed selling pressure.

Shares of Finolex Cables, Mahindra CIE Automotive, and Jindal Saw hit their 52-week highs on Friday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.7 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.1% at Rs 56,655 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading down by 18 points or 0.1% lower at 17,530 levels.

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

The price of precious metals has remained quite volatile lately. In these uncertain times what should one do? Trade in gold or silver?

Chartist Brijesh Bhatia answers this question in the below video:

Top Buzzing Stocks Today

SpiceJet will be among the top buzzing stocks today.

The airline operator SpiceJet on 24 February 2023, reported a 160% YoY jump in its consolidated net profit at Rs 1.1 billion (bn) for the December 2022 quarter.

The company's revenue from operations jumped 2.4% to Rs 23.2 bn against Rs 22.6 bn in the year-ago period.

Zee Entertainment will also be in focus today.

The Indian tribunal on Friday put on hold insolvency proceedings against Zee Enterprises.

The tribunal has put on hold the insolvency proceedings for the time being, saying the matter required detailed deliberations and will be next heard on 29 March 2023.

LIC's bet on Adani now in losses

Led by the heavy sell-off in Adani Group stocks, state-run insurance giant Life Insurance Corporation of India's (LIC) investments made in the group companies have turned negative.

It had poured a huge Rs 301.3 billion (bn) into the Adani Group, but the market value of the shares it purchased had nearly tripled to a colossal Rs 810 bn.

Now the LIC is looking at massive notional losses. The worth of its shares in seven key listed Adani group companies (excluding Ambuja Cement and ACC) has fallen to Rs 268.6 bn on Friday, down 11% from their purchase value.

LIC has also lost more than Rs 500 bn on the market gains made by its shares in the Adani Group companies before the Hindenburg report.

The insurer is the biggest domestic institutional shareholder in Adani Group companies.

The insurance giant is believed to have lost close to Rs 200 bn on its investments in Adani Total Gas which has been one of the biggest losers amongst the group's companies in the last month.

It has also suffered a loss of Rs 119.1 bn on its investments in Adani Enterprises, the Ahmedabad-based group's flagship company.

Besides this, LIC has also racked up a steep loss of Rs 74.9 bn in Adani Transmission and losses of Rs 52.2 bn in Adani Ports.

However, since its listing, shares of LIC have been following one trend - going down. To know why, check out Why LIC share price is falling.

Maruti Suzuki's EV Push

With the exponential rise in the adoption of electric mobility, India's largest carmaker Maruti Suzuki expects that the country will soon have 1 million (m) electric cars on roads by 2030.

Maruti Suzuki India (MSIL) plans to bring six electric vehicles (EVs) by 2030.

However, looking at the big picture, the company points to the cost of ownership to remain a major concern for potential EV buyers. Thus, with the EV expansion plan, it is also working to bring down its battery costs.

It estimates the share of electric cars in the overall passenger vehicle market in India will jump to 17% from the current 1% by 2030.

Driving the EV revolution, it is developing hybrid electric vehicles (HEV) with Toyota.

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 are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

To know if Maruti is on the right track by taking the hybrid approach and going slow in the electric vehicle segment, check out our editorial will Maruti Suzuki's smooth ride continue?

Oil edges higher

Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States.

Brent crude futures rose 0.7% to US$ 82.82 per barrel. West Texas Intermediate crude futures (WTI) rose 0.8% to US$ 76 a barrel.

Russia plans to cut oil exports from its western ports by up to 25% in March 2023, which exceeded its announced production cuts of 500,000 barrels per day.

These reports lifted sentiment on the supply side.

However, over the week, oil prices have traded slightly lower, dragged by concerns about rising interest rates that could strengthen the dollar and a ninth straight week of a US crude stocks build.

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

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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