SGX Nifty Down 30 Points | Indian Oil Marketing Companies Take a Hit | Poonawala Fincorp Records Ever Highest Disbursements | Top Buzzing Stocks Today

Thu, 6 Apr Pre-Open

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On Wednesday, Indian share markets continued their momentum throughout the trading session.

Benchmark indices bounced back in style a day ahead of Reserve Bank of India's monetary policy decision. Gains were largely led by financials, IT, FMCG, metal, and pharma stocks.

At the closing bell on Wednesday, the BSE Sensex stood higher by 582 points (up 0.9%).

Meanwhile, the NSE Nifty closed up by 158 points (up 0.9%).

HDFC and ITC were among the top gainers.

M&M and NTPC on the other hand, were among the top losers.

Broader markets ended on a positive note on Wednesday with the BSE Midcap index ending 0.1% higher and the BSE SmallCap index ending 1% higher.

Sectoral indices ended on a mixed note with stocks in the FMCG sector, and IT sector witnessing most of the buying.

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

Shares of KSB and Bosch hit their 52-week highs.

The rupee was trading at 82.19 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 60,964 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the SGX Nifty was trading down by 31 points or 0.2% lower at 17,590 levels.

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

Speaking of stock markets, energy stocks weren't in the news recently. But OPEC's surprise production cut has brought oil prices back in the spotlight.

Thus, bringing energy sector stocks back in focus.

Chartist Brijesh Bhatia explains in the below video why is bullish on energy sector stocks for financial year 2024 with the help of charts.

Top buzzing stocks today

Bajaj Auto share price will be in focus today.

Bajaj Auto on Wednesday reported a 2% YoY decline in total sales at 291,567 units in March as against 297,188 in the same month last year.

Total domestic sales grew 47% YoY at 186,522 units last month from 126,752 in March 2022

Exports stood at 105,045 units as compared to 170,436 units in the year-ago month, down 38% YoY.

Furthermore, Bajaj Auto's largest export market, Nigeria, has seen a remarkable turnaround in recent months.

L&T will also be a top buzzing stock.

Yesterday L&T bagged a mega order for its hydrocarbon business.

Larsen & Toubro's Hydrocarbon Business has won several offshore packages from a prestigious client in the Middle East.

The scope of work includes engineering, procurement, construction, and installation of various new offshore facilities and their integration with existing installations.

Poonawala Fincorp records highest ever disbursements

Poonawala Fincorp reported the highest-ever disbursements at approximately Rs 63.7 bn in Q4 of financial year 2023, up 151% YoY and 89% sequentially.

Assets Under Management (AUM) grew by 37% YoY and 16 percent sequentially to approximately Rs 161.2 bn as on 31 March 2023, despite the sharp reduction in the discontinued loan book.

Asset quality showed improvement with gross non-performing asset (GNPA) and net non-performing asset (NNPA) less than 1.6% and 0.9% respectively as on 31 March 2023.

The finance company said it would strive to maintain the NNPA below 1% in line with its management vision 2025.

The finance company continues to have ample liquidity of approximately Rs 30 bn at end of the financial year 2023.

Poonawalla Fincorp is a Cyrus Poonawalla group-promoted non-deposit-taking systemically important non-banking finance company.

Why oil market companies share price is falling?

The majority of the oil market companies' (OMCs) stocks were in the red on Wednesday after the central government slashed windfall tax gains. Adani Total Gas witnessed a sharp selloff, followed by BPCL, ONGC, and Indian Oil. Heavyweight Reliance Industries (RIL) was also under pressure.

The withdrawal of windfall tax, except the reduced levy on diesel is a positive for OMCs.

With effect from 4 April the windfall gains tax on domestic crude oil has been trimmed to nil from Rs 3,500 per tonne, while halving the levy to 50 paise per litre on diesel exports with immediate effect.

Also, the levies on the export of aviation turbine fuel (ATF) and petrol continue to be nil. Notably, it would be the 18th fortnightly revision of the duties.

The change in windfall tax to Nil comes on the backdrop of a decline in crude prices in March. Brent prices fell below the US$ 75 per barrel mark last month amid concerns about a banking crisis in the US and its economic fallout.

Tough times for tiles manufacturers

Tile manufacturers are struggling with a scenario of bleak demand. Reportedly, demand continues to remain subdued and has not picked up after the festive season.

Also, exports have not seen a meaningful uptick due to the Ukraine war. There has been a significant increase in credit period to 60-90 days, which post Covid-19 had reversed to cash sales.

Given the modest demand and rising competition, tile companies are expected to continue to pass on the benefit of lower gas prices, in the form of discounts to boost sales.

Meanwhile, the stock performance is mixed with Somany giving positive returns of about 4% and Kajaria declining by nearly 9% so far in this calendar year.

Why Cyient share price is rising

Cyient share price climbed 5% on Wednesday following several changes in its top leadership. The company has redesignated Krishna Bodanapu as the executive vice-chairman and managing director, and Karthikeyan Natarajan as the executive director and chief executive officer.

Current president and global head of aerospace, rail and communications, Prabhakar Atla, is the CFO-designate and will take over from Ajay Aggarwal on 20 April.

The Cyient board had earlier approved the re-organisation of the company into two separate entities. It had filed the draft papers to take the design led manufacturing (DLM) business public through an IPO. Antony Montalbano had been appointed as the CEO of Cyient DLM.

Cyient has improved its gross margins profile in the last two years and that key verticals such as aerospace are coming out of a bad cycle.

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

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