Gift Nifty Up 61 Points | Gold Hits Record High | Why Sugar Stocks are Rising | Top Buzzing Stocks Today

Wed, 10 Apr Pre-Open

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Indian share markets pared gains as the session progressed and ended the day lower.

Equity markets erased all gains in the fag-end of the session as profit booking in large-caps deepened. The S&P BSE Sensex, which surpassed the 75,000-mark for the first time on Tuesday, hitting a record high of 75,124, ended 59 points lower at 74,684.

At the closing bell on Tuesday, the BSE Sensex closed lower by 58 points.

Meanwhile, the NSE Nifty closed lower by 24 points.

Apollo Hospital, Hindalco and Infosys were among the top gainers.

Titan, Coal India and Reliance Industries on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day lower. The BSE Mid Cap ended 0.5% lower and the BSE Small Cap index ended 0.2% lower.

Sector indices are trading on mixed, with stocks in realty sector, and metal sector witnessing buying. Meanwhile, stocks in FMCG sector, power sector and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 1.1% higher at Rs 71,694 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the Gift Nifty was trading 61 points higher at 22,820 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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Top buzzing stocks today

Godrej Properties share price will be in focus today.

Shares of Godrej Properties surged 8% to hit a 52-week high of Rs 2,791.8 after announcing significant growth in booking for the March quarter as well as FY24.

The company reported a 135% year-on-year increase in bookings in the March quarter, amounting to Rs 95 bn, the highest-ever quarterly sales by any publicly listed real estate developer in India.

Amara Raja will also be a top buzzing stock.

Amara Raja Batteries have extended gains on 9 April, rallying up to 20% in the last three sessions on the back of a combination of partnerships.

Gold Hits Record High

Gold prices hit a record high for an eighth consecutive session on Tuesday with support from momentum-following funds and inflated geopolitical tensions.

Spot gold was up 1.1% at $2,363.42 per ounce by 0936 GMT after hitting a record high of US$ 2,365.09.

The broader market is waiting for the US Federal Reserve's policy meeting minutes and US inflation data due on Wednesday for fresh signals on the future US rate path.

Elevated interest rates usually constrain the appeal of holding non-yielding gold, but the precious metal has been ignoring these factors so far this month.

From the technical point of view, the April rally moved spot gold prices deep into the overbought territory, as indicated by the relative strength index.

Spot silver rose 1.0% to US$ 28.11 per ounce after hitting US$ 28.15, its highest level since June 2021.

Supporting the momentum further, analysts said in a note on Tuesday that gold could rally to US$ 3,000 per ounce by 2025, and silver would benefit from that as well as stronger industrial demand taking above $30 within the next 12 months.

Platinum gained 2.3% to US$ 980.9, and palladium rose 1.7% to $1,060.75.

Why Sugar Stocks are Rising

A host of sugar stocks rose in trade just minutes shy of market close on 9 April after Bloomberg reported that the Indian government may divert more sugar to produce ethanol.

Balrampur Chini Mills closed at Rs 392, up nearly 2% from the previous close. Shree Renuka Sugars and Dhampur Sugar Mills climbed 7% and 2%, respectively.

The government is considering a proposal that will permit factories to use an extra 800,000 tons of sugar for biofuel this year due to the crop being higher than earlier predictions.

The government had already allocated 1.7 million tons earlier for this purpose.

The move is expected to benefit the sugar mills and ethanol distilleries in the country. It would also support the global sugar prices, which fell in April.

According to the Indian Sugar Mills Association (ISMA), production till 15 February reached 223.68 lakh tons.

The government has set a target of 20% blending of ethanol with transport fuel by 2025.

In December, the government put curbs on ethanol production from sugar due to a sugar shortage in the domestic market caused by erratic monsoon.

Nifty Metal Index Climbed 2%

The Nifty Metal index climbed nearly 2% to lead sectoral indices as the top gainer on 9 April, thanks to a global uptick in manufacturing activity. Both, China and the US reported notable rises in manufacturing activities, boosting confidence in metal stocks.

Last week, the US saw its manufacturing sector grow for the first time in 18 months. The ISM reported a surge in the US manufacturing Purchasing Managers' Index (PMI) to 50.3 in March, up from 47.8 in February, marking the highest reading since September 2022.

Similarly, China's manufacturing activity expanded in March for the first time since September, indicating economic stabilisation in the world's second-largest economy. The data offered some relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence.

Data released on 8 April revealed that German industrial production surged by 2.1% in March.

The Federal Statistics Office credited the growth in industrial production to the robust performance of the construction industry.

Over the last year, the Nifty Metal index has surged by 60%, surpassing the 30% gain observed in the Nifty 50 index.

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

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