SGX Nifty Down 30 Points | EV Demand on the Rise | SIP Inflows at All-Time High | Top Buzzing Stocks Today

Tue, 18 Apr Pre-Open

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On Monday, Indian share markets witnessed a sharp selloff as Infosys shares slumped after it under-delivered its Q4 earnings.

Benchmark indices snapped their nine-day winning streak and slumped sharply, tracking weak global cues, with the IT sector contributing most to the slump as Infosys shares tanked nearly 10%. The spillover effect saw the IT index slide as much as 4.7%.

At the closing bell on Monday, the BSE Sensex stood lower by 520 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 121 points (down 0.7%).

Nestle and SBI were among the top gainers.

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

Broader markets ended on a positive note with the BSE Midcap index ending 0.6% higher and the BSE Smallcap index ending marginally higher.

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

On the other hand, stocks from the IT sector and media sector witnessed selling pressure.

Shares of ITC and HDFC Bank hit their 52-week highs on Monday. ITC crossed the Rs 400-mark for the first time in history.

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 82.98 against the US$.

Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 60,568 per 10 grams, at the time of Indian market closing hours yesterday.

At 8:00 AM today, the SGX Nifty was trading down by 30 points or 0.2% lower at 17,730 levels.

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

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Top buzzing stocks today

Precision Camshafts share price will be among the top buzzing stocks today.

On Monday, celebrity investor Vijay Kedia picked up a stake in Precision Camshafts. According to the latest shareholding pattern of Precision Camshafts, Vijay Kedia's own more than 1% stake in this small-cap stock, which is 1.05% of the total paid-up capital of the company.

ICICI Bank share price will also be in focus today.

The country's second-largest private sector lender ICICI Bank on Monday announced that it will consider fundraising by issuing debt securities at its upcoming board meeting this week.

Market participants will also track shares of ICICI Lombard, Crisil, and Tata Coffee as these companies will announce their quarterly results today.

The latest on electric vehicles (EVs)

As per an article in a leading financial daily, sales of electric vehicles (EVs), once limited to larger cities such as Delhi, Mumbai and Bengaluru, are seeing traction in non-metro markets, with the availability of more models in the mass segment, the spread of charging infrastructure and lower running costs accelerating adoption.

Mercedes, BMW, Audi and Volvo are witnessing a similar acceptance beyond the big cities.

Tata Motors, which accounts for more than 80% of sales in the electric four-wheeler segment, had about a fourth of its Tiago EVs going to first-time buyers in states such as Bihar, Madhya Pradesh, Uttar Pradesh and Andhra Pradesh.

At Ather Energy, non-metro centres contribute 53% to overall sales of its electric scooters.

Overall, electric cars sales are expected to more than double to cross the 100,000-mark for the first time in 2023, spurring manufacturers from Maruti Suzuki to Hyundai Motor India and Tata Motors to line up more than a dozen models for launch in the next two to three years.

SIP AUM share reaches record high

The AMFI recently reported mutual fund data and it showed that the share of mutual funds linked to the systematic investment plans (SIP) in the total mutual fund asset under management (AUM) touched a record 17.3% in March 2023.

The SIP AUM share has been consistently expanding since the past few years thanks to consistent inflow of funds. The long-term average share of SIP schemes in the total MF AUM is 11.8%.

In the past five years, the AUM of SIP linked funds grew annually by 26% to reach Rs 6.8 lakh crore at the end of March 2023 while the overall MF investments expanded by 11%.

In FY23, the SIP schemes received record investments worth Rs 1.6 lakh crore compared with the inflow of Rs 1.24 lakh crore in the previous year. The monthly SIP book reached a record Rs 142.8 bn in March 2023 gaining 4.3% sequentially.

Crude oil holds above US$80 per barrel on OPEC+ cuts

Oil prices edged up slightly on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. 2 oil consumer.

Brent crude futures nudged higher to US$ 86.37 a barrel, while US West Texas Intermediate crude was at US$ 82.56 a barrel.

Both contracts notched their fourth weekly gains last week - the longest-such streak since mid-2022 - after the International Energy Agency (IEA) forecast record demand in 2023 of 101.9 million barrels per day (bpd), up 2 million bpd on last year.

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

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