SGX Nifty Up 80 Points, Adani Group Wins Battle for Holcim India Assets, FII Flows, and Top Buzzing Stocks Today

Mon, 16 May Pre-Open

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On Friday, Indian share markets erased early gains during the last hour of trade and finished on a weak note.

Benchmark indices rebounded in the last hour of trade as metal and banking stocks came under pressure.

Also, the US Fed had cautioned against an aggressive policy stance to bring inflation under its comfort zone of 2%, which dampened sentiment.

At the closing bell on Friday, the BSE Sensex dipped 137 points, ending 0.3% lower.

Meanwhile, the NSE Nifty fell 26 points, ending at 15,782.

Sun Pharma, M&M, and HUL were among the top gainers.

SBI, Bharti Airtel, and ICICI Bank were among the top losers.

The broader markets ended in the green as the BSE Mid Cap index climbed 0.8% while the BSE Small Cap index jumped 1.3%.

Among sectoral indices, buying was seen in auto sector, FMCG sector, and pharma sector while stocks in the banking sector, metal sector, and energy sector witnessed most of the selling.

At 7:40 AM today, the SGX Nifty was trading up by 80 points or 0.5% higher at 15,850 levels.

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

Speaking of stock markets, India's #1 trader Vijay Bhambwani, in his latest video for Fast Profits Daily spells out ways to predict the market's recovery.

Wondering as to when the current phase of bearishness in the market will terminate? When will the markets bounce back?

Vijay answers all these questions and much more. Tune in to the below video to find out:

Top Buzzing Stocks Today

Avenue Supermarts share price will be among the top buzzing stocks today.

Avenue Supermarts, which owns and operates the retail chain D-Mart, posted a consolidated net profit of Rs 4.3 bn for the March quarter. Although, the company reported a 3% rise in net profit on a year-on-year basis, a 22% decline was witnessed sequentially.

For the quarter under review, revenue fell 5% quarter-on-quarter to Rs 87.9 bn. As compared to the March quarter in 2021, revenue was up 19%.

The profit after tax margin was hit by nearly 90 basis points to 4.8% in the March quarter from 5.5% a year ago.

The footprint of the store continued to grow as it opened 50 additional stores during the year, taking the total to 284 stores. Avenue Supermarts is currently present in 12 cities across the country.

Tata Steel share price will also be in focus today.

Tata Steel on Saturday announced the acquisition of Rs 13 m optionally convertible redeemable preference shares (OCRPS) having a face value of 10 each of associate firm, TRF, aggregating the transaction to Rs 130 m.

TRF is a listed associate company of Tata Steel and is engaged in the business of designing & manufacturing the bulk material handling systems and equipment for core sector industries such as power, ports, steel, mining, and cement.

With the latest acquisition, Tata Steel now holds 25 m OCRPS thus representing 100% of the preference share capital of TRF.

Market participants will also track shares of GlaxoSmithKline Pharmaceuticals, VIP Industries, and Century Plyboards as these companies will announce their March quarter results later today.

Adani group wins race for Holcim India Assets

The Adani Group has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 bn.

This marks the ports-to-energy conglomerate's entry into the cement sector.

The Adani Group last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.

Note that this is the largest ever acquisition in India's infra and material space valued at $10.5 bn.

The proposed deal would involve the sale of a majority stake in Ambuja Cements, which has ACC as a listed subsidiary.

Speaking of the Holcim-Adani buyout, we did an editorial recently explaining why it makes sense if Adani acquires Holcim's India stake.

You can read the same here: Why it Makes Sense for Adani to Buy Out Holcim's India Stake.

UAE telecom group buys stake in Vodafone

United Arab Emirates-based telecom company 'E&' has bought a 9.8% stake in Vodafone for US $4.4 bn.

E&, formerly known as Emirates Telecommunications Group, said it had made the investment to gain significant exposure to a world leader in connectivity and digital services.

The move came days after the company said it is looking to expand into new markets in Africa, Europe, and Asia and in areas outside telecoms such as financial technology as it seeks to drive growth.

The company also clarified that it had no intention of buying Vodafone, and it is fully supportive of the company's board and existing management team and its current business strategy.

The UAE firm recently separated its business into consumer services-focused 'E& life', and 'E& enterprise' to provide digital services to government and business, and telecoms arm Etisalat, which its CEO said is the world's seventh-largest by market capitalisation.

While the investment in Vodafone is sizable, it is less than 6% of the market capitalisation of E&, which also has a healthy balance sheet with net debt/EBITDA at 0.41 times.

Foreign investors remain net sellers in May

Foreign investors continued their sell-off in May 2022 as they pulled out over Rs 252 bn from the Indian equity markets during the first fortnight of this month, according to data with depositories.

Foreign portfolio investors (FPIs) have remained net sellers for seven months to April 2022, withdrawing a massive net amount of over Rs 1.7 tn from equities.

Since April 2021, FIIs have been sellers in every month except three and they have sold Indian shares worth over US$ 20 bn.

Retail investors made up for this selling with their enthusiastic buying. But the selling by FIIs meant that retail investors were the only large buyers in the market.

The sell-off can be attributed to a global hike in interest rates, higher crude oil prices, rising inflation, and concerns over rising COVID cases suggesting an economic slowdown around the globe. Rupee depreciation is adding to the concerns of FPIs.

The central bank in an off-cycle monetary policy review on 4 May, hiked the policy repo rate by 40 basis points with immediate effect and CRR by 50 basis points effective 21 May.

Similarly, the US Fed also raised rates by 50 basis points on 4 May, the biggest hike in two decades.

Among investors, these developments fanned fears that going ahead, further large rate hikes are likely to come.

Indian bonds have become unattractive due to the high yields as the RBI has been slower in hiking rates compared to the US Fed.

FPIs withdrew a net amount of Rs 43.4 bn from the debt market during the period under review.

Apart from India, other emerging markets, including Taiwan, South Korea, and the Philippines, witnessed outflow in May till date.

Stay tuned for more developments from this space.

And 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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