Gift Nifty Down 44 Points | FII Activity in May 2024 | Why Copper is Emerging as India's Second Gold | Top Buzzing Stocks Today

Tue, 21 May Pre-Open

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On Saturday last week, Indian share markets ended the mock trading session on a positive note tracking strong global peers and FII inflows.

The Dow Jones closed above the 40,000-mark for the first time as data supported expectations for interest rate cuts by the Federal Reserve this year.

Back home in India, trading took place in two sessions: the first session was from 9:15 am to 10:00 am, followed by the second session from 11:30 am to 12:30 pm.

During both these sessions, the markets remained rangebound, on the positive side.

There were some restrictions such as traders were only allowed to execute delivery trades, with no intraday trading permitted.

At the closing bell on Saturday, the BSE Sensex stood higher by 90 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 36 points (up 0.2%).

Nestle India, Power Grid and Tata Motors were among the top gainers.

JSW Steel, Maruti and ITC, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended higher by 0.5% and 0.8%, respectively.

All indices ended in green with stocks in the capital goods sector, realty sector, and power sector witnessing most of the buying.

At 7:40 AM today, the Gift Nifty was trading down by 44 points at 22,603 levels.

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

Shares of Linde India, BEML, Cummins and ABB India hit their respective 52-week highs.

Speaking of stock markets, Sarit Panackal talks about what to expect on Election Day, in his latest video.

Should investors worry about the election results? Watch the below video to find out.

Solara Active Pharma in Limelight

In news from the pharma space, the US Food and Drug Administration (USFDA) has successfully completed the inspection of the multipurpose API manufacturing facility of Solara Active Pharma Sciences at Visakhapatnam.

The inspection established that the site is in an "Acceptable State of Compliance" with Zero Form 483 inspectional observations from the USFDA.

Shares of Solara Active Pharma will be in focus today.

Following this approval, the company now has two FDA-inspected manufacturing sites (Puducherry and Visakhapatnam) for Ibuprofen drug substance.

The facility also manufactures its key starting material for Ibuprofen and thus achieves backward integration of its critical supply chain and ensures business continuity for its customers.

Solara's (Vizag) facility has also started validation of other API's to register in various regulated markets across the globe.

FII Activity in May so far...

According to the latest inflows data, the selling spree in Indian stock markets by foreign portfolio investors (FPIs) turned aggressive in May.

With over 10 days more to go in May, the latest data from National Securities Depository (NSDL) shows that FIIs sold Indian stocks worth Rs 282.4 billion (bn).

In April too, FPIs were net sellers in Indian stocks, as the ongoing geopolitical crisis in the Middle East then likely pushed investors to take money off their portfolios.

We recently wrote about the top 5 stocks that FIIs sold.

Copper Supercycle?

In news from the commodity space, a rally in industrial metals took domestic copper prices to record levels last week.

A firm overseas market due to fresh Chinese stimulus measures, concerns over tightness in global mine supply, and hopes of strong green demand boosted prices.

Back home in domestic MCX futures, prices of copper are hovering near Rs 900 a kg, gaining more than 23% so far this year.

A similar rally was witnessed in the international markets with LME futures breaking above $10,000 per tonne for the first time in two years.

Copper is a critical energy transition metal to the global rollout of clean energy, and there are expectations that the copper demand will be doubled over the next decade.

However, speculations are high that the world's mines will struggle to meet the upcoming demand.

Industry experts are optimistic that millions of tonnes of new supply would be needed in coming years in areas like electric vehicles, renewable energy, and vastly expanded power grids.

The transition to clean energy will be a big tailwind for copper in the long term.

Multiple factors indicate that demand is likely to exceed supply, which could potentially have a positive impact on prices and, thus, on the value of the shares of companies involved in the sector.

Top Buzzing Stocks Today

CG Power share price will be in focus today.

A foreign institutional investor (FII) shareholder is likely to sell stake worth Rs 4.3 bn in CG Power and Industrial Solutions today via a block deal.

Indus Tower shares will also be in focus owing to the same reason... one FII shareholder is likely to sell stake worth Rs 2.7 bn in the telecom company today.

Meanwhile, market participants will also track share price of India Cements.

The company's net loss narrowed to Rs 290 million in the quarter ended 31 March 2024 compared to a loss of Rs 2.2 bn in the year-ago period.

The loss in the current quarter marks the fifth straight loss-making quarter.

The cement maker was able to cut its loss because of a tighter lid on its cost amid lower cement prices.

The company's revenue fell 14.7% to Rs 12.5 bn.

For more, check out the detailed results of India Cements.

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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