SGX Nifty Up 25 Points | TCS Launches AI Tool | ONGC & Oil India to Explore Kenya Oilfield | Top Buzzing Stocks Today

Tue, 23 May Pre-Open

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On Monday, Indian share markets continued their momentum as the session progressed and ended on a firm note.

Benchmark indices advanced for second straight day led by the gains in IT and pharma stocks, as investors saw buying opportunities at key levels ahead of the resumption of debt ceiling talks in the US.

At the closing bell on Monday, the BSE Sensex higher by 234 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 101 points (up 0.6%).

Adani Enterprises, Adani Ports and Tech Mahindra were among the top gainers.

Nestle, Axis Bank and ICICI Bank, on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a mixed note. The BSE Midcap index ended 0.7% higher while the BSE SmallCap rose 0.4%.

Sectoral indices ended on a mixed note with stocks in the IT sector and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the telecom sector and banking sector witnessed selling pressureShares of Cyient and DFL hit their 52-week highs on Monday.

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 82.84 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 60,355 per 10 grams at the time of Indian market closing hours on Monday.

At 7:40 AM today, the SGX Nifty was trading up by 25 points or 0.1% higher at 18,360 levels.

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

Speaking of stock markets, has the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical?

Find out why research analyst, Aditya Vora, believes buying stocks based on only valuations is not a smart thing to do.

Top Buzzing Stocks Today

L&T will be among the top buzzing stocks today.

Engineering and construction conglomerate Larsen and Toubro, on Monday, announced that the power transmission and distribution business of L&T Construction has recently secured large EPC (engineering, procurement and construction) orders in India and overseas.

Siemens will also be in focus today.

Shares of Siemens fell over 10% on Monday after the firm approved the sale of low voltage motors and geared motors businesses to a Siemens AG subsidiary, Siemens Large Drives India.

TCS generative AI solution launch

Tata Consultancy Services (TCS) launched its enterprise-level generative AI offering, TCS Generative, in extended partnership with Google Cloud to offer customised AI-based business solutions.

The announcement follows TCS' COO N Ganapathy Subramaniam (NGS) comments on increasing demand from clients across sectors to integrate generative AI in the March 2023 quarter.

TCS has been running pilots on developing the solution and has plans to have a centre of excellence around the technology. The new offering will leverage most of Google Cloud's Generative AI tools - Vertex AI, Generative AI Application Builder and Model Garden, and TCS' solutions.

TCS will use its client-specific contextual knowledge to design think and agile development processes to ideate solutions jointly with clients to build full-fledged transformation solutions with enhanced time to value.

The collaborative research for the same will happen at the company's co-innovation hubs in New York, Pittsburg, Toronto, Amsterdam and Tokyo.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

ONGC & Oil India to consider 50% stake in Kenya Oilfield

India's flagship overseas oil firm ONGC Videsh has got a new partner in Oil India to replace a reluctant Indian Oil (IOC) for the potential acquisition of a 50% stake in Tullow Oil Plc's US$ 3.4 bn oilfield project in Kenya.

But the duo now faces competition from super-aggressive Chinese energy giant Sinopec which has entered the fray taking advantage of the delay on the Indian part in finalising the deal.

Originally, ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), was interested in buying out half of the stakes that Tullow, Africa Oil Corp and TotalEnergies SE held in the Lokichar oilfield in Kenya.

The board of ONGC Videsh had approved the deal the firm however, wanted to bring on board IOC, which too had shown interest in the project.

For months, ONGC Videsh and IOC negotiated the stake in the project. But the transaction couldn't be completed as IOC started having second thoughts, possibly due to financial strains resulting from losses on fuel sales.

However, the months of delays led to the Chinese sensing an opportunity. China Petroleum & Chemical Corporation (Sinopec) is now sending fillers to Tullow and the other two partners in the project.

The US$ 3.4 bn investment includes developing the South Lokichar fields and linking them to Kenya's Indian Ocean port of Lamu via a heated pipeline.

Oil & Natural Gas Corp (ONGC) and Oil India have been a key beneficiary of rising crude oil prices over the past twelve months. To know why investors should add this undervalued stock to their watchlist, check out our editorial- ONGC share price: oil is well!

Why Adani Group stocks are rising

Adani Group companies added nearly Rs 820 bn in market value Monday after the panel appointed by the country's highest court dismissed systemic risk in the stocks.

Nifty50 stock Adani Enterprises zoomed 17%, while the conglomerate's edible oil arm Adani Wilmar shot up 19%. The remaining eight stocks rallied a minimum of 5%.

The sharp movement in the share price came after it was reported that the Indian conglomerate may consider monetising select real estate assets. Investor sentiments also got a boost after markets regulator Sebi drew a blank in investigations into suspected violations in overseas investments in the Adani Group.

The six-member panel, said that, there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research and profiting from squaring off positions after prices crashed post-publication of the damning allegations.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

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

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