SGX Nifty Down 74 Points | Why Rupee is Falling | PB Fintech Q4 Results | Top Buzzing Stocks Today

Wed, 24 May Pre-Open

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On Tuesday, Indian share markets erased the day's gains at the fag end of the session to end flat.

Benchmark indices came off highs in fag-end but were largely higher as market awaited a deal on the US debt ceiling.

At the closing bell on Tuesday, the BSE Sensex stood higher by 18 points.

Meanwhile, the NSE Nifty closed up by 18 points (up 0.2%).

Adani Enterprises, and Eicher Motors were among the top gainers.

Titan and Tech Mahindra 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 0.4% higher while the BSE SmallCap rose marginally.

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

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

Shares of Ceat & ICICI Bank hit their 52-week highs.

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 0.8% lower at Rs 59,761 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the SGX Nifty was trading down by 74 points or 0.4% lower at 18,280 levels.

Indian share markets are headed for a negative 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

Tata Motors share price will be in focus today.

On Monday Tata Motors bagged an order for 50 Magna 13.5-meter buses from Vijayanand Travels.

As per the contract, Tata Motors will deliver Magna buses to Vijayanand Travels in a phased manner.

Shree Cements will also be a top buzzing stock.

Shree Cements announced its Q4 results. The company's revenue from operations in the quarter increased by 16.7% YoY to Rs 47.8 bn compared to the year-ago period. This growth was supported by a 10% YoY increase in cement volumes, driven by a pickup in industry-wide demand.

Although Shree Cement's standalone net profit for Q4FY23 decreased by 15.3% YoY, its net profit almost doubled, and EBITDA rose by 26% sequentially.

Why Rupee was falling

The Indian rupee was little changed near three-month lows on Tuesday as bullish bets on the greenback weighed but expectations that the central bank will step in to sell dollars to prevent a further sharp depreciation held it in a tight band.

The Indian Rupee hit a low of 82.85 on Monday this week, its lowest since 27 February. Investors continued to focus on the progress in the US debt ceiling talks and hawkish comments from US Federal Reserve officials.

However, on Tuesday the winds finally changed. The local currency closed marginally higher against the US dollar on Tuesday, witnessing gains for the first time in five sessions. The rupee closed up 3 paise at 82.80 to the US dollar as compared with a previous close of 82.83.

The US dollar index rose 0.2% after hawkish signals from the US Federal Reserve officials overnight. Minneapolis Fed President Neel Kashkari said it was a close call whether he would vote to raise interest rates or pause at next month's meeting, Reuters reported.

The US dollar has risen 2% in the past two weeks.

Crude oil prices fell as investor concern over the risk of a US debt default was balanced by support from a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC producers, Reuters reported.

Brent crude fell 6 cents to US$ 75.93 a barrel, while US West Texas Intermediate (WTI) crude eased 1 cent to US$ 72.04.

Meanwhile, gains in the domestic capital market and foreign fund inflows also supported the rupee.

Why Elgi Equipments share price is rising

Elgi Equipments share price gained over 1% in the early trade on Tuesday after the company posted strong earnings for the quarter ending March 2023. The stock had jumped over 18% in the previous session.

Elgi Equipments stock is just tad below its 52-week high of Rs 566.5 apiece, hit on 07 September 2022. It touched a 52-week low of Rs 316.2 on 25 May 2022.

The shares have jumped 68% in the last one year and has registered multibagger gains of over 751% in three years.

The air compressor manufacturer reported consolidated net profit of Rs 1.7 bilion (bn) in March 2023 quarter, registering a staggering 133% year-on-year growth.

The consolidated net profit for the financial year 2022-23 was Rs 3.7 bn as compared to Rs 1.8 bn in financial year 2021-22.

The profit for the quarter and the year includes profit from the sale of property held by the subsidiary, Pattons, US, amounting to Rs 774.5 m.

The company's revenue from operations increased 14.86% YoY to Rs 8,357 m.

The board of the company has recommended a dividend of Rs 2 per share (200%) for the year 2022-23.

PB Fintech Q4 results

PB Fintech share price rallied over 5% in the early morning trade on Tuesday after the company reported better than expected earnings for the quarter ending March 2023. The Policybazaar parent company said it has turned break even at the operating level for the quarter.

PB Fintech's consolidated net loss in March 2023 narrowed significantly to Rs 89.5 m from Rs 2,196 m in the same quarter a year ago.

The company's revenue from operations rose 60.9% to Rs 8,690.9 m from Rs 5,402.9 m in the year ago period.

The company's consolidated adjusted EBITDA stood at Rs 280 m for the quarter ended March 2023.

PB Fintech's good results were led by both core insurance and credit businesses, as well as also lower losses in new initiatives.

Speaking of PB Fintech, it was one of the top performing midcap stocks in 2023.

PB Fintech, the parent company of PolicyBazaar, offers a consumer-centric platform by partnering with financial services companies such as insurance companies to enhance their platforms from a consumer e-commerce perspective.

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

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