SGX Nifty Up 64 Points, Hindustan Zinc Stake Sale, Coal India Q4 Results, and Top Buzzing Stocks Today

Thu, 26 May Pre-Open

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On Wednesday, Indian share markets failed to hold early gains and ended lower.

Benchmark indices extended losses for the third consecutive session as volatility remained high ahead of F&O expiry.

At the closing bell on Wednesday, the BSE Sensex plunged 303 points or 0.6%.

Meanwhile, the NSE Nifty ended down by 99 points, ending at 16,026.

NTPC, Bharti Airtel, and HDFC were among the top gainers.

Asian Paints, TCS, and Tech Mahindra were among the top losers.

Amid the recent consolidation in IT stocks, the Nifty IT has slumped over 25%. Stock specific falls are even steeper. Read our editorial on why Tech Mahindra share price is falling.

Moving on, the broader markets ended deep in red as the BSE Mid Cap index slipped 1.9% while the BSE Small Cap index plunged 2.9%.

Barring banking stocks, all sectoral indices remained under pressure. Stocks in the energy sector, IT sector, metal sector, and pharma sector witnessed most of the selling.

The primary market is set to witness some action in the coming days with these 6 Mega IPOs around the corner.

Shares of Choice International and Mehta Housing hit their 52-week highs.

At 8:00 AM today, the SGX Nifty was trading up by 64 points or 0.4% higher at 16,085 levels.

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

In this volatile market, a few penny stocks are continuously hitting their 52-week highs. Several Indian stocks have delivered multibagger returns in a span of one month. But not all are worthy.

If you're new and on the lookout for fundamentally strong penny stocks, check out the list of penny stocks to buy for long term.

Speaking of stock markets, lead smallcap analyst at Equitymaster Richa Agarwal talks about a simple exercise that could give you a great lead in picking the most promising stocks, in her latest video.

In the video, Richa talks about insider buying and which stocks to keep on your watchlist to help polish your stock picking process.

Tune in to the below video to find out more:

Top buzzing stocks today

Coal India share price will be in focus today.

State-owned Coal India reported Q4 results yesterday. The consolidated net profit posted an increase of 46% at Rs 66.9 bn for the quarter ended March 2022.

The company's production for the quarter under review increased to 209 m tonnes over 203.4 m tonnes in the corresponding quarter of previous fiscal.

The board of the company has recommended a final dividend of Rs 3 per share.

You can check out the companies that have announced the biggest dividend payouts this year.

IndiGo share price will also be in focus today.

InterGlobe Aviation, which operates flights under the IndiGo brand, also reported Q4 results yesterday. The consolidated loss stood at Rs 16.8 bn for the March 2022 quarter.

After two years of pandemic-curtailed travel, airlines globally have made a comeback in recent months riding on a wave of pent-up demand that has encouraged them to bump up capacity.

But the industry's recovery faces risks from a surge in global jet fuel prices, which neared 14-year highs in the quarter after the Russian invasion of Ukraine.

IndiGo's load factor during the quarter under review was 76.7% as compared to 70.2% recorded in quarter ending March during the last year.

Market participants will also track shares of Berger Paints India, Page Industries, and Hindalco Industries as these companies will announce their March quarter results later today.

Government's nod for Hindustan Zinc stake sale

The central government has decided to sell its residual stake in Hindustan Zinc and monetize the assets of defunct Bharat Gold Mines.

The two decisions were cleared at a meeting of the Cabinet Committee on Economic Affairs on Wednesday.

The government presently holds 29.5% stake in the zinc-lead miner, which is a subsidiary of Vedanta and is worth around Rs 380 bn at the current market price.

Any proceeds from the stake sale will help the union government to meet the divestment target of Rs 650 bn for the current financial year.

The Cabinet also decided to wind up Bharat Gold Mines and transfer its land and other assets to the National Land Monetisation Corp.

A part of its land will be transferred to the Karnataka government for industrial development or building a township. The Cabinet also approved the modalities for the land transfer.

The disinvestment and asset monetization plan pursued by the government mobilizes resources for fresh investments into infrastructure, which is a vital part of its economic revival strategy.

Inflation leads to delay in revision of GST rates

As per sources, the planned goods and services tax rate revision to boost the revenue of the Centre and states is likely to be delayed due to a spike in inflation.

The Centre is examining ways to tame prices, including by improving logistics for commodities such as cement.

The eight-year high of retail inflation, which surged to 7.8% in April has forced the central government to cut taxes on fuels, imported edible oils, and raw materials for steel and petrochemical production.

The recent ban on the export of wheat, imposed limit on sugar exports, and levied export duty on iron and steel intermediates are also accounted for steps towards inflation control.

The latest on Aether Industries IPO...

The Rs 8.1 bn initial public offering (IPO) of Aether Industries closes for subscription today.

The specialty chemicals manufacturer will sell its shares in the range of Rs 610-642 apiece. The IPO grey market premium is Rs 10.

Ahead of the public offer, Aether has garnered over Rs 2.4 bn from anchor investors from about 25 investors including Goldman Sachs, Nomura, and SBI Mutual Fund among others.

At the end of Day 2, the overall issue was subscribed 0.49 times led by retail investors and employees who respectively subscribed 67% and 93% of their portion.

While the qualified institutions buyers and the non-institutional investor segment received less traction.

Looking to bid for the IPO? Here are 5 things to know about Aether Industries IPO.

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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