SGX Nifty Down 92 Points, Hero MotoCorp Defers EV Launch, Recovering Auto Sales, and Top Buzzing Stocks Today

Thu, 2 Jun Pre-Open

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On Wednesday, Indian share markets witnessed negative trading activity and ended lower.

Despite recovering from the day's low in the last hour of trade, benchmark indices ended on a weak note tracking mixed global cues.

At the closing bell on Wednesday, the BSE Sensex stood lower by 185 points, down 0.3%. Meanwhile, the NSE Nifty fell 62 points.

M&M, HDFC, and Kotak Mahindra Bank were among the top gainers.

Nestle, Tech Mahindra, and Bajaj Finserv, on the other hand, were among the top losers.

The BSE Midcap index slipped 0.1% while the BSE Smallcap index bucked the trend and ended higher by 0.6%.

On the sectoral front, pharma stocks, power stocks, and realty stocks were among the hardest hit.

Banking stocks, on the other hand, witnessed huge buying interest.

Shares of Blue Dart Express and Fine Organic Industries hit their respective 52-week highs.

Meanwhile, Adani Power's momentum seems to be lost as it is on a downtrend for the past two days.

Dixon Technologies share price is rising, after coming down from its recent highs in the past few months.

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. Most of them are trading in the uncharted territory and have become overvalued.

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.

At 7:50 AM today, the SGX Nifty was trading down by 92 points, or 0.5% lower at 16,420 levels.

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

Speaking of stock markets, Chartist Brijesh Bhatia discusses what the charts say about investing in unicorn stocks like Paytm and Zomato, in his latest video for Fast Profits Daily.

Is there a reversal on the cards? Are these stocks becoming good investments now? Brijesh answers all these questions in the video below.

Tune in to find out more:

Top buzzing stocks today

Hero MotoCorp share price will be in focus today.

Hero MotoCorp yesterday said that it has deferred the upcoming launch of its first electric two-wheeler, as the ongoing geopolitical tensions have led to supply constraints, and a shortage of components, including semi-conductor chips.

The automobile major had earlier announced that its EV, under the 'Vida' brand, would be launched in July.

The company said its customer-centric approach, combined with the shortage in availability of key manufacturing components, has forced it to postpone the EV launch till the 'festive season' later this year.

Electric two-wheeler sales declined by 20% month-on-month in May following incidents of fire and other battery-related issues.

Speaking of electric vehicles, co-head of research at Equitymaster Tanushree Banerjee discusses how power sector stocks are profiting from the electric vehicle gold rush.

Delta Corp share price will also be in focus today.

Ace investor Rakesh Jhunjhunwala has trimmed stake in Delta Corp to 6.2% from 7.1%, according to an exchange filing.

Jhunjhunwala, revered as Indian Warren Buffet, sold 2.5 m shares or 0.9% in the company from 27 May to 31 May.

Delta Corp's consolidated net profit for the March quarter fell 17% to Rs 480 m as compared to Rs 580 m in the corresponding period of last year.

The company and its subsidiaries, Delta Pleasure Cruise Company, recently commenced management of operations of a new casino, taking the total tally to five.

Reliance Brands inks joint venture

Reliance Brands Ltd (RBL) and Plastic Legno SPA have entered a joint venture pact through which RBL will acquire a 40% stake in the European company's toy manufacturing business in India.

The company said in a statement that its investment serves a dual purpose, bringing in vertical integration for its's toy business and helping diversify the supply chain with a long-term strategic interest in building toy manufacturing in India.

The Sunino group, that has about 25 years of toy production experience in Europe, owns Plastic Legno SPA.

The group started its India business in 2009 out of a need to develop a strong production hub that would cater to global markets, but more importantly to capture the fast evolving and growing Indian market.

RBL currently owns Hamleys, the British toy retailer and homegrown toy brand - Rowan.

RBL has been acquiring stakes in a diverse group of companies since last year to boost growth inorganically.

Auto sales in May hit record highs

Eicher Motors sold 63,643 units of Royal Enfield in May 2022, registering a growth of 133% compared to 27,294 units sold in the same month last year.

Eicher exported 10,118 units in May 2022, up by 40% over 7,221 units sold in corresponding month last year.

Similarly, Maruti Suzuki recorded its highest ever monthly exports of 27,191 units. This highlighted Maruti Suzuki's commitment to the Make-in-India initiative of the Indian government.

The company sold a total of 0.16 m units in May. Electronic component shortages had a minimal influence on car production, primarily on domestic models.

Although, May 2022 sales data are not comparable to May 2021 sales figures since the industry operations in May 2021 were adversely impacted by COVID-19-related disruptions.

But certainly, some recovery can be seen in the sales figures of many auto companies. With the auto sector gaining traction, auto ancillary stocks are bound to follow.

Meanwhile, check out Research Analyst Aditya Vora's top auto ancillary bet for 2022.

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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