SGX Nifty Down 98 Points, Tata Motors' Biggest EV Fleet Order, Rising Bond Yields, and Top Buzzing Stocks Today

Tue, 7 Jun Pre-Open

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On Monday, Indian share markets ended on a flat note. Benchmark indices recovered from the day's low as US futures turned positive.

At the closing bell on Monday, the BSE Sensex stood lower by 94 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 15 points (down 0.1%).

Oil India and Tata Steel were among the top gainers.

Asian Paints and UltraTech Cement, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 0.2% and 0.5%, respectively.

Among sectoral indices, selling was seen in the IT sector, realty sector, and capital goods sector.

On the other hand, stocks in the auto sector, banking sector and metal sector witnessed buying.

Sugar stocks gained yesterday after PM Narendra Modi announced over the weekend that India has achieved its ethanol blending target.

Shares of Sumitomo Chemical India and Oil India hit their respective 52-week highs.

With volatility easing, several Indian stocks have delivered multibagger returns in quick time. But remember that many of these stocks could be 'junk stocks' and they could be fairly overvalued.

If you are on the lookout for multibagger stocks, here's our guide to find the best multibagger stocks in India.

Also read about the multibagger penny stocks for 2025 to get started in the world of penny stock investing.

At 7:40 AM today, the SGX Nifty was trading down by 98 points or 0.6% lower at 16,480 levels.

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

Gold prices for the latest contract on MCX were trading flat at Rs 50,989 per 10 grams, at the time of Indian market closing hours yesterday.

Speaking of stock markets, Co-head of research at Equitymaster Rahul Shah discusses his track record and his biggest winners and losers in the last two years, in his latest video.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Life Insurance Corp (LIC) share price will be among the top buzzing stocks today.

Shares of LIC continued their downtrend and fell over 2% yesterday, hitting their lowest level since listing.

With yesterday's fall, LIC has now gone down for five straight days. The company had made a weak stock market debut on 17 May 2022 as it listed at nearly 8% below its issue price.

Aarti Industries and Anupam Rasayan will also be in focus today.

Both the specialty chemical companies have been under pressure for the past couple of days owing to pressure in cost of raw material prices.

In 2022 so far, shares of Aarti Industries are down 28%.

Market participants will also track shares of IDBI Bank. According to reports, Prem Watsa may acquire a controlling stake in the lender.

Zomato will also be eyed as the company's board will meet on 17 June to sign off the acquisition of quick commerce company Blinkit.

Bond Yields Shoot Up

Yesterday, India's benchmark 10-year bond yield rose to its highest levels since March 2019 as investors prepared for around a 50-basis point rate increase later this week.

Rising crude oil prices further dampened sentiment.

India's benchmark 10-year bond yield was trading at 7.49%, up 4 basis points from its previous close, at the time of writing. Yield rose as high as 7.5004%, its highest since 22 March 2019.

According to a poll of economists, the RBI will concentrate interest rate hikes over the coming months in a relatively short tightening cycle.

The RBI begun its three-day monetary policy committee (MPC) meeting yesterday and the decision on rate hike will be announced on Wednesday.

Retail Auto Sales slow down

According to the data released by Federation of Automobile Dealers Association (FADA), retail sales of automobiles slowed down in May, in line with wholesale dispatches.

As operations stood disrupted due to the outbreak of the second wave, retail auto sales stayed muted in May 2022.

As many as 1,646,773 vehicles were retailed last month, compared to 536,795 units in the same period last year. Sales, however, were lower by around 10% when compared with the pre-covid month of May 2019.

India's Biggest Order for EV Fleet

In latest developments from the electric vehicle (EV) space, Tata Motors has entered into an agreement with blusmart electric mobility for the delivery of 10,000 XPRES T electric vehicles.

This is the biggest order in India by far for delivering EV fleet.

Tata Motors' PV managing director said the company is taking active steps towards the rapid electrification of mobility, and it is heartening to see renowned fleet aggregators joining the green mobility wave.

In another development, Kolte-Patil Developers has partnered with Tata Power to set up charging stations across its projects in the cities of Pune, Mumbai and Bangalore.

This is done to provide comprehensive charging solutions to the electric vehicle owners.

Through this partnership, EV owners across Kolte-Patil Developers' properties will get access to a 24x7 charging, monitoring, and e-payments facility through Tata Power's EZ Charge mobile app.

As you can see, big developments are happening in the EV space.

Before investing in any EV stock, you should study the EV industry in detail. Do a deep dive into its constituent parts. Come up with your list of potential winners and losers.

Do not lose sight of the fact that you are investing and not speculating. Because not all companies will benefit equally from India's EV revolution.

Doubling Down on Oil Imports

As per a leading financial daily, India is looking to increase its Russian oil imports with state-owned refiners eager to take more heavily discounted supplies from Rosneft PJSC as international players turn down dealings with Moscow over its invasion of Ukraine.

According to people in the know, state processors are collectively working on finalizing and securing new six-month supply contracts for Russian crude to India.

For this, cargoes are being sought on a delivered basis from Rosneft, with the seller set to handle shipping and insurance matters.

Government owned Indian Oil Corp (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL), and private processors including Reliance and Nayara Energy are the refiners.

We will keep you updated on the latest developments from this space. Stay tuned.

In the meantime, check out the 4 companies that could lose big as crude oil prices head higher.

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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