SGX Nifty Up 78 Points, Slowdown in Cement Sector, RBI MPC Meeting, and Top Buzzing Stocks Today

Wed, 8 Jun Pre-Open

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On Tuesday, Indian share markets ended on a negative note. Benchmark indices dropped as domestic investors awaited the central bank's decision on rate hike.

At the closing bell on Tuesday, the BSE Sensex stood lower by 568 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 153 points (down 0.9%).

Oil India and ONGC were among the top gainers.

Titan, Dr Reddy's Laboratories, and HUL, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 0.8% and 0.7%, respectively.

Barring the auto sector, all sectoral indices ended in the red with stocks in the IT sector, FMCG sector, and banking sector witnessed most of the selling.

Sugar stocks have started to gain traction after PM Narendra Modi announced over the weekend that India has achieved its ethanol blending target.

Shares of Hindustan Aeronautics and Oil India hit their respective 52-week highs.

At 7:45 AM today, the SGX Nifty was trading up by 78 points or 0.5% higher at 16,500 levels.

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

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.

Steer clear of overvalued stocks and look out for growth stocks instead. This will help you in finding the best multibagger stocks in India.

Also read about the fastest growing stocks of 2022 and multibagger penny stocks for 2025 to get started in the world of penny stock investing.

Gold prices for the latest contract on MCX are trading flat at Rs 50,876 per 10 grams, at the time of Indian market closing hours yesterday.

Speaking of stock markets, CEO of Equitymaster Rahul Goel talks to Saurabh Mukherjea, arguably one of India's best known money managers, in the latest episode of Investor Hour podcast.

In this fascinating episode, Saurabh reveals details of one of his biggest investment calls to-date and how it changed everything.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Apar Industries share price will be among the top buzzing stocks today.

Shares of Apar Industries continued their rally yesterday and have surged 15% in the past two trading days.

This comes as the management remains optimistic on delivering a stronger performance in the 2023 financial year.

PB Fintech will also be in focus today.

Shares of PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, tanked 11.5% yesterday.

Yashish Dahiya, chairman executive, and CEO of the company revealed his plan to sell up to 3.77 m equity shares through open market causing the plunge.

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.

After its listing Zomato's share price has only seen a downtrend, however, things have started to change lately.

In the last ten days, Zomato's share price has been rallying and has gone up 26%.

RBI MPC Outcome

Unarguably the most impact bearing factor for the day's trading session.

Today marks the final day of the three-day meeting of central bank's Monetary Policy Committee and the outcome is set to be announced later in the day.

In a recent interview, RBI Governor Shaktikanta Das has said,

• The expectation of a rate hike is a no-brainer. There will be some increase in repo rates but by how much, I will not be able to tell now.

The central bank is all set to go for a policy rate hike given the higher inflationary pressures, depreciating currency, rising imports, and tightening monetary policy conditions across major nations, except China.

Market experts believe that the rate-setting panel is likely to raise the repo rate by 40 basis points. This would be the second hike in the last five weeks.

Though aggressive tightening has already been discounted by the bond markets, the stance of the policy will continue to assume significance in the direction of bond yields.

Rising crude oil prices further dampened sentiment.

On Monday, India's benchmark 10-year bond yield rose to its highest levels since March 2019.

While rising interest rates hurt the overall economic growth, for a few quarters, higher net interest margins make the banks look healthy.

Apart from the banks, these 4 companies stand to win big as interest rate rises.

Cement sales slow down

Cement stocks have taken a hit lately, following the falling demand and prices for the sector and the rising input cost is adding pressure.

According to a report, prices declined in May across all the regions of the country, with a fall of up to Rs 35 per bag on a monthly basis.

The rising price of coal and inflation is denting the margins of cement companies. The shortage of labour in summer is adding to the woes of the cement sector.

Cement firms had sought a price hike in early May but rolled it back due to muted demand.

UltraTech Cement share price hit a fresh 52-week low of Rs 5,412, down 3% on the BSE in Tuesday's trade.

Meanwhile, the share price of J K Cements, Ramco Cement, Shree Cement, and Birla Corp have also declined by 10-14% in the past one week.

Recovery in hospitality industry?

According to a new report, hotel occupancies in India surpassed the 65% mark in April 2022, up 100 basis points from April 2019.

Mumbai region remained the market leader with record-high hotel occupancies. The city recorded occupancies of over 80%, owing to the Indian Premier League and large-ticket conferences.

Annual recurring revenue (ARR) rose by 4% from April 2019 levels to Rs 5,850. This led to revenue per available room (RevPAR) rising 5% from April 2019 to Rs 3,804.

On a year-on-year basis, the hospitality basket reported a higher incremental EBITDA to incremental revenue in the fourth quarter of financial year 2022. The momentum continued in May 2022.

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

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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