SGX Nifty Trades Lower, Record High Sugar Exports, Rising Crude Oil Prices, and Top Buzzing Stocks Today

Thu, 9 Jun Pre-Open

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On Wednesday, Indian share markets ended the volatile session on a negative note.

After a weak opening, benchmark indices rose as buying emerged following a 50 basis points repo rate hike by RBI.

However, equity markets lost momentum in yesterday's afternoon trade as volatility increased and selling emerged in index heavyweight stocks.

At the closing bell on Wednesday, the BSE Sensex stood lower by 215 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 60 points (down 0.4%).

State Bank of India, Tata Steel, and Titan were among the top gainers.

Bharti Airtel, ITC, and Reliance Industries, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 0.2% and 0.3%, respectively.

Among the sectoral indices, stocks in the FMCG sector, energy sector, and banking sector witnessed selling.

On the other hand, some buying was witnessed in the IT sector, auto sector, and metal sector.

Defence stocks were in focus yesterday following Indian government's approval of Rs 763.9 bn towards modernisation of military projects.

Shares of MRPL hit their 52-week highs.

At 7:00 AM today, the SGX Nifty was trading down by 53 points or 0.3% lower at 16,290 levels.

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

With volatility easing, several Indian stocks have delivered multibagger returns in quick time. However, there are still doubts whether a bear market will follow or will the markets rise going ahead.

In this volatile period, 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 50,935 per 10 grams, at the time of India market closing hours on Wednesday.

Speaking of stock markets, Co-head of research at Equitymaster Rahul Shah discusses why a falling market is an investor's best friend.

If the entire market has taken a beating, what are the kind of stocks that an investor should buy?

Are bluechips the only available opportunity? Or can stocks from the mid-cap and small-cap space prove to be a good bet?

Rahul answers all these questions and much more. Tune in to the below video to know more:

Top Buzzing Stocks Today

Bata India share price will be among the top buzzing stocks today.

Shares of the company have been plummeting after the promoter divested nearly 3% stake in the company through open market last week.

Bata India said that the transaction will not result in any material reduction in the promoter holding pattern and BATA BN BV will continue to hold around 50% in the Indian subsidiary.

PNB Housing Finance share price will also be in focus today.

Punjab National Bank is ready to infuse Rs 5 bn into PNB Housing Finance which is planning to raise capital through rights issue of shares.

The public sector bank board has approved the bank's participation in order to retain the bank's shareholding in the mortgage lender at 30% or below but above 26%.

The bank however needs the central bank's approval for subscribing to the rights issue.

RBI rate hike impact on equity investors

The central bank on expected lines, hiked policy rates by 50 basis points to 4.90%.

The rate hike will lead to two things - bank interest rates will increase in tandem, making it expensive to take loans for retail customers, meaning people may think twice before making any discretionary purchases.

Similarly, companies will also have to shell out more to raise money from banks and markets compared to earlier.

Some of the sectors like banks and financials, real estate, auto, and those making white goods may see volatility in the coming days.

With deepening stress due to inflation, the market is already witnessing certain sectors like FMCG, automobile, and white goods facing margin pressure and a fall in demand volumes.

Thus, according to experts, targeting inflation for the reduction in household budgets of the broader population is a welcome step.

The real estate sector will be looking at RBI with bated breath, as its fortunes are directly linked with prevailing interest rates.

The BFSI sector could continue to face headwinds from rising uncertainties on economy and RBI action. The sector has already witnessed significant FPI outflows of late.

Overall, the policy was in line with the expectation of the market; and the rate hike is already priced in.

In fact, the markets turned positive, and the 10-year bond yields went down and even turned negative following the announcements.

Now, the market focus will shift to the Fed rate hike.

Speaking of interest rate hike, apart from the banks, these 4 companies stand to win big as interest rate rises.

Sugar exports hit record high

According to the data released by the industry body ISMA, sugar exports from India touched a record 8.6 m tonne till May of the ongoing 2021-22 marketing year ending September.

India is the world's largest producer and second biggest exporter of the sweetener.

Last month, the government capped sugar exports at 10 m tonne to ensure enough domestic supply and check retail prices during festival season in October-November.

ISMA estimates domestic sugar consumption in the current marketing year to be at 27.5 m tonne, as against 26.55 m tonne in the previous year.

The body has also revised its all-India sugar production estimate for 2021-22 marketing year to 36 m tonne after considering diversion of 3.4 m tonne for ethanol.

Rise in oil prices

Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, backed by the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers.

A number of Norwegian oil workers plan to strike from June 12 over pay, putting some crude output at risk of shutdown.

The World Bank on Tuesday slashed its global growth forecast for 2022 by nearly a third, warning Russia's invasion of Ukraine had compounded damage from the COVID-19 pandemic, and that many countries now faced recession.

Meanwhile, global crude and oil product supplies remain tight, boosting Asian refiners' diesel margins to record levels.

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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