SGX Nifty Down 120 Points, India's Inflation Print, Rustomjee Group Firm's IPO, and Top Buzzing Stocks Today

Tue, 14 Jun Pre-Open

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On Monday, Indian share markets ended deep in the red as global markets plunged over fears of aggressive policy tightening by the US Federal Reserve later this week.

Yesterday, the Indian rupee touched a lifetime low of 78.28 to the dollar while the benchmark 10-year bond yield hit 7.60%, its highest since 28 February 2019.

Amidst a global sell-off, benchmark indices slumped over 2.5%, eroding nearly Rs 7 tn investor wealth in a day.

At the closing bell, the BSE Sensex plunged 1,457 points (down 2.7%).

Meanwhile, the NSE Nifty plummeted by 427 points (down 2.6%).

Nestle was among the top gainers. Bajaj Finance, Tech Mahindra, and TCS on the other hand, were among the top losers.

The broader markets ended deep in the red. The BSE MidCap index and the BSE SmallCap index ended lower by 2.7% and 3.2%, respectively.

All sectoral indices ended on a weak note with stocks in the banking sector, IT sector, and metal sector witnessing most of the selling.

Shares of Mahindra Lifespace hit their 52-week highs.

Shares of insurance behemoth LIC were under pressure as the 30-day lock-in period for anchor investors ended yesterday. The stock fell 5.6% on the BSE in yesterday's trade.

Note that LIC share price is continuously falling, and wiped out US$ 17 bn in market value, making Life Insurance Corp of India one of the biggest wealth destroyers among Asia's initial public offerings this year.

The stock market is falling as there are inflation worries and geopolitical tensions still remain overhang.

Amid the volatility, many stocks have hit their 52-week lows, despite strong fundamentals.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

At 7:50 AM today, the SGX Nifty was trading down by 120 points or 0.7% lower at 15,670 levels.

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

Gold prices for the latest contract on MCX were trading down by 0.8% at Rs 51,280 per 10 grams, at the time of Indian market closing hours on Monday.

Speaking of stock markets, in the second episode of Investor Hour podcast, CEO of Equitymaster Rahul Goel talks to Ramesh Damani, arguably one of the most successful investors in India.

In the podcast, they discuss what could lead the next wave in the stock market, training the next generation for managing the Damani portfolio and why shopping for expensive handbags is not a good idea if you want to get rich with stocks.

Tune in to the interesting hour-long podcast to find out more:

Top buzzing stocks today

Rajesh Exports share price will be among the top buzzing stocks today.

Rajesh Exports' subsidiary Elest had announced that it will be setting up the country's first display fab facility in Telangana with investments worth Rs 240 bn.

The company is an applicant for Prime Minister's US$ 10 bn incentive plan to push companies to set up semiconductor and display operations in India, the government's next big bet on electronics manufacturing.

The company has qualified for incentives under a US$ 2.4 bn PLI scheme for battery manufacturing in India.

G R Infraprojects share price will also be in focus today.

In an exchange filing, the company said that a team of CBI sleuths have conducted raids at the residence of the company's chairman Vijay Kumar Agarwal.

Raids have also been conducted at the corporate office of the company situated in Gurugram.

Some of their employees at a project site have been arrested by the Central Bureau of Investigation.

India's inflation print for May

wing to easing food prices, India's retail inflation has come down to 7.04% on an annual basis from 7.79% in April.

Sequentially, the headline inflation slowed to 0.94% in May from 1.43% in April.

Although, The CPI-based inflation has breached the upper limit of central bank's tolerance band, ranging from 2-6%, for the fifth consecutive month.

However, with the rising crude oil prices and supply-chain disruptions caused by the Russia-Ukraine war, the effect is anticipated to be short-lived.

With inflation at multi-decade highs, a global recession is in foresight - will India buck the trend?

Crypto crash

Considering the latest fall, investors have lost over US$ 2 tn over eight months in the crypto crash.

The total market capitalization of the digital market is marginally above the US$1 tn mark, which was more than US$ 3 tn at its peak in November 2021.

Bitcoin, the largest crypto token, is barely above the US$ 25,000 level. It has dropped more than 20% over the weekend, with its market cap slipping below US$ 500 bn.

Its largest peer, Ethereum, has barely managed to hold the US$ 1,300 mark, with total valuation just above US$ 160 bn.

Both the tokens are down about 70% from their peaks.

If you wish to trade in the crypto space, here's how to invest in Bitcoin.

But before you invest your hard earned money in cryptos, we recommend you take a look at Nithin Eapen's CryptoMaster course. This should help you get started in the world of cryptos...

Rustomjee group firm's IPO

Realty developer Rustomjee Group's company Keystone Realtors has filed papers with the capital market regulator to raise up to Rs 8.5 bn through an Initial Public Offer.

The maiden equity share sale comprises fresh issue of up to Rs 7 bn and an offer for sale of up to Rs 1.5 bn by its existing shareholders and promoters.

The company plans to utilize the net proceeds towards repayment of certain borrowings availed by the company and subsidiaries, and funding acquisition of future real estate projects apart from general corporate purposes.

The offer for sale comprises equity shares of up to Rs 750 m by Boman Rustom Irani, up to Rs 375 m by Percy Sorabji Chowdhry, and up to Rs 375 m by Chandresh Dinesh Mehta.

As of March 31, 2022, the developer had 32 completed projects, 12 ongoing projects, and 19 forthcoming projects.

All the projects are across the Mumbai Metropolitan Region and include affordable, mid and mass, aspirational, premium, and super-premium segments, under the Rustomjee brand.

Mumbai, the country's largest and most expensive real estate market, has been setting new benchmarks with high-profile property transactions lately after the Maharashtra government announced a limited-window stamp duty reduction.

How the IPO performs in these choppy markets remains to be seen. To know more, check out how you should plan with these mega IPOs around the corner.

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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