SGX Nifty Up 128 Points, PhonePe IPO, 5G Spectrum Auction, and Top Buzzing Stocks Today

Thu, 16 Jun Pre-Open

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On Wednesday, Indian share markets ended on a weaker note today as global investors treaded cautiously in anticipation of aggressive rate hike actions by the US Federal Reserve.

At the closing bell on Wednesday, the BSE Sensex declined 152 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 40 points (down 0.3%).

Bajaj Finance, Bajaj Finserv, and L&T were among the top gainers.

NTPC, Infosys, and Reliance Industries, on the other hand, were among the top losers.

Bucking the trend, The BSE MidCap index and the BSE SmallCap index ended higher by 0.5% each.

Among the sectoral indices, stocks in the metal sector, FMCG sector, and IT sector witnessed most of the selling.

On the other hand, some buying was seen among stocks in the auto sector and banking sector.

Shares of Varun Beverages hit their 52-week high.

The stock market is falling as there are inflation worries and geopolitical tensions remain overhang, raising the question, when will the stock market recover?

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 up by 128 points or 1% higher at 15,820 levels.

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

Gold prices for the latest contract on MCX were trading up by 0.8% at Rs 50,595 per 10 grams, at the time of Indian market closing hours on Wednesday.

Investors in crypto markets are not having a good night's sleep as Bitcoin tumbled to a new 18-month low, falling below US$20,300.

Investors shunned risky assets in the face of a global market selloff.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

As we mentioned earlier, the Indian stock market is falling which has traders and investors worried.

The one question on every investor's mind these days is are we in a bear market.

With the help of multiple charts, India's #1 trader Vijay Bhambwani offers his 360 degree worldview view to answer this question.

Tune in to the below video to find out more:

Top buzzing stocks today

Tata Communications share price will be among the top buzzing stocks today.

The stock tumbled to a new 52-week low yesterday after the company's growth plans failed to enthuse its investors.

At its recently held analyst meet, the company's management reiterated its strategy on platform transformation with a focus on innovations and new launches to boost revenue.

The company has maintained its medium-term return on capital employed and operating margin guidance at 25-30% and 23-25%, respectively.

However, no timeline was shared on its revenue growth target, which was a key disappointment.

Nazara Technologies share price will also be in focus today.

Nitish Mittersain, the founder and managing director of the company said that it plans to invest and acquire more gaming studios in India and abroad.

He further said:

• For a company like Nazara, which already has a strong platform, we can start building businesses right from scratch.
  
  We are also doing Greenfield projects but to grow faster and to stay ahead of the market, it really makes sense to invest in existing businesses that are doing well in different spaces within the gaming space.

Note that Nazara Technologies was one of the most popular stocks of 2021 and here's how it has fared in 2022.

PhonePe IPO?

According to people in the know PhonePe, part of the Walmart Inc-controlled Flipkart group is considering raising funds through an initial public offering.

The funds would be used for expanding its financial services portfolio and deepening its core United Payments Interface (UPI)-based payments operations, and investment banking.

They further added that the digital payment company is seeking a valuation of US 8-10 bn.

Also, the company has initiated plans to move its registered holding entity from Singapore to India, underlining it's 'made in India' credentials.

The company's board has already ratified the proposal to move the holding company to India.

PhonePe was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, and was acquired by Flipkart in 2016.

In 2018 Flipkart was acquired by Walmart, and PhonePe was part of the transaction as well.

The sources said that the company plans to go public once its core businesses turn profitable, which it hopes to achieve by 2023.

A number of internet-led businesses have launched their IPOs, including Zomato, CarTrade, Nykaa, Paytm and PolicyBazaar.

Unless you live under a rock, you know how some of these stocks have eroded investor wealth. But are the new-age tech stock priced to perfection despite the recent selloff?

Also, if you wish to invest in the upcoming IPO but are cautious, read our editorial on how investors could have avoided losses in Paytm and Zomato.

Auction of 5G spectrum

The department of telecom notified in a notice of inviting applicants that the auction of 5G airways is set to begin on 26 July.

The cabinet, on Wednesday, cleared the spectrum auctions, deciding the airwaves to be auctioned for a period of 20 years.

The last date for submissions of applications for bids is on 8 July, post which the DoT will publish the ownership details of applicants on 12 July.

The final list of bidders will go live on 20 July and there will be mock auctions on 22-23 July.

The cabinet also decided to enable the development and setting up of Private Captive Networks to spur a wave of innovation in new-age industry applications.

These industry applications include machine-to-machine communications, Internet of Things, and Artificial Intelligence across automotive, healthcare, agriculture, energy, and other sectors.

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!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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