SGX Nifty Trades Flat, Growth of Indian Retail Business, Tata Motors' Sales Outlook, and Top Buzzing Stocks Today

Fri, 17 Jun Pre-Open

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On Thursday, Indian share markets extended losses to the fifth trading session as dovish commentary by US Fed chair Jerome Powell failed to boost investor sentiment.

Benchmark indices ended deep in red yesterday, hitting fresh 52-week lows.

At the closing bell on Thursday, the BSE Sensex dipped 1,046 points (down 2%).

Meanwhile, the NSE Nifty closed plummeted 332 points (down 2.1%).

Nestle was among the top gainers.

Tata Steel, The Mahindra, and IndusInd Bank, on the other hand, were among the top losers.

The broader markets ended deep in red. The BSE MidCap index and the BSE SmallCap index ended lower by 2.3% and 2.9% respectively.

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

Shares of Maharashtra Seamless hit their 52-week high.

As Indian share markets have been in a downtrend, you must be wondering when will the markets fully recover.

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 flat at 15,340 levels.

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

Meanwhile, check out the results of a poll we conducted recently asking readers what's their course of action in this market.

Not surprisingly, majority of people seem to be buying the stock market dip.

Gold prices for the latest contract on MCX are trading flat at Rs 50,420 per 10 grams, at the time of Indian market closing hours on Thursday.

Speaking of gold, Chartist Brijesh Bhatia discusses whether gold is the best hedge against inflation, in his latest video for Fast Profits Daily.

Investors are once again showing interest in the yellow metal as a hedge against inflation.

But what do the charts say? How well does gold perform when inflation is high?

Brijesh answers these questions and more in the below video. Tune in to find out:

Top buzzing stocks today

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

Tata Motors in its annual report said that the recent lockdowns in parts of China are adversely impacting the company's supply chains as its suppliers are unable to produce or deliver products to them.

The Indian automotive manufacturing company also said that it is witnessing a temporary decrease in demand.

The lockdowns in China have also led to some dealerships in some regions of China temporarily closing, which may hurt the company's sales outlook in the current financial year.

Ajanta Soya share price will also be in focus today.

Branded edible oil makers have slashed prices of palm oil, sunflower, and soybean oil by up to Rs 15 per litre as international prices have softened.

This will bring some relief to consumers who are reeling under inflationary pressure.

The drop in prices has prompted distributors to stock up as demand is expected to pick up.

The stock had hit upper circuit in yesterday's trade as the company informed about the stock-split approval provided by the depositories.

5G services in India

India's biggest spectrum auction, which will pave the way for high-speed 5G services, is likely to conclude by July end.

According to the government notification, 5G services will be about 10 times faster than 4G and are expected to be rolled out by August-September.

Bharti Airtel and Jio are expected to participate in the upcoming auction but telcos may be selective on the quantum this time given the likely demand supply imbalance and annual auctions.

As per a rating agency, the telecom industry is expected to shell out around Rs 1 - 1.1 tn on the 5G auction, despite telcos' reservations over high spectrum prices.

This could lead to an increase in the already elevated debt levels in the telecom industry.

Although, telcos have been focused on deleveraging, deferred liabilities continue to keep debt levels aloft.

Speaking of debt levels, have a look at these 4 companies with a high debt problem, could these stocks collapse.

Retail businesses grow in May

As per the latest survey by the Retailers Association of India (RAI), retail businesses across India witnessed a growth of 24% in May this year against the pre-pandemic level of the same month in 2019.

RAI CEO Kumar Rajagopalan said,

• Categories, such as garments and footwear, have begun to do well on account of the ongoing wedding season and resumption of work from office.
  
  The worry around inflation continues to exist, however, as of now, customers are willing to come out and shop as socialising is now picking up pace.

RAI said with outdoor activities picking up, categories such as quick-service restaurants, and footwear are indicating rapid growth, and segments like beauty and wellness have also started to show positive growth.

US Fed's hike: What it means for the Indian Economy

The US Federal Reserve's 75 basis point hike to 1.5 - 1.75% is the highest one-time increase in nearly three decades, underlines the US Central Bank's efforts to bring inflation under control.

This, however, raises concerns about India's inflation, which will worsen as a result of the outflow of funds from emerging economies and exert downward pressure on the local currency.

The international fund managers will be compelled to pull money out due to current inflationary pressures, a growing current account deficit, and a falling currency.

Yesterday, in the intraday trade, the rupee hit a new low of 78.28 against the dollar.

FPIs have emerged as net sellers for the ninth straight month in June and it may continue until there's clarity on how far the US Fed will move to tighten liquidity in the US.

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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