SGX Nifty Down 17 Points | BEL Bags Rs 59 bn Order | Tata Motors Hits 7-Year High | Top Buzzing Stocks Today

Wed, 21 Jun Pre-Open

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On Tuesday, Indian share markets staged a smart recovery in the final hours and ended higher.

Benchmark indices ended in green helped by a late rally as investors remained cautious for most of the session ahead of the Fed Chair testimony.

At the closing bell on Tuesday, the BSE Sensex stood higher by 159 points (up 0.3%).

Meanwhile, the NSE Nifty closed up by 61 points (up 0.3%).

Tata Motors and HCL Tech were among the top gainers.

BPCL and Sun Pharma, on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended higher. The BSE Midcap index ended 0.3% higher and BSE SmallCap ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the auto sector and power sector witnessing most of the buying.

On the other hand, stocks from the oil & gas sector and energy sector witnessed selling pressure.

Shares of HEG and Radico Khaitan hit their 52-week highs on Tuesday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.11 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 59,280 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the SGX Nifty was trading lower by 17 points or 0.1% at 18,864 levels.

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

Speaking of stock markets, the stock price of US tech company Nvidia has soared by 25% after the management predicted a massive boom in demand for its computer chips in the latest earnings call.

The company expects to meet the needs of AI products such as ChatGPT.

Can Indian investors profit from such AI led boom in stock markets?

Co-head of Research at Equitymaster Tanushree Banerjee, answers this in the video below.

Top Buzzing Stocks Today

RVNL will be among the top buzzing stocks today.

shares of railway PSU firm Rail Vikas Nigam (RVNL) fell 3% on Tuesday.

The decline was seen after its joint venture deal with Russia's CJSC Transmashholding (TMH) to manufacture and maintain 120 Vande Bharat trains broke down.

Timken India will also be in focus today.

shares of Timken India cracked 11% today after the company's parent Timken Singapore Pte sold a stake in its Indian subsidiary in a bulk deal.

As per media sources, Timken Singapore had decided to sell as many as 6.3 m shares, or 8.4% of the total equity of the company, through a block deal at a floor price of Rs 3,000 per share.

BEL's Robust order book

Bharat Electronics (BEL) has received orders worth Rs 59 billion (bn) so far in the financial year 2023-24.

The bulk of the orders, in terms of monetary value, have been received for the Akash Weapon System (AWS), which is a short-range surface-to-air missile air defence system.

The company has received an order for two regiments of improved Akash Weapon System (AWS) with upgrades from BDL for a value of Rs 39.1 bn.

The improvements incorporated in AWS include high-altitude operation and simultaneous engagement of multiple threats over 360 degrees.

In March, which was the final month of FY23, BEL received export orders worth US$ 52 million (m). This included orders from France, Israel, and the United States.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD) has set a target of doubling the defense production to US$ 25 bn by 2025.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Tata Motors stock rally

Shares of Tata Motors rose 3% to hit a fresh multi-year high of Rs 582.6 on the BSE in Tuesday's rangebound trade on an improved business outlook.

The stock of the Tata Group passenger cars & utility vehicles company was trading close to its record high level of Rs 606, touched on 3 February 2015.

India's largest electric vehicle (EV) maker has expanded its manufacturing capacity nearly three times in the last three years.

The recent purchase of Ford's Sanand plant has increased the automobile major's capacity to 1 million units per year.

Further, Tata Motors has become the second largest in India in terms of sales outlets, with 1,410 showrooms across the country. Its service centres increased to 855 from 653 three years ago.

Additionally, Tata Motors' British arm Jaguar Land Rover (JLR), has successfully reduced its break-even production levels by 50% in the fiscal year 2023.

As part of its transition to a new all-electric platform, Jaguar plans to cease vehicle assembly at the Castle Bromwich plant. This strategic move is expected to enhance the company's utilisation levels.

Tata Motors remains in the fast lane when it comes to electric vehicles (EVs). The Tata group is leading India's EV revolution, and Tata Motors has remained at the forefront.

Also, the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Why Dynacons systems share price is rising

Dynacons Systems and Solutions' share price rose 4% intraday on 20 June 2023 after the company received a Rs 794.7 m order from Union Bank of India.

The project involves the supply, installation, configuration, implementation and maintenance of all-flash hyper-converged infrastructure nodes and software solutions for the expansion of the bank's on-premises private cloud under a rate contract from Union Bank of India.

The project will run for five years and will have a guaranteed uptime of a minimum of 99.9% for 24 x 7 x 365.

The Mumbai-headquartered company offers consulting services, system integration, networking solutions, software solutions, IT infrastructure management and security solutions.

Check out Equitymaster's stock screener for screening India's top IT stocks.

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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