SGX Nifty Down 32 Points, Mutual Funds and Overseas Investing, Mamaearth's IPO Valuation, and Top Buzzing Stocks Today

Wed, 22 Jun Pre-Open

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On Tuesday, Indian shares markets rallied sharply and ended on a strong note as investor sentiment was lifted tracking firm global markets.

Benchmark indices surged and registered their best session in over three weeks led by gains in market heavyweights  as investors grappled with inflation and rate hike worries.

At the closing bell on Tuesday, the BSE Sensex closed higher by 934 points (up 1.8%).

Meanwhile, the NSE Nifty advanced by 289 points (up 1.9%).

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

On the other hand, Nestle was among the top losers.

Broader markets ended on a strong note as the BSE Mid Cap index jumped 2.4% while the BSE Small Cap index climbed 3%.

All sectoral indices ended in green with stocks in the media sector, metal sector, and banking sector witnessing most of the buying.

Chartist Brijesh Bhatia thinks realty stocks can rally in the short term. According to him, the charts are suggesting this is the right time to buy realty stocks.

In this volatile market, check out these high dividend paying stocks which can offer some cushion to your portfolio.

Gold prices for the latest contract on MCX were trading flat at Rs 50,754 per 10 grams at the time of Indian market closing hours yesterday.

At 7:50 AM today, the SGX Nifty was trading down by 32 points or 0.2% lower at 15,590 levels.

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

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about the interest rates hike and what it means for traders, in his latest video.

In the video, Vijay explains the implications of rising interest rates on your portfolio and on your open trades.

Top Buzzing Stocks Today

Suven Life Sciences will be among the top buzzing stocks today.

The company announced that its board will meet on Friday this week, 24 June 2022, to consider rights issue plan.

GAIL (India) share price will also be in focus today.

The government is planning to monetise GAIL's CGD & green hydrogen assets to raise around Rs 50 bn.

Market participants will also track shares of LIC Housing Finance.

LIC Housing Finance has hiked the benchmark prime lending rate by 60 basis points. The benchmark prime lending rate is used in the pricing of home loans.

Tata Steel Imports Coal from Russia

Steel major Tata Steel imported about 75,000 tonnes of coal from Russia in the second half of May, weeks after pledging to stop doing business with Russia.

In April this year, Tata Steel had said all its manufacturing sites in India, the UK and the Netherlands had sourced alternative supplies of raw materials to end its dependence on Russia, adding it was taking a conscious decision to stop doing business with Russia.

Despite this statement, sources said that in May, Tata Steel shipped about 75,000 tonnes of PCI coal, used in steelmaking, from Russia's Vanino port.

Interesting to note that the deal to import coal from Russia was made before the company's announcement to cut business ties with Russia.

Note that metal stocks have fallen this year and have eroded around a quarter of their market value.

Check out this video where India's #1 trader Vijay Bhambwani discusses what you should do with metal stocks right now.

Breather for Mutual Funds

In news from the mutual fund space, the market regulator has permitted mutual funds to again invest in foreign stocks within the aggregate mandated limit of US$ 7 bn for the industry.

In January, the market watchdog had asked mutual fund houses to stop taking fresh subscriptions in schemes investing in overseas stocks.

The directive to stop subscription was mainly on account of the mutual fund industry crossing the mandated limit of US$ 7 bn for overseas investments.

The recent meltdown in global stocks reduced the cumulative value of investments made by all the mutual fund houses together.

Meanwhile, Edelweiss Mutual Fund announced that it will be accepting inflows in its international schemes from Tuesday.

Since you're interested in mutual funds, have a look at the top 10 mutual funds with high returns.

Mamaearth's IPO

In latest developments from the IPO space, according to reports, Indian skincare startup Mamaearth is in talks to raise at least US$300 m in a planned IPO for 2023.

The company is seeking a valuation of around US$3 bn.

Just five months back in January this year, the company was valued at US$1.2 bn. Back then, it raised fresh funds from investors including Sequoia and Belgium's Sofina.

Mamaearth was founded in 2016. The company has become popular in India with its range of "toxin-free" products such as face washes, shampoos and hair oils.

It competes with Unilever's India unit, Hindustan Unilever (HUL), and Procter & Gamble Co in the booming personal care industry.

Note that this startup's IPO plans come at a time when there's uncertainty all around. Indian share markets are falling which has brought a halt to the primary market.

We will keep you updated on the latest developments from this space. Stay tuned.

Since you're interested in IPOs, check out the current IPOs and upcoming IPOs on our website.

And 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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