SGX Nifty Up 56 Points | Tata Technologies IPO Approved | LTIMindtree To Enter Nifty50 | Top Buzzing Stocks Today

Wed, 28 Jun Pre-Open

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On Tuesday, Indian share markets remained steady throughout the session and ended strongly with late rally.

Benchmark indices ended higher on Tuesday buoyed by gains in HDFC Life Insurance and Banking stocks, while the stock exchange pushed a market holiday to Thursday from Wednesday.

At the closing bell on Tuesday, the BSE Sensex stood higher by 446 points (up 0.7%).

Meanwhile, the NSE Nifty closed down by 126 points (up 0.7%).

SBI and Apollo Hospital were among the top gainers.

Cipla and UPL, 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 on a positive note. The BSE Midcap index ended 0.4% higher while the BSE SmallCap rose by 0.6%.

Sectoral indices ended the day on a mixed note with stocks in the realty sector and metal sector witnessing buying.

Meanwhile, stocks in FMCG sector and oil & gas sector witness selling pressure.

Shares of Coforge and Lupin 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 82.04 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 58,424 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the SGX Nifty was trading higher by 56 points or 0.3% at 18,867 levels.

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

Speaking of stock markets, a recent survey by Gartner states that almost 33% of electronics supply chain leaders have already moved their businesses out of China.

Or at least are planning to. The increased tariffs imposed by the Chinese and the US government have resulted in rising business costs.

Of course, India has begun reaping the benefits.

Smartphone and premium electronics maker Apple, for instance, is set to triple its production in India in the next three years.

Co-head of Research at Equitymaster Tanushree Banerjee, in below video talks about such stocks that are set to benefits from India's electronics revolution.

Top Buzzing Stocks Today

HAL will be among the top buzzing stocks today.

Hindustan Aeronautics on Tuesday approved a stock split in the proportion of 1:2 and declared a final dividend of Rs 15 for FY 2022-23.

The company in its regulatory filing, informed of the stock split of the existing one equity share of the face value of Rs 10 each fully paid up into two equity shares of Rs 5 each fully paid up.

HBL Power will also be in focus today.

HBL Power Systems' shares gained 2.5% on Tuesday on winning a contract from Ashoka Buildcon (ABL) worth Rs 1.4 billion (bn).

The company has entered into a contract with ABL for the supply of the Kavach part of an EPC contract won by ABL in September 2022.

Tata Technologies IPO Gets SEBI Nod

Tata Technologies, a subsidiary of automobile major Tata Motors, on Tuesday, received approval from the capital market regulator to raise funds through an initial public offering (IPO).

Tata Technologies IPO is purely an offer for sale (OFS), where the company will sell up to 95.7 m equity shares representing approximately 23.60% of its paid-up share capital, according to the Draft Red Herring Prospectus (DRHP) filed in March.

Under the OFS, Tata Motors, the parent company of Tata Technologies, will offload 81.1 million shares or a 20% stake in the company. Among other shareholders, Alpha TC Holdings PEquitymasterte plans to sell up to 9.7 m shares (2.40%) and Tata Capital Growth Fund I would offload up to 4.8 m equity shares (1.20%).

Tata Motors currently holds a 74.69% stake in the product engineering company. Meanwhile, Alpha TC Holdings Pte holds a 7.26% stake and Tata Capital Growth Fund.

JM Financial, Citigroup Global Markets India and BofA Securities India are the book-running lead managers to the issue.

Tata Technologies is an engineering services company that offers product development and turnkey solutions to global original equipment manufacturers (OEMs) and their tier-1 suppliers.

For more details, check out Tata Technologies files papers for upcoming IPO. Everything you need to know...

Bitcoin Above US$ 30,300

Bitcoin, the currency created to subvert the financial establishment, has shaken off weeks of sickness with the support of Wall Street's finest.

The original crypto coin has leapt 20% to two-month highs at US $30,182 over the past 11 days after BlackRock, the world's largest asset manager, revealed hopes for a spot bitcoin exchange-traded fund (ETF) in the United States.

According to the media reports, Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years.

Bitcoin (BTC) rose 0.32% to US$ 30,360, whereas Ethereum (ETH) was above the US$ 1,850 level.

Since cryptos interest, you, check out the best cryptos to invest.

LTIMindtree to enter Nifty5o

The delisting of the country's largest mortgage lender Housing Development Finance Corporation (HDFC) shares, on 13 July 2023, is likely to pave the way for LTIMindtree to enter the benchmark Nifty50 index.

For a stock to enter the Nifty50 index, it has to have traded at an average impact cost of 0.5% or less during the last six months for 90% of the observations for a basket size of Rs 100 million.

It should have had a listing history of six months. Only an F&O constituent is allowed to be included in the Nifty 50.

An impact cost represents the cost of executing the transaction in a given stock for a predefined order size at any given point in time.

HDFC and HDFC Bank both are heavyweights on the benchmark index Nifty50. While HDFC Bank has an 8.73% weightage on the index, housing finance major HDFC has a weight of 5.88% on Nifty50.

According to the media reports, after delisting HDFC stock, LTIMindtree is a high-conviction replacement for the index.

LTIMindtree is the country's fifth-largest IT services provider by market capitalisation and sixth largest by revenue.

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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