Gift Nifty Down 30 Points | Adani Wilmar Q1 Volume Soars | Why Defence Stocks are Rising | Top Buzzing Stocks Today

Mon, 8 Jul Pre-Open

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Benchmark indices turned negative on Friday and ended the day lower.

Equity markets settled in the negative zone on Friday, weighed largely by HDFC Bank, Titan Company, Tata Steel, and M&M.

At the closing bell on Friday, the BSE Sensex stood higher by 53 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 22 points (up 0.1%).

ONGC, SBI and HUL were among the top gainers.

HDFC Bank, Titan and M&M on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index and BSE SmallCap index ended 0.7% higher.

Sectoral indices are trading mixed, with socks in power sector and energy sector witnessing most buying. Meanwhile stocks in banking sector and finance sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 72,514 at the time of Indian market closing hours on Friday.

At 7:40 AM today, the Gift Nifty was trading down 30 points at 24,386 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of the stock market, Shipping is a significant in the current world as 80% of world trade by volume and 70% by value happens via ships.

So, if India is to be a key player in the global supply chain, it must become a hub of shipbuilding and repair as well.

Currently, the country accounts for about 20% of the market demand for commercial vessels worldwide.

Tanushree Banerjee, Research Analyst, in her latest video talks about that should one be wary of shipping stocks or should we expect multibbager gains?

Tune into below video for more details.

Top buzzing stocks today

SAIL share price will be in focus today.

Shares of Steel Authority of India Limited (SAIL) rose as much as 3% on 5 July on the report of the steel union proposing a mega public sector undertaking by merging the company with three others.

In a report by Economic Times, the Steel Executives Federation of India (SEFI) has reportedly urged the steel ministry to merge state-run Rashtriya Ispat Nigam Limited (RINL), Ferro Scrap Nigam Limited (FSNL) and Nagarnar steel plant with SAIL.

Thermax will also be a top buzzing stock.

Shares of Thermax surged after Thermax Group announced that its subsidiary secured an order worth Rs 5.1 bn to set up a 600 MW greenfield energy project in Botswana, Southern Africa.

The Pune-headquartered group's wholly-owned unit Thermax Babcock & Wilcox Energy Solutions Limited (TBWES) will supply two 550 TPH CFBC (circulating fluidised bed combustion) boilers over 23 months.

Adani Wilmar Q1 Volume Soars

Adani Wilmar on Friday said it achieved volume growth of 13% year-on-year in the first quarter, driven by market-specific strategies in each category aimed at gaining market share, especially in under-indexed markets.

With a robust product portfolio, the company also said it is actively pursuing substantial opportunities by executing strong sales and distribution strategies in general trade.

Moreover, the company's alternate channels like e-commerce, quick commerce and MT maintained their momentum with 19% year-on-year volume growth in Q1.

The volume of its branded exports increased by 36% year-on-year in the June 2024 quarter.

The company has achieved a total sales value of 11% year-on-year in the first quarter ended June 2024.

Segment-wise, Adani Wilmar said the edible oil business thrived due to robust execution in sales and distribution, bolstered by the ongoing efforts to improve retail penetration.

This came despite the challenges in the industry during the quarter, including decreased out-of-home consumption and seasonal dips in summer demand.

The edible oil volume for the quarter increased 13% year-on-year, while the sales value for the segment jumped 10% year-on-year.

The food products segment is said to have demonstrated strong growth by harnessing the well-established and widely penetrated distribution network of edible oils, along with increasing trials through strategic bundling and trade schemes.

Why Defence Stocks are Rising

Shares of defence companies were buzzing in trade, surging up to 13% on 5 July after Defence Minister Rajnath Singh announced that the country's defence production recorded the highest-ever growth in 2023-24.

The value of production has reached Rs 1,26,887 crore in 2023-24, which is 16.8%higher than the value of production of the previous financial year, the defence minister posted on social media platform X (formerly Twitter).

Singh also stated that the government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub.

Following the announcement, shares of defence companies like Bharat Dynamics, Bharat Electronics, Hindustan Aeronautics, Cochin Shipyard, and Data Patterns climbed higher in trade.

Back in mid-June, while assuming charge of the Defence Ministry for a second tenure, Rajnath Singh set an ambitious target to export over Rs 500 bn worth of defence equipment by 2028-2029.

Bullishness over the sector is also evident from the robust subscription numbers of the Motilal Oswal Nifty India Defence Index Fund. According to the asset management company's announcement on 4 July, the fund, which is the first domestic passive fund focusing on the sector, raised Rs 16.7 bn during its New Fund Offer (NFO) period.

This amount marks the highest collection ever by an equity index fund during its NFO period.

Coforge to Acquire Stake in Cigniti Technologies

IT company Coforge on Friday bought a 17% stake in Cigniti Technologies for Rs 6.5 bn through open market transactions.

According to the block deal data available with the BSE, Coforge purchased a total of 46,18,199 shares or 16.9% stake in Cigniti Technologies.

The shares were acquired at an average price of Rs 1,398.5 apiece, taking the transaction value to Rs 6.5 bn.

Meanwhile, Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji, public shareholders of Cigniti Technologies have exited the firm by selling their entire 6.8% stake in the firm.

In addition, Sapna P and Venkata Subramanyam Chakkilam, one of the promoters of Ciginiti, also offloaded shares in the company.

A total of 4.6 m shares of Cigniti were sold by Kukunuru Madhava Lakshmi, Kukunuru Kumar Bapuji, Sapna and Chakkilam at the same price.

On Thursday, digital services and solutions provider Coforge acquired an 11% stake in IT company Cigniti Technologies for Rs 4.3 bn.

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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