SGX Nifty Trades Flat, Wipro Q1 Results, ITC AGM Highlights, and Top Buzzing Stocks Today

Thu, 21 Jul Pre-Open

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On Wednesday, Indian share markets ended on a strong note led by gains in oil producers and refiners following the government's move to slash windfall taxes on crude and fuel exports.

Benchmark indices ended on positive note for the third consecutive day.

High volatility in the market is likely to continue in the near-term with erratic action from FIIs and sustained buying on dips by retail investors.

At the closing bell on Wednesday, the BSE Sensex stood higher by 630 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 180 points (up 1.1%).

HCL Tech, TCS, and Tech Mahindra were among the top gainers.

Kotak Mahindra Bank, Sun Pharma, and M&M, on the other hand, were among the top losers.

The broader markets ended in the green. The BSE MidCap index ended higher by 0.3% and the BSE SmallCap index ended higher by 0.4%.

Sectoral indices ended on a mixed note with stocks in the IT sector, FMCG sector, and metal sector, witnessing most of the buying.

On the other hand, stocks in the auto sector, telecom sector, and realty sector witnessed selling.

At 8:10 AM today, the SGX Nifty was trading up by 22 points or 0.1% higher at 16,520 levels.

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

Shares of Blue Dart Express and Bajaj Auto hit their 52-week highs.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also, check out the five Indian companies with over 7% in dividend yields.

Reliance Industries, State Bank of India, and TCS were amongst the most active shares on the BSE yesterday.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Yesterday, the rupee closed at 79.99 against the US$.

The rupee has been falling against the US$ for quite some time now.

As the rupee depreciates, check out these five companies which stand to gain big from a weakening rupee.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 50,400 per 10 grams, at the time of Indian market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX were trading up by 0.3% at Rs 55,881 per 1 kg, at the time of Indian market closing hours yesterday.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Speaking of stock markets, 2022 will be marked in the history as the year of the biggest fall of IT stocks. Any company, whether it was fundamentally good or sound, all were taken to the cleaners in 2022.

However, the scenario started changing recently as IT stocks finally see a rise after the log fall. But is this it? Or this is just a little rise before they start falling again?

In the below video Chartist - Brijesh Bhatia explains whether the IT stocks are bottoming out.

Top Buzzing Stocks Today

IndusInd Bank share price will be among the top buzzing stocks today.

IndusInd Bank posted a net profit of Rs 16 bn in the June 2022 quarter compared to a profit of Rs 9.7 bn in the same quarter last year.

The net profit rise was helped by a 30% year-on-year fall in provisions as well as a 16% growth in net interest income.

The 18% loan growth powered the bank's core interest income growth.

Net interest income grew by 16% to Rs 41.3 bn while non-interest income showed modest growth of 12% to Rs 19.3 bn.

The provisioning need came down owing to an improvement in asset quality metrics. IndusInd Bank's gross non-performing assets fell by 4% from a year ago to Rs 59.3 bn.

Did you know that IndusInd Bank is among the 5 Indian banks with lowest NPAs?

ITC share price will also be in focus today.

Cigarettes-to-hotels conglomerate ITC plans on aggressively expanding its FMCG portfolio to overseas markets.

ITC launched 110 products in the FMCG segment in financial year 2022.

Despite the challenging environment of the last two years, it clocked a 25% growth in its FMCG business and reached a turnover of nearly Rs 160 bn in financial year 2022.

Making the announcement, chairman and managing director, Sanjiv Puri said:

• ITC has established distribution arrangements abroad enabling appreciable progress of exports of ITC's brands to over 60 countries.
  
  Over time, such exports will make a substantial contribution to the growth of your company's value-added FMCG portfolio.

Despite the unprecedented inflationary headwinds, the company has sustained EBITDA margins last year and improved margins by 650 basis points over the last five years.

Market participants will also track shares of Hindustan Zinc, IDBI Bank, and Ashok Leyland as these companies are set to announce their Q1 results later today.

Wipro Q1 results

Information technology (IT) giant Wipro reported a 20.9% YoY dip in its consolidated net profit at Rs 25.6 bn for the quarter ended June 2022.

Wipro had posted a consolidated net profit of Rs 32.4 bn in the same quarter last fiscal.

The IT giant's revenue rose 19% to Rs 215.3 bn in the quarter under review from Rs 182.5 bn in the same quarter last fiscal.

Meanwhile, the IT services segment revenue was at US$ 1.9 bn, an increase of 13.3% YoY.

The firm said that its IT services operating margin for the quarter came at 15%, a decrease of 200 bps quarter-on-quarter.

Wipro closed 18 large deals resulting in a total contract value of US$ 1.1 bn in the quarter.

Wipro said its attrition rate - the rate at which employees leave the company - was at 23.3% during the quarter, marginally lower than 23.8% in the previous quarter.

Note that Wipro shares have fallen over 43% in 2022 so far.

FPIs turn net buyers

Foreign portfolio investors (FPIs) turned net buyers of Indian stocks for two straight sessions on July 18 and July 19, something not seen since the second week of April.

The economic slowdown, Russia-Ukraine war, and rising macroeconomic challenges have turned FPIs net sellers for ten months consecutively now.

So much so that their holding in NSE 500 companies dropped to a 3-year low in March 2022.

Since April 2021, FIIs have been sellers in every month except three and they have sold Indian shares worth over US$ 33 bn.

However, the pace of FPI selling has reduced of late.

FPIs have sold Indian stocks worth US$ 1.1 bn in July so far as compared to more than US$ 6.3 bn in June 2022, according to data available on National Securities Depository.

While FIIs have been selling Indian shares big time, here's where they have invested.

India cuts windfall taxes

The government cut the windfall tax on diesel and aviation fuel shipments by Rs 2 a litre and scrapped completely a Rs 6 per litre levy on gasoline exports.

The government also cut the tax on domestically produced crude by 27% to Rs 17,000 per tonne.

The move will offer relief for top fuel exporters like Reliance Industries and state-run Oil & Natural Gas Corp.

It remains to be seen whether we will see a V-shaped recovery, or the recovery will be slow and steady spanning several months.

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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