SGX Nifty Up 92 Points, FII Investments in July, RBI MPC Meet and a Possible Repo Rate Hike, and Top Buzzing Stocks Today

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On Friday last week, Indian share markets ended on a firm note tracking strength from US markets.

Benchmark indices registered their best month since August last year, with shares hitting a three-month high as metal and auto stocks surged on Friday.

Investors were relieved after data showed economic contraction in the US economy for a second straight quarter which raised hopes that the US Federal Reserve may not opt for aggressive interest rate hikes.

In July 2022, both benchmarks Sensex and Nifty registered around 8% gains.

At the closing bell on Friday, the BSE Sensex stood higher by 712 points (up 1.3%).

Meanwhile, the NSE Nifty closed higher by 229 points (up 1.4%).

Tata Steel, Sun Pharma, and HDFC were among the top gainers.

Dr Reddy's, Kotak Mahindra Bank, and SBI, on the other hand, were among the top losers.

TVS Motor share price is rising and rallied 10% intraday on Friday after reporting good quarterly numbers.

The broader markets ended on a strong note. The BSE MidCap climbed 1% and the BSE SmallCap index ended higher by 1.4%.

All sectoral indices ended on a firm note on Friday last week with stocks in the metal sector, energy sector, and IT sector witnessing most of the buying.

At 8:25 AM today, the SGX Nifty was trading up by 92 points or 0.4% higher at 17,250 levels.

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

Shares of Blue Dart and Navin Fluorine hit their 52-week high.

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 5 stocks paying out big dividends this month.

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

Gold prices for the latest contract on MCX were trading at Rs 51,185 per 10 grams on Friday during closing market hours.

Why gold price is falling and why silver price is falling have been on the minds of Indian investors. After all, we are used to seeing these precious metals appreciate.

But now, both gold and silver have started to recover.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below

Top Buzzing Stocks Today

IOC share price will be among the top buzzing stocks today.

India's largest oil refining and fuel retailing firm IOC sold petrol and diesel at a loss of Rs 10/litre and Rs 14/litre respectively during the April-June quarter, leading to the company reporting its first quarterly net loss in over two years.

IOC recorded a net loss of Rs 19.9 bn in April-June quarter compared to Rs 59.4 bn of net profit in the same period a year back.

Ashok Leyland share price will also be in focus today.

Hinduja group flagship firm Ashok Leyland expects the commercial vehicle industry to grow at a fast pace in the coming quarters, with economic activity gaining momentum and demand picking up across segments.

Ashok Leyland expects both its domestic sales and overseas shipments to remain robust in the remaining part of the fiscal.

Market participants will also track shares of Bajaj Consumer, ITC and Castrol India as these companies are scheduled to announce their Q1 results later today.

Street Talk on RBI's Repo Rate Decision

As per experts, the RBI may go in for its third consecutive policy rate hike by 25-35 basis points to check high inflation.

The central bank has already announced to gradually withdraw its accommodative monetary policy stance.

The Reserve Bank's Monetary Policy Committee will meet on 3 August for three days to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.

With retail inflation ruling above 6% for six months, the RBI had raised the short-term borrowing rate (repo) twice by 40 basis points in May and 50 basis points in June.

Experts are of the view that the RBI would raise the benchmark rate to at least the pre-pandemic level this week and even further in later months.

Ola & Uber's Merger

Ola and Uber are in talks for a possible merger, according to people in the know. Reports indicate that Ola's co-founder and CEO Bhavish Aggarwal met top Uber executives in San Francisco recently.

Both companies had held conversations four years ago as well, when common investor Softbank had pushed for a merger. A deal did not materialise back then. Those conversations seem to have revived in recent months as both Uber and Ola are facing growth pangs.

The industry which the companies operate in sees fierce competition as these companies compete against each other to dominate the Indian market.

The intensity of the competition died down in the recent years as the pandemic dampened demand for app-based cab hailing in India with both companies cutting flab and tightening operations.

However, the latest developments suggest that this was nothing but a rumor.

Putting an end to the assumptions about the possible Ola-Uber merger, Bhavish Aggarwal took to Twitter calling the news "absolute rubbish". Uber also responded to the rumor calling the report 'inaccurate.'

Responding to the news Aggarwal tweeted,

We're very profitable and growing well. If some other companies want to exit their business from India they are welcome too! We will never merge.

Uber issued a statement saying that the companies have not and have never been in the merger talks.

FIIs Come Back

Foreign institutional investors (FIIs) have turned net buyers and invested nearly Rs 50 bn in Indian equities in July 2022 on softening dollar index and good corporate earnings.

After nine consecutive months of relentless selling, FIIs have finally stopped their selling.

According to data with depositories, FIIs infused a net amount of Rs 49.9 bn in Indian equities in July. They were buyers for nine days in the month.

However, they pulled out a net amount of Rs 20.6 bn from the debt market during the month under review.

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

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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