SGX Nifty Zooms 194 Points, SAIL & Coal India Q1 Results, What Next for Metals, and Top Buzzing Stocks Today

Thu, 11 Aug Pre-Open

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On Wednesday, Indian share markets traded in a rangebound manner and ended on a flat note.

Benchmark indices edged lower as investors looked ahead to US inflation data for clues on the pace of rate hikes from the Federal Reserve.

At the closing bell on Wednesday, the BSE Sensex stood down by 35 points.

Meanwhile, the NSE Nifty closed up by 10 points.

Tata Steel, Bharti Airtel, and ICICI Bank were among the top gainers.

Hindustan Unilever, Tech Mahindra, and M&M on the other hand, were among the top losers.

BPCL share price ended 0.6% higher yesterday. For the past couple of days, BPCL share price was falling due to its withdrawal of disinvestment plan and poor financials.

The broader markets ended on a flat note. Both, the BSE MidCap index and the BSE smallcap index ended down by 0.1%.

Check out these fast growing smallcap stocks with zero debt that have consistently reported increasing revenues and profits.

Sectoral indices ended on a mixed note with stocks in the IT, FMCG and telecom sector witnessing maximum selling.

While stocks in the capital goods sector and metal sector witnessed buying interest.

Shares of ABB India and Adani Enterprises 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.

Gold futures on MCX were trading down by 0.2% at Rs 52,408 per ten grams, at the time of Indian market closing hours yesterday.

At 7:10 AM today, the SGX Nifty was trading up by 194 points or 1.1% higher at 17,750 levels.

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

The SGX Nifty shot up today as Wall Street indices ended on a strong note overnight, following inflation data.

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

Siemens will be among the top buzzing stocks today.

Siemens share price hit a new high yesterday on strong order book position.

The recent surge in its share price has helped Siemens enter the elite club of companies with a market capitalisation of over Rs 1 tn.

The management recently said they are currently not experiencing a slowing down in public and private capex spending; however, they are concerned about global headwinds impacting demand which could result in a slowdown in Capex spending.

JSW Energy share price will also be in focus today.

JSW Energy yesterday said its arm JSW Neo Energy has agreed to buy Mytrah Energy's 1.75-gigawatt (Gw) renewable energy assets for Rs 105.3 bn in its largest deal so far.

This is the third-biggest acquisition in the renewable energy space in India.

The top two deals in the sector are Adani Green's acquisition of SB Energy India, owned by SoftBank and Bharti Enterprises, in 2021 for nearly Rs 255.7 bn, and ReNew Power's acquisition of Ostro Energy for Rs 108 bn in 2018.

Market participants will also track shares of Bata, Page Industries and Wonderla Holidays as these companies are schedule to announce their Q1 results later today.

SAIL and Coal India Q1 Results

SAIL: State-owned SAIL on Wednesday posted a 79% fall in its consolidated net profit to Rs 8 bn during the June quarter dragged by higher expenses.

It had clocked Rs 39 bn in the April-June period of 2021-22 fiscal, Steel Authority of India (SAIL) said in a regulatory filing.

Its expenses grew to Rs 232.9 bn as against Rs 156 bn a year ago.

The company, in a separate statement, said its crude steel output was at 4.33 million tonne (MT), up from 3.77 MT in same quarter of the preceding financial year.

Coal India: Coal India on Wednesday said its consolidated net profit shot up 178% to Rs 88.3 bn for the quarter under review.

The miner posted a net profit of Rs 31.7 bn in the same quarter last year.

The company was successful in keeping the total expenses at Rs 239.9 bn amid higher production and despatches during the quarter versus Rs 216.3 bn in the June quarter last year.

The cost of materials consumed rose to Rs 30.6 bn in the quarter under review from Rs 18.4 bn in the year-ago period.

Coal India accounts for about 80% of domestic coal output, having a monopoly in its field. The company was aiming at 700 million tonne of production this fiscal and one billion tonne by 2023-24.

Inflation Cools Down

Overnight, Wall Street's main indexes rose more than 1% after data showing a slower-than-expected rise in inflation in July prompted traders to cut their bets on another super-sized rate hike by the US Federal Reserve.

US consumer prices were unchanged in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for weary Americans who have watched prices climb over the past two years.

Traders are now pricing in a 41.5% chance of a 75-basis-point increase in fund rates at the Fed's next meeting in September, compared with 67.5% before the data.

ED Probing Crypto Exchanges

As per reports, the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for allegedly laundering more than Rs 10 bn identified as proceeds of crime of the accused firms under investigation in the instant loan app case most of them having a China link.

The probe has unearthed instances of the accused firms approaching the exchanges to buy crypto coins for more than Rs 1 bn and crypto coins being sent to international wallets.

The exchanges did not conduct any enhanced due diligence and even failed to raise suspicious transaction reports (STRs).

The ED is also closely monitoring the recent public row between WazirX CEO Nischal Shetty and Binance CEO Changpeng Zhao on social media.

This is done especially on issues related to ownership and non-compliance by the exchange after the recent ED searches and statement which mentioned that the exchange has an opaque nature of ownership.

Since cryptos interest you, check out the best cryptos to invest in and crypto trading in India.

Short-term Pressure on Metal Stocks

According to experts, mining and metal stocks may come under pressure in the coming quarters owing to weakening prices. With Chinese steelmakers flooding the global market, experts are of the view that prices will fall.

Global brokerage firm Nomura said Indian steel mills cut HRC (hot rolled coil) prices for August by Rs 3,500 per tonne to Rs 58,500 from the previous month and CRC (cold rolled coil) by Rs 2,500 per tonne to Rs 66,000.

The government in May had slapped an export duty of 15% on various steel products and imposed a 45% duty on iron ore pellets to rein in the prices.

Metal prices have fallen a lot lately which begs the question: should you hold on to metal stocks or sell them?

Watch this video to know the answer: Should You Hold Your Metal Stocks?

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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