SGX Nifty Down 382 Points, India Bans Wheat Exports, FIIs Turn Aggressive Buyers, and Top Buzzing Stocks Today

Mon, 29 Aug Pre-Open

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On Friday last week, Indian share markets pared most of the gains in the afternoon session and ended flat.

Benchmark indices seesawed between gains and losses just to end with minor gains.

The gains made in the early hours were dragged by losses in realty and FMCG stocks, ahead of much anticipated address by US Federal Reserve Chair Jerome Powell at the Jackson Hole annual economic symposium.

At the closing bell on Friday, the BSE Sensex stood higher by 59 points.

Meanwhile, the NSE Nifty closed higher by 36 points.

NTPC, Titan, and Grasim were among the top gainers.

Bajaj Finance, Axis Bank, and IndusInd Bank on the other hand, were among the top losers.

Broader markets ended on a positive note. Both, the BSE Midcap index and the BSE Smallcap index ended higher by 0.4%.

Sectoral indices ended on a mixed note with stocks in the metal sector and power sector witnessing maximum buying interest.

On the other hand, stocks in the realty and FMCG sector witnessed selling pressure.

The real estate sector is again in focus and looks strong. Check out these 6 realty stocks which stand to gain the most.

Shares of Uflex, Mahindra & Mahindra, and Indian Hotels 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.

These five midcap stocks have consistently paid dividends at a growth rate.

Gold prices for the latest contract on MCX were trading lower by 0.5% at Rs 51,702 per 10 grams at the time of Indian market closing hours yesterday.

At 7:40 AM today, the SGX Nifty was trading down by 382 points, or 2.2% lower at 17,280 levels.

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

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

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

Sequoia Capital India has sold a part of its pre-IPO (pre-initial public offering) shares in Zomato in the open market, bringing down its stake in the restaurant aggregator and food delivery platform to 4.4%.

In a filing with the BSE, Zomato said that Sequoia Capital India sold 67 m shares between 6 September 2021 and 14 October 2021 and 105 m shares between 27 June 2022 and 25 August 2022 through its two investment vehicles.

Sequoia Capital India has thus sold 172 m shares of Zomato in the open market so far, bringing its stake down to 4.4% from 6.41% earlier.

Nelco share price will also be in focus today.

The company has partnered with Intelsat to offer inflight connectivity in India. It has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners.

Market participants will also track shares of Adani group companies.

The Adani group on Friday launched its Rs 310 bn open offer to acquire 26% additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC and Ambuja Cements.

In May this year, the Adani group had announced that it had clinched a deal to acquire a controlling stake in Holcim's businesses in India for US$ 10.5 bn.

Markets regulator granted approval for the open offer last week.

Strong Listing on Debut

Shares of Syrma SGS Technologies soared 34% to Rs 295 against its issue price of Rs 220 per share on debut in Friday's intra-day trade.

The stock of industrial electronics company listed at Rs 262, a 19% premium when compared to its issue price on the BSE.

Syrma is one of the fastest growing electronics system design and manufacturing companies. It is engaged in the turnkey electronics manufacturing services (EMS). The company has a large product portfolio.

Government Bans Wheat Exports

After banning wheat exports in May this year, the government on Saturday prohibited exports of wheat flour, maida, semolina and wholemeal aata with a view to curb rising prices.

Notifying a decision of the union Cabinet, the Directorate General of Foreign Trade (DGFT), however, said that exports of these items would be allowed subject to permission of the government of India in certain cases.

It added that the provisions under the foreign trade policy 2015-20, regarding transitional arrangements, will "not" be applicable under this notification.

On August 25, the government decided to put restrictions on the export of wheat or meslin flour to curb rising prices of the commodity.

Russia and Ukraine are the major exporters of wheat, accounting for around one-fourth of the global wheat trade. The war between the two countries has led to global wheat supply chain disruptions, thus increasing the demand for Indian wheat.

As a result, the price of wheat in the domestic market has shown an increase.

For more details, check out these top wheat stocks in India.

FII Investments on the Rise

After turning net buyers last month, FIIs have become aggressive shoppers of Indian equities and pumped in Rs 492.5 bn so far in August.

This is because of improvement in corporate earnings and macro fundamentals.

This month's investment is way higher than a net investment of nearly Rs 50 bn in the entire July 2022.

FIIs had turned net buyers for the first time in July, after nine straight months of massive net outflows, which started in October last year.

It appears FIIs used this opportunity to pick fundamentally strong companies and buy the dip.

In addition, FIIs infused a net amount of Rs 43.7 bn in the debt market during the month under review.

Apart from India, flows were positive in Indonesia, South Korea and Thailand, while it was negative for Philippines and Taiwan during the period under review.

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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