GIFT Nifty Trades Flat | JSW Group Eyeing EV Launch | September to See Flood of Locked-in Shares | Top Buzzing Stocks Today

Thu, 31 Aug Pre-Open

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On Wednesday, Indian share markets witnessed volatile trading activity throughout the trading session and ended flat.

Continuing the positive momentum, benchmark indices jumped in early trade, with Sensex surging more than 300 points amid positive global cues.

As the session progressed, banking stocks came under pressure.

At the closing bell on Wednesday, the BSE Sensex ended up by 11 points (up 0.1%). Meanwhile, the NSE Nifty closed higher by 5 points.

Jio Financial and Tata Steel were among the top gainers.

Power Grid and SBI were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended higher by 0.6% and the BSE SmallCap index gained 0.8%.

Sectoral indices ended on a mixed note with stocks in the realty sector and the telecom sector witnessed most of the buying.

On the other hand, stocks from the banking sector and power sector witnessed selling.

Shares of Bharat Bijlee and Escorts hit their 52-week highs.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

At 8:40 AM today, the Gift Nifty was trading at 19,478, almost at the same level as yesterday's close. Indian share markets could see a flat opening based on this indicator.

Speaking of stock markets, is it possible to make a reasonably good judgement about a stock's future potential without understanding its business model?

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Top Buzzing Stocks Today

Vodafone Idea share price will be in focus today.

The company is exploring both OpenRAN (ORAN) and virtualised RAN (vRAN) technologies to reduce the cost of deployment for its upcoming 5G network.

The cash-strapped telco has already begun proof-of-concept (PoC) projects with Korea's Samsung for vRAN and US-based Mavenir Systems for OpenRAN-based 5G network.

Adani group stocks might also witness some action today.

A new report suggest that millions of dollars were invested in some publicly traded stocks of India's Adani Group via "opaque" Mauritius funds that "obscured" involvement of alleged business partners of the Adani family.

According to the Organised Crime and Corruption Reporting Project (OCCRP), its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures.

The OCCRP article comes after US-based short-seller Hindenburg Research in January accused Adani Group of improper business dealings, including the use of offshore entities in tax havens such as Mauritius from where it said certain offshore funds "surreptitiously" owned stock in Adani's listed firms.

Market participants will also track share price of Dixon Technologies.

The revised production-linked incentive (PLI) scheme for IT hardware has received an "excellent" response from 38 companies, including global ones such as HP, Dell, Lenovo and Foxconn as well as local maker Dixon Technologies.

They have proposed incremental investments of over Rs 40 bn for additional production worth Rs 3.35 lakh crore over the coming six years.

Lock-in period for IPOs

According to a report, locked-in shares of at least 10 companies could find their way into the open market in September 2023 as the deadline for investors to compulsorily hold these shares bought through pre-Initial Public Offer (IPO) placements ends.

These stocks include Computer Age Management (CAMS), Concord Biotech, SBFC Finance, Happiest Minds, Route Mobile, and Chemcon Speciality.

Reports state that these companies could see sellers during the month.

JSW Group looking for a slice of the EV pie

The promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market at Rs 15-20 lakh.

According to reports, the company is in the race to pick a stake in MG Motor India, the British marque owned by China's largest carmaker Shanghai Automotive (SAIC).

It was reported earlier that Sajjan Jindal, chairman and managing director of JSW group of companies, is reportedly set to own between 45-48% of carmaker MG Motor India, which is a wholly-owned arm of the Shanghai-headquartered SAIC Motor.

His majority acquisition would make the company into an Indian entity, with the dealers and Indian employees owning around 5-8%. The parent company, SAIC, will hold on to the remaining percentage.

It remains to be seen how this pans out.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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