SGX Nifty Trades Flat, Gold Prices at 2-Month Lows, Centre Lifts Curbs on Sugar Exports, and Top Buzzing Stocks Today

Fri, 2 Sep Pre-Open

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On Thursday, Indian share markets ended on a negative note amid growth concerns. Along with markets, commodities also fell as global growth concerns weighed on investor sentiment.

Meanwhile, government's move to raise taxes on fuel exports and domestic crude dragged energy stocks.

Indian government late Wednesday raised taxes on aviation, diesel fuel exports and domestic crude oil, dragging the energy index down 1%.

Also dampening sentiment was a weaker-than-expected domestic Q1FY23 GDP (gross domestic product) data, along with marginal downtick in Manufacturing PMI for August.

At the closing bell on Thursday, the BSE Sensex stood lower by 770 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 217 points (down 1.2%).

Reliance, TCS, and Sun Pharma were among the top losers.

Bajaj Finserv and Asian Paints among top gainers.

Broader markets ended on a mixed note. The BSE MidCap climbed 0.6% and the BSE SmallCap index ended higher by 0.5%.

As the smallcap index heads higher, check out these five smallcap growth stocks which score well on ROE as well as ROCE.

Sectoral indices ended on a mixed note on Thursday with stocks in the energy and IT sectors witness high selling.

Stocks in the realty and telecom sectors witnessed most of the buying.

Shares of Lakshmi Machine, Maruti Suzuki, and Bajaj Auto 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.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 50,623 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:50 AM today, the SGX Nifty was trading up by 15 points or 0.1% higher at 17,580 levels.

Indian share markets are headed for a flat 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

Dish TV share price will be among the top buzzing stocks today.

Dish TV share price surged 20% on Thursday after the broadcast satellite service provider said that Chairman Jawahar Lal Goel would not seek a reappointment.

Yes Bank, which holds an about 25% stake in Dish TV, has been pushing for a board reconstitution, including the removal of Goel, Narang and other members, citing corporate governance issues and alleging that the board was purportedly acting at the behest of certain minority shareholders.

Best Agrolife share price will also be in focus today.

Ace investor Ashish Kacholia picked 1.4 m shares of the small-cap company. On Thursday, the stock rallied to the day's high of Rs 1,266.5.Kacholia, known for picking multibagger stocks in the midcap and small-cap space, bought the stock of the pesticides and agrochemicals company at Rs 940.9 per share on Tuesday.

Market participants will also track share price of Zee Entertainment Enterprises (ZEE).

The country's antitrust watchdog, Competition Commission of India (CII), observed that the merger between the Indian unit of Sony and ZEE will potentially hurt competition by having "unparalleled bargaining power".

Sweet News for Sugar Exporters

India is set to allow sugar exports in two tranches for the next season beginning in October, as the world's biggest producer of the sweetener tries to balance the interests of its farmers and consumers, government and industry officials told Reuters.

Exports by India, which has restricted shipments in the current season, could weigh on global prices, and help swell supplies across Asia.

It is rumoured that government could allow and an export of 7-8 m tonnes. However, it may be allowed in two tranches. First 4-5 m in the first tranche and then the rest.

In the current marketing year, India has capped sugar exports at 11.2 m tonnes, to hold down domestic prices after mills sold record volumes on the global market.

Ashok Leyland Finally in a Fast Lane

Ashok Leyland shares rose nearly 5% in Thursday's morning trade, with the stock hitting a new 52-week high of Rs 161.60 apiece. This is on a day when the broader markets were weak and the benchmark Nifty50 index declined marginally.

The excitement around Ashok Leyland comes on the back of news reports that the company's UAE distribution partners Swaidan Trading - Al Naboodah Group bagged orders for 1,400 school buses in the country. The total fleet deal is worth AED 276 m or $75.15 m.

Gold Prices at Two Month Low

Gold and silver prices remained weak in Indian market amid a weak global trend in precious metals.

Yesterday on MCX, the yellow metal futures fell 0.4% to near two-month low of Rs 50,200 per 10 gram while silver tumbled to multi-year low.

In global markets, gold fell to six-week low amid a firm US dollar. The yellow metal was down 0.3% to $1,706.31 an ounce as the dollar index rose 0.29% to 108.983.

Note that gold prices have fallen and have taken quite a knock in recent weeks. Silver price too have fallen a lot in recent days.

Though the gold is typically seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding non-yielding bullion and boosts the dollar.

NDTV Stake Sale Needs Approval

New Delhi Television (NDTV) said a major stake sale by its founders to Adani group would require clearance from India's tax authorities, adding another hurdle to the conglomerate's bid to take control of the popular news network.

The income tax department in 2017 provisionally barred the founders - Prannoy and Radhika Roy - from selling a part of their stake as part of a reassessment of their taxes.

NDTV share price rose to the maximum permitted limit of 5% in morning trade on Thursday, marking their sixth straight day of gains after Adani's announcement. The shares are currently trading at their highest level in more than 14 years.

Adani has tried to execute the takeover plan by acquiring a little-known Indian company that gave 4 billion rupees ($50 million) in loans to NDTV's founders more than a decade ago in exchange for warrants that allowed it to buy a stake in the news group at any time.

Adani Group said last week it had exercised those rights, which NDTV said was done without its consent.

NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, and the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.

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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