SGX Nifty Up 108 Points, a Falling Rupee, Adani Group Readies Power Supply to Bangladesh, and Top Buzzing Stocks Today

Thu, 8 Sep Pre-Open

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On Wednesday, Indian share markets recovered losses as the session progressed and ended marginally lower.

Worries that the US central bank will keep raising interest rates had dented investor sentiment in early trade and markets had staged a gap-down open.

At the closing bell on Wednesday, the BSE Sensex stood lower by 168 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 31 points (down 0.2%).

Shree Cements, UltraTech Cements, and Adani Ports were among the top gainers.

Tata Motors, Bajaj Auto, and IndusInd Bank on the other hand, were among the top losers.

The broader markets ended on a positive note. The BSE Mid Cap index up by 0.5% while the BSE Small Cap index ended higher by 0.7%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, and healthcare sector witnessing most of the buying.

On the other hand, stocks in the auto sector, power sector, and banking sector witnessed selling pressure.

Even the best bank stocks in India stayed volatile and ended on a negative note.

Shares of Blue Dart Express, Adani Enterprises, and Timken India hit their 52-week high.

If stocks trading close to their all-time highs interest you, check out how to invest in multibagger stocks to get started.

At 7:15 AM today, the SGX Nifty was trading up by 108 points or 0.6% higher at 17,740 levels.

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

Gold prices were trading higher by 0.1% at Rs 50,281 per 10 grams, at the time of Indian market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX were trading higher by 0.8% at Rs 53,146 per kg.

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

The question on everyone's mind now is when will gold and silver prices 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

Suzlon Energy will be among the top buzzing stocks today.

Suzlon Energy will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each.

The project is located at Kanakagiribad, Bagalkot in Karnataka, and is expected to be commissioned in 2024.

It will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. It will also provide comprehensive operation and maintenance services after commissioning of the project.

This order is part of the bid won under the SECI (Solar Energy Corporation of India) tranche XI auctions by Sembcorp, which has operations spread across seven states in India.

A project of this size can provide electricity to 1 lakh households and curb approximately 4.1 lakhs tonnes of CO2 emissions per year.

Kaarya Facilities & Services share price will also be in focus today.

Kaarya Facilities and Services stated in a regulatory filing that the board of directors have approved bonus shares.

The record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares shall be 5 October 2022.

The bonus ratio is 1:1 i.e. every shareholder will get one bonus share for each share held in the company. The proposed bonus is yet to be approved in the annual general meeting (AGM).

Since bonus and other corporate actions interest you, check out the 5 stocks to watch out for bonus and stock splits.

Why Adani Power Share Price is Rising

Adani Power share price has been in uptrend for the last one year, delivering multibagger returns. The Adani Group stock hit upper circuit in yesterday's trade after Gautam Adani's recent tweet of committed to supplying power to Bangladesh came to limelight.

On 5 September 2022, Indian billionaire and Adani Group Chairman Gautam Adani made an announcement about power supply initiation to Bangladesh from December 2022 from his official tweeter handle citing,

"It is an honour to have met Hon PM of Bangladesh Sheikh Hasina in Delhi. Her vision for Bangladesh is inspirational and stunningly bold. We are committed to commissioning our 1600 MW Godda Power Project and dedicated transmission line to Bangladesh by Bijoy Dibosh, 16 Dec 2022."

The stock has risen from Rs 390 to Rs 416 apiece levels on the NSE in the last two days.

Adani Power shares are one of the multibagger stocks that Dalal Street has delivered in last one year.

Rupee falls further

The rupee has again started to fall.

The rupee declined by 7 paise to close at 79.89 (provisional) against the US dollar yesterday, tracking a strong dollar in overseas markets and losses in the domestic equities.

At the interbank foreign exchange market, the domestic currency opened at 79.9 per dollar. It hovered in a range of 79.8 to 79.9 during the session.

The US dollar surged as economic data from the US surprised the markets. The US ISM services PMI unexpectedly rose to 56.9 in August from 56.7 in July.

However, weak crude oil prices and foreign fund inflows cushioned the downside.

Falling rupee might not always be a bad news. In fact, there are stocks that stand to gain big from a weakening rupee.

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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