Gift Nifty Up 55 Points | Ather Energy Files for IPO | Iron Ore Price Hits 22-Months Low | Top Buzzing Stocks Today

Tue, 10 Sep Pre-Open

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Indian benchmark indices turned positive as the session progressed and ended the day higher.

Indian equity benchmark indices BSE Sensex and Nifty 50 ended Monday's trading session higher, even as markets in Asia were roiled by weak sentiment emanating from the sell-off in US stocks on Friday.

At the closing bell on Monday, the BSE Sensex stood higher by 375 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 84 points (up 0.3%).

HUL, ICICI Bank and ITC were among the top gainers.

ONGC, NTPC and BPCL on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.3% lower and BSE SmallCap index ended 0.7% lower.

Sectoral indices were trading mixed with socks in FMCG sector and banking sector witnessing buying speer. Meanwhile stocks in metal sector and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 71,455 per at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading 55 points higher at 25,035 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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Top buzzing stocks today

Minda Corporation share price will be in focus today.

Minda Corporation rose 1.4% to Rs 557.9 after the company announced that its board will meet on Thursday, 12 September 2024 to consider raising of funds through the issuance of equity shares or any other equity-based instruments.

The funds would be raised by issuance of equity shares or any other equity-based instruments including preferential issues, qualified institutions placement, rights issue or any other permissible mode or any combination.

Suven Pharma will also be a top buzzing stock.

Shares of Suven Pharma hit a 52-week high on 9 September after the company cited the US drug regulator's report saying remedial action has been initiated by subsidiary Casper Pharma, and the inspection has been closed, as shown in the Establishment Inspection Report (EIR) from the regulator.

EIR or Establishment Inspection Report is a document issued by the US Food and Drug Administration (USFDA) after the inspection of a pharmaceutical facility in Hyderabad, conveying that the inspection has been closed.

Why HUL Share Price is Rising

India's largest FMCG player Hindustan Unilever's share price surged to a fresh lifetime high as the market cheered the Kwality Wall's maker's plan to evaluate the way forward for its ice cream business.

On 19 March, Unilever, the parent company of HUL, announced its intention to separate its global ice cream business across jurisdictions.

During the meeting, HUL's board also gave its approval to explore potential structures and alternatives for the same.

Based on the recommendation of the "Independent Committee", the matter will be placed for final consideration of the Audit Committee and the Board at their respective meetings to be scheduled in due course.

The optimism in HUL also lifted the Nifty FMCG index to a fresh lifetime high, marking the index as an island of green in an otherwise muted market.

Ather Energy Files for IPO

Indian electric two-wheeler-maker Ather Energy filed for an IPO consisting of a fresh issue of shares worth Rs 31 bn ($369.4 million), it said in a draft red herring prospectus on Monday.

Backed by Indian bike maker Hero MotoCorp, Ather makes electric scooters and competes with recently-listed Ola Electric.

Investors and some top shareholders will sell up to 22 million shares in the IPO.

Proceeds will be used for capital expenditure to establish an electric two-wheeler factory in India's Maharashtra state and for research and development.

The book-running lead managers for the issue include Axis Capital and JM Financial.

Iron Ore Price Hits 22-Months Low

International iron ore prices slipped below the $90 per tonne mark on September 9, to hit a 22-month low as continued weakness in Chinese demand weighs on prices. The weakness in global prices is reflected in shares of Indian iron ore producers like NMDC, sending them down by over 2%.

China was responsible for approximately 54% of the world's crude steel production in 2023.

China's steel consumption has been reeling under a prolonged slowdown in the real estate business, and while it has resorted to exporting more of the commodity outside of China, the iron ore market is currently seeing a situation of excess supply.

NMDC has been fearing price spikes that might stem from geopolitical tensions in Ukraine and the conflict between Gaza and Israel.

Recent measures to fire up China's real estate demand through a potential stimulus have not yielded significant results, and economic activity remains muted. China's yuan too has slipped against the US Dollar to a new record on growth concerns.

Just last week, India had overtaken China's weightage on the MSCI Emerging Markets Investable Market Index, reflecting outflows at a time when India's fundamentals and corporate earnings are offering greater promise.

On Friday, Yi Gang, a former Governor of the People's Bank of China raised concerns over deflation, asking authorities to focus on this factor as falling prices run the risk of denting the growth outlook.

In 2024, the global steel demand is expected to rise by 1.9% but in China, analysts are projecting a continued slowdown in demand.

NMDC has been fearing price spikes that might stem from geopolitical tensions in Ukraine and the conflict between Gaza and Israel.

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

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