SGX Nifty Trades Flat, Oil Prices at 7-Month Low, Changes in Insurance Laws, and Top Buzzing Stocks Today

Mon, 12 Sep Pre-Open

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On Friday, Indian share markets pared gains as the session progressed and ended marginally higher.

Benchmark indices took positive cues from global market, where stocks rose as investors digested the hawkish remark from the Fed and the ECB's biggest ever hike in its key interest rate.

Adding to sentiment were falling crude oil prices and a decline in domestic bond yields.

At the closing bell on Friday, the BSE Sensex stood higher by 104 points.

Meanwhile, the NSE Nifty closed up by 34 points.

Tech Mahindra, IndusInd Bank, and Infosys were among the top gainers.

UltraTech Cement, Mahindra & Mahindra, and HDFC Life on the other hand, were among the top losers.

The broader markets ended on a mixed note. The BSE Mid Cap index and the BSE Small Cap index ended higher by 0.2%.

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

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

Metal stocks were falling for months but now the scenario has changed. The top metal stocks in India is what you should look at as they will be prime beneficiaries of any PLI scheme.

At 7:45 AM today, the SGX Nifty was trading up by 8 points or 0.1% higher at 17,850 levels.

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

Shares of Bajaj Holdings & Investment, Vinati Organics and SKF India hit their 52-week high on Friday.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Gold prices were trading up by 0.6% at Rs 50,356 per 10 grams at the time of Indian market closing hours on Friday.

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

Ashapura Minechem share price will be among the top buzzing stocks today.

Albula Investment Fund has sold 14.5 lakh shares in the company via open market transactions. These shares were sold at an average price of Rs 101.97 per share.

Reliance Industries share price will also be in focus today.

The company is planning to shut down one crude distillation unit (CDU) and fluidised catalytic cracker (FCC) of its SEZ refinery at Jamnagar for routine maintenance and inspection activities.

While you may think that Reliance Industries will be the first Indian company to hit US$1 tn in marketcap, we think this company could race ahead Reliance and even TCS.

Market participants will also track shares of Gujarat Industries Power.

Gujarat Industries Power's board of directors have approved the award of an EPC contract worth Rs 2.4 bn to KEC International.

The contract is for a 400/33 KV pooling sub-station, 1,200 MW of solar, wind, and hybrid power, and a renewable energy park of 2,375 MW capacity in Gujarat.

Oil on the Boil

State-owned oil companies in India have not changed the prices of petrol and diesel even though international crude oil prices have hit a seven-month low, apparently to recoup losses incurred for holding rates for a record five months despite rising cost.

International benchmark Brent crude fell below US$ 90 per barrel last week for the first time since early February as recession fears weigh on demand.

Crude oil fell despite bullish developments, including Russia keeping the North Stream pipeline offline and producers cartel OPEC and its allies (OPEC+) cutting production.

Last week, the government also defenced OMCs policy to not revised oil prices.

State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have not exercised their right to adjust the retail selling price of petrol and diesel.

This is in line with the international costs for over five months now to help the government manage runaway inflation.

Speaking of falling crude oil, check out this video where Vijay Bhambwani talks about stocks to buy when crude oil prices fall.

Change in Insurance Laws

As per a leading financial daily, the finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance penetration in the country.

Insurance penetration in India increased from 3.76% in 2019-20 to 4.20% in 2020-21, registering a growth of 11.7%.

Insurance penetration measured as the percentage of insurance premium to GDP witnessed handsome growth during the year, mainly due to the outbreak of Covid-19.

The ministry is doing a comprehensive review of the Insurance Act, 1938 and also looking at making relevant changes to help push growth of the sector, adding the process is at a preliminary stage.

One of the provisions being considered is lowering the minimum capital requirement of Rs 1 bn for setting up an insurance business, according to reports.

Presently, there are 24 life insurance companies and 31 non-life or general insurance firms, including specialised players like the Agriculture Insurance Company of India and ECGC Limited.

Since insurance stocks interest you, check out these 2 companies which are riding the insurance megatrend.

Rising Aluminum, Copper prices boost NALCO, Hindalco

Aluminium companies Hindalco and NALCO have seen an uptrend of late, tracking gains in the base metals on the London Metal Exchange (LME).

Aluminum and copper prices are rising amid worries that stoppages due to high energy prices or other disruptions will spur shortages.

Among other metal and mining stocks, Vedanta, NMDC, JSW Steel, Jindal Steel, Tata Steel and SAIL have also seen an up move.

According to market experts, global industrial metals scenario has been extremely confused since the Russia-Ukraine war.

It remains to be seen how the above developments pan out.

Tensions are also brewing in China and Taiwan. Read this editorial to understand how a China-Taiwan war may impact your portfolio.

And 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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