SGX Nifty Up 30 Points, SBI Hits Rs 5-tn in Market-cap, India's Thermal Coal Imports, and Top Buzzing Stocks Today

Thu, 15 Sep Pre-Open

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On Wednesday, Indian share markets saw volatility in trading as benchmark indices swung between gains and losses.

After opening the day deep in the red tracking a slump in global markets, Indian share markets recouped losses in the afternoon session, led by gains in banking stocks and recovery in US stock futures.

US consumer prices rose faster than expected last month suggesting Federal Reserve will continue to keep inflation as its priority.

This led to selloffs on Wall Street and Asian markets. IT stocks fell the most as usual, tracking a sharp fall in US tech-heavy Nasdaq index.

At the closing bell, the BSE Sensex stood lower by 224 points (down 0.4%).

Meanwhile, the NSE Nifty closed down by 66 points (down 0.4%).

Bajaj Finserv, IndusInd Bank, and NTPC were among the top gainers.

Infosys, TCS, Tech Mahindra on the other hand, were among the top losers.

The broader markets ended on a negative note. The BSE Mid Cap index ended down by 0.1% and the BSE Small Cap index ended flat.

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

While stocks in media sector, oil & gas sector, and IT sector witnessed selling pressure.

Shares of Navin Fluorine, Fine Organics, and ITC hit their 52-week high. ITC share price is rising constantly following news around its hotel business.

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At 7:20 AM today, the SGX Nifty was trading up by 30 points or 0.1% higher at 18,020 levels.

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

Gold prices were trading flat at Rs 50,110 per 10 grams, at the time of Indian market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX were trading lower by 0.1% at Rs 56,834 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

SBI will be among the top buzzing stocks today.

Public lender State Bank of India (SBI) hit the Rs 5-trillion-mark in market capitalisation (market cap) for the first time on Wednesday after its shares touched a record high of Rs 564.45, in other wise weak market.

With this, SBI has become the third lender in the country to cross the market cap of Rs 5 trillion after HDFC Bank and ICICI Bank.

Vedanta share price will also be in focus today.

Share price of Vedanta jumped 11% on Wednesday as the company said it will set up iPhone and TV equipment manufacturing hub in Maharashtra.

In a boost to electronics manufacturing in India, Vedanta will set up a hub to manufacture Apple iPhones and other television equipment in Maharashtra. The move is likely to make India a hub for electronics manufacturing as it tries to wean away global leaders from China.

This is clear indication that Vedanta is ramping up its focus on semiconductor manufacturing. It is among the top 5 semiconductor stocks in India.

Indian Thermal Coal Imports Inch Up

The thermal coal imports in India are rising substantially catching up to the largest coal importer China, with an expected 263 million tonnes of coal import by 2023.

India is fast catching up with China in its thermal coal imports, as the world's two biggest overseas buyers of the power generation fuel adjust purchases to align them with the varying trajectories of their economic growth.

India, the last remaining major growth markets for the fuel, stepped up buying from Indonesia and Russia after the invasion of Ukraine.

The thermal coal imports grew by 12% in the eight months ended August 2022 to 114.2 m tons.

These imports are primarily driven by a surge in electricity demand. While this increasing electricity use has resulted in more imports by utilities, it has also pushed state-run Coal India to boost supplies to power plants at the expense of the non-power sector

Apart from this India's thermal coal imports are expected to rise 7% on year to 158 million in 2022, and a further 3% to 163 million tonnes in 2023.

IT Stocks Dive

IT stocks on Wednesday plunged over 3%. IT counters saw heavy broad-based selling amid global equity selloff triggered by higher-than-expected US inflation numbers.

Shares of Infosys, TCS, and Tech Mahindra inched lower up to 5%. IT bluechips were trading with big cuts, dragging the indices lower in early trade.

Despite a steep depreciation in rupee, pushing it to new lows, software exporters have remained out of favour. Majority of them rule out expectations of a sharp recovery anytime soon but are bullish on the space in the long run.

The rising inflationary pressures and anticipation of aggressive rate hike from the US Fed does not bode well for the IT sector, which plunges in tandem to the US tech barometer Nasdaq composite.

IT stocks have been falling and have remained volatile since beginning of 2022 and are the worst performers, underperforming the broader markets. This decline was due to the higher attrition rate of IT companies, fear of global recession, and dampening quarterly results.

Major IT stocks are not only down by up to 50% from their 52-week highs but have wiped out about Rs 3.5 lakh crore from investors' wealth on a year-to-date basis.

Wholesale Price Inflation eases

India's wholesale inflation eased to an 11-month low in August to 12.4% from 13.9% in July 2022.

The decline was benefited from the easing in key commodity prices amid global slowdown concerns. Fuel and power inflation in August eased significantly to 33.7% from 43.85 in July, supported by broader market moderation.

Although the Wholesale Price Index (WPI)-based inflation declined for three consecutive months in August, it remained in double-digit for 17 months beginning April last year. Dur to this, companies like HUL, ITC took significant price hike to balance their profitability.

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

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