SGX Nifty Up 170 Points, Rupee Hits a New Life-Time Low, What Next for Cement Companies, and Top Buzzing Stocks Today

Thu, 29 Sep Pre-Open

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Yesterday was a day of extreme volatility as investors worried about a possible global recession.

After opening the day lower tracking weak global cues, Indian share markets regained momentum in the afternoon session and saw marginal gains. However, markets slipped towards the day's low as banking and metal stocks came under pressure.

Indices tumbled towards the end to join their Asian peers to close in the red after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a probable recession.

At the closing bell on Wednesday, the BSE Sensex stood lower by 509 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 149 points (down 0.9%).

Asian Paints, Sun Pharma, and Dr Reddy's Laboratories were among the top gainers.

Hindalco, JSW Steel, and ITC, on the other hand, were among the top losers.

The broader markets ended on a negative note. The BSE Mid Cap index ended lower by 0.5%, while the BSE Small Cap index ended down by 0.4%.

Sectoral indices ended on a mixed note with stocks in the pharma sector and IT sector witnessing buying. Investors flocked to the best pharma stocks as those are considered defensive bets.

On the other hand, stocks in the metal sector, banking sector, and financial sector witnessed selling pressure.

Shares of Gujarat Fluorochemicals and Asian Paints hit their 52-week high on Wednesday.

At 7:20 AM today, the SGX Nifty was trading up by 17 points, or 1% higher at 17,040 levels.

Indian share markets are headed for a gap-up 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

Asian Paints will be among the top buzzing stocks today.

Shares of Asian Paints hit an eight-month high of Rs 3,559, gaining 3% on the BSE in Wednesday's intra-day trade, outperforming the market.

The stock price rose even in a weak market, as falling raw material costs are expected to aid margin expansion for the paint maker.

A fall in raw material prices from their recent peak, and improved product mix will help drive EBITDA margin for Asian Paints in the coming quarters. The stock of the paint company also traded higher on hopes of higher demand ahead of the festive season.

ITI will also be in focus today.

A board meeting is scheduled to consider issue of equity shares to the government.

ITI manufactures telecom equipment like electronic switching exchanges, transmission equipment, microelectronic and telephone instruments, among many others. The company has undertaken many initiatives or projects, in order to boost the turnover and implement the revival plan.

The company has planned turnover of Rs 28.4 bn for the financial year 2022-23. ITI is focusing on manufacturing in a big way and plans to take up turnkey projects as system Integrator (SI), to increase the value addition.

The company expects to execute a defence order of Rs 78 bn contract for Phase IV of the Army Static Switched Communication network (ASCON) project.

Rupee falls further

Amid a spike in US bond yields, the rupee on Wednesday ended at a fresh record low of 81.9 against the US dollar. The domestic currency has already depreciated around 9% against the greenback so far in the calendar year 2022.

The US Dollar Index, which measures the strength of the American currency against a basket of other major currencies, hit a new multi-year high of 114.8 after a White House official ruled out a currency agreement to weaken the greenback. The yield on the US 10-year Treasury touched 4% for the first time since 2010.

The rupee reached a record low of 81.6 on Monday. The local unit traded in an 81.3-81.6 range on Tuesday amid a Reuters report that India's bond inclusion into the JPMorgan emerging market index could be delayed to next year.

The Reserve Bank of India (RBI) is said to be contemplating several bespoke measures, such as opening a special window for oil importers and reducing hedging costs for foreign-currency depositor, to minimise the pace of decline in the rupee against the surging US dollar.

Bright prospects for India's cement sector

Shares of cement companies traded higher by up to 10% on the BSE in Wednesday's intra-day trade, snapping their six-day declining streak.

The capex driven fiscal path of the Government with a 35% jump in the overall capex plan is expected to provide a fillip to the economy.

Further the initiative by the Southern states in giving push to housing, infrastructure development, irrigation, metro rail and road buildings augur well for the cement industry. With a prediction of good rainfall to continue this year, the rural economy is also expected to do well.

This puts India's best cement stocks in a strong position.

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

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