SGX Nifty Down 21 Points, Hindustan Copper's Bumper Dividend, Boom in Housing Sales, and Top Buzzing Stocks Today

Fri, 30 Sep Pre-Open

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On Thursday, Indian share markets swung between gains and losses throughout the session to end marginally lower.

The market settled lower on the day of the monthly F&O (derivatives) expiry, as global cues remained unsupportive, tacking a comeback across the global market following the concerns about aggressive policy tightening by major central banks.

Losses in IT stocks were offset by the gains in FMCG stocks and pharma sector. As usual, investors flocked to the best FMCG stocks and best pharma stocks.

At the closing bell on Thursday, the BSE Sensex stood lower by 188 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 41 points (down 0.2%).

ONGC, Hindalco, and Apollo Hospitals were among the top gainers.

Asian Paints, Tech Mahindra, and Hero MotoCorp, 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 healthcare sector, metal sector, and FMCG sector witnessing buying.

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

Shares of Gujarat Fluorochemicals, Cipla, and Cochin Shipyard hit their 52-week high on Thursday.

The rupee was trading at 81.8 against the USUS$.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 50,185 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the SGX Nifty was trading down by 21 points, or 0.1% lower at 16,790 levels.

Indian share markets are headed for a flat 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

Indian Oil Corporation will be among the top buzzing stocks today.

The state-owned Indian corporation has inked long-term oil supply for 1.7 m ton per annum with Brazil's Petroleo Brasileiro SA (Petrobras) and Colombia's state-run Ecopetrol SA, boosting the country's energy security.

Hindustan Copper share price will also be in focus today.

Hindustan Copper on Thursday approved a 23.2% dividend for the financial year ended in March 2022. The board has approved a dividend of Rs 1.16 per share of the face value of Rs 5 each .

Reliance Retail Launches Premium Fashion Store

Country's largest retailer Reliance Retail on Thursday launched a premium fashion and lifestyle store brand AZORTE, which will house the global trends and contemporary Indian fashion.

Reliance Retail has opened its first AZORTE store at Bengaluru and plans to ramp up the store presence across key markets over the coming months.

Through AZORTE, it is looking at the mid-premium fashion segment, which is one of the fastest-growing consumer segments.

The company plans to have up to 40 stores across 12 cities over the next nine months.

The new store chain is a part of Reliance Industries' aggressive strides in the retail industry, forging partnerships with domestic and global brands.

The company further plans to build o build a portfolio of 50 to 60 grocery, household and personal care brands within this year and is in advanced talks to get the rights for LVMH-owned French beauty brand Sephora in India.

Housing Sales on Solid Ground

From July 2022 to September 2022, residential sales showed robust YoY growth of 49% at 83,220 units compared to 55,910 units sold in the corresponding period last year.

With the festive season in full swing, India's real estate industry is bouncing back from pandemic and subsequent disruption.

According to report by REA India, the sales have surpassed the pre-pandemic levels of 2019's July - September quarter.

New supply registered a YoY growth of 61% when compared to Q3 2021 (July - September). The report also stated that the new supply is at par with the 2015 levels for the second consecutive quarter.

As per the data, housing sales in Mumbai jumped over two-fold to 28,800 units from 14,160 units in the corresponding period of the previous year. While Pune witnessed 55 % growth in sales to 15,700 units from 10,130 units and Delhi NCR saw 22 % increase in housing sales to 5,430 units from 4,460 units.

Apart from this, sales in Ahmedabad rose by 44% and Hyderabad surged by 35%.

This demand is further expected to strengthen on the back of festive discounts and flexible payment plans.

Rupee Climbs

The Indian rupee closed slightly higher against the US currency on Thursday, after a choppy session in which the Reserve Bank of India sold dollars to support the local currency.

The rupee ended at 81.86 per US dollar, a tad higher than the record closing low of 81.94 in the previous session. The rupee had opened higher at 81.61 but was not able to sustain the gains on dollar buying by foreign banks and oil companies.

Intraday, the rupee came close to falling below the record low of 81.95, prompting the RBI to sell dollars.

Avaada Group eyes Global Carbon Push

Indian renewable power developer Avaada Group is gearing up for opportunities in foreign markets including Europe, Japan, and South Korea, where the push for decarbonization is expected to spur demand for clean energy.

The company, backed by Thailand's PTT, aims to expand renewable power capacity to 30 gigawatts by 2030 from 4 gigawatts now and launch a green ammonia unit with 1 million tons of annual production by 2026.

Its ambitions are in line with India's goals of becoming a global hub for green hydrogen and ammonia. Avaada expects increased demand for clean energy globally thanks to government climate targets and domestically as factories seek to avoid a planned EU carbon tax on imported goods.

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

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