SGX Nifty Zooms 235 Points, Suzlon Energy's Rights Issue, Nykaa's 5:1 Bonus Shares Allotment, and Top Buzzing Stocks Today

Tue, 4 Oct Pre-Open

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On Monday, Indian share markets continued their downtrend and extended losses as the session progressed.

Indices ended near the day's low as investors continued to remain pessimistic as central banks keep tightening their monetary policy stoking fears of a global recession.

At the closing bell on Monday, the BSE Sensex stood lower by 638 points (down 1.1%).

Meanwhile, the NSE Nifty closed down by 207 points (down 1.2%).

ONGC, Dr Reddy's Laboratories, and Cipla were among the top gainers.

Adani Enterprises, Eicher Motors, and Adani Ports, 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 1.2%, while the BSE Small Cap index ended down by 0.5%.

Barring telecom sector, all sectoral indices ended in red with stocks in the power sector, auto sector, banking sector, and FMCG sector witnessing most of the selling pressure.

Even the best bank stocks in India and best FMCG stocks in India were not spared as investors gave in to panic selling.

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

Gold prices for the latest contract on MCX were trading higher by 0.4% at Rs 50,194 per 10 grams at the time of Indian market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX were trading up by 1.6% at Rs 56,858 per kg.

At 8:10 AM today, the SGX Nifty was trading up by 235 points, or 1.4% higher at 17,103 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

Nykaa will be among the top buzzing stocks today.

Nykaa's board has approved bonus shares in the ratio of 5:1 i.e. five bonus share for every one share held in the company.

The company has fixed 03 November 2022, as the record date for the purpose of determining members eligible for bonus equity shares.

Nykaa is engaged in the business of manufacturing, selling & distribution of beauty, wellness, fitness, personal care, health care, skin care, hair care products on the online platforms or websites such as e-commerce, m-commerce, internet, intranet as well as through physical stores, stalls, general trade and modern trade etc.

Adani Enterprises share price will also be in focus today.

Yesterday, shares of Adani Enterprises slipped 5%. The stock of Adani Group's flagship company was trading lower for the seventh straight day.

Adani Enterprises (AEL) is one of the fastest growing diversified businesses that provide an extensive range of products and services.

Market participants will also track share price of Gokaldas Exports.

Apparel manufacturer and exporter Gokaldas Exports surged over 5% yesterday after Abu Dhabi Investment Authority acquired 15 lakh equity shares in the company at an average price of Rs 349.7 a share.

The fund owned by the Emirate of Abu Dhabi bought these shares in a bulk deal that was executed on 30 September. Clear Wealth Consultancy Services LLP sold 15 lakh shares at the same price.

Suzlon promoters to subscribe for rights issue

The promoter group of wind turbine maker Suzlon Energy on Monday re-confirmed its participation in the upcoming Rs 12 bn rights issue of the company, following the demise of its founder and chairman Tulsi Tanti.

Suzlon's founder chairman and managing director Tulsi Tanti died due to cardiac arrest on the evening of 1 October. Tanti is survived by his daughter Nidhi and son Pranav.

In a stock exchange filing on Monday, the Suzlon promoter group said they will subscribe to the full extent of their portion of the rights issue.

Suzlon's proposed rights issue opens on 11 October.

The company will issue up to 2.4 bn partly paid-up shares for cash, at a price of Rs 5 per rights equity share aggregating up to Rs 1,200 bn to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders on the record date of 4 October. The last date of on-market renunciation of rights entitlements is 14 October.

The right issue will close on 20 October.

The funds raised through the rights issue will be used for repayment or pre-payment of a portion of certain outstanding borrowings availed by the company and its subsidiaries and for general corporate purposes.

Global gas sector under pressure

Global gas markets are expected to remain tight well into 2023, as Russian pipeline supplies dwindle and demand falls in Europe in response to energy saving measures amid high prices, the International Energy Agency (IEA) said on Monday.

Natural gas markets worldwide have been tightening since 2021 and global gas consumption is expected to decline 0.8% this year as result of a record 10% contraction in Europe and flat demand in the Asia Pacific region, the IEA said in its quarterly gas market report.

Meanwhile, global gas consumption is forecast to grow by only 0.4% next year, but the outlook is subject to a high level of uncertainty, particularly in terms of Russia's future actions and the economic impacts of sustained high energy prices.

The outlook for gas markets remains clouded, not least because of Russia's reckless and unpredictable conduct, which has shattered its reputation as a reliable supplier. But all the signs point to markets remaining very tight well into 2023.

In some emerging and developing economies, the price spikes triggered shortages and power cuts. Europe's gas consumption declined by more than 10% year-on-year in the first eight months of 2022, driven by a 15% drop in the industrial sector as factories curtailed production.

The IEA forecasts that Europe's LNG imports will increase by over 60 b cubic metres (bcm) this year, or more than double the amount of global LNG export capacity additions, keeping international LNG trade under strong pressure for the short- to medium-term.

This implies that Asia's LNG imports will remain lower than last year for the rest of 2022.

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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