SGX Nifty Down 268 Points, TCS Q2 Results, the Latest on Suzlon Energy's Rights Issue, and Top Buzzing Stocks Today

Mon, 10 Oct Pre-Open

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On Friday last week, Indian share market ended on a flat note. Benchmark indices recovered losses during closing hours, but investors remained cautious.

At the closing bell on Friday, the BSE Sensex stood higher by 31 points (down 0.1%).

Meanwhile, the NSE Nifty closed higher by 17 points (down 0.1%).

Titan, Power Grid Corporation, and ONGC were among the top gainers.

BPCL, Mahindra & Mahindra, and JSW Steel on the other hand, were among the top losers.

Broader markets ended on a mixed note. The BSE Midcap fell 0.2% and the BSE SmallCap index ended higher by 0.3%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, realty sector, and power sector witnessing buying.

On the other hand, oil & gas sector, energy sector, and FMCG sector stocks, witnessed selling.

Telecom stocks have gained traction in recent days post 5G announcement. As 5G rolls out in several Indian states, be on the lookout for best 5G stocks in India.

Shares of Himadri Speciality Chemical, Ujjivan Financial Services, and Solar Industries hit their 52-week high on Friday.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 51,972 per 10 grams, at the time of Indian market closing hours on Friday.

At 7:30 AM today, the SGX Nifty was trading down by 268 points, or 1.6% lower at 17,050 levels.

Indian share markets are headed for a gap-down 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

Infosys share price will be among the top buzzing stocks today.

The company is facing allegations of gender bias yet again, with a former senior recruiter's suit in a US court alleging that the firm discriminated and retaliated against her when she pointed out discriminatory practices.

Suzlon Energy share price will also be in focus today.

Suzlon Energy, in an exchange filing, informed that Dilip Shanghvi, the founder of Sun Pharma, has conveyed to the promoters of the company his intentions to fully participate in the firm's upcoming rights issue.

Suzlon Energy's Rs 12 bn rights issue will be open from 11 October to 20 October and the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue was 4 October.

In 2015, Shanghvi bought a 23% stake in Suzlon for Rs 18 bn, helping the company to return to profitability after it became India's largest convertible-bond defaulter in 2012.

Market participants will also track shares of IDBI Bank.

Government and Life Insurance Corporation (LIC) will together divest 60.72% stake in IDBI Bank as Secretary, DIPAM invites expressions of interest (EoIs) from potential bidders.

The centre will divest 30.48% stake and LIC will offload 30.24%.

Titan Q2 Update

Titan shared its quarterly update last week.

The Tata Group company  recorded an increase in sales for the quarter ended September 2022.

The sales in the September quarter showed a growth of 18% year-on-year basis on the back of healthy double-digit growth across most businesses.

Its jewelry division, which contributes around 85% of its revenue, grew 18% YoY due to the festive demand.

However, the gold jewelry clocked low double-digit growth studded sales were higher than the overall division, driven by good activations and better contribution from high-value purchases.

The revenue from its watch business grew 20% YoY, recording its highest quarterly revenue.

The company's eyecare business grew 7%, and other businesses that include sarees and perfumes grew 58% compared to the last year.

TCS Q2 Results

India's largest IT company Tata Consultancy Services (TCS) is all set to kick start earnings season today.

Industry experts are of the view that strong deal execution and robust contracting activity augurs well for the company.

Note that IT stocks have fallen this year owing to several reasons. So when TCS reports its earnings, market observers will closely track the management's commentary, margin outlook, deal pipeline, and most importantly the attrition rate.

Apart from results declaration, TCS will also consider declaration of second interim dividend to equity shareholders.

RBI Sells Dollars as Rupee Tumbles Further

The Reserve Bank of India likely sold dollars via state-run banks on Friday last week after the rupee slid below 82 to a record low against the US dollar on concerns over the US Federal Reserve rate outlook.

The rupee dropped to 82.33 in early hours on Friday and remained rangebound, likely due to the RBI intervention.

The intervention by the RBI was confirmed to Reuters by four bankers and a brokerage firm.

As rupee declines, check out the 5 ways to play the fall in the rupee as an investor.

Fall of Rating Agencies?

Last week, the Indian market regulator ordered credit rating agency Brickwork Ratings India to wind up its operations within six months while barring it from taking on any fresh clients or business.

This comes following a probe, which among other things, found deficiencies or violations including failure to document meetings with management /undertake site visits, failure to undertake independent analysis of projection provided by the issuer, delay in default recognition, material event delay and conflict of interest.

Some of the violations alleged in the findings of the two probes were delay or failure in recognition of default of non-convertible debentures of entities like Bhushan Steel, Zee Entertainment Enterprises, Essel Corporate Resources and Diamond Power Infrastructure while failing to review the rating of firms like Great Eastern Energy Corporation and Gayatri Projects.

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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