SGX Nifty Down 48 Points, Falling Gold Prices, Hero MotoCorp's First Ever EV Scooter, and Top Buzzing Stocks Today

Tue, 11 Oct Pre-Open

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On Monday, Indian share markets recouped most of the losses during closing hours to end marginally lower.

A better-than-expected unemployment rate in the US concretized the belief among investors that further rate hikes are in store while a notable recovery in US stock futures aided the sentiment.

At the closing bell on Monday, the BSE Sensex stood lower by 200 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 73 points (down 0.4%).

Axis Bank, TCS, and HDFC Life Insurance were among the top gainers.

Tata Motors, Hero MotoCorp, and Asian Paints, on the other hand, were among the top losers.

The broader markets ended on a mixed note. The BSE Midcap dived lower by 0.8% and the BSE Small Cap index ended higher by 0.6%.

Sectoral indices ended on a mixed note with stocks in the media sector, and IT sector witnessing buying.

On the other hand, stocks from the power sector, realty sector, and FMCG sector, witnessed selling.

Shares of Tata Chemicals, IDFC, and Cochin Shipyard hit their 52-week highs.

The rupee was trading at 82.3 against the US$ yesterday. After touching record low last week, the rupee is once again back to hitting new lows on Monday. If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

Gold prices for the latest contract on MCX were trading down by 1.3% at Rs 51,960 per 10 grams, at the time of Indian market closing hours yesterday.

At 8:00 AM today, the SGX Nifty was trading down by 48 points, or 0.3% lower at 17,180 levels.

Indian share markets are headed for a negative 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

JP Associates will be among the top buzzing stocks today.

On 10 October 2022, the board of directors of JP Associates decided to divest company's significant cement business.

According to a report, billionaire Gautam Adani-controlled Adani Group is in advanced talks with debt-laden JP Power Ventures to buy its cement unit.

Atul Auto share price will also be in focus today.

The company's board approved a preferential issue of Rs 1.2 bn worth of warrants to promoters and non-promoters of the company, including investor Vijay Kedia.

As on 30 June 2022, Kedia Securities Private Limited held 1.5% stake in Atul Auto.

Market participants will also track the shares of IDBI Bank.

On Monday, the finance ministry invited initial bids for strategic disinvestment in the lender. The government aims to jointly sell 60.7% stake in the lender along with the Life Insurance Corporation (LIC).

The government of India currently holds 45.48%, and LIC holds 49.24% of the total equity share capital of the IDBI Bank.

Tata Motors sales decline

Shares of Tata Motors declined around 5% to Rs 393 on the BSE in Monday's early deals after the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover (JLR) business.

Tata Motors' Jaguar Land Rover (JLR) wholesale volumes (excluding its joint venture in China) were 75,307 for the second quarter, while it had in August, projected wholesale volumes to be around 90,000.

The automaker, among the largest in the country, blamed lower-than-expected supply of specialised chips from one supplier for failing to meet its target. However, it said new deals with semiconductor suppliers would lead to improved sales in the second half of the fiscal year.

Tata leads India's electric vehicle (EV) market, helped by government subsidies and high tariffs on imports and the company intends to expand its electric passenger vehicle portfolio from 3 EVs at present to 10 by FY26.

To know more, read our editorial on how the Tata group is riding India's EV revolution...

Gold price tumbles

Yesterday in Indian markets, gold rates fell sharply, tracking a weak trend in international rates.

On MCX, gold fell 1.3% or around Rs 700 per 10 gm to Rs 51,329 per 10 gm, its biggest single-day fall in about 3 months. On MCX Silver tumbled Rs 1,500 or 2.5% to Rs 59,340 per kg.

In international markets, gold prices have declined more than $350 since surging past the $2,000-mark in March, amid aggressive U.S. monetary policy tightening.

Spot silver shed 1.8% to $19.74 per ounce after hitting a one-week low.

Investor interest also remained weak. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell by 2.03 tonnes on Friday, marking its biggest outflow since late September.

A strong US dollar after US jobs report put pressure on the yellow metal.

Here MotoCorp enters the EV race

Hero MotoCorp has made its entry into the electric vehicles (EVs) space with a premium scooter. The company has launched its first own-developed E2W VIDA V1, which is positioned at the upper end of the electric scooter market.

Hero plans to widen its EV portfolio to cover multiple price points and use cases. In the medium-term, Hero intends to expand its EV portfolio, including high-performance e-motorcycles and B2B vehicles.

Hero is taking an omni-channel approach for EV distribution and also plans to launch EV-specific dealerships in future. Success of Hero's EVs can improve the company's long-term growth outlook.

V1 will be launched in a phased manner, with the product being available for retail sales in Delhi, Bengaluru and Jaipur to begin with and, subsequently, in other cities and it will eventually see presence in export markets.

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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