SGX Nifty Up 30 Points, L&T's Significant Orders, Weak Demand for Tracxn Tech IPO, and Top Buzzing Stocks Today

Wed, 12 Oct Pre-Open

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On Tuesday, Indian share markets continued their downtrend throughout the day and fell sharply in the final hours.

The key benchmark indices cracked heavily in late trades as a weaker rupee, tepid FII flows and a gloomy global market scenario weighed on sentiment.

All sectoral indices ended in the red with realty, IT, metal, and FMCG sector stocks tanking the most.

At the closing bell on Tuesday, the BSE Sensex stood down by 844 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 257 points (down 1.5%).

Axis Bank, Adani Enterprises, and Asian Paints were among the top gainers.

Divi's Laboratories, IndusInd Bank, and Eicher Motors, on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index dived 1.6% and the BSE SmallCap index ended lower by 1.5%.

All sectors ended on a negative note with stocks in the IT sector, metal sector, realty sector and telecom sector witnessing most of the selling.

Defensive sectors were also not spared as pharma stocks and FMCG stocks witnessed heavy selling.

Shares of Star Cement, Chalet Hotels, and Kalpataru Power hit their 52-week high on Tuesday.

The rupee was trading at 82.3 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 51,023 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the SGX Nifty was trading up by 30 points, or 0.2% higher at 16,980 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

L&T will be among the top buzzing stocks today.

The construction subsidiary of engineering giant Larsen & Toubro bagged a repeat order from the Water Resources Department of the Odisha Government. It is to execute Cluster XIX & Cluster XX Mega Lift Irrigation projects.

ITD Cementation India share price will also be in focus today.

The company has secured new orders worth Rs 17.5 bn from various clients. It secured an order for the construction of the west container terminal in the port of Colombo, Sri Lanka. Since April 2022, it has secured orders worth Rs 79 bn.

Gems & Jewellery Export Boosts

According to the data released by Gem and Jewellery Export Promotion Council (GJEPC), India's gems and jewellery exports grew by 27.2% YoY to Rs 301.9 bn from Rs 237.4 bn in the same month last year.

Since the beginning of the financial year 2022-23, the overall gross exports of gem and jewellery rose 12.8% to Rs 1.6 tn on a cumulative basis compared to Rs 1.4 tn for the same period last year.

With this rise in exports, the sector has achieved 45% of the total exports target of US$ 45.7 bn for the current financial year.

Post the India-UAE agreement, the export of plain gold jewellery has gained traction with an average growth of 19.4%.

Following the break-up of exports of gems and jewellery for the September 2022 period, the overall gross exports of cut and polished diamonds grew by 21.9% YoY to Rs 171 bn from Rs 140.2 bn in September 2021.

However, for April-September 2022, the overall gross exports of Cut and polished diamonds grew by 4.7% to Rs 958.1 bn from Rs 914.9 bn in the same period last year. During the same time the exports of total gold jewellery raised by 24.8% to Rs 389.4 bn from Rs 311.8 bn.

This robust growth in gems and jewellery exports for September 2022 was driven by the holiday season and festive demand.

Tracxn Technologies IPO

Tracxn Technologies initial public offering (IPO) got 54% subscribed on day 2 of the offer.

The issue for the same commenced on October 10 will close on October 12.

The company is looking to raise around Rs 3.1 bn through the offer. It is currently selling shares in the range of Rs 75-80 per piece.

The company's IPO received bids for 1,15,12,365 shares, which was 54% of the total issue size of 2,12,69,714 shares.

The retail investors' quota was subscribed 1.22 times on day 1, jumped to 2.6 times on day 2. Of the total 38,67,220 shares available for retail individual investors (RIIs) the total bids stood at 1,00,37,545.

However, the quota for non-institutional investors (Bid more than Rs 2 lakh) was subscribed 40%, up from 7% on day 1, as 7,73,115 bids were received for 19,33,610 reserve shares.

While that of for the non-institutional investors (Bid more than 10 lakh) was subscribed by 18% on day 2 up from 2% on day 1. A total of 7,01,705 bids were received against 38,67,221 reserve shares for Non-Institutional Investors in the more than Rs 10 lakh category.

The company has generated Rs 1.4 bn by allocating 17,402,494 shares to anchor investors at Rs 80 apiece. The offer for sale (OFS) consists of 38,672,208 equity shares.

The shares of the company were trading with the grey market premium of Rs 7 per share in the market.

Tracxn Technologies operates on a Software as a Service (SaaS) model and is among the leading market intelligence providers for private company data.

Department of Telecommunication to meet Telcos

A meeting has been chaired by the Department of Telecommunication on 12 October 2022 to discuss the software update timeline for 5G support, amid concerns over a wide range of models not supporting it.

It is to prioritize the over-the-air software upgrades needed for smartphones to support 5G services rolled out by Reliance Jio and Airtel.

Additionally, smartphone brands including Apple, Samsung, Xiaomi, as well as Indian manufacturers Lava, Karbonn, Micromax and contract manufacturer UTL Neolync and many others have been called.

The department wants handset manufacturers to roll out updates simultaneously to support both standalone and non-standalone 5G networks.

The development comes after the fuss over iPhones and Samsung models unable to support 5G networks rolled out by Airtel and Reliance Jio in select cities.

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

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