SGX Nifty Down 62 Points, Ashish Kacholia's Latest Purchase, Why Footwear Stocks are Rallying, and Top Buzzing Stocks Today

Thu, 13 Oct Pre-Open

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On Wednesday, Indian share markets continued their momentum throughout the day and ended on a firm note.

The key benchmark indices BSE Sensex and NSE Nifty snapped their 3-day losing streak backed by steady gains. A fall in global oil prices and positive US stock futures boosted the market sentiment.

However, concerns about the impact of steep hikes in interest rates on the economic growth kept gains in check.

At the closing bell on Wednesday, the BSE Sensex stood higher by 479 points (up 0.8%).

Meanwhile, the NSE Nifty closed up by 140 points (up 0.8%).

Power Grid, Axis Bank, and Coal India were among the top gainers.

Asian Paints, Adani Enterprises, and Bharti Airtel, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap inched higher by 0.7% and the BSE SmallCap index ended higher by 0.2%.

All sectoral indices ended on a positive note with stocks in the realty sector, power sector, FMCG sector, and banking sector witnessing most of the buying.

Among the best banking stocks, Axis Bank and Kotak Bank were up by 2% yesterday.

Shares of Raymond, IDFC, and, ZF Commercial hit their 52-week highs.

After falling for consecutive sessions, Divi's Lab share price reversed course and ended on a positive note.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 51,096 per 10 grams at the time of Indian market closing hours yesterday.

At 7:20 AM today, the SGX Nifty was trading down by 62 points, or 0.4% lower at 17,040 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

Biocon will be among the top buzzing stocks today.

In the past five trading sessions, Biocon share price has declined 12% after the company declared in a report that the European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major deficiency at its Bengaluru active pharmaceutical ingredient (API) plant.

Mahindra & Mahindra (M&M) share price will also be in focus today.

M&M and Jio-bp announced strengthening of their existing partnership with Jio-bp setting up robust charging network for Mahindra's upcoming e-SUVs launches.

Jio-bp is a fuels and mobility joint venture between Reliance Industries (RIL) and bp. Last year, the companies had signed MoU for exploring the creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels.

Market participants will also track the shares of TPL Plastech.

The board of directors of TPL Plastech have fixed record date for stock split. The small-cap company board has announced 20 October 2022 as record date for stock subdivision.

The company has already approved and declared stock split in 1:5 ratio, that means one equity share of face value Rs 10 will be subdivided into five shares of face value Rs 2 per equity share.

Footwear stocks rally

Shares of footwear companies continued their upward march.

Yesterday, Liberty Shoes and Campus Activewear hit their new 52-week high on the on the bourses owing to healthy business outlook. Besides these two stocks, Khadim India, Bata India, Relaxo Footwears and Metro Brands too rallied up to 10% each.

Chartist Brijesh Bhatia is also bullish on these stocks now.

The footwear industry is undergoing a major change wherein apart from design and comfort consumers are looking for functionality for the footwer. The global Footwear market size is currently around US $ 224.6 bn and is expected to grow at rate of 4%. India is the 2nd largest footwear manufacturer in the world after China.

Rising discretionary income, improvement in living standards, increased brand consciousness; growing work force has resulted in shift from the unorganized sector to the organized sector market in India. The demand for high fashion products is pushing revenues, higher trade volumes and increased employment avenues.

Meanwhile, Union Minister Piyush Goyal on Friday said India's footwear sector has immense potential, and it can increase production and exports 10 times in the near future.

Indian bond rates slide

Indian government bonds fell yesterday, reversing early gains as investors waited for retail inflation data due yesterday.

The benchmark Indian 10-year government bond yield was at 7.433%, after ending at 7.426% on Tuesday.  Yesterday bond yields traded in the range of 7.372 to 7.441.

The Reserve Bank of India has raised repo rate by 190 basis points in the five months to September to tamp down inflationary pressures, but the reading is expected to remain above the central bank's tolerance range in this quarter as well.

Speaking of rising interest rates, read our editorial on 5 ways to profit from rising interest rates.

Also on the watch of traders will be the keenly-watched US reading today which could provide more clarity on the Federal Reserve's interest rate trajectory. The Fed has already raised interest rate by 300 basis points since March and is scheduled to meet in November and December.

Ashish Kacholia buys this mutlibagger stock

As per the shareholding pattern of Megastar Foods for Q2 for the financial year 2022-23, Ashish Kacholia's name figures in the list of individual shareholders who hold more than 1% stake in the company.

As per the details available in latest shareholding pattern of the company available on Indian exchanges, Ashish Kacholia holds 1,03,666 share of the company which is 1.04% of total paid up capital of the company.

In April to June 2022 shareholding pattern of the company, Ashish Kacholia's name was missing from the list of individual shareholders, which means the 'Big Whale' of Indian stock market has bought fresh stake in the company during the recently ended quarter on 30th September 2022.

However, it would be difficult to ascertain whether the market magnet bought all these shares in one shot or he bought these shares in a calibrated manner. As per the exchange rules, it is mandatory for a listed company to share the name of each shareholder who hold 1% or more stake in the company.

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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