Gift Nifty Up 8 Points | ABB India Sees Demand from Data Centres | NMDC to Consider Bonus Issue | Top Buzzing Stocks Today

Wed, 6 Nov Pre-Open

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Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

India stock market saw a sharp recovery from day's low on Tuesday, with both the benchmark indices trading more than half percent higher, supported by rally in broader markets.

Sensex jumped over 1,100 points from day's low and Nifty 50 traded near the 24,200 level on November 5, rebounding from early morning losses.

At the closing bell on Tuesday, the BSE Sensex stood higher by 694 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 217 points (up 0.9%).

JSW Steel, Hindalco and Axis bank were among the top gainers.

ITC, Coal India and Trent on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.5% higher and BSE SmallCap index ended 0.4% higher.

Sectoral indices were trading mixed with socks in metal sector, banking sector and finance sector witnessing most buying speer. Meanwhile stocks in FMCG sector and IT sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 78,441 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:55 AM today, the Gift Nifty was trading 8 Points higher at 24,278 levels.

Indian share markets are headed for a muted start today following the trend on Gift Nifty.

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Top buzzing stocks today

Hatsun Agro share price will be in focus today.

Shares of Hatsun Agro Products staged a strong rebound and surged over 12% on 5 November, a day after the stock took a 4% plunge on the back of its weak quarterly show.

At 1.54 pm, shares of Hatsun Agro Products were trading at Rs 1,156.40 on the NSE. The upswing was also aided by a sharp uptick in trading volumes on the counter.

Greenply Industries will also be a top buzzing stock.

Shares of Greenply Industries zoomed around 10% on 5 November, the most in 8 months, amid a sharp surge in volumes.

So far in the day, 14 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of 3 lakh equity shares.

ABB India Sees Demand from Data Centres

Power equipment manufacturer ABB India's shares were sharply lower by 5% in early trade on November 5 after results that missed street expectations. However, the management commentary in the analyst concall was very upbeat.

ABB India said the share of large orders in the order book has increased, and the company is seeing an uptick in large contracts, with a healthy visibility for the business in the next 3-4 quarters.

However, the conversion of the orderbook into revenue may not happen at the same pace as before, given the larger size of the fresh orders now, ABB India added.

It continues to see momentum in base orders and added that the demand from data centres is healthy.

ABB India reported a 21.4% rise in net profit at Rs 4.4 bn for the third quarter while the total income increased 5.2% on year to Rs 30 bn from Rs 28.5 bn in the year-ago period. Profit growth was aided by higher other income.

ABB India maintained a positive outlook on the state of the Indian industry and acknowledges that it is seeing participation of private capex along with public sector capex in the economy. The capex revival was spearheaded by government investments to modernize the infrastructure.

MSCI November Rejig

The latest round of rejig for MSCI indices is slated to take place on 7 November, with the spotlight on the anticipated weightage increase for banking giant HDFC Bank, which could attract inflows of approximately US$ 1.9 bn.

Names like Adani Energy Solutions, Kalyan Jewellers, BSE, Alkem Labs and Oberoi Realty also have high probability of getting an inclusion into the MSCI Global Standard index, as per Nuvama Alternative & Quantitative Research.

Aside from these, Voltas also has a borderline chance of bagging an inclusion. The official announcement is expected on November 7 at around 2:30 am, while adjustments are scheduled for November 25.

According to calculations by Nuvama, Adani Energy Solutions could see US$ 306 m in passive inflows from the MSCI rejig while BSE is projected to attract US$ 257 m, followed by Oberoi Realty with US$ 218 m, Alkem at US$ 211 m, and Kalyan Jewellers India with US$ 210 m. Nuvama also noted that if Voltas is indeed included in the index, it could draw in US$ 306 m in passive inflows.

Meanwhile, the MSCI Smallcap index is expected to see a slew of new inclusions, including Brainbees Solutions, Ola Electric, Jyoti CNC Automation, Eureka Forbes, Aadhar Housing, PC Jewellers, JSW Holdings, and Allied Blenders.

Together, these inclusions could garner inflows worth upto US$ 106 m, Nuvama estimated.

NMDC to Consider Bonus Issue

NMDC on 5 November 2024 said its board will consider a proposal for the issue of bonus shares on 11 November.

The company's board will also consider and approve the financial results for the quarter ended September 2024.

Before this, the company had announced a bonus issue in the ratio of 2:1 in May 2008, thus making it the first such issue in 16 years.

The last instance of NMDC issuing bonus shares was back in 2008, when it issued 2 bonus shares for every one share held.

In the interim, NMDC has carried out buyback of its equity shares in 2016, 2019 and 2020.

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

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