SGX Nifty Indicates Firm Open | Update on India's Manufacturing Sector | Lock in Period for New Age Tech Stocks | Top Buzzing Stocks Today

Wed, 9 Nov Pre-Open

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It was indeed a volatile trading session for Indian share markets on Monday.

Benchmark indices traded on a lackluster note throughout the session but witnessed strong movement during closing hours.

Indian share markets gave up early gains as US futures declined and as the corporate earnings season came to a close.

Meanwhile, there were also concerns in Asia after Beijing denied it was considering easing its zero Covid-19 policy.

At the closing bell on Monday, the BSE Sensex stood higher by 235 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 86 points (up 0.5%).

SBI, Tata Steel, and UltraTech Cement were among the top gainers.

Divi's Lab, Asian Paints, and Cipla, on the other hand, were among the top losers.

Divi's Lab share price is falling and declined over 8% post declaring its Q2 results.

The BSE MidCap index ended higher by 0.7% while the BSE SmallCap index ended higher by 0.6%.

Barring healthcare and consumer durables, all sectoral indices ended in the green on Monday. Stocks in the auto sector, metal sector, and energy sector witnessed most of the buying.

Shares of MRF and Britannia hit their 52-week high on Monday.

At 7:40 AM today, the SGX Nifty was trading up by 53 points or 0.3% higher at 18,400 levels.

If we see level wise, the SGX Nifty is trading 200 points above its previous close of 18,203.

Indian share markets are headed for a firm opening today following the trend on SGX Nifty.

Speaking of stock markets, Rahul Goel talks to Vijay Kedia about Kedia's journey...successes and failures in stock picking, in the latest episode of Investor Hour Podcast.

Vijay Kedia has a cult like following in the Indian stock markets, so this episode is a must watch. Tune in below:

Top Buzzing Stocks Today

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

Shares of Marico slipped 7% on Monday after the company reported a 3% year-on-year (YoY) drop in the September quarter profit to Rs 3.1 bn.

The personal products maker said that the decline in profit was mainly due to losses in translation of foreign currency receivables and higher effective tax rate (ETR).

Market participants will also track the share price of Britannia.

On Monday, shares of Britannia Industries hit an all-time high of Rs 4,181.4 after the company reported a robust revenue growth, with its market share reaching new 15-year high in the September quarter.

Sensex crosses 61,000-mark

India's benchmark equity index BSE Sensex on Monday reclaimed the 61,000 mark, closing higher for the second straight session, driven by positive global cues and robust buying in bank, auto, and metal stocks.

In a choppy session, the Sensex rose 0.4% to end the day at 61,185.2, while the broader NSE Nifty rose 0.5% to close at 18,202.8.

Domestic indices continued their positive momentum in line with global peers. Lot of stock specific action is being witnessed as earnings unfold.

State-owned banks continued to rise on the back of better-than-expected results from Bank of Baroda and State Bank of India, among others. Gains in PSU banks helped offset losses in healthcare and consumer durables stocks.

Auto and metals stocks also rose, with analysts attributing the gains to hope of demand improvement after reports of China easing some of covid restrictions. Tyre stocks were also in focus as stable rubber prices improve outlook and also on expectation of good quarterly earnings.

Oil and gas and reality stocks also saw smart gains. Volumes on the National Stock Exchange were higher than recent averages.

Fall in oil prices as China disputed rumours of lifting Covid restrictions and stronger US jobs data showing that the economy is expanding, helped market.

FIIs (foreign institutional investors) being net buyers and continued earnings delivery remain among the key positives.

Another positive factor has been the sharp fall in rupee against the dollar, which if continues could bolster foreign institutional investors buying into local shares.

India Closing in on China

As per a leading financial daily, India is looking to further fire up its manufacturing and export-intensive sectors through more support measures in the upcoming budget, eyeing the space created by a slowing Chinese economy.

The finance ministry, which has begun its pre-budget consultation with various ministries and departments, has indicated that schemes that push local manufacturing and exports offering various support measures will get priority in fund allocation.

With the way India seems to be forging ahead, most experts have already predicted that India is on course to be the third largest economy by 2030, trailing only the US and China.

Since you're interested in manufacturing sector, check out our editorial on the sector which could contribute the most to help India achieve its manufacturing dream.

Indian new age IT stocks under pressure

India's fledgling technology sector faces a key test this month as lock-up periods on US$ 14 bn worth of shares sold in initial public offerings expire, allowing billionaire backers including Warren Buffett and Masayoshi Son to sell.

Lock-ups end in November for four consumer-focused tech stocks, which have all slumped in the past month. Included are One 97 Communications Ltd., operator of payments service Paytm, and FSN E-Commerce Ventures Ltd., owner of beauty e-retailer Nykaa.

A relatively new phenomenon in India, high-profile tech IPOs have met with strong demand from the nation's growing herd of retail investors, and seen by some as proving success for the Indian government's efforts to foster startups. Market pros have been more neutral on the stocks, however, and regulators have sought clarity over valuations and fundamentals.

India's market for first time share sales boomed in 2021, raising a record US $ 18 bn in proceeds amid high demand for tech issues in the low-rate early days of reopening after the pandemic. Overall offerings have slowed this year amid slumping tech stock prices, increasing rates and recession fears.

Paytm share price was falling the most among the recent tech debutants, now down 70% since its IPO, which was backed by global investors including Son's SoftBank Group Corp., Buffett's Berkshire Hathaway Inc. and Jack Ma's Ant Group Co. The stock may face additional pressure after Nov. 15, when about $4.3 billion worth of shares is unlocked.

Another Indian tech unicorn Zomato has already survived a similar challenge, with early investor Uber Technologies Inc. exiting the online food-delivery firm in August soon after expiry of the lock-up. The stock has gained 13% since then, though it is still down 17% since its IPO.

India's stocks have outperformed most global peers this year, with the benchmark S&P BSE Sensex up more than 4% compared with a loss of more than 20% in the MSCI World Index. GW&K Investment's Masi and Nuno note that investors looking to exit the disappointing tech stocks have other opportunities in equities as well as bonds, which are offering high yields.

Since you are interested in new age IT stocks, you might also be interested in our editorial on Paytm, Zomato, and Nykaa.

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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