SGX Nifty Indicates Positive Start | Rising Copper Demand | Vedanta's 3rd Interim Dividend | Top Buzzing Stocks Today

Fri, 18 Nov Pre-Open

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Yesterday, Indian share markets ended the lackluster session on a negative note as benchmark indices came under pressure during closing hours.

Investors were concerned that the strong US retail sales data could push the Federal Reserve to sustain its aggressive rate hike stance.

At the closing bell on Thursday, the BSE Sensex stood lower by 230 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 66 points (down 0.4%).

L&T, ICICI Bank, and Bharti Airtel were among the top gainers.

M&M, Titan, and Maruti, on the other hand, were among the top losers.

The broader markets settled lower. The BSE MidCap index fell 0.4% while the BSE SmallCap index ended 0.3% lower.

Barring capital goods stocks, all sectoral indices ended on a negative note yesterday with stocks in the auto sector and power sector witnessing most of the selling.

Shares of Timken India and Godfrey Philips hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 81.62 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 52,924 per 10 grams at the time of Indian market closing hours on Thursday.

Meanwhile, silver prices for the latest contract on MCX were trading down by 1.1% at Rs 61,281 per kg.

At 7:50 AM today, the SGX Nifty was trading up by 51 points or 0.3% higher at 18,425 levels.

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

Speaking of stock markets, Richa Agarwal talks about three high dividend yield stocks, in her latest video.

The three companies mentioned in the video have growth potential and the dividends also look attractive.

Tune in to know more:

Top Buzzing Stocks Today

Equitas Small Finance Bank will be among the top buzzing stocks today.

The Reserve Bank of India (RBI) has approved DSP Investment Managers (DSPIM) bid to acquire up to a 10% stake in the lender.

The proposed acquisition of shares by DSPIM would be consequent to its merger with Equitas Holdings.

Market participants will also track share price of Timken India.

On Thursday the company announced its plans to set up new manufacturing facility at Bharuch, Gujarat, in order to manufacture Spherical Roller Bearings (SRB), Cylindrical Roller Bearings (CRB), and other components.

Growing demand for copper in India

India is set to be one of the world's fastest growing copper markets in 2022, bucking the trend of softening demand expansion elsewhere, including top consumer China, amid a slowing global economy.

Despite the global downturn, India's economy is humming across manufacturing to infrastructure and property sectors, as pent-up demand post the Covid-19 pandemic, rising income and a series of government policies have boosted consumption.

Refined copper consumption in India during January-August this year jumped 45% from 2021 to 435,466 tonnes, outpacing 4% growth globally and a 5% uptick in China in the same period, World Bureau of Metal Statistics data showed.

While its copper usage is dwarfed by China's, which made up for 55% of the world's demand for the red metal last year, India's surge may result in consumption reaching a record this year, illustrating the strength of the country's economic rebound after Covid-19.

Copper's main consumers include the property sector, home appliance makers and green energy transition industries such as electric vehicles, solar and wind power plants.

Strong copper demand in India was underpinned by growing domestic end-use market amid tilization and tilizationation and government's stimulus measures.

Growing capacity and tilization rates at wire rod plants, including Hindalco's Ryker plant and a new factory developed by Kutch Copper, a subsidiary of Adani Enterprises, will also boost consumption.

Wood Mackenzie forecast India's refined copper consumption in 2022 to expand by over 15% from a year earlier to around 620,000 tonnes, and the annual growth rate is seen averaging at more than 12% during 2022-2027.

That is compared to a projected 0.7% increase in global refined copper consumption this year, and an average annual global growth of 2.5% during 2022-2027.

Vedanta to pay third interim dividend

Billionaire Anil Agarwal-led Vedanta Group informed on Thursday that the company's board of directors will consider the proposal for payment of third interim dividend for the financial year 2022-23 in the meeting to be held on 22 November 2022.

The company said the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, 30 November2022.

Further, the trading window shall continue to remain closed for dealing in securities of the company for all designated persons from Friday, 18 November 2022 to Thursday, 24 November 2022.

Vedanta's board had announced the first interim dividend of Rs 31.5 per equity share i.e. 3,150% of the face value of Re 1 per share for the financial year 2022-23, which was paid in May 2022.

The company had in July paid Rs 19.5 per equity share as the second interim dividend for fiscal 2022-23, amounting to Rs 72.5 bn (about Rs 7,250 crore).

SEBI on Finfluencers

The Securities and Exchange Board of India (SEBI) on Thursday said it is working on guidelines for financial influencers, usually referred to as 'finfluencers', who give advice to stock investors on various social media platforms.

This comes after SEBI witnessed an exponential rise in the number of various 'unregistered' investment advisors giving unsolicited social media 'stock' tips on various platforms including telegram, Facebook, YouTube, WhatsApp, Instagram.

Besides, there have been many instances where influencers, who have considerable following on Instagram, Twitter, Facebook, are approached by companies to send out social media posts recommending and endorsing their shares.

Madhabi Puri Buch, chairperson, Sebi, while addressing a Sebi board meeting for media on 30 September had explicitly said that the regulator will have to use a 'segmented' approach towards handling the menace of unsolicited social media stock tips.

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

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