SGX Nifty Down 82 Points | Export Duty Scrapped on Iron Ore, Steel | Zomato's Third High-Profile Exit | Top Buzzing Stocks Today

Mon, 21 Nov Pre-Open

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On Friday last week, Indian share markets ended the volatile session on a flat note.

Benchmark indices saw a muted opening and extended losses as investors digested a slew of hawkish comments from US Federal Reserve officials that indicated the central bank was not done with aggressive interest rate hikes yet.

Rising Covid cases in China and liquidity strains in its bond market added to uncertainty.

Some losses were erased during the last hour of trading as PSU banks witnessed buying.

At the closing bell on Friday, the BSE Sensex stood lower by 87 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 36 points (down 0.2%).

HUL, Asian Paints, and HCL Tech were among the top gainers.

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

Broader markets settled lower. The BSE MidCap fell 0.4% while the BSE SmallCap index ended 0.5% lower.

Barring banking and realty stocks, all sectoral indices ended on a negative note with stocks in the auto sector and energy sector witnessing most of the selling.

Shares of JB Chemicals and IIFL Finance hit their 52-week high on Friday.

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

Asian share markets gave up early gains and ended lower on Friday as investors locked in profit while searching for fresh cues.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 52,956 per 10 grams, at the time of Indian market closing hours on Friday.

At 8:25 AM today, the SGX Nifty was trading down by 82 points or 0.4% lower at 18,260 levels.

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

Speaking of stock markets, in the latest episode of Investor Hour Podcast, Rahul Goel talks to Mihir Vora about his journey, his GARP approach, and as always about portfolio construction and asset allocation.

Tune in below to know more:

How US Stocks Ended on Friday

US stock markets inched higher on Friday as investors assessed tougher language from Federal Reserve speakers and pored over the latest earnings reports.

Here's a table showing performance of US indices and US stocks on Friday.

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	97.8	-0.7	-0.71%	99.2	96.7	152.1	83.5
Apple	151.3	0.6	0.38%	152.7	150.0	182.9	129.0
Meta	112.1	0.6	0.54%	114.3	110.6	353.8	88.1
Tesla	180.2	-3	-1.63%	185.2	176.6	402.7	176.6
Netflix	288	-7.3	-2.47%	298.0	287.0	701.0	162.7
Amazon	94.1	-0.7	-0.75%	96.0	92.5	188.1	85.9
Microsoft	241.2	-0.5	-0.19%	243.7	239.0	349.7	213.4
Dow Jones	33,745.7	199.4	0.59%	33,827.9	33,540.6	36,952.7	28,660.9
Nasdaq	11,146.1	1.1	0.01%	11,259.4	11,059.2	16,212.2	10,088.8

Source: Equitymaster

However, all of the major indices posted losses for the week. The Dow ended flat while S&P 500 lost 0.7% for the week, while the Nasdaq ended 1.6% lower.

Top Buzzing Stocks Today

Zomato will be among the top buzzing stocks today.

Zomato cofounder Mohit Gupta has quit, the company informed on Friday last week. Gupta is the third cofounder to exit Zomato and his is the third senior level exit at the firm this month.

Rahul Ganjoo, head of new initiatives, had resigned last week while Siddharth Jhawar quit the company as vice president and head of intercity legends service earlier this month.

Zomato had also witnessed cofounder Gaurav Gupta quit the company two months after its initial public offering (IPO) in July 2021. Earlier Zomato's initial cofounder Pankaj Chaddah quit the company in 2018.

Last week, the company declared its earnings where losses narrowed to Rs 2.5 bn (Rs 250 crore) from Rs 4.3 bn a year earlier.

Jet Airways share price will also be in focus today.

The Jalan-Kalrock consortium (JKC) has sent 10% of the employees of Jet Airways on leave without pay (LWP) and reduced the salaries of another 23% to cut cost as it waits for the airline's handover under the ongoing process in the National Company Law Tribunal (NCLT).

Market participants will also track shares of Jindal Poly Films.

The Indian packaging films company backed by the sprawling billionaire Jindal family, is exploring a sale of its European-based business.

The company is working with an adviser on the potential divestment of Luxembourg-based Jindal Films Europe Sarl, which could be worth as much as US$1 billion.

It has sent initial marketing documents to private equity firms and industry players.

Rules Amended for Deletion of Merged Entities

NSE Indices, a subsidiary of the National Stock Exchange, has accepted the market participants' views and amended existing rules relating to deleting a merged company from indices.

Under the new rule, the target company will be deleted from the index a day before the ex-date in case of a merger.

Simultaneously, the weight of the acquirer if part of the same index will be increased, and an eligible name will be added to the index on the same day.

This will evade HDFC's immediate exclusion from Nifty 50. The stock will only get replaced by another contender on the ex-date of the HDFC-HDFC Bank merger.

Nexus Malls Files for IPO

Blackstone Inc-owned India malls real estate investment trust (REIT) portfolio, Nexus Malls, filed draft papers for an initial public offering with the domestic market regulator, a stock market filing showed last week.

The IPO will include a fresh issue of shares worth up to Rs 16 bn, according to the draft prospectus.

Note that the Indian primary market has seen a lot of action in past two months.

In November 2022 so far, at least nine companies across various sectors mobilised funds worth about Rs 103.5 bn from the Indian primary market.

More companies are likely to come out with their IPOs by the end of the year.

According to sources, a handful of companies are likely to launch their initial stake sales in the last week of the current month. More IPOs launches are seen till mid-December - till the global investors go for their new year holiday.

Sula Vineyards, ESDS Software Solution, Dharmaj corp, Landmark Corp, Puranik Builders, KFin Technologies, Navi Finserv and Uniparts India are the key contenders which may launch their issue in the remaining 2022.

For more, check out the upcoming IPOs on our website.

Export Tax Scrapped for Iron Ore, Steel Intermediaries

The Indian government has scrapped an export tax levied on low grade iron ore lumps and fines with below 58% iron content.

In May this year, it had raised the tax to a steep 50% to control inflation.

In the notification, which took effect last week on Saturday, the government also removed export tax on some steel intermediates from 15%, also imposed in May.

India's iron ore exports had dropped to "nearly zero" in October due to higher export taxes and was further expected to languish due to lower demand from China.

Meanwhile, India's finished steel exports more than halved during the first seven months of the fiscal year that began in April 2022.

Last week, JSW Steel, the country's largest steelmaker by capacity, told that it expects its exports to fall to an over five-year low this year because of reduced global demand and the high export tax.

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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