SGX Nifty Down 58 Points | Mark Mobius on Cryptos | Dharmaj Crop IPO Fully Subscribed on Debut | Top Buzzing Stocks Today

Tue, 29 Nov Pre-Open

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On Monday, Indian share markets hit new records following heavy gains from Reliance and other oil marketing companies as crude prices fell.

Adding to sentiment was a Reuters poll showing the Indian economy likely returned to a more normal 6.2% annual growth rate in the quarter ended September, after clocking double-digit expansion in the previous quarter.

India's GDP data is due later this week on Wednesday.

At the closing bell on Monday, the BSE Sensex stood higher by 211 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 50 points (up 0.3%).

Reliance Industries, Nestle, and Asian Paints were among the top gainers.

Tata Steel, HDFC Bank, and Bharti Airtel, on the other hand, were among the top losers.

Broader markets settled on a firm note with smallcaps and midcaps both rising in line with benchmark indices.

The BSE MidCap gained 0.8% while the BSE SmallCap index ended 0.7% higher.

Sectoral indices ended on a mixed note with stocks in the energy sector and auto sector witnessing most of the buying.

While metal stocks and telecom stocks witnessed selling.

Chartist Brijesh Bhatia believes the rally in energy stocks could continue for the next couple of months.

Shares of TVS Srichakra and ION Exchange hit their 52-week high yesterday.

IEX share price fell over 2% yesterday after its board approved share buyback plan worth Rs 980 million.

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 81.65 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 52,635 per 10 grams at the time of Indian market closing hours on Monday.

At 8:00 AM today, the SGX Nifty was trading down by 58 points, or 0.3% lower at 18,670 levels.

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

4 Reasons Why Indian Share Market is Rising

#1 Fed commentary - Last week on Wednesday, the US Fed presented dovish minutes from their November policy meeting which helped support stocks globally.

Investors are of the view that the US fed will slow down the pace of rate hikes.

#2 FII & DII buying - In November so far, FIIs have poured in around US$4 billion (bn) of funds.

Meanwhile, DIIs have also consistently bought the dip in recent months. Although they been taking advantage of the FII inflow in November to turn net sellers.

#3 Dollar's weakness, India's gain - After slipping below the 83-mark against the US dollar in recent months, the domestic currency rupee is now above the 82-mark.

The US dollar index, which hit multi-year high of 114.78, has now cooled down to 106 levels.

#4 Falling crude oil - Crude oil prices have fallen to US$80 a barrel mark, its lowest level since January this year. A fall in oil prices is positive for India's oil import dependent economy.

Top Buzzing Stocks Today

Aditya Birla Fashions will be among the top buzzing stocks today.

Aditya Birla Group's "house of brands" venture TMRW on 28 November announced partnerships with eight digital-first lifestyle labels.

Aditya Birla Fashion and Retail said the partnerships were struck within a few months of the launch of TMRW, which is a new venture by Aditya Birla Digital Fashion Ventures.

Maruti Suzuki share price will also be in focus today.

Honda Cars India on Monday said it has tied up with Maruti Suzuki Toyotsu for vehicle scrapping. The initiative will allow Honda to offer its customers an end-to-end solution for scrapping their End of Life Vehicles (ELVs).

Maruti Suzuki Toyotsu India (MSTI) is a government-approved ELV scrapping and recycling company. It's a joint venture between Maruti Suzuki, Toyota Tsusho Group and Toyota Tsusho India.

Market participants will also track share price of Chalet Hotels.

The company's MD and CEO recently said that business travel shows bright prospects as the sector is all set to clock the strongest growth momentum in the January-February period which has very few holidays and even December will post extremely strong growth despite holidays kicking in.

He claimed that the months of September and October were decent while November is stronger and hotel companies that rely on business travel are back on track.

Mark Mobius on Cryptos

Veteran fund manager Mark Mobius in an interview said that his next target for Bitcoin is US$10,000.

He added he wouldn't invest his own cash or client money in digital assets as "it's too dangerous."

Here's an excerpt:

• But crypto is here to stay as there are several investors who still have faith in it. It's amazing how Bitcoin prices have held up" despite the FTX fallout.

Yesterday, Bitcoin fell over 3% and was last seen trading at US$16,200.

If cryptos and bitcoin interest you, check out the interesting podcast between Rahul Goel and the crypto expert Nithin Eapen.

If you want to learn about the world of crypto...how it works, how scams happen and how you can try and ride it, this is a must listen.

Why Tyre Stocks are Rising

Tyre stocks in India are in a sweet spot at the moment as companies are hoping for margins to improve in the coming quarters.

Raw material and other input costs have started softening after a long spell of unprecedented increase. This will likely improve margins in the medium-term for tyre companies.

Rubber and crude oil-related inputs, together, account for over 60% of the raw material cost as a percentage of sales.

The market has already started to factor in this news as shares of many tyre companies are trading near their 52-week highs.

Apollo Tyres, CEAT and JK Tyres have been on a roll.

Adding to their sentiment is optimism from the auto sector which is banking on higher volumes and steady replacement demand.

Hero MotoCorp to Raise Prices

Two-wheeler major Hero MotoCorp said that it will increase the prices of its motorcycles and scooters by up to Rs 1,500, with effect from 1 December, due to inflationary cost pressures.

The upward revision of the prices of our motorcycles and scooters has been necessitated due to overall inflationary costs, said Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp.

The management said moving forward, economic indicators point towards a growth in demand, and the management expects industry volumes to pick up in the coming quarters.

Shares of the company have seen an up move in the past two days on the back of this news.

Dharmaj Crop IPO Sees Decent Subscription

The IPO of agrochemical company Dharmaj Crop Guard received bids of 76 million (m) shares against an issue size of 8.01 m shares, resulting into a 96% subscription in afternoon deals on 28 November, the first day of bidding.

Retail investors were in the driver's seat, putting in bids for 1.46 times of the shares allotted to them.

Meanwhile, employees bid for 72% as against 55,000 reserved shares. They will get shares at a discount of Rs 10 a share to the final offer price.

The agrochemical company has reduced its offer size to 8.01 m shares from 10.5 m shares after garnering Rs 750 m from anchor book on 25 November.

Dharmaj Crop aims to mobilise Rs 2.5 bn from the IPO.

The company is 100% owned by promoters, whose shareholding will get reduced to around 73% post issue.

Stay tuned to get further updates on this IPO and all upcoming IPOs in the market.

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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