SGX Nifty Down 17 Points | Crude Oil Prices Near 2022 Lows | Sula Vineyard IPO | Top Buzzing Stocks Today

Thu, 8 Dec Pre-Open

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On Wednesday, Indian share markets traded on a relatively volatile note after the RBI raised repo rate by 35 basis points.

Benchmark indices dived and ended the day 0.3% lower as RBI gave a moderately hawkish policy.

The RBI increased the repo rate on expected lines by 35 bps to 6.25% with immediate effect.

The central bank also lowered gross domestic product (GDP) growth forecast for FY23 to 6.8% as it remained cautious of a sticky core inflation amid global turmoil. This, combined with weak global sentiment, led to selling.

At the closing bell on Wednesday, the BSE Sensex stood lower by 216 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 83 points (down 0.4%).

Asian Paints, HUL, and BPCL were among the top gainers.

NTPC, SBI Life Insurance, and Bajaj Finserv, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE MidCap dived 0.4% while the BSE SmallCap index ended 0.4% lower.

Sectoral indices ended on a mixed note with stocks in the FMCG sector, and oil & gas sector witnessing heavy buying.

While stocks in the metal sector, realty sector, and auto sector witnessed selling.

Among the best FMCG stocks, Colgate and Dabur rose 2%.

Shares of L&T, IDBI Bank, and Aditya Birla Capital 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 82.5 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 53,785 per 10 grams, at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the SGX Nifty was trading down by 17 points or 0.1% lower at 18,650 levels.

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

Speaking of stock markets, Richa Agrawal talks about Indian space stocks and how they could lead to wealth creation.

Tune in to the below video to know more:

Top Buzzing Stocks Today

L&T will be among the top buzzing stocks today.

Larsen and Toubro touched its all time high, making a part of Rs 3 trillion elite club.

The company has secured various orders in the iron & steel and beneficiation sectors from ArcelorMittal Nippon Steel India. It is to carry out its expansion plans in Gujarat and Odisha.

The orders involve the installation of two blast furnaces of 3.5 million tons per annum (MTPA) capacity, each on an EPC basis, at the Hazira Plant in Gujarat.

Bikaji Foods share price will also be in focus today.

For the September 2022 quarter, the company reported a 43.6% year-on-year (YoY) growth in net profit to Rs 409.3 million (m) for the quarter ended September. It posted Rs 285 m net profit in the same quarter last year. The rise was on the back of double-digit growth in all categories.

Oil falls to January 2022 lows

On Wednesday, oil prices slipped amid concerns about weak economic indicators from China and Europe along with the anticipation of a hike in interest rates by central banks globally.

The recession and easing fears that a Western cap on Russian oil prices would significantly curb supply also added to the market sentiment.

Brent crude futures were down 1.3%, at US$78.3 a barrel, the lowest since 3 January 2022.

West Texas Intermediate crude futures fell 0.01% to US$ 74.2 a barrel.

With the dollar gaining strength, oil prices rolled down, with market participants booking profits on the recent gains.

Also, the output from the Organization of the Petroleum Exporting Countries (OPEC) further added to the fall.

All these factors have created a supply-side risk, pulling the prices down.

Oil prices have dropped by more than 1% for three straight sessions, giving up most of their gains for the year.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

FMCG stocks gain traction

Shares of fast-moving consumer goods (FMCG) companies were trading firm in an otherwise range-bound market yesterday.

This rally was on the back of the expectation of volume recovery, driven by a recovery in rural demand.

The Nifty FMCG sector and S&P BSE FMCG hit their record highs on Wednesday, gaining 1% each.

Shares of Emami, Dabur India, HUL and ITC gained up to 3%.

This rally was on the back of the expectation of volume recovery, driven by a recovery in rural demand.

The economic activity for October has gained strength.

Urban consumption has increased on the back of the sustained recovery in discretionary spending, especially on services such as travel, tourism and hospitality.

The price cuts, grammage restoration and festive season offer, have also aided the volume growth in Urban India.

Sula Vineyard sets IPO price band

IPO-bound wine maker Sula Vineyard has set a price band at Rs 340-357 per share. The initial public offer (IPO) will open for subscription on 12 December 2022.

The public issue will be entirely an offer for sale (OFS) aggregating to 269 m equity shares for the public.

Subscription in the IPO will be available till December 14.

Ahead of the IPO, anchor investors will be allowed to bid in Sula Vineyards on 9 December 2022.

Investors can bid for a minimum of 42 equity shares and in multiples thereafter.

Kotak Mahindra Capital Company, CLSA India and IIFL Securities are the book-running lead managers.

The equity shares will be listed on BSE and NSE.

The company has been recognized as the market leader across wine variants, including red, white and sparkling wines.

The company distributes wines under a bouquet of popular brands, such as Sula, its flagship brand. Besides this, it also, sells wine under other popular brands like, The Source, Satori, Madera & Dia.

To know more about IPOs, check out the upcoming IPO section on our website

And to know what's moving the Indian stock markets, 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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