SGX Nifty Up 42 Points | AU Finance Bank Partners HDFC Life | Why Sugar Stocks are Rising | Top Buzzing Stocks Today

Mon, 19 Dec Pre-Open

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On Friday, Indian share markets extended losses as the session progressed to end near the day's low.

Benchmark indices ended in the red for the second day in a row amidst negative global cues and fears of a recession as central bankers continued to prioritize inflation.

US retail sales in November fell more than expected, suggesting higher borrowing costs and fears of an imminent recession are hurting household spending creating negative sentiment in the market.

At the closing bell on Friday, the BSE Sensex stood inched lower by 461 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 146 points (down 0.8%).

Tata Motors, HDFC Bank, and HUL were among the top gainers.

Dr Reddy's Laboratories, Mahindra & Mahindra, and Adani Ports, on the other hand, were among the top losers.

The BSE Midcap inched lower by 1.4% while the BSE SmallCap index dived 0.9%.

If you're looking to invest in midcap stocks that offer growth in the long run, check out these 5 midcap stocks for long term.

All sectors ended on a negative note with stocks in the healthcare sector, IT sector and realty sector witnessing heavy selling pressure.

Shares of Raymond, Aegis Logistics, UCO Bank hit their 52-week highs on Friday.

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 82.8 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.1% at Rs 54,160 per 10 grams, at the time of Indian market closing hours on Friday.

At 8:25 AM today, the SGX Nifty was trading up by 42 points or 0.2% higher at 18,360 levels.

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

Speaking of stock markets, PSU banks have rallied big time in recent weeks. But do you know the next big sector that is ready to go up?

The recent gains in PSU bank stocks have been stellar. Retail traders have made a lot of money in the short term.

But what about the long term? Traders will need to find stocks from other sectors if they want to keep making fast profits.

In the below video, Chartist Brijesh Bhatia discusses one such sector that every trader should have their eyes on. It could deliver gains like PSU bank stocks.

Top Buzzing Stocks Today

Shriram Pistons and Rings be among the top buzzing stocks today.

Auto component maker Shriram Pistons & Rings, on Friday said its unit would acquire a majority stake in electric motor design and manufacturing firm EMF Innovations to foray into the electric vehicle mobility space.

Dr Reddy's Laboratories will also be in focus today.

Aurigene Oncology Limited, a wholly owned subsidiary of Dr Reddy's Laboratories,' on Friday announced that it is pausing the clinical development of AUR-101 in the US.

This decision was taken due to lower-than-expected efficacy improvement with the AUR101 drug.

AU Small Finance Banks Collaborates with HDFC Life

AU Small Finance Bank on Friday entered into a corporate agency arrangement with HDFC Life for soliciting insurance plans for HDFC Life through the bancassurance business model.

Through this partnership, AU Small Finance Bank will offer its customers the entire range of life insurance products offered by HDFC Life.

It will further enrich the Bank's life insurance offering by enabling its customers to access the digital platform and the touch points of HDFC Life for servicing.

Through a bancassurance partnership, the bank staff and tellers become the point of sale of insurance products to the bank's customers.

As India remains underpenetrated in terms of life insurance and both organizations believe in offering the best to customers through innovation and consistency, this partnership would enable it to deepen the reach of life insurance products and deliver value to customers.

With its legacy of 27 years, AU Small Finance Bank has an understanding of customers in the rural and semi-urban markets and has built products and services tailored to the needs of these segments.

AU Small Finance Bank's shares have given a 26% return since January 2022, making it amongst the fastest growing stocks of 2022.

Why sugar stocks are rising

Shares of sugar companies were in focus last week and rallied by up to 19% on heavy volumes in an otherwise range-bound market.

Rajshree Sugars & Chemicals hit a 52-week high, rallying 19% in intra-day trade. Ugar Sugar, Simbhaoli Sugars, Sakthi Sugars and Bajaj Hindustan were up in the range of 10% to 15%.

This was on the back of hopes for a higher export limit.

According to a report published by Press Trust of India (PTI), the government may consider increasing the sugar export quota for the current 2022-2023 marketing year after assessing the domestic production in January.

In November 2022, the government allowed the export of 6 million tons of sugar.

Indian textile industry under pressure

India's US$200 billion (bn) textile and apparel industry is facing a crisis as consumers in the United States, Europe and other big markets have cut spending on clothing following a surge in inflation after the war in Ukraine.

While the overall economy is relatively strong and is outperforming major economies, the textile sector is a notable exception.

Further, the orders also suggest the downturn will continue well into 2023, raising the risk of layoffs in an industry that employs more than 45 m people.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to US$3.1 bn.

Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments.

Textile manufacturers, along with makers of footwear, furniture, electronic and electricals, have been hit as companies battle to pass on rising input costs.

With this declining spending, shares of leading textile companies like Arvind Ltd, Vardhman Textiles, Trident and Nahar Spinning Mills have plunged between 20% and 40% this year.

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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