SGX Nifty Down 96 Points | HPCL's Foray into Petrochemicals | IOC Partners Reliance Jio | Top Buzzing Stocks Today

Fri, 23 Dec Pre-Open

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On Thursday, Indian share markets gave up all the gains and traded lower throughout the session.

Benchmark indices slipped with declines seen across most sectors after monetary policy minutes revealed strong concerns about elevated inflation, while fears about rising Covid-19 cases in China weighed on sentiment.

At the closing bell on Thursday, the BSE Sensex stood lower by 241 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 72 points (down 0.4%).

Ultratech Cement, SBI Life Insurance, and Infosys were among the top gainers.

UPL, M&M, and Baja Finserv, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE Midcap dived 0.8% while the BSE SmallCap index ended 1.8% lower.

Barring media sector, all sectoral indices ended on a negative note with stocks in the power sector, metal sector and realty sector witnessing heavy selling pressures.

Cipla share price is rising as the Covid situation is taking a turn for the worse. Other pharma and diagnostic stocks have also started to rise due to the same reasons.

Shares of Abbott India and Jyothy Laboratories 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 82.7 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 54,980 per 10 grams, at the time of Indian market closing hours on Thursday.

At 7:15 AM today, the SGX Nifty was trading down by 96 points or 0.5% lower at 18,080 levels.

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

Speaking of the stock market, Richa Agrawal talks about EV stocks to add to your 2023 watchlist in her latest video.

While EVs could be the biggest megatrend of this century, the popular and leading names in EVs will not be the biggest beneficiaries of the EV transition.

She further talks about the need to expand the vision beyond EV OEMs to make big gains from the EV revolution.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Maruti Suzuki will be among the top buzzing stocks today.

The company on Thursday signed a five-year pact with Kamarajar Port for the export of its passenger vehicles to international markets.

Tata Communication share price will also be in focus today.

The company will acquire New York-based end-to-end live video production company Switch Enterprises in an all-cash deal for Rs 4.9 billion (bn).

Following the acquisition, it will support Switch customers with a global reach of over 190 countries.

Indian Oil Selects Jio for a network connectivity solution

The largest oil company Indian Oil Corporation selected Reliance Jio's managed network services to connect a fifth of its petrol pump network.

Jio will connect 7,200 IOC sites with SD-WAN managed service solutions, zero-touch provisioning and 24x7 real-time monitoring.

As per the deal, the enterprise arm of Reliance Jio will deploy and manage SD-WAN (Software Defined Wide Area Network) for IOC across its 7,200 retail outlets for 5 years.

This will be one of the largest deployments of SD-WAN solutions in India across any industry and also in the oil and gas industry across Asia.

Currently, the solution deployment is in an advanced stage, with 2,000-plus retail outlets already onboarded on Jio's SD-WAN set-up.

Indian Oil Corporation is the largest oil refining & petroleum marketing company in India.

With its recent initiative to install EV charging facilities at 10,000 fuel stations in the next three years, it is among the top 5 EV charging infrastructure stocks in India.

HPCL Forays into petrochemical business

Maharatna oil company Hindustan Petroleum Corporation has forayed into the petrochemical business through polymer marketing with the launch of the polymer brand HP Durapol on Thursday.

It would cover various grades of high-density polyethene, linear low-density polyethene and polypropylene.

HPCL plans to start pre-marketing polymers claiming that it would be the precursor to the marketing of HPCL Rajasthan Refinery Limited (HRRL) products.

HRRL is a joint venture between HPCL and the Rajasthan Government with an equity share of 74% and 26%, respectively.

The project involves setting up a greenfield 9 million metric Ton Per Annum (MMTPA) refinery cum petrochemical complex at Pachpadra in the Barmer district of Rajasthan.

HPCL polymer products will cater to several end-use segments like food, agriculture, textile, construction, medical etc.

Tata Projects' clean energy push

Tata Projects on Thursday signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIR-IIP) to jointly work towards clean energy solutions.

As a part of this initiative, clean energy solutions such as room temperature biodiesel produced from CSIR-IIP will be used across some of Tata Projects' ongoing sites.

Further, the partnership will actively explore the utilization of by-product green diesel from the existing DILSAAF (Drop-In Liquid Sustainable Aviation Fuel and Automotive fuel) pilot plant at CSIR-IIP's campus in Dehradun.

Construction and infrastructure remain one of the largest industry sectors in India.

Thousands of light and heavy vehicles, including various types of construction equipment, both small and large, are utilized during project execution.

Even if a portion of these vehicles and equipment are migrated from diesel to a cleaner energy source, the shift will ensure lower emissions and a more sustainable future for the sector and the planet.

This MoU is aligned with the company's mandate to reduce India's energy imports and enhance national self-reliance by repurposing waste and underutilized local renewable carbon resources.

Zydus Lifesciences gets USFDA nod for Selexipag tablets

Zydus Lifesciences' subsidiary, Zydus Worldwide DMCC has received the final approval from the USFDA for its Selexipag tablets. Further, it has also received 180 days of shared exclusivity for the same.

The approval is for the Selexipag Tablets ranging between 200 (microgram) mcg to as high as 1,600 mcg.

Zydus was one of the first to submit a substantially complete Abbreviated New Drug Application (ANDA) with a paragraph IV certification for the Selexipag Tablet.

Selexipag is used for the treatment of pulmonary arterial hypertension (PAH), both to delay disease progression and reduce the risk of hospitalisation in adults.

Selexipag tablet had annual sales of US$577 m in the United States as of 30 September 2022.

Zydus Lifesciences, formerly Cadila Healthcare, has 338 approvals from the USFDA and has filed over 431 ANDAs as of 30 September 2022.

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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