SGX Nifty Down 78 Points | Why Sugar Stocks Are Rising | HEG Incorporates Subsidiary for Lithium-Ion Foray | Top Buzzing Stocks Today

Wed, 28 Dec Pre-Open

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On Tuesday, Indian share markets extended gains as the session progressed and ended on a firm footing.

The rally was aided by an uptick in metal stocks, after China announced it will further ease its strict COVID-19 restrictions, bolstering expectations of demand recovery in the world's second-largest economy.

Indian share market was falling for the past few sessions but the rally in last two days has provided a relief to investors.

At the closing bell on Tuesday, the BSE Sensex stood higher by 361 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 118 points (up 0.7%).

Hindalco, Tata Steel, and JSW Steel were among the top gainers.

HUL, Apollo Hospital, and Nestle on the other hand, were among the top losers.

The BSE Midcap index ended higher by 0.8% while the BSE SmallCap index ended higher by 1.5%.

Barring FMCG sector, all sectoral indices ended in the green with stocks in the telecom sector, metal sector, realty sector, and power sector witnessing most of the buying.

Among the best steel stocks, Tata Steel and Hindalco inched higher by over 5%.

Shares of Jindal Steel and CCL Products hit their 52-week highs.

The rupee was trading at 82.8 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 54,862 per 10 grams at the time of Indian market closing hours on Tuesday.

At 9 AM today, the SGX Nifty was trading down by 78 points or 0.4% lower at 18,070 levels.

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

Speaking of stock markets, stock splits have been a rage in 2022 with the world's most valuable companies such as Amazon, Alphabet and Tesla announcing massive splits.

Will India's highest-priced companies do the same with their stocks in 2023?

Should these companies allow their shares to trade at such exorbitantly high prices or should they split shares?

Here is the list of 10 companies that should do a stock split in 2023 but probably won't!

Top Buzzing Stocks Today

HEG share price will be in focus today.

HEG announced that it will incorporate a subsidiary to produce graphite anode for lithium ion cells and other advanced carbon and anode materials for various energy storage systems and materials manufacturing for green energy technologies mainly focusing on carbon and graphite based materials as anode to contribute to the sustainability and technological advancement of the global energy ecosystem.

Mishra Dhatu Nigam (Midhani) will also be a top buzzing stock.

Midhani has set up a key facility wide plate mill at its existing Hyderabad plant with an investment of around Rs 500 crore (around Rs 5 billion) for rolling of slabs of various alloys.

The company has established the technology to produce high strength Titanium alloys for space, nuclear and defence applications.

Sugar Stocks Rally

Ministry of Consumer Affairs, Food and Public Distribution announced 100% incentive on sugar sacrificed for producing ethanol from B-heavy molasses, sugarcane juice and syrup on 26 December.

In reaction, sugar stocks such as Shree Renuka, Balrampur Chini Mills, Triveni Engineering, Dwarikesh Sugar, Uttam Sugar and Avadh Sugar surged over 3-5% yesterday.

If a mill has diverted 2,000 metric tonne out of the total sugar produced for ethanol with 10,000 metric tonne left, the monthly sales allocation was earlier counted on the 10,000 figure. After this notification, it will be calculated on 12,000-figure.

This will boost stock holding limits for sugar mills and monthly allocation for sales will increase.

This formula will come into effect from January 2023.

Gautam Gems to consider foraying in renewable energy

Small-cap company Gautam Gems has informed Indian bourses that the board of directors of the company are going to consider foraying into the new renewable energy segment business that probably sparked buying interest among Dalal street bulls.

Crude oil prices rise

Cruse oil hit a three-week high yesterday as China's latest easing of COVID-19 restrictions spurred hopes of a fuel demand recovery, with further support coming from cuts to U.S. energy production caused by winter storms.

China will stop requiring inbound travellers to go into quarantine, starting from 8 January, the National Health Commission said on Monday in a major step towards easing curbs on borders that have been largely shut since 2020.

Brent crude was up 95 cents, or 1.1%, at US $84.9 a barrel by 1108 GMT and US West Texas Intermediate crude gained 71 cents, or 0.9%, to US $80.2. Both benchmarks hit their highest since 5 December earlier in the session.

As of Friday, some 1.5 million barrels of daily refining capacity along the US Gulf Coast was shut, while oil and gas output from North Dakota to Texas suffered freeze-ins, cutting supply.

Concern over a possible production cut by Russia also provided price support.

Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

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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