SGX Nifty Down 85 Points | Welspun Industries' Buyback | Hester Biosciences to Make India's First Poultry Vaccine | Top Buzzing Stocks Today

Thu, 29 Dec Pre-Open

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On Wednesday, Indian share markets swung between gains and losses to end flat.

Benchmark indices witnessed volatile trading activity as mixed cues from US economic data on growth trajectory, crude oil prices hovering around a three-week high, and reports of a surge in Covid-19 cases in China, created nervousness among investors.

Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of its import bill.

At the closing bell on Wednesday, the BSE Sensex stood lower by 17 points.

Meanwhile, the NSE Nifty closed down by 10 points (down 0.1%).

Titan, M&M, and Power Grid Corporation were among the top gainers.

Apollo Hospital, Bharti Airtel, and Hindalco, on the other hand, were among the top losers.

Broader markets settled on a positive note. The BSE MidCap gained 0.2% while the BSE SmallCap index ended 0.5% higher.

If you're looking to midcap stocks that offer growth in the long run, check out the 5 midcap stocks for long term. You can also take a look at 2022's fastest growing smallcaps.

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

While stocks in the healthcare sector, metal sector and telecom sector witnessed selling pressure.

Shares of Jindal Steel and Power, and RBL India hit their 52-week highs.

Continuing its downtrend, Amara Raja Batteries share price fell over 3% yesterday.

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 81.8 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.5% at Rs 54,724 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:30 AM today, the SGX Nifty was trading down by 85 points or 0.5% lower at 18,050 levels.

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

Speaking of stock markets, as the year 2022 is about to end, it's time to look at the stocks that will make your portfolio better in 2023. It is the time you found what should be the top 3 stock picks for 2023.

In the below video, Research Analyst at Equitymaster Aditya Vora talks about a daredevil stock for 2023.

Top Buzzing Stocks Today

Welspun Enterprises share price will be in focus today.

The company said in a stock exchange filing that the board of directors will consider the following proposals at its meeting scheduled to be held on Friday, i.e. 30 December 30, 2022:

1. Buyback of equity shares and
2. Declaration of interim dividend

Welspun Enterprises Limited (WEL), a subsidiary of the Welspun Group, operates in PPP projects in a variety of sectors, including highways, water, and urban infrastructure. The company's primary operation is in the infrastructure business.

Mangense Ore (India) (MOIL) will also be a top buzzing stock.

Ajit Kumar Saxena has been appointed as the chairman-cum-managing director of MOIL.

Saxena will assume the charge of the post till the date of his superannuation i.e. 31 December 2025, or until further orders, whichever is earlier.

Oil Prices Fall

On Wednesday, oil prices slipped amid thin liquidity as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a price cap.

Brent crude futures were down 0.9%, at US $ 83.5 a barrel. West Texas Intermediate fell toward US$ 79 a barrel after closing changed little on Tuesday.

Both benchmarks fell by over US $ 1 per barrel earlier in the session after rising to their highest in three weeks on Tuesday on hopes for a fuel demand boost.

Oil refiners in the US on Tuesday were working to resume operations at a dozen facilities knocked offline by freeze weather across much of the country dragging the sentiment lower.

Further, the Artic blast that sent temperatures well below freezing also disrupted output, cutting oil and gas production from North Dakota and Texas.All these factors have created a supply-side risk, pulling the prices down.

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

Hester Biosciences acquires technology for poultry vaccine

Hester Biosciences on Wednesday acquired the technology for the development and commercialisation of the low pathogenic avian influenza (H9N2 strain) inactivated vaccine for poultry.

The company has signed an agreement with the Indian Council of Agricultural Research - National Institute of High Security Animal Diseases on Tuesday for receiving the indigenously developed technology.

Agrinnovate is a government entity that acts as an interface between ICAR and the stakeholders in the agriculture sector, which includes technology transfers for vaccine manufacturing in the veterinary sector.

Besides supplying the vaccine within India, Hester intends to export this vaccine to African and Asian countries

The huge poultry population in India is a key source of livelihood for rural India.

Until date, India had no vaccine available for Avian Influenza despite of periodic outbreaks across the country.

Housing Sales on Solid Ground

According to report by Anarock India, housing sales in top 7 cities have surpassed the previous levels of 2014 despite the sustained hike in property prices and home loan interest rates in 2022.

Among the top seven cities, Mumbai had the highest sales of about 1,09,700 units in 2022.

With the festive season in full swing, India's real estate industry is bouncing back from pandemic and subsequent disruption.

The new supply registered a YoY growth of 51%. Mumbai and Hyderabad have had the maximum new launches in 2022.

This demand is further expected to strengthen on the back of festive discounts and flexible payment plans.

Following this news shares of the real estate rose up to 5% yesterday.

Shares of Macrotech Developers, Oberoi Realty, DLF, and Indiabulls Real Estate gained the most, riing up to 5% on Wednesday.

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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