Sensex Opens Higher; ONGC & Tata Motors Top Gainers

Tue, 23 Feb 09:30 am

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Asian share markets are trading on a positive note today with the Hang Seng up by 1.5%. Japanese share markets are closed today for a public holiday.

In US stock markets, Wall Street indices retreated on Monday with tech stocks taking the biggest hit amid growing concerns that borrowing rates will creep higher as the US economy and prices recover.

The Dow Jones Industrial Average reversed early losses to close with a gain 0.1%, while the tech-heavy Nasdaq Composite plunged 2.5%.

Back home, Indian share markets have opened on a positive note.

The BSE Sensex is trading up by 279 points. Meanwhile, the NSE Nifty is trading higher by 85 points.

ONGC is among the top gainers today. Asian Paints, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 1.2%. The BSE Small Cap index is trading higher by 1%.

All sectoral indices are trading in green with stocks in the oil & gas sector and metal sector witnessing most of the buying interest.

Shares of Sonata Software and Hindustan Copper hit their 52-week highs today.

The rupee is trading at 72.40 against the US$.

Gold prices are trading up by 0.2% at Rs 46,960 per 10 grams.

Gold hovered near a one-week peak after gaining 1.5% in the previous session, as US Treasury yields retreated, lifting the appeal of the bullion.

Crude oil prices jumped by more than US$ 1 as US output was slow to return after a deep freeze in Texas shut in crude production last week.

On Monday, commodities rose to their highest in almost eight years amid booming investor appetite.

The Bloomberg Commodity Spot Index, which tracks price movements for 23 raw materials, rose 1.6% on Monday to its highest since March 2013. The gauge has already gained 67% since reaching a four-year low in March.

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster, Rahul Shah talks about how one should invest with a big market crash looming.

One of the biggest uncertainties in an uncertain world is a huge stock market crash. Should one make an attempt to predict it or is there any other blueprint that an investor needs to follow?

Rahul discusses these points in the video below. Tune in to find out more:

In news from the aluminum sector, Hindalco Industries has decided to pay 8-10% dividend from the consolidated free cash flow against its existing policy of paying 10-30% of the standalone net profit.

As per reports, this move will lead to higher payout as it will now consider the free cash flow of its US subsidiary Novelis while distributing dividend.

Moreover, the company said dividend will be declared out of the profits of that financial year or previous financial years after providing for past depreciation. This is in contrast to the existing policy which provides for paying dividend only from the existing year's standalone net profit and the retained earnings were to be utilised only in exceptional circumstances.

Before deciding on dividend, the board will consider various internal and external factors including stability of earnings, future capital expenditure, inorganic growth plans and reinvestment opportunities, or any such alternative profit distribution measure and any other contingency plans.

The Aditya Birla Group's metal flagship company also said it expects to generate US$ 1-1.2 billion cash flow per annum post its normal working capital and maintenance Capex and has come out with a capital allocation framework for growth Capex, debt reduction and for shareholders' returns.

Hindalco Industries share price has opened the day up by 2.6%.

Moving on to news from the banking sector, HDFC Bank is among the top buzzing stocks today.

The Securities Appellate Tribunal (SAT) has granted relief to HDFC Bank by staying on an order issued by markets regulator, which directed the lender to transfer over Rs 1.6 billion in the matter pertaining to BRH Wealth Kreators' share pledging.

The tribunal directed HDFC Bank to give an undertaking to the markets regulator that it will abide by the result of the appeal and the directions given therein within four weeks from the date of the disposal of the appeal.

Last month, the regulator had imposed a penalty of Rs 10 million on HDFC Bank for invoking securities pledged by BRH Wealth, allegedly in violation of an interim order. Further, the bank was also directed to transfer Rs 1.6 billion, along with an interest of 7% per annum from October 14, 2019.

HDFC Bank had given a loan to BRH Wealth against shares. The broker had given a declaration that it was the absolute owner of the securities and they were not that of its clients.

However, BRH had indulged in several irregularities, which led to an interim order against it in October 2019. In March 2020, the markets regulator issued a show cause notice to HDFC Bank after it invoked shares pledged by BRH.

The SAT observed the interim order noted that certain securities were pledged by BRH to HDFC Bank, but didn't restrain the lender from encashing the pledged securities.

The tribunal said whether the securities have been rightly invoked by HDFC Bank will require further consideration. It directed markets regulator to file its reply in three weeks and posted the matter to April 7 for final disposal.

HDFC Bank share price has opened the day down by 0.4%.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

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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