Sensex Opens Flat ahead of RBI Policy Decision; ONGC & IndusInd Bank Top Gainers

Fri, 4 Jun 09:30 am

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Asian stock markets are trading on a negative note today as signs of a strengthening US recovery boosted bets for higher inflation and an earlier tapering of Federal Reserve stimulus.

The Hang Seng is up 0.2% while the Nikkei is trading lower by 0.5%. The Shanghai Composite is trading up by 0.1%.

In US stock markets, Wall Street indices ended lower as investors backed away from big bets over concerns of inflation ahead of the release of US jobs data.

The Dow Jones Industrial Average fell 23 points or 0.1% while the Nasdaq Composite dropped 142 points or 1%.

Stocks got some relief into the close on reports that President Joe Biden is willing to compromise over a proposed corporate tax hike.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

A total of 34 companies, including PNB, Bank of India, Bharat Forge, MOIL, and Balkrishna Paper Mills are set to release their quarterly earnings today.

The RBI's will announce its bi-monthly monetary policy outcome at 10 am today.

The BSE Sensex is trading up by 78 points. Meanwhile, the NSE Nifty is trading higher by 16 points.

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

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.3% and 0.6%, respectively.

Sectoral indices are trading mixed with stocks in the telecom sector and capital goods witnessing buying interest.

Metal stocks, on the other hand, are trading in red.

Shares of Magma Fincorp and PNB Housing Finance hit their 52-week highs today.

The rupee is trading at 73.04 against the US$.

Gold prices are trading down by 0.1% at Rs 48,633 per 10 grams.

Meanwhile, silver prices are trading down by 0.2% at Rs 70,770 per kg.

Bitcoin slipped more than 3% today after Elon Musk fired off a tweet hinting at a breakup with the cryptocurrency.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani explains why he thinks the Nifty can rise higher.

In the video, Vijay explains why he believe strongly in trading indices over stocks.

Tune in to find out more:

In news from the banking sector, HDFC Bank is among the top buzzing stocks today.

India's largest private lender HDFC Bank has asked customers to ignore its previous communication warning them about dealing in cryptocurrency transactions.

The notice had cited a 2018 circular by the Reserve Bank of India (RBI) that was struck down by the Supreme Court in 2020.

RBI clarified earlier this week that banks should not refer to the said circular to caution customers about trading in cryptocurrency.

Last week, it was reported that top Indian banking institutions were clamping down on customers using bank accounts to make cryptocurrency transactions.

HDFC Bank and State Bank of India (SBI) were sending official notices to many such customers warning them of curbs, including permanent closure of accounts.

In a renewed push to restore banking access, crypto exchanges reached out to banks and payment gateways after RBI issued the clarification.

In recent weeks, several banks including ICICI Bank, Yes Bank and IndusInd Bank had pulled the plug on the business accounts of crypto exchanges, instructing payment gateways to not work with exchanges and blocked the exchanges' ability to accept rupee deposits.

With most banks cutting access, exchanges were operating by taking deposits manually and collaborating with mobile wallet MobiKwik.

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.

Moving on, as per a leading financial daily, India is planning to ask for proposals from investment banks this month for the initial public offering (IPO) of Life Insurance Corporation of India (LIC).

As per the article, the government will send out invitations in the coming weeks for the share sale of the country's biggest insurer.

The IPO could happen as soon as March 2022.

The government is eagerly waiting to go ahead with LIC's IPO to help plug the widening budget gap.

The government plans to raise US$24 bn by selling assets including Air India and Bharat Petroleum Corporation (BPCL) as it attempts to revive an economy battered by the coronavirus pandemic.

LIC had total assets of Rs 32 tn in the financial year 2019-2020, according to its latest annual report.

The insurer had an almost 69% market share in life insurance in terms of total first year premiums.

How the above developments pan out remains to be seen.

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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