Sensex Opens in Green; IT & FMCG Stocks Lead

Fri, 18 Jun 09:30 am

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Asian stock markets are trading on a mixed note today, following a rally in US tech shares.

In China, shares fluctuated after US regulators proposed a ban on products from Huawei Technologies Co. and four other Chinese electronics companies.

The Hang Seng and the Nikkei are up 0.5% and 0.3%, respectively. The Shanghai Composite is trading down by 0.3%.

In US stock markets, Wall Street was broadly under pressure on hawkish signals from the US Federal Reserve.

The US dollar hit a two-month high and long-dated Treasury yields whipsawed, tumbling after initially spiking on Wednesday's surprise move from the Federal Reserve to raise interest rates at a much faster pace than expected.

The Dow Jones Industrial Average fell 210 points or 0.6%. The Nasdaq Composite neared its lifetime peak hit on 29 April, closing up 0.9% or 122 points higher.

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

The BSE Sensex is trading up by 167 points. Meanwhile, the NSE Nifty is trading higher by 37 points.

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

The BSE Mid Cap index has opened down by 0.3%. The BSE Small Cap index is trading higher by 0.2%.

Sectoral indices are trading mixed with stocks in the IT sector and FMCG sector witnessing buying interest.

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

Shares of Coforge and Mindtree hit their 52-week highs today.

The rupee is trading at 74.12 against the US$.

Gold prices are trading up by 0.3% at Rs 47,079 per 10 grams.

Meanwhile, silver prices are trading up by 1.2% at Rs 68,317 per kg.

Speaking of bullion, India's #1 trader, Vijay Bhambwani talks about why gold and silver prices have become volatile lately, in his latest video for Fast Profits Daily.

He also shares how the price volatility affects his long-term view on both metals.

Tune in to the video below to find out more:

In latest developments from the IPO space, the initial public offer (IPO) by Dodla Dairy was subscribed 3.30 times on the second day of subscription on Thursday.

Dodla Dairy is looking to raise Rs 5.2 bn, comprising of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.

The public offer opened for three days on Wednesday, 16 June and will close today.

The IPO received bids for 2,80,50,960 shares against 85,07,569 shares on offer, data from the National Stock Exchange (NSE) showed.

The category meant for qualified institutional buyers (QIBs) was subscribed 28%, non-institutional investors 60% and retail individual investors (RIIs) 6.18 times.

Dodla Dairy, a leading dairy company in southern India, on Tuesday said it has raised a little over Rs 1.6 bn from anchor investors.

Proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirements of the company and for general corporate purposes.

The company's operations in India are primarily across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu and its international operations are based in Uganda and Kenya.

Meanwhile, the IPO of hospital chain Krishna Institute of Medical Sciences (KIMS) was subscribed 56% on Thursday, the second day of the issue.

The institutional portion was subscribed 32%, the retail portion by two times and the portion reserved for employees was subscribed 66%.

KIMS has priced its Rs 21.4 bn IPO between Rs 815 and Rs 825 per equity share.

The IPO consists of a fresh issue of Rs 2 bn and an OFS of 23 million shares.

KIMS is one of the largest corporate healthcare groups in AP and Telangana in terms of the number of patients treated and treatments offered. The company operates nine multi-speciality hospitals with an aggregate bed capacity of 3,064.

Today is the last day for subscription for both the IPOs.

Usually, IPOs see huge subscription on the last day. How the IPO subscription pans out today remains to be seen.

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

HDFC Bank is expecting IT spending to rise over the next two to three years as it revamps technology platforms and spruces up its digital offerings after facing regulatory ire over multiple glitches.

The management is clear that we will spend whatever it takes. We are moving to global benchmarks on IT spends, Ramesh Lakshminarayanan, chief information officer and group head-information technology at HDFC Bank, said in a briefing on Thursday.

The lender is not looking at it as a cost but as investments for growth, he said, adding that as customer experience and business improve, the spends will normalize.

In December, the Reserve Bank of India (RBI) had stopped HDFC Bank from issuing fresh credit cards and announcing new digital initiatives following multiple technical glitches over the last few years. The regulator also called for a third-party audit of the bank's IT infrastructure.

India's largest private bank is focusing on improving the internal IT platform and providing better digital offerings to customers.

HDFC Bank share price has opened the day down by 0.2%.

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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