Sensex Opens Flat; Tata Motors, HDFC Bank & ONGC Among Top Gainers

Tue, 6 Jul 09:30 am

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Asian share markets are mixed today ahead of a key decision by Australia's central bank on its quantitative easing programme.

Chinese tech stocks are in focus after the Cyberspace Administration of China (CAC) ordered an investigation into Didi Global Holdings, just days after it listed on the New York Stock Exchange (NYSE).

The Hang Seng is down 0.6% while the Nikkei is trading higher by 0.3%. The Shanghai Composite is trading down by 0.5%.

US stock markets were closed on Monday to mark the Independence Day holiday.

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

The BSE Sensex is trading up by 27 points. Meanwhile, the NSE Nifty is trading higher by 15 points.

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

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

Sectoral indices are trading mixed with stocks in the automobile sector and realty sector witnessing buying interest.

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

Shares of KPR Mill and Avanti Feeds hit their 52-week highs today.

The rupee is trading at 74.33 against the US$.

Gold prices are trading up by 0.3% at Rs 47,458 per 10 grams.

Meanwhile, silver prices are trading up by 0.4% at Rs 70,280 per kg.

Gold hovered close to two-week highs, helped by a subdued dollar, while investors awaited minutes from the US Federal Reserve's June policy meeting for more clarity on monetary policy going forward.

Crude oil prices rose yesterday, with Brent trading around two-and-half-year highs, at US$77.11 a barrel after OPEC+ ministers abandoned the talks and set no new date to resume them.

Speaking of crude oil, India's #1 trader Vijay Bhambwani explains why crude oil prices will not stay at US$100, in his latest video for Fast Profits Daily.

As per Vijay, even if oil goes up to US$100, it won't sustain at those levels. In the below video, Vijay explains why.

Tune in to find out more:

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

Private lender HDFC Bank on Monday shared headline numbers for its June quarter, which showed loan growth moderation and contraction in its retail credit book.

HDFC Bank's overall advances grew at a modest pace of 14% year-on-year (YoY) and 1.3% sequentially, taking its total loan book to Rs 11.5 lakh crore.

The bank's retail disbursements were down 30% sequentially, reflecting the impact of the second Covid wave.

The continued weakness in the retail segment led to retail segment's share in total loans slipping down to 45% from 47% in June quarter last year.

Non-retail loans, including commercial and rural loans grew at a healthy pace of 25% YoY and 11% YoY, respectively.

HDFC Bank's deposit growth remained moderate at 13% YoY, while CASA deposits continued to register strong growth at 28%.

The lender saw traction on retail term deposits during the quarter as total retail deposits grew 17% YoY.

HDFC Bank share price has opened the day up by 0.8%.

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 to news from the aviation sector, airline stocks are in focus today.

The centre on Monday allowed airlines to marginally increase the number of domestic flights allowed from 50% of pre-Covid to 65%.

This would mean more flight options for passengers.

This increase will help airlines add flights but regulating capacity and airfares would impact the revival.

The government, which had allowed airlines to go up to 80% of total pre-Covid capacity of about 3,000 flights daily, had reduced it to 50% from 1 June 2021.

India's largest carrier Interglobe Aviation (IndiGo) had requested the government to completely waive off capacity regulation.

Since May 2020, the centre has been regulating capacity as well as fares in the domestic sector. It had started by allowing up to 33% and increased it to up to 80%.

For the Indian aviation sector, CAPA, which provides market intelligence to the aviation industry, made a grim admission in its annual outlook saying they have run out of words to describe the state of Indian airlines.

• The industry is standing on the edge of a cliff. This is true even for airlines with access to large pools of capital.

CAPA forecasts airline losses of US$8 bn for financial year 2021 and 2022 combined.

CAPA said the airlines will need US$5 bn to stay aloft but only have access to US$1.1 bn through share offerings and other sources.

How the Indian aviation sector makes turnaround in the stormiest weather remains to be seen.

Airline stocks have opened on a positive note today with SpiceJet and IndiGo both trading up by 2.3% and 2.4%, respectively.

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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Indian Share Market Update: Top Gainers and Losers