Sensex Opens Marginally Up; IndusInd Bank and Ultratech Cement among Top Gainers

Wed, 29 Jul 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.1% while the Hang Seng is up 0.3%. The Nikkei 225 is trading down by 0.8%.

Wall Street closed lower on Tuesday as investors fretted about weakening consumer confidence, disappointing financial results and as investors worried about wrangling in the US Congress over a coronavirus aid plan.

Back home, Indian share markets opened marginally higher.

The BSE Sensex is trading up by 87 points. The NSE Nifty is trading up by 32 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.3%.

BSE Small Cap index is also trading higher by 0.3%.

Sectoral indices are trading mixed. BSE IT Index is witnessing selling pressure.

BSE Healthcare Index is witnessing buying interest, with 0.7% gains.

Moving on, the rupee is currently trading at 74.91 against the US$.

Gold prices are currently trading up by 0.9% at Rs 52,591.

If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

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Tune in here:

Moving on to the stock specific news...

IndusInd Bank is among the top buzzing stocks today after the bank registered a 67.8% (year-on-year) decline in Q1FY21 net profit on the back of a five-fold increase in provisions for bad loans.

Net interest income grew by 16.4% year-on-year to Rs 33.1 billion in quarter ended June 2020.

Asset quality has seen marginal weakening during the quarter with gross non-performing assets (NPAs) as a percentage of gross advances rising 8 bps sequentially to 2.5%, while net NPAs fell 5 bps QoQ to 0.9% in Q1FY21.

Provisions and contingencies shot up significantly to Rs 22.6 billion in quarter ended June 2020 largely due to COVID-19 related provisions, rising five-fold over Rs 4.3 billion reported in year-ago period. However, the same declined 7.4% quarter-on-quarter.

IndusInd Bank share price opened the day up by 4.3%.

Nestle India also reported its June quarter results.

Nestle's profit grew by 11.1% year-on-year, to Rs 4.9 billion. COVID-19 induced Lockdowns disrupted its value chain and fall in other income (down 48%) but was supported by lower tax cost.

Revenue from operations during the quarter increased 1.7% YoY, which were impacted due to the COVID-19 induced lockdown leading to production disruption across factories.

Nestle said it delivered strong performance in the 'e-commerce' channel which grew by 122% this quarter and now contributed 3.6% to domestic sales.

Domestic sales increased by 2.6% YoY, but exports fell 9.3% in June quarter.

The demand in all 'Out of Home' consumption channels experienced a sharp decline due to the lockdown.

As far as 'in home consumption' is concerned, it boosted sales of milk-based portfolio, Nescafe Classic and Nescafe Sunrise, all of which performed well this quarter.

Nestle share price opened the day down by 0.1%.

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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