Sensex Surges 550 Points; HDFC Bank & Reliance Industries Top Gainers

Tue, 4 Aug 12:30 pm

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Share markets in India continued their upward climb today amid buoyed global equities, driven higher by energy and banking stocks.

Reversing from declines for four straight sessions, benchmark indices edged higher today tracking strong cues from global peers and upbeat Q1 earnings.

The BSE Sensex is trading up by 566 points, up 1.5%, at 37,500 levels.

Meanwhile, the NSE Nifty is trading up by 158 points.

The BSE Mid Cap index is trading up by 0.7%.

The BSE Small Cap index is trading up by 1.2%.

On the sectoral front, gains are largely seen in the energy sector and banking sector.

IT stocks, on the other hand, are witnessing selling pressure today after US President Donald Trump signed an executive order restricting federal agencies from contracting or subcontracting foreign workers, hurting Indian IT professionals who work in the US on the H-1B visa.

The rupee is trading at 75.09 against the US$.

Gold prices are trading down by 0.3% at Rs 53,851 per 10 grams.

Speaking of the current stock market scenario, individual investors who have missed the rally in stocks over past three months are trying to catch up. They believe that since they missed the bus then, they should make up for it by buying the stocks that look cheap now.

The problem is that most of the stocks that apparently look cheap are undervalued for a reason. And blindly buying into them could be fraught with risk.

In her latest video, Tanushree Banerjee talks about how cheap and high dividend yield stocks could be value traps.

Tune in to find out more:

Moving on, HDFC Bank is among the top buzzing stocks today.

Shares of the private lender jumped 6% after the Reserve Bank of India (RBI) approved Sashidhar Jagdishan as the bank's next chief executive officer.

The private sector lender received the RBI's approval letter last night. Jagdishan is currently additional director and head of finance, human resources, at the bank.

He will take over from Aditya Puri, who will step down as the bank's longest serving CEO ever since he took charge 26 years ago. Puri is set to retire by October this year.

Jagdishan was the bank's top choice among the three shortlisted candidates, with Kaizad Bharucha and Sunil Garg also in the running.

In November, the bank had constituted a six-member search committee to find a replacement for Puri.

Over the last few months, HDFC Bank had seen a flurry of senior level exits of Abhay Aima, group head of private banking, Ashok Khanna, group head of secured vehicle loans, and Munish Mittal, chief information officer - all veterans and close aides of Puri.

While Khanna's exit was linked to allegations of conflicts of interest in the purchase of global positioning systems for vehicles financed by the bank, Aima and Mittal stepped down due to personal reasons.

In 2018, private sector lender Axis Bank had a similar series of high-level exits after the retirement of Shikha Sharma, who was succeeded by Amitabh Chaudhary as managing director and chief executive officer.

HDFC Bank share price is presently trading up by 4.2%.

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.

Moving on to news from the pharma sector, shares of Wockhardt are witnessing buying interest today.

Shares of the company extended their gains into third consecutive day today after the company said it will supply millions of doses of multiple Covid-19 vaccines, including that being developed by AstraZeneca and Oxford University, under a deal with the UK government.

With today's gains, the stock has rallied about 28% in the past three days.

This is the latest step by the UK to secure supplies and production of Covid-19 vaccines after striking four deals with drug makers to buy their potential shots.

The UK government has also reserved one fill-and-finish production line at a Wockhardt subsidiary in Wrexham, Wales for its exclusive use for the next 18 months to secure supply. It is expected to start the Wexham line in September.

Wockhardt share price is presently trading up by 8.3%.

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