Sensex Trades Marginally Higher, Dow Futures Up by 21 Points

Thu, 5 Aug 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 110 points, up 0.2%, at 54,479 levels.

Meanwhile, the NSE Nifty is trading up by 33 points

Bharti Airtel and Eicher Motors are among the top gainers today. SBI and IndusInd Bank are among the top losers today.

The BSE Mid Cap index is trading down by 0.4%.

The BSE Small Cap index is trading down by 0.7%.

On the sectoral front, stocks from the real estate sector are witnessing most of the selling pressure.

On the other hand, stocks from the telecom sector are witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 14 points (up 0.1%) while Dow Futures are trading up by 21 points (up 0.1%).

The rupee is trading at 74.23 against the US$.

Gold prices are trading down 0.1% at Rs 47,835 per 10 grams.

Gold prices struggled for the fifth day in a row in India amid rangebound movement in global rates. On MCX, gold futures were down moderately at Rs 47,888 per 10 grams, extending losses to about Rs 700 per 10 grams in five days.

In global markets, gold prices were subdued after the dollar firmed and remarks from a top US Federal Reserve official signaled the possibility of policy tightening. Spot gold prices fell 0.1% to US$ 1,810 per ounce.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock-specific news...

Among the buzzing stocks today is SBI.

State Bank of India (SBI) reported its highest ever net profit at Rs 65 bn for the June 2021 quarter on the back of lower provisions and higher other income.

The bank's net profit came in higher by 55% year on year (YoY) which was also sharply higher than Street estimates.

Provisions and contingencies dipped 19.6% YoY to Rs 100.5 bn in the reported quarter, while other income soared 48.5% YoY to Rs 118 bn.

While provisions in the quarter dipped year on year, the lender's asset quality suffered likely due to the onset of the second wave of the Covid-19 pandemic.

SBI's gross non-performing assets (NPA) ratio stood higher at 5.32% compared to 4.98% in the previous quarter. Similarly, the lender's net NPA ratio stood at 1.77% as against 1.5% in the previous quarter.

The country's largest lender by assets saw its net interest income during the quarter rise 3.7% YoY to Rs 266.4 bn. However, net interest margin shrank 9 basis points to 3.2%.

On the operating front, SBI reported a 5% YoY rise in pre-provision operating profit to Rs 189 bn despite an increase in expenses as Covid-19 related cost benefits petered out during the quarter. Credit growth in the domestic market was at 5.6% YoY, likely reflecting muted demand due to Covid-19 second wave. The lender said that retail loans grew at a healthy pace of 16.5% YoY followed by agriculture and small business loans.

Home loans, which now make up for 23% of SBI's advances, surged 11% YoY, reflecting the rise in demand for housing in the country.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, SBI shares were trading down by 2.3% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares an update on his next trade in energy, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the telecom sector...

Tata Communications' Net Profit Rises 15% to Rs 3 bn

Tata Communications posted a 15% YoY jump in consolidated profit at Rs 3 bn for the June 2021 quarter. The company had registered a profit of Rs 2.6 bn in the same period last year.

However, the revenue of the company's data business declined by 2.2 YoY to Rs 31 bn as it continued to be affected by the Covid-19 related slowdown.

Enterprise decisions were slow due to macroeconomic headwinds leading to longer lead time for deal wins. Service delivery was also affected by lockdowns during the second wave.

The revenue of the digital platforms and service business of Tata Communications also fell by 12.8% YoY as it was affected by moderation of collaboration traffic which was at its peak in the same quarter a year ago. The company believes that there are early signs of recovery and an uptake of usage based services in geographies where economies have opened.

In a statement, Tata Communications Managing Director and CEO AS Lakshminarayanan said,

• In a challenging quarter impacted by the second wave of Covid-19, we have delivered a robust performance.
  
  The global markets are slowly opening up and we are witnessing greenshoots of demand recovery.

How the company performs in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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