Sensex Zooms 600 Points, Dow Futures Up by 326 Points

Mon, 18 Oct 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 620 points, up 1%, at 61,926 levels.

Meanwhile, the NSE Nifty is trading up by 193 points.

Hindalco and Tata Motors are among the top gainers today. HCL Technologies and Mahindra & Mahindra are among the top losers today.

The BSE Mid Cap index is trading up by 1.4%.

The BSE Small Cap index is trading up by 1.1%

On the sectoral front, stocks from the metal sector are witnessing most of the buying interest.

On the other hand, stocks from the healthcare sector are witnessing most of the selling pressure.

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

Nasdaq Futures are trading up by 34 points (up 0.2%) while Dow Futures are trading up by 326 points (up 0.9%).

The rupee is trading at 75.28 against the US$.

Gold prices are trading up by 0.1% at Rs 47,255 per 10 grams.

Gold prices were marginally higher in Indian markets today amid positive global cues. On MCX, gold futures were up 0.1% at Rs 47,265 per 10 grams.  In the previous session, gold had slumped 1.4% or Rs 700 per 10 grams.

In global markets, gold rates today ticked higher as US bond yields retreated. Spot gold rose 0.2% to US$ 1,770.3 per ounce.

US bond yields had jumped sharply on Friday after data showed retail sales advanced in September which bolstered expectations for sooner-than-expected tightening of monetary policy by the US Fed.

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 Indiabulls Real Estate

Shares of Indiabulls Real Estate (IBREL) rose over 7% on the exchanges to hit an all time high, after the company said its sales bookings jumped over two-fold to Rs 8.7 bn during the first six months of the financial year 2021.

The company's sales stood at Rs 3.7 bn in the same period last year.

IBREL also announced the resignation of Sameer Gehlaut as non-executive director and chairman of the company with effect from 31 December 2021.

The resignation of Gehlaut comes amid the proposed merger of IBREL projects with Bengaluru-based Embassy group.

After the conclusion of the merger, Embassy will become the main promoter of the merged entity.

With respect to the merger, IBREL has already got regulatory approvals from the Competition Commission of India (CCI), the NSE, the BSE and the market regulator.

The company has also filed the requisite joint application with the NCLT for approval of the same.

Embassy Group has around a 14% stake in IBREL which will increase to 45% after the merger of both companies.

Post-merger, the combined entity will have an 80.8 m square feet of launched and planned development potential. The merged entity will have about 30 projects.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

At the time of writing, Indiabulls Real Estate shares were trading up by 7.7% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about market linked debentures (MLDs) and why you should consider investing in them, in his latest video for Fast Profits Daily.

Moving on to news from the banking sector...

HDFC Bank Reports 17.6% Jump in Net Profit; Asset Quality Improves Sequentially

HDFC Bank on Saturday reported a 17.6% year on year (YoY) rise in net profit at Rs 88.3 bn for the September 2021 quarter.

The bank had posted a net profit of Rs 75.1 bn in the year-ago quarter. The bank's net interest income (NII), the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 12.1% to Rs 176.8 bn with net interest margin (NIM) at 4.1%.

Provisions and contingencies for the quarter also rose to Rs 39.2 bn compared to Rs 37 bn in the year-ago quarter.

Total provisions for the quarter included Rs 12 bn worth of contingent provisions, the bank said.

Provisions and contingencies at the end of June 2021 quarter stood at Rs 48.3 bn. The bank's asset quality improved during the quarter as gross non-performing assets (NPAs) came in lower at 1.35% of gross advances compared to 1.47% in the June 2021 quarter and 1.37% in the year-ago quarter.

Excluding NPAs in the agriculture segment, NPAs for the September quarter came in at 1.2%.

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

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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