Sensex Opens Marginally Lower; ICICI Bank & Asian Paints Top Losers

Thu, 22 Oct 09:30 am

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Asian stock markets are lower today amid fears that agreement on a key US stimulus bill will not be reached until after the presidential election on November 3.

The Hang Seng is trading down by 0.3% and the Nikkei is trading down by 0.8%.

In US, Wall Street indices closed lower overnight after a choppy trading session, as investors eyed difficult negotiations in Washington for a fresh coronavirus stimulus package.

The Dow Jones edged lower by 0.4%, while the tech-heavy Nasdaq dropped 0.3%.

Back home, Indian share markets have opened the day on a negative note.

Market participants are tracking shares of Bajaj Auto, Asian Paints, and HDFC AMC as these companies are scheduled to announce their September quarter results later today.

The BSE Sensex is trading down by 133 points. The NSE Nifty is trading lower by 34 points.

Bajaj Finserv is among the top gainers today. ICICI Bank, 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 up by 0.3%.

Sectoral indices are trading mixed with stocks in the healthcare sector and auto sector witnessing selling pressure. Telecom stocks, on the other hand, are trading in green.

The rupee is trading at 73.71 against the US$.

Gold prices are trading down by 0.4% at Rs 51,090 per 10 grams.

Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

So, is the rally over? Will gold and silver prices fall?

India's #1 trader Vijay Bhambwani doesn't think so. Vijay believes the bull market still has a long way to go.

In one of his videos, he tells you why. Tune in to the video to find out more.

In news from the finance sector, Bajaj Finance is among the top buzzing stocks today.

The non-banking finance company (NBFC) on Wednesday reported a 36% drop in its consolidated net profit at Rs 9.7 billion for the second quarter of the 2020-21 fiscal year (Q2FY21).

The company had posted a net profit of Rs 15.1 billion in the same quarter a year ago.

The company's consolidated income grew 3% to Rs 65.2 billion during Q2FY21 as against Rs 63.2 billion in the same quarter a year ago.

Net interest income was up 4% at Rs 41.7 billion as against Rs 40 billion.

Bajaj Finance said new loans booked during the second quarter of this fiscal dropped 44% to 3.6 million as against 6.5 million in the corresponding period a year ago.

Its consolidated assets under management (AUM) as of September 30, 2020 stood flat at Rs 1,370.9 billion.

The consolidated results of Bajaj Finance include results of its wholly-owned subsidiaries Bajaj Housing Finance and Bajaj Financial Securities.

Bajaj Finance share price has opened the day up by 1.1%.

To know more, you can read Bajaj Finance's Q2FY21 result analysis on our website.

Speaking of the finance sector, note that the market crash impacted all stocks, but finance stocks took the worst hit.

Even as the Sensex made a comeback to pre-Covid levels, the slowdown and asset quality concerns amid the moratorium extension, is an overhang on the financial sector.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, expects a long road to recovery for this sector.

Here's what she wrote about it in one of the editions of the Profit Hunter:

• Just to be sure, being cautious in this sector makes sense to me. However, I believe it would be folly to paint all financial stocks with the same brush.
  
  Financials, especially NBFCs, have gone through multiple disruptions and challenges in the last few years - demonetisation, the IL&FS crisis, and now...coronavirus and moratoriums. This has led to a liquidity squeeze for these players, due to a risk aversion attitude among investors and lenders.
  
  The streak of disruptions will force inefficient and unorganised players in this sector to scale back. I also see a consolidation happening. The survivors and beneficiaries of this shift will be the well capitalised companies with balanced growth and high asset quality.
  
  Investors who identify these stocks now and are willing to be patient with returns, will be rewarded with huge rebound gains.

Richa recently recommended one such stock - a high quality NBFC. Subscribers can read the report here (requires subscription).

And if you are not a Hidden Treasure subscriber, here's where you can sign up.

Moving on to news from the media sector, Zee Entertainment Enterprises has restructured its organization in line with its ZEE 4.0 strategy. Under the new plan, Punit Misra will take over as President - Content & International Markets.

The company has formed an integrated content team, which will be responsible of creating and serving content to its viewers across linear and digital platforms.

Earlier this year, the company announced an investment of Rs 5.2 billion, spread over 24 months, in its streaming connectivity company SugarBox. The investment was done with the expectation of the latter helping in improving ZEE5's overall reach.

Like the digital business, the company will be combining different parts of its movies business, which are currently embedded in multiple domains, into a single integrated platform.

Zee Entertainment Enterprises share price has opened the day up by 1.2%.

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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