Sensex Opens Marginally Higher; IndusInd Bank & HCL Tech Top Gainers

Fri, 30 Oct 09:30 am

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Asian stock markets are trading on a negative note today. The Nikkei is trading lower by 0.8% and the Hang Seng is trading down by 0.1%.

In US, Wall Street indices rose on Thursday after fresh data showed jobless claims dropped and the economy expanded sharply in the third quarter.

Sentiment also got a boost after President Donald Trump hinted at plans for a large additional fiscal stimulus after the election.

The Dow Jones Industrial Average ended up by 0.5%, snapping a four-session losing streak, while the Nasdaq gained 1.6%.

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

Market participants are tracking Dixon Technologies share price and DLF share price as these companies are slated to announce their financial results for the September quarter today.

The BSE Sensex is trading up by 122 points. The NSE Nifty is trading up by 46 points.

Nestle India is among the top gainers today. Power Grid, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 1.1%. The BSE Small Cap index is trading up by 0.8%.

All sectoral indices are trading in green with stocks in the realty sector and energy sector witnessing most of the buying interest.

The rupee is trading at 74.25 against the US$.

Gold prices are trading up by 0.2% at Rs 50,414 per 10 grams.

Gold traded in a tight range on Thursday after falling as much as 2% in the previous session as caution crept in ahead of the US elections, with bullion also contending with the dollar as a refuge for investors hedging risks from mounting Covid-19 cases.

December gold futures on MCX rose by Rs 120 to touch the Rs 50,615 mark at the strongest level recorded during the session.

Silver futures declined to as low as Rs 59,400, down Rs 738 or 1.2% from its previous close.

In recent weeks, gold has remained in a narrow range, after losing momentum since hitting record high of Rs 56,200 per 10 gram in August.

Yet, gold prices are up about 30% so far this year in Indian markets. Most of these gains are seen as gold is seen as an inflation hedge amid unprecedented pandemic-driven stimulus across the world.

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.

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, visit our YouTube Playlist on gold investing.

Moving on to stock specific news...

Bank of Baroda is among the top buzzing stocks today.

State-owned Bank of Baroda on Thursday reported a standalone net profit of Rs 16.8 billion for the July-September quarter (Q2FY21) on the back of lower provisions.

Profit after tax (PAT) grew 128% year-on-year (YoY) from Rs 7.4 billion.

In the previous quarter of the current fiscal (Q1FY21), the lender had incurred a loss worth Rs 8.6 billion.

On a consolidated basis, profit was Rs 17.7 billion for Q2FY21, as against a net loss of Rs 6.8 billion in the June quarter.

Net interest income (NII) came in at Rs 75.1 billion for the quarter under review, rising marginally from Rs 70.3 billion in Q2FY20.

Provisions set aside in the September quarter declined sharply to Rs 30 billion on a sequential basis from Rs 56.3 billion set aside in Q1FY21. Of these, provisions for NPA stood at Rs 22.8 billion.

Loan accounts worth Rs 859 billion are under moratorium as of September 30, 2020. Loan accounts worth Rs 140.2 billion were classified at the end of Q2FY21.

Bank of Baroda share price has opened the day up by 0.6%.

In other news, market participants are also tracking IndusInd Bank share price. The private lender is scheduled to announce its September quarter earnings later today.

Reports state that IndusInd Bank is likely to report an up to 80% fall in September quarter net profit as the bank is seen increasing provisions to shore up provision coverage ratio.

Net interest income (NII) is seen falling in single digits while the net interest margin (NIM) is seen flattish.

Note that earlier this week, it was reported that Kotak Mahindra Bank is exploring a potential takeover of IndusInd Bank.

The promoters of Kotak Bank and their counterparts in IndusInd Bank have engaged in discussions for the merger via a share swap.

Reports state that if such a deal is clinched, it could significantly expand Kotak Mahindra's presence in the Indian banking sector, particularly in the retail segment.

Speaking of the Kotak-IndusInd Bank merger, Co-head of Research at Equitymaster, Tanushree Banerjee has decluttered the math behind the proposed merger, in her latest video.

In the video, Tanushree explains why the proposed Kotak-IndusInd merger has merit and urgency.

Which bunch of shareholders will benefit from this deal? Should you buy Kotak Mahindra Bank or IndusInd Bank?

Tune in to the video to find out more:

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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