Sensex Zooms Over 600 Points, Dow Futures Down by 32 Points

Wed, 28 Apr 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 616 points, up 1.3% at 49,560 levels.

Meanwhile, the NSE Nifty is trading up by 166 points.

Bajaj Finance and Eicher Motors are among the top gainers today. JSW Steel and Hindalco are among the top losers today.

The BSE Mid Cap index is trading up by 0.8%.

The BSE Small Cap index is trading up by 1%.

On the sectoral front, barring the metal sector, all sectors are trading in green, with stocks from the automobile sector, witnessing most of the buying interest.

US stock futures are trading mixed today.

Nasdaq Futures are trading up by 7 points (up 0.1%) while Dow Futures are trading down by 32 points (down 0.1%)

The rupee is trading at 74.43 against the US$.

Gold prices are trading down 0.7% at Rs 46,951 per 10 grams.

Gold prices extended their losses to the fifth day in Indian markets amid weak global cues. On MCX, gold futures fell 0.3% to Rs 47,151 per 10 grams. In the previous session, gold prices had dipped 0.4%.

Note that after hitting a two-month high of Rs 48,400 last week, gold has been sliding, tracking a decline in global rates.

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

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani, talks about why he thinks it's a great time to buy gold, in his latest video for Fast Profits Daily.

In the video below, he discusses major events like inflation, interest rates, etc. and how they impact gold. He also shares the right way to buy and hold gold and answers questions on all things that matter to an astute investor.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is TVS Motor Company.

Shares of TVS Motor Company rallied 15% in early trade today after the two-wheeler maker posted better-than-expected results for the March quarter (Q4FY21).

The company's standalone net profit for the quarter ended March jumped almost fourfold to Rs 2.9 billion, helped by higher sales volume. The company's revenue from operations grew 53% year-on-year (YoY) to Rs 53.2 billion.

Two-wheeler sales of the company grew 41% in the domestic market and by 74% in the international market, surpassing the industry growth of 24% and 33% respectively, TVS Motor said in a statement on Tuesday, April 27, 2021.

In March, the company said it achieved a new milestone by selling more than 100,000 units in the international market.

Focused working capital management and improved operating performance helped generate a free cash flow of Rs 18.9 billion in FY21. The funds were used to reduce debt, TVS Motor said.

Lean stock with dealers also helped unleash the blocked working capital across the supply chain, the company added.

During the quarter ended March, TVS Motor said it invested Rs 13.2 billion in the equity and preference shares of its subsidiaries and associates; Rs 6 billion in TVS Motor (Singapore), Rs 500 million in TVS Credit Services, Rs 145 million in PT TVS Motor Company Indonesia, Jakarta, and Rs 75 million in Intellicar Telematics, Bengaluru.

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

At the time of writing, shares of TVS Motor Company were trading up by 12.9% on the BSE.

In news from the banking sector...

Axis Bank Reports Highest Quarterly Profit in Q4; Asset Quality Improves

Axis Bank reported a net profit of Rs 26.7 billion for the quarter ended March, its highest ever, as against a net loss of Rs 13.9 billion in the year-ago quarter. The bank's net interest income in the quarter also jumped 11% year-on-year (YoY) to Rs 75.5 billion.

The lender's top line was affected by a strong quarter for the non-interest-bearing functions. Fee income in the quarter grew 15% YoY to Rs 33.8 billion, which helped non-interest income rise 17% YoY to Rs 46.7 billion.

Axis Bank's operating performance was also strong as operating profit jumped 17% YoY to Rs 68.7 billion in the reported quarter.

The bank reported a strong growth of 12% YoY in its loan book. The growth in the loan book was led by corporate loans, which grew 16% YoY, whereas retail loans rose 11% YoY in the reported quarter.The lender's asset quality also showed improvement during the quarter as net non-performing assets ratio fell 14 basis points sequentially to 1.05%.

For the quarter, the lender's specific loan-loss provisions were at Rs 70.4 billion as against Rs 42 billion in the year-ago quarter. The bank also made additional provisions of Rs 8 billion on account of change in NPA provision rates on loans to the commercial banking segment, the lender said.

The bank said that its overall capital adequacy ratio (CAR) stood at 19.1% including the Common Equity Tier I ratio of 15.4%. It said that Covid-19 related provisions of Rs 50 billion provided an additional cushion of 69 basis points.

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

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

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Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

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And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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