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SGX Nifty Up 29 Points, Gold Prices Continue Momentum, HDFC Bank Car Loan Probe, and Top Buzzing Stocks Today
Mon, 27 Jul Pre-Open | Monish Vora, TM Team

Indian share markets ended marginally lower on Friday.

At the closing bell on Friday, the BSE Sensex stood lower by 11 points (down 0.03%). The NSE Nifty closed lower by 21 points (down 0.19%).

The BSE Mid Cap index ended down by 0.6%. The BSE Small Cap index ended down by 0.2%. On the sectoral front, losses were largely seen in the banking sector and metal sector.

At 8:20 am today, the SGX Nifty was trading up by 29 points, or 0.26% higher at 11,205 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

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Top Stocks in Focus Today

IndusInd Bank will be among top buzzing stocks today after the Reserve Bank of India (RBI) granted approval to an existing investor, Route One, to increase stake in the private sector lender.

Route One Investment Company LP, USA (ROIC) is an existing investor, holding approximately 4.96% of the issued and subscribed capital of the bank. ROIC has approached the RBI seeking a prior approval to increase their stake in IndusInd Bank up to 10%.

Cipla share price will be in focus as it is set to launch Covid-19 drug Favipiravir, developed by the Council of Scientific and Industrial Research (CSIR) in a cost-effective process. An off-patent anti-viral drug, Favipiravir, originally discovered by Fuji Pharma in Japan, has shown promise in clinical trials for treatment of Covid-19 patients, especially in mild and moderate cases.

Market participants will also be tracking Reliance Industries share price as reports stated that Amazon is in talks to buy a 9.9% stake in the retail arm of Reliance Industries. Reportedly, Amazon wants a preferred, strategic stake in Reliance Retail for JioMart.

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Gold Continues its Rally

Domestic gold prices continued their momentum and hovered near their all-time highs last week. The active gold contract on MCX rose to Rs 50,925 level on Friday. This was inches away from their record high of Rs 50,936 witnessed last week.

Gains were seen as political tensions and concerns about global growth buoyed the demand for safe haven assets.

International gold prices were also edging closer to its record high of US$ 1,911 an ounce hit in August 2011. Prices traded near US$ 1,900 an ounce on Friday on the back of increasing signs that the prolonged coronavirus pandemic is stalling an economic recovery.

With these gains, gold is heading for a seventh weekly gain, the longest stretch since 2011, while silver is poised for its biggest weekly advance in about four decades.

Investors in India are also seen flocking to sovereign gold bonds, which in the fourth tranche saw over 4 tonnes of gold equivalent being subscribed. Gold exchange traded funds (ETFs) are also witnessing increased buying interest with the net inflow in June being at Rs 4.9 billion while net assets under management (AUM) as on June end were at Rs 108.5 billion.

So, is this the right time to buy gold or silver? And how can one go about investing in this precious metal?

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RBI Seeks Internal Car Loan Investigation Details from HDFC Bank

The Reserve Bank of India (RBI) has asked HDFC Bank to provide details of an internal investigation into allegations of improper lending practices in its vehicle-financing operation.

The RBI is also seeking information on steps taken by HDFC Bank to remedy any issues identified during the investigation.

The private lender's MD Aditya Puri last week said that the inquiry was triggered by a whistle-blower and uncovered "personal misconduct" by some of the bank's employees.

"Based on internal inquiry findings, appropriate action was taken against a set of employees in the auto loan business segment for their act of personal misconduct," Puri said during the investor call that followed the bank's latest earnings report.

Earlier, it was reported that HDFC Bank has fired at least six senior and mid-level officials after an internal probe on the allegations of "improper lending practices" and "conflict of interest".

The probe reportedly found that the bank's car loan customers were given GPS devices by bundling them in auto loans without their knowledge. These executives apparently sold the GSP devices with auto loans to achieve sales targets from the years 2015 to 2019, and allegedly to track customers in case of loan default.

The vehicle financing unit had outstanding loans of nearly Rs 1.2 trillion as of June 30, 2020.

Note that HDFC Bank is also bracing for a leadership change with Puri set to step down after 26 years at the helm. He will retire when he turns 70 in October under RBI rules that restrict the age of top bank executives.

We will keep you updated on all the news from this space. Stay tuned.

And 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!

Read the latest Market Commentary

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Stock Market Updates

HEXAWARE TECHNOLOGIES at 52 Week High; BSE 500 Index Down 0.9 % (Today's Market)

Sep 22, 2020 11:51 AM

HEXAWARE TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 465. BSE 500 Index is down by 0.9% at 14,842. Within the BSE 500, HEXAWARE TECHNOLOGIES (up 1.5%) and KPIT TECHNOLOGIES (up 5.5%) are among the top gainers, while top losers are EIH and SOMANY CERAMICS .

The BSE AUTO Index Down 2% ; BOSCH Among Top Losers (Today's Market)

Sep 22, 2020 11:49 AM

The BSE AUTO Index Down at 17,765 (down 2.2%). Among the top losers in the BSE AUTO Index today are BOSCH, MARUTI SUZUKI and TATA MOTORS. Meanwhile, the BSE Sensex has plunged 0.7% to 38,210.

The BSE OIL & GAS Index Down 2% ; OIL INDIA Among Top Losers (Today's Market)

Sep 22, 2020 11:33 AM

The BSE OIL & GAS Index Down at 12,879 (down 2.1%). Among the top losers in the BSE OIL & GAS Index today are OIL INDIA, HPCL and GAIL. Meanwhile, the BSE Sensex has plunged 0.9% to 38,210.

APL APOLLO TUBES Share Price Down by 5%; BSE CAPITAL GOODS Index Down 2.6% (Today's Market)

Sep 22, 2020 11:29 AM

APL APOLLO TUBES share price is trading down by 5% and its current market price is Rs 2,687. The BSE CAPITAL GOODS is down by 2.6%. The top gainers in the BSE CAPITAL GOODS Index is HONEYWELL AUTOMATION (up 2.0%). The top losers is APL APOLLO TUBES (down 5.0%)..

IIFL FINANCE Share Price Down by 5%; BSE 500 Index Down 1.2% (Today's Market)

Sep 22, 2020 11:19 AM

IIFL FINANCE share price is trading down by 5% and its current market price is Rs 84. The BSE 500 is down by 1.2%. The top gainers in the BSE 500 Index are GSK CONSUMER (up 5.1%) and CENTRAL BANK (up 4.7%). The top losers are IIFL FINANCE (down 5.1%) and BOSCH (down 5.2%).

SGX Nifty Trades Higher, Falling Gold Prices, CAMS IPO, and Top Buzzing Stocks Today (Today's Market)

Sep 22, 2020 Pre-Open

Top cues to track in today's stock market session.

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Sep 22, 2020 11:55 AM