Sensex, Nifty Open Higher; Realty and Banking Stocks Lead

Mon, 19 Oct 09:30 am

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Asian stock markets are trading higher today, buoyed by hopes of a US fiscal package before the US presidential elections next month.

China's economic recovery disappointed in the third quarter, growing 4.9% from a year earlier and missing analyst expectations, data from the National Bureau of Statistics showed.

The Hang Seng is trading up by 0.5% and the Nikkei is trading up by 1.1%.

In US, Wall Street indices ended mixed on Friday as investors pored through the nation's monthly retail sales data.

The Dow Jones Industrial Average ended up by 0.4%, while the Nasdaq dropped 0.4%.

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

Market participants are tracking shares of HDFC Life Insurance and Britannia Industries as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading up by 345 points. The NSE Nifty is trading higher by 91 points.

ONGC and HDFC are among the top gainers today. TCS, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index opened up by 0.6%.

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

The rupee is trading at 73.34 against the US$.

Gold prices are trading down by 0.1% at Rs 50,483 per 10 grams.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about what you should do after last week's stock market crash in his latest video for Fast Profits Daily. After all, it's not every day the Sensex falls more than 1,000 points.

In the video, Vijay shares what he thinks of this crash, what levels on the Nifty you should be looking at, and what is the best course of action now.

Tune in to find out more:

In news from the banking sector, HDFC Bank is among the top buzzing stocks today.

India's largest private lender on Saturday, reported a net profit growth of 18% for the September quarter at Rs 75.1 billion, beating analysts' estimates by a wide margin.

That came on the back of strong 18% growth in core income. Margins remained intact and loan growth at 16% trumped that of the industry by a mile.

HDFC Bank's corporate loan book expanded by 26.5% in the September quarter. However, the pain of the pandemic was visible in the retail loan book, which showed one of its lowest growths ever at 5.3%.

Other income rose 9% year-on-year (YoY) to Rs 60.9 billion.

The bank's capital adequacy ratio stood at 19.1% at the end of the second quarter, as compared with 18.9% as on June 30. Unlike other private lenders, HDFC Bank is yet to raise any equity capital this financial year.

HDFC Bank set aside total provisions worth Rs 37 billion, higher than the Rs 27 billion reported last year. In the April-June quarter, the lender had reported provisions worth Rs 38.9 billion.

The bank saw steady growth in total deposits, which rose 20.3% to Rs 12.29 lakh crore.

Total advances grew 15.8% YoY to Rs 10.38 lakh crore as on September 30.

Note that the September quarter will be the last under the leadership of long-time Chief Executive Officer Aditya Puri, who will step down by October-end.

In a separate release, the bank said its board approved the appointment of Sashidhar Jagdishan as MD & CEO for a period of three years from October 27, 2020.

HDFC Bank share price has opened the day up by 0.9%.

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.

Moving on to news from the energy sector, Reliance Industries share price is in focus today.

Reportedly, the conglomerate's telecom subsidiary Reliance Jio plans to launch a 5G smartphone for less than Rs 5,000 and gradually reduce the price to Rs 2,500-3,000 a unit when it scales up operation.

In other news, Singapore-based investment firm GIC has furnished the Rs 55.1 billion subscription amount for a 1.22% stake in the retail arm of Reliance Industries.

Earlier this month, Reliance had announced the deal with the investment equity firm which valued Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.

On October 14, RIL had received the Rs 55.5 billion subscription amount from American buyout firm KKR & Co.

We will keep you updated on the latest developments from this space. Stay tuned.

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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