Sensex Opens in Green; ONGC & GAIL Surge Over 4%

Wed, 6 Jan 09:30 am

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Asian share markets are trading lower today as investors awaited results of US runoff elections that would determine the legislative balance of power in the world's largest economy.

The Nikkei is trading lower by 0.2% and the Hang Seng is trading down by 0.8%.

In US stock markets, Wall Street indices ended higher overnight, ahead of the outcome of the Senate runoff elections in the battleground state of Georgia.

Stocks trimmed gains as political uncertainty and the discovery of a more contagious variant of the coronavirus in major hubs like New York City tempered bullishness about the vaccine roll out.

The Dow Jones Industrial Average closed up by 0.6% while the Nasdaq Composite added 121 points, or 1%.

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

Market participants are tracking macro data and Budget-related news flow. The Cabinet Committee on Parliamentary Affairs has recommended that the budget session of Parliament be held from January 29 with the President's Address and the budget will be presented on February 1.

On the macro front, Markit Services PMI data for December is set to be released today. In November, the Services PMI declined to 53.7 in November, but remained above the 50 mark, indicating expansion.

The BSE Sensex is trading up by 81 points. Meanwhile, the NSE Nifty is trading higher by 27 points.

ONGC is among the top gainers today. HCL Tech, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.5%. The BSE Small Cap index is trading higher by 0.8%.

Sectoral indices are trading mixed with stocks in the oil & gas sector and metal sector witnessing buying interest.

Shares of TCS and HCL Tech hit their 52-week highs today.

The rupee is trading at 73.16 against the US$.

Gold prices are trading down by 0.3% at Rs 51,560 per 10 grams.

In his latest video for Fast Profits Daily, Vijay Bhambwani talks about an interesting development in the gold market.

In the US, President Donald Trump's decision to ask election officials in the state of Georgia to find more votes, triggered a rally in the price of gold.

Will this gold rally continue, or will it fizzle out?

Tune in to the video below to find out more.

And to know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

In latest developments from the IPO space, as per a leading financial daily, calendar year 2021 is set to witness a flood of initial public offers (IPOs) as fundraising via public issue route gathers steam.

Last year, most of the companies came up with IPOs in the second half of the year, once the sentiment in equity market improved following the crash in March. In 2020, 16 IPOs hit the markets, of which, 15 were launched in the second half.

Better than expected economic recovery uplifted the market sentiment and the same was visible in the primary market which managed to raise over Rs 310 billion in the year gone by.

SBI Card was the only issue in the first half as Covid-19 and weak market conditions had hit overall sentiment.

Reportedly, at least 15 companies may come out with their initial public offerings. These include Indian Railway Finance Corporation (IRFC), Kalyan Jewellers, Suryoday Small Finance Bank, ESAF Small Finance Bank, Indigo Paints, Brookfield India Real Estate Trust, Barbeque Nation Hospitality, Home First Finance Company and Railtel Corporation Of India.

Among these, companies such as Indigo Paints, Home First Finance, IRFC, Brookfield REIT and Railtel Corporation of India are expected to launch their IPO in January.

How the IPO market performs in 2021 remains to be seen.

Moving on to stock specific news...

HDFC Bank is among the top buzzing stocks today.

The country's largest private sector lender HDFC Bank on Tuesday said the bank has witnessed a loan growth of 19% to Rs 10,820 billion during the third quarter ended December 2020.

The bank had an outstanding loan of Rs 9,360 billion as of December 31, 2019, and a growth of around 4%, HDFC Bank said in a regulatory filing.

Outstanding loans stood at Rs 10,383 billion as of September 30, 2020.

The bank's deposits aggregated to about Rs 12,710 billion as of December 31, 2020, a growth of around 19% as compared to Rs 10,674 billion as of December 31, 2019 and a growth of around 3% as compared to Rs 12,293 billion as of September 30, 2020.

During the quarter, the bank's CASA (current account savings account) ratio rose to around 43%, compared with 39.5% as of December 31, 2019.

The bank purchased loans aggregating Rs 70.8 billion through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation (HDFC) during the quarter.

HDFC Bank share price has opened the day up by 0.5%.

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 finance sector, The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 million on Bajaj Finance for violation of regulatory norms, the central bank said in a release on Tuesday.

The lapses were linked to risk management and a specific fair practice code.

"A notice was issued to the company advising it to show cause as to why penalty should not be imposed for such non-compliance," RBI said in a release.

After considering the company's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI concluded that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

Bajaj Finance share price has opened the day up by 0.7%.

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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