Sensex Trades Marginally Higher; Dow Futures Up By 153 Points

Thu, 7 Jan 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up 170 points, up 0.4% at 48,344 levels.

Meanwhile, the NSE Nifty is trading up by 44 points.

Tata Steel and Bharti Airtel are among the top gainers today. Titan and Divi's Laboratories are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 1.1%.

On the sectoral front, stocks from the telecom sector are witnessing most of the buying interest.

On the other hand, stocks from the IT sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 115 points (up 0.9%) while Dow Futures are trading up by 153 points (up 0.5%).

The rupee is trading at 73.12 against the US$.

Gold prices are trading up 1% at Rs 51,010 per 10 grams.

In global market, gold prices today edged higher after a sharp drop in the previous session. Investors bet that a Democratic win in the US Senate race will help in unleashing more fiscal stimulus. In the previous session, gold had fallen as much as 2.5%.

Recovering from a sharp fall in the previous session, gold prices in India edged higher. On MCX, gold futures edged 0.5% higher to Rs 50,781 per 10 grams. In the previous session, gold had slumped by Rs 1,230 per 10 grams.

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

Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about the pros and cons of trading indices via ETFs or trading individual stocks, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is IDFC First Bank.

IDFC First Bank on January 6 said its credit growth rose a marginal 0.7% to Rs 1,100 billion during the quarter ended December.

The private sector lender had outstanding loans of Rs 1,090 billion as of December 31, 2019, and on a quarterly basis, the loan growth was 3% higher from Rs 1,060 billion as on September 30, 2020, IDFC First Bank said in a regulatory filing.Retail funded assets increased to Rs 666.3 billion at the end of the third quarter of the current financial year, from Rs 536.8 billion as on December 31, 2019, an increase of 24.1%, it said. At the same time, the bank's customer deposits increased 41% to Rs 772.8 billion as compared with Rs 546.3 billion on December 31, 2019.

During the quarter, the bank's CASA (current account savings account) ratio rose to around 44.6%, compared with 20.9% as of December 31, 2019.

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

At the time of writing, IDFC First Bank share price was trading up by 6.5% on the BSE.

Speaking of the banking sector, check out the monthly returns of major sectors for the month of March and October 2020 in the chart below.

In the chart above, you can see that banks were among the major losers with a cut of 34% in the month of March.

Cut to October they are the biggest gainers for the month with 11% returns!

If you're interested in knowing what could be the reason behind such a change in sentiment, you can read about it in one of the latest editions of Profit Hunter: Banks are booming in a Covid World

Moving on to news from the real estate sector...

Sales Bookings for Sobha Crosses Pre-Covid-19 Levels

Bengaluru-based real estate developer Sobha has said that it achieved the best ever quarterly sales volume in the December quarter without any major launch during the quarter.

Bengaluru contributed 69% of the total sales volume, along with meaningful contributions from other regions, especially Gurugram, Kerala and Pune.

"We are currently witnessing good sales momentum across all other regions along with Bengaluru. There is low unsold stock in Chennai, Coimbatore and Mysore regions, and hence, sales performance of these regions needs to be viewed in line with that," the company said in a regulatory filing to exchanges.

Sales volume achieved by Kochi and Thrissur regions during the first nine months of FY21 has already surpassed the sales volume achieved during FY20. Gurugram and Pune regions are also poised to surpass the sales volume achieved during FY20.

The company said, "During Q3FY21, we have achieved a total sales volume of 1.1 million square feet of super built-up area valued at Rs 8.8 billion, with a total average realisation of Rs 7,830 per square feet. Sales volume and total sales value are up by 27% and 29% respectively as compared to Q2FY21."

The total price realisation of Rs 7,830 per square feet achieved during Q3FY21 is the highest price realisation achieved by the company during the past six quarters.

We have posted better sales numbers during Q3FY21 as compared to the pre-Covid-19 level Q3FY20 due to good demand witnessed across all product categories where Sobha is operating. Sales volume, total sales value, Sobha's share of sale value and price realisation are up by 6%, 22%, 12% and 15% respectively as compared to Q3FY20. Sales volume achieved at Gurugram, Pune and Thrissur regions during Q3FY21 have grown by 92%, 87% and 59% respectively as compared to Q3FY20," company added.

With new launches planned across various cities in the next few quarters and inherent demand for housing continuing, the company's sales performance during H2FY21 is expected to be better than H2FY20.

We will keep you posted on more updates 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!

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