Sensex Opens Flat; Dr Reddy's Lab & Tata Motors Top Gainers

Wed, 3 Feb 09:30 am

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Asian share markets are trading on a mixed note today. The Nikkei is trading higher by 0.6% and the Hang Seng is trading down by 0.5%.

In US, Wall Street indices rallied on renewed hopes for US President Joe Biden' proposed US$ 1.9 trillion Covid-19 aid bill as the Senate voted to start a process that would allow Democrats to pass Biden's package without Republican support.

Both, the Dow Jones Industrial Average and the Nasdaq Composite ended higher by 1.6%.

Back home, Indian share markets have opened on a flat note.

A total of 88 companies, including Bharti Airtel, Adani Enterprises, Jubilant FoodWorks, and VIP Industries are slated to announce their December quarterly results today.

Apart from the above, market participants will also track the Services PMI data and the Union cabinet meeting.

The BSE Sensex is trading up by 121 points. Meanwhile, the NSE Nifty is trading higher by 51 points.

Dr Reddy's Lab is among the top gainers today. Kotak Mahindra Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.9%. The BSE Small Cap index is trading higher by 0.8%.

Sectoral indices are trading on a mixed note with stocks in the healthcare sector and consumer durables sector witnessing buying interest. Banking stocks are trading in red.

Shares of IIFL Finance and Tata Motors hit their 52-week highs today.

The rupee is trading at 72.96 against the US$.

Gold prices are trading up by 0.2% at Rs 47,835 per 10 grams. Meanwhile, silver prices are trading up by 1.7% at Rs 68,695 per kg.

In global markets, silver attempted a rebound today after an over 8% plunge in the previous session prompted some buying, although the social media-driven rally that started last week appears to have cooled off.

Spot silver rose 1.4% to US$ 26.98 an ounce. Prices hit US$ 30.03 on Monday, its highest since February 2013.

Silver rocketed to their highest since 2013 on Monday after small investors responded to calls on Reddit and other social media to pile into the market and push prices up.

The amount of silver traded in the London market surged to 1.006 billion ounces on Monday, three times the level typical in recent months, the London Bullion Market Association said on Tuesday.

Speaking of Silver, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about the recent developments in the silver market.

The silver market is facing a short squeeze and thus the silver price could go up. However, as per Vijay, you should not participate in this frenzy.

In the video below, Vijay explains why. Tune in to find out more:

In news from the IPO space, Brookfield India Real Estate Investment Trust's (REIT) initial public offering (IPO) will open for subscription today.

Brookfield REIT will be third REIT to be listed on the bourses in India, but the only 100% institutionally managed public commercial real estate vehicle.

The issue opens for subscription today and will close on Friday. So far, domestic markets have seen Embassy Office Parks REIT in 2019 and Mindspace Business Parks REIT in 2020, both trading at a premium over their issue price.

Investors can bid for Brookfield India REIT at an issue price of Rs 274 to Rs 275 per unit, translating to Rs 38 billion issue size. Bids for the REIT can be placed for 200 units or multiples thereafter, with 138.1 million units on offer.

Through the public issue, the real estate trust aims to repay its existing debt.

REITs act an attractive dividend play as at least 90% of the net distributable cash flows shall be declared and paid once every quarter of a financial year by their manager.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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

Housing Development Finance Corp (HDFC) reported a 65% year-on-year (YoY) decline in net profit for the quarter ended December to Rs 29.3 billion.

The company's total revenues fell 42.3% to Rs 117.1 billion.

The company said that earnings for the December quarter was not comparable with the previous quarter as it included the earnings of Gruh Finance.

HDFC said, on a like-to-like basis, the company's net profit was at Rs 36.9 billion as against Rs 29.1 billion in the year-ago quarter.

At the end of the December quarter, the loans on an assets under management basis stood at Rs 5.52 lakh crore as against Rs 5.05 lakh crore same time a year ago.

The company witnessed a 26% YoY growth in individual loan disbursements during in the quarter ended December.

The company reported non-performing loans in individual loans portfolio at 0.79%. However, the non-bank lender said that not accounting for the Supreme Court's standstill, the non-performing loans would be at 0.98% in individual loan portfolio.

The provisions of the company stood at Rs 123.4 billion at the end of December.

HDFC share price has opened the day down by 0.8%.

In other news, HDFC Bank share price is also in focus today after the bank informed exchanges that the Reserve Bank of India (RBI) has appointed a professional information technology (IT) company to audit its IT operations after the bank in December was asked to stop all launches of its upcoming digital business-generating activities.

On December 2, 2020, the RBI asked HDFC Bank to temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations in November.

RBI had asked the bank's board to examine the lapses and fix accountability, the HDFC Bank stated in a stock exchange filing on Thursday, December 3.

On November 21, the digital payments business of HDFC Bank was down for more than 12 hours, following a power outage in its primary data centre and after that RBI advised the bank to temporarily stop all launches of its digital business generating activities planned under Digital 2.0 and other proposed business generating IT applications, and secondly, halt the sourcing of new credit card customers.

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.

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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