FMCG Stocks Lead the Gains

Mon, 23 May 01:30 pm

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After opening the day firm, the Indian indices fell and are currently trading on a flattish note. Sectoral indices are trading mixed with stocks from the telecom and FMCG sectors leading the gains. Realty and IT stocks are trading in the red.

The BSE Sensex is trading up by 8 points (up 0.03%) and the NSE Nifty is trading up by 7 points (up 0.1%). Both - the BSE Mid Cap index and the BSE Small Cap index - are trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 29,681 levels. Silver price, per kilogram, is trading at Rs 39,530 levels. Crude oil is trading at Rs 3,233 per barrel. The rupee is trading at 67.38 to the US$.

Banking stocks are trading on a mixed note with Karur Vysya Bank and Lakshmi Vilas Bank leading the gains. As per a leading financial daily, HDFC Bank is planning to open about 500 new branches in FY17 to expand footprint. Under the plan, around 60% of the new branches would be coming up in semi-urban and rural areas and the remaining in urban areas.

During FY16, the bank opened 506 branches leading the tally to 4,520 at the end of March 2016. Of these 506 branches, 256 branches were opened in semi-urban and rural areas.

On a separate note, the bank is planning to raise Rs 500 billion through bonds over one year to fund business growth. This comes as the banks' board has accorded approval for seeking shareholders nod at the annual general meeting (AGM) for issue of perpetual debt instruments, Tier II bonds, senior long-term infra bonds up to a total amount of Rs 500 billion in the period of next 12 months through private placement.

In its results for the fourth quarter of financial year ending March 2016 (4QFY16), the bank has reported 24% YoY and 20% YoY growth in net interest income and net profits respectively. For the full year FY16 also, profits have grown by 20% YoY. To know our view on the stock of HDFC Bank, you can read our result analysis report (subscription required).

Moving on to the news from commodity space. Gold is witnessing selling pressure today. This is followed by the losses seen during the last week after the Fed Minutes hinted that US interest rate hike is still in play. The Fed spelled out the possibility of an interest rate hike in its June policy meeting if data points to an improving economy. Tracking these comments, the yellow-metal lost about 1.14% during the last week.

Recently, Asad Dossani, editor at Daily Profit Hunter, offered his views on why gold is going to crash.

One shall note that Indian gold prices have risen 18% so far in 2016, while Indian equity markets have fallen 1% as measured by the Nifty index. Rahul Shah, co-head of research at Equitymaster, has shared his thoughts on the perennial debate of Sensex V/S Gold in one of the editions of The 5 Minute WrapUp.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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