Indian Indices Continue Uptrend

Fri, 1 Jul 11:30 am

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After opening the day on a positive note, the Indian stock markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the capital goods, oil & gas and FMCG sectors leading the gains.

The BSE Sensex is trading up 195 points (up 0.7%) and the NSE Nifty is trading up 54 points (up 0.7%). The BSE Mid Cap index is trading up by 1.2%, while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 67.42 to the US$.

The International Monetary Fund (IMF) stated yesterday that Brexit - Britain's vote to leave the European Union (EU) - has created uncertainty that poses a major threat to the global economy. Further, the IMF called on European leaders and other policymakers to take decisive actions that could lower the threat.

IMF spokesman Gerry Rice stated that Brexit has created significant uncertainty and we believe this is likely to dampen growth in the near term, particularly in the UK but with repercussions also for Europe and for the world economy. Vivek Kaul, editor of Vivek Kaul's Diary, has penned a premier explaining what Britain's decision to leave the EU is all about.

EU leaders say that no talks can begin until Britain formally begins exit proceedings on resetting ties with the EU. This process is said to last two years.

One must note that the exit of Britain from EU caused mayhem in global financial markets during last week. It sent the sterling to its lowest level since 1985 with a decline of 11%. Euro too slumped around 3.3%. Crude prices in global markets plunged as much as 6% on the back of Brexit fears. Safe haven assets such as gold and the yen were seen witnessing buying interest.

The Brexit also caused blood bath on Dalal Street last week. Indian Indices plunged over 1,000 points after the announcement. The Brexit is said to have major implications for the international financial market and exchange rates. One of our editions of The 5 Minute WrapUp explains how to prepare for a post Brexit world.

In another news update, private sector lender HDFC Bank has launched an SME Bank which will provide full-fledged digital banking service to small and medium sector enterprises (SME).

Reportedly, SMEs will now be able to avail banking facilities such as forward currency outward remittances, import bill under collection, besides viewing credit lines with HDFC Bank. The bank presently holds 7% of the total SME lending market share. Going forward, it is expecting this business to grow at 30% every year.

As of present, the bank works with over 100 thousand SMEs, and plans to convert 60% of their total transactions digital in the next one year. On an average, a single SME uses 200-300 cheque leaves every month, as per the bank.

HDFC Bank caters to a wide range of banking services covering commercial and investment banking on the wholesale side and transactional / branch banking on the retail side. The bank has three key business segments viz.- wholesale banking, treasury, and retail banking. The bank is planning to open about 500 new branches in FY17 as a part of its steps to expand footprint. Under the plan, about 60% of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas.

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, read our result analysis report (subscription required).

Presently the stock of HDFC Bank is trading up by 0.7%.

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

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