Sensex Opens in Green; TCS and Bharti Airtel Top Gainers

Fri, 19 Jul 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.7% while the Hang Seng is up 1.1%. The Shanghai Composite is trading up by 1.1%. US stocks moved higher on Thursday after a slow start as comments from New York Fed President John Williams helped cement expectations for an interest rate cut from the US central bank at the end of the month.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 113 points while the NSE Nifty is trading up by 32 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.3% and 0.2% respectively.

Barring IT stocks, all sectoral indices have opened the day in green with power stocks and telecom stocks witnessing maximum buying interest.

The rupee is currently trading at 68.77 against the US$.

The rupee depreciated by 15 paise to close at 68.97 against the dollar on Thursday, amid heavy selling in domestic equities and rising crude oil prices.

The rupee opened on a positive note but failed to sustain the gains and settled for the day in the negative territory.

This is the third straight day of fall for the rupee, during which it has lost 43 paise. Reportedly, foreign fund outflows and weak Asian currencies weighed on the local unit.

At the interbank foreign exchange (forex) market, the domestic currency opened at 68.76 per dollar, but lost ground during the day and finally settled at 68.97, down 15 paise over its previous close. The rupee had settled at 68.82 against the dollar on Wednesday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04% to 97.18.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on to the news from the finance sector. The market capitalisation of Housing Development Finance Corporation Limited (HDFC) crossed Rs 4 trillion on Thursday for the first time ever.

With this, the mortgage lender became the fourth Indian company to achieve this milestone.

HDFC's market capitalisation (m-cap) rose to Rs 4.04 trillion during the day's trade on Bombay Stock Exchange (BSE) after its shares rallied more than 3% to hit a 52-week high of Rs 2,357, in an otherwise weak market.

The m-cap was calculated at the stock's 52-week high price of Rs 2,357. HDFC was top gainer in the 30-share bluechip index, closing at Rs 2,343.9 apiece, up 2.5% on the BSE.

HDFC has now become the fourth largest company in terms of market capitalisation. Mukesh Ambani's Reliance Industries is the most valued firm with a market cap of Rs 8 trillion, followed by IT bellwether Tata Consultancy Services (TCS) (Rs 7.8 trillion) and HDFC Bank (Rs 65.7 million).

The rise of HDFC is mainly because of stable asset quality, improvement in net interest margins (NIMs) and steady gain in market share. Since the beginning of this year, HDFC share has gained nearly 17% as against 9% growth in the Indian benchmark index BSE Sensex.

The stock has been on buying spree ahead of its first-quarter earnings numbers slated to be released on 2 August 2019.

HDFC share price opened the day down by 10.9%.

The HDFC Group stocks have been such phenomenal wealth-creators that no investor wants to miss any opportunity to pick up a stock with the HDFC brand tag.

The chart below shows the number of times you could have multiplied your wealth by being an early investor in any HDFC Group company.

The HDFC Group of Multibaggers...

In the chart above, prices for HDFC Ltd, HDFC Bank, and Gruh Finance have been taken as on August 2018. The returns translate as below:

HDFC Ltd delivered compounded returns of 28% over 28.6 years.

HDFC Bank delivered compounded returns of 27% over 23.2 years.

Gruh Finance delivered compounded returns of 22% over 25.5 years.

HDFC Standard Life Insurance delivered absolute gains of 75% in a little over eight months from its issue price of Rs 290 per share.

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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