Sensex Falls 400 Points on Weak Global Cues; Finance & Banking Stocks Under Pressure

Mon, 19 Jul 09:30 am

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Asian stock markets slipped today as investor risk appetite was soured by fears of rising inflation and a relentless surge in coronavirus cases.

The Hang Seng and the Shanghai Composite are trading down by 2.1% and 0.3%, respectively. The Nikkei is trading down by 1.3%.

In US stock markets, Wall Street indices ended lower on Friday, weighed down by declines in Amazon, Apple and other heavyweight tech stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant.

The Dow Jones Industrial Average shed 0.9% while the Nasdaq Composite fell 0.8%.

The Dow ended the week down 0.5%, while the Nasdaq Composite fell 1.9% during the same period.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

ACC, HCL Technologies, HDFC Life, Indian Bank and Mastek are among 25 firms slated to post their June quarter numbers today.

The BSE Sensex is trading down by 358 points. Meanwhile, the NSE Nifty is trading lower by 106 points.

NTPC is among the top gainers today. HDFC Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.3%. The BSE Small Cap index is trading lower by 0.2%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and finance sector witnessing most of the selling pressure.

Consumer durable stocks and telecom stocks are trading in green.

Shares of Himatsingka Seide and Nalco hit their 52-week high today.

The rupee is trading at 74.74 against the US$.

Gold prices are trading down by 0.7% at Rs 48,050 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about a new market that the Reserve Bank of India has opened for investors, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

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

India's largest private lender HDFC Bank on Saturday reported a 16.1% year-on-year (YoY) rise in its standalone net profit at Rs 77.3 bn.

This compared with Rs 66.6 bn reported in the same quarter last year.

HDFC Bank's total income in the quarter ended June 2021 rose 6.7% and stood at Rs 367.7 bn against Rs 344.5 bn in June 2020.

Net interest income (NII) for the quarter rose to Rs 170.1 bn from Rs 156.7 bn, led by 14.4% rise in advances and a core net interest margin of 4.1%.

HDFC Bank made provisions worth Rs 48.3 bn for the quarter compared with Rs 38.9 bn in the year-ago quarter and Rs 46.9 bn in the March quarter.

HDFC Bank's chief executive officer (CEO) Sashidhar Jagdishan said the ban imposed by Reserve Bank of India (RBI) on new digital launches has impacted the bank's business.

In December last year, the RBI asked HDFC Bank to put all new digital launches on hold till the bank resolve the tech issues.

The RBI-appointed third party audit on bank's IT audit is complete and HDFC Bank is awaiting the final decision from the regulator on withdrawal of the ban, Jagdishan added at the bank's annual general meeting (AGM) held on Saturday.

The bank also recommended a dividend of 6.50 per equity share in the board meeting held on Saturday.

HDFC Bank share price has opened the day down by 2.5%.

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.

Moving on to news from the automobile sector, automobile exports from India recovered in the first quarter with all vehicle segments, including passenger vehicles and two-wheelers, witnessing growth following an improvement in the pandemic situation across various international markets.

As per the latest SIAM data, total vehicle exports during the April-June quarter this fiscal stood at 14,19,430 units as compared with 4,36,500 units in the same period of 2020-21.

SIAM Director General Rajesh Menon said while two-wheeler shipments were better than previous three years, passenger vehicles, three-wheelers and commercial vehicles export numbers were yet to catch up with numbers in the first quarter of 2018-19 fiscal.

In the April-June quarter, passenger vehicle exports from the country stood at 1,27,115 units as against 43,619 units in the same period of 2020-21.

Passenger car exports stood at 79,376 units, utility vehicle shipments at 47,151 units while van exports were at 588 units.

Maruti Suzuki led the passenger vehicle segment with exports of 45,056 units followed by Hyundai Motor India which shipped 29,881 units during the period.

Two-wheeler exports rose to 11,37,102 units in the April-June period as against 3,37,983 units in the same period of FY20.

Similarly, commercial exports during the first quarter stood at 16,006 units as compared with 3,870 units in the April-June period of 2020-21.

Tata Motors led the segment with shipment of 6,653 units followed by Mahindra & Mahindra with 3,931 units.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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