Sensex Trades in Green; IndusInd Bank Jumps 5% Post Q1 Results

Thu, 21 Jul 10:30 am

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Asian share markets opened mostly lower today, with traders struggling to maintain momentum from the previous day's rally and eyes focused on Europe, hoping Russia fulfils a pledge to switch a crucial gas pipeline back on.

The Nikkei fell by 0.3% while the Hang Seng down 0.7%. The Shanghai Composite fall 0.7%.

US stocks ended higher on Wednesday, extending the prior session's rally into a second day, with the tech-heavy Nasdaq booking a 1.6% gain on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed.

The Dow Jones rose by 0.2% while the tech heavy Nasdaq was up 1.6%

Back home, Indian share markets are trading on a positive note, tracking positive global cues.

Benchmark indices opened on a flat note today following the trend on SGX Nifty but soon extended gains.

At present, the BSE Sensex is trading higher by 174 points. Meanwhile, the NSE Nifty is trading up by 54 points.

Infosys and HCL Technologies are among the top gainers today.

Tech Mahindra and Kotak Mahindra Bank are among the top losers today.

HDFC Life share price is in focus after it reported Q1 results earlier this week.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.8% while the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading on a positive note with the exception of the energy and consumer durable sectors. Stocks in the telecom and realty witness most of the buying.

Shares of ABB India and Adani Enterprises hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

In the commodity markets, gold prices fall again. Today, prices are down by Rs 225, trading at Rs 50,000 per 10 grams.

Note that gold prices had fallen and had taken quite a knock in recent weeks.

Meanwhile, silver prices are trading lower at Rs 55,150 per kg. Silver price too had fallen a lot in recent days.

The rupee is trading at 80.02 against the US dollar.

The rupee fell and hit a new record low yesterday and closed at 79.98 against the US$.

As the rupee depreciates, check out these five companies which stand to gain big from a weakening rupee.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Chartist - Brijesh Bhatia does a complete analysis of today's market. This is hot news about the market from the expert.

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In news from the IT sector, Wipro posted its Q1 results yesterday.

On Wednesday, IT giant Wipro reported a 20.4% year-on-year (YoY) dip in its consolidated profit after tax (PAT) at Rs 25.6 bn for the quarter ended June 2022. Wipro had posted a consolidated PAT of Rs 32.4 bn in the same quarter last fiscal.

On a sequential basis, the Bengaluru-based IT company's net profit fell 16.9% from Rs 30.8 bn in the previous quarter.

Wipro's Q1 numbers were behind the Street's estimates.

The IT giant's revenue rose 19% to Rs 215.3 bn in the quarter under review from Rs 182.5 bn in the same quarter last fiscal. Meanwhile, the IT services segment revenue was at $1.9 billion, an increase of 13.3% year-on-year.

The firm said that its IT services operating margin for the quarter came at 15%, a decrease of 200 bps quarter-on-quarter.

Lately, Wipro share price is falling. At the bourses, shares of Wipro have tumbled over 43% so far in calendar year 2022. In comparison, Nifty50 and the S&P BSE Sensex have tanked 8% each.

Further in news from the power sector, NTPC signs a new pact.

State-owned power giant NTPC has inked a pact with Moroccan Agency for Sustainable Energy (MASEN) for cooperation in renewable energy sector during the 17th CII EXIM Conclave on India Africa Growth Partnership held in New Delhi from 19th-20th July 2022.

According to the statement, the MoU was signed in the presence of Mohamed Maliki, Ambassador of Morocco to India and Ujjwal Kanti Bhattacharya, Director (Projects), NTPC Ltd.

The pact signing function was part of the session titled 'Collaboration for Energy Security and Harnessing Alternative Sources'.

The MoU between NTPC and MASEN, which are pioneers in the field of renewable energy generation, promises to usher in the joint development of utility-scale projects based on renewable energy in Africa.

Through this cooperation, it is intended to support services for capacity building, share experience, know-how and expertise in the areas of mutual interest, especially in the field of research and development.

The cooperation may witness NTPC and Masen exploring common development opportunities in renewable energy power projects in other African countries.

Since you're interested in renewable energy, check out how India's top renewable energy stocks are performing.

Further in news from banking sector, IndusInd Bank posted its Q1 results yesterday.

IndusInd Bank posted a net profit of Rs 16. bn in the quarter ending 30 June 2022 compared to a profit of Rs 9.7 bn in the same quarter last year. In March 2022 quarter, the profit stood at Rs 13.6 bn.

In the quarter under review, net interest income (NII) stood at Rs 41.3 bn rising by 16% YoY and 4% QoQ. The net interest margin was at 4.2% against 4% for Q1 of the previous fiscal and 4.20% for the last quarter of fiscal 2022

IndusInd's loan book quality remains stable. The Gross NPA was at 2.4% of gross advances as of 30 June 2022, against 2.3% as of 31 March 2022. The gross NPA declined from 2.9% of Q1 last year.

Net nonperforming assets (NPAs) were 0.7% of net advances as of 30 June 2022, as compared to 0.6% on 31 March 2022. It was lower from 0.8% as of June 2021 quarter.

As of 30 June 2022, the bank's deposits were at Rs 3,027.2 bn as against Rs 2,672.3 bn, an increase of 13% over 30 June 2021. Advances as of 30 June 2022, were Rs 2,479.6 bn as against Rs 2,107.3 bn, an increase of 18% over 30 June 2021.

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

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