Sensex, Nifty Open Flat; ITC & Power Grid Top Gainers

Thu, 12 Aug 09:30 am

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Asian share markets opened higher today tracking Wall Street gains as fears of increased inflation in the US receded.

That said, the markets gave up some gains as the session progressed.

The Hang Seng is down 0.3% while the Nikkei is trading higher by 0.2%. The Shanghai Composite is down 0.1%.

Overnight, Wall Street indices closed at record levels as data indicated US inflation growth may have peaked, while sectors tied to economic growth advanced on the heels of the passage of a large infrastructure bill.

The Dow Jones Industrial Average gained 0.6% while the Nasdaq Composite declined 0.2%.

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

There's a strong line-up of companies which are slated to post their June quarter earnings today.

These companies include Tata Steel, BPCL, Eicher Motors, Hero MotoCorp, Aurobindo Pharma, IRCTC, Ashok Leyland, Page Industries, and Bharat Forge.

The BSE Sensex is trading up by 56 points. Meanwhile, the NSE Nifty is trading higher by 14 points.

Power Grid and ITC are among the top gainers today. Kotak Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened on a flat note. The BSE Small Cap index is trading higher by 0.8%.

Sectoral indices are trading mixed with stocks in the FMCG sector and power sector witnessing buying interest.

Healthcare stocks, on the other hand, are trading in red.

Shares of Bharti Airtel and Bata India hit their 52-week highs today.

The rupee is trading at 74.23 against the US$.

Gold prices are trading up by 1% at Rs 46,391 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 62,785 per kg.

Yesterday, gold prices at MCX hit 4-month lows after sliding below Rs 46,000 per 10 grams.

The recent slide in yellow metal price is due to the strong US dollar and US job data.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

In one of his videos, Vijay Bhambwani shared why gold prices are falling of late.

You can watch the video here: Why is Gold Falling?

In news from the automobile sector, Maruti Suzuki is among the top buzzing stocks today.

India's biggest automaker Maruti Suzuki has warned that strict European-style emissions rules due to start next year will force up car prices.

This will mean another blow to an industry that was in a slump even before the pandemic hit.

The company's chairman R C Bhargava said in an interview,

Demand will fall further, and instead of any growth there will be a decline in the industry.

The industry view is that it's already suffering a decline because of Covid, and on top of that we add further to the cost of vehicles because of new regulations.

Last week, automakers urged the government to defer tougher emissions standards, which are due to be implemented in two stages in April 2022 and then in 2023.

The changes will require carmakers to cut emissions about 13% to 113 grams a kilometer.

Note that the emission curbs are critical for India's push to tackle some of the world's worst air pollution, which costs the country 8.5% of its gross domestic product (GDP), according to the World Bank.

By 2025, India will have up to 20 m old vehicles nearing the end of their lives, causing huge environmental damage, according to the Centre for Science and Environment.

Automakers are also grappling with a semiconductor shortage and higher raw material costs as commodity prices surge.

Maruti doesn't make any electric vehicles (EVs) because of their cost and the country's sparse charging infrastructure.

While the industry has asked for a deferment of one or two years, Bhargava said the new emissions rules should not be implemented until demand for cars recovers.

Maruti Suzuki share price has opened the day down by 0.1%.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares a simple hack to boost intraday profits, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the IPO space, along with retail investors, treasury units at high-street lenders are reportedly raking it in as well through the IPO frenzy.

Banks are said to have substantially subscribed to recent issues such as Tatva Chintan Pharma, G R Infraprojects, Clean Science & Technology, Shyam Metalics, and Laxmi Organics.

The qualified institutional buyers' portions in all these IPOs were subscribed between 150 times and 180 times. With a strong IPO pipeline, bank treasuries are expected to raise their stakes in equities.

Banks have set internal parameters before investing in IPOs that hold huge potential for windfall gains at a time when the bond market is not really offering any upside.

While some public sector banks (PSBs) are looking at a target company's profit growth in the past three years, some of their peers in the private sector look for consistent revenue growth.

PSBs are not investing in any share sale if the company is running in losses.

A chief dealer at large government owned bank said they don't touch any overvalued company with abnormal price to earnings (P/E) ratio.

Banks and NBFCs got allotments worth Rs 16 bn between January and July this year compared to Rs 7 bn last year and Rs 4.6 bn in 2019.

How this pans out going forward remains to be seen. Stay tuned for more updates from this space.

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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