Sensex Recovers Over 1,000 Points from Day's Low | Nifty Above 25,400 | IT & Banking Stocks Rise

Fri, 4 Oct 12:30 pm

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After opening the day on a negative note, Indian share markets have staged a smart comeback and presently trading on a firm footing.

In early trade today, the blue-chip indices BSE Sensex and NSE Nifty traded lower for the fifth consecutive session, affected by weak global signals.

Reliance Industries, banking and financial stocks were the top drags.

That apart, Indian benchmark were under pressure following FIIs moving money from expensive Indian stocks to cheap Hong Kong stocks on expectations that the monetary and fiscal stimulus being implemented by the Chinese authorities will stimulate the Chinese economy.

At present, the BSE Sensex is trading up by 391 points. At one point in time during the day, the Sensex rose over 800 points.

Meanwhile, the NSE Nifty is up 156 points at 25,400 levels.

ONGC and SBI Life are among the top gainers today.

BPCL and Bajaj Finance, on the other hand, are among the top losers today.

Speaking of stock markets, lead smallcap analyst at Equitymaster Richa Agarwal talks about the stocks to track in the SME space, in her latest video.

HDFC Bank Q2 Update

In latest developments from the banking space, India's biggest private lender HDFC Bank on Friday said its sequential rise in deposits has outpaced loan growth in the fiscal second quarter.

HDFC Bank's gross advances rose 1.3% to Rs 25.19 trillion ($300 billion) in the quarter ending September following a 0.8% decline in the previous quarter.

The bank's retail loans grew by around Rs 338 bn while commercial and rural banking loans grew by around Rs 380 bn from a quarter earlier.

Corporate and other wholesale loans fell Rs 133 bn from a quarter earlier.

HDFC Bank's deposits rose 5.1% from the previous quarter to Rs 25 trillion, after no sequential change in April-June.

Note that HDFC Bank has been one of the most consistent performers of Dalal street growing at a 20% compounded annual growth rate for over 2 decades and shall continue doing so in the wake of India's strong GDP growth.

The market is abuzz about the listing of HDB Financial Services and HDFC Credila.

The board of directors of HDFC Bank has granted in-principle approval to take its financial services arm, HDB Financial Services, public through an initial public offering (IPO).

HDFC Bank owns a 94.64% in HDB Financial Services. The IPO will include an issuance of fresh equity of Rs 25 bn and an offer for sale (OFS).

As per media reports, this IPO could have a valuation of about US$ 7-8 bn. The company is looking at a potential listing either by December 2024 or March 2025.

Meanwhile, HDFC Bank could also benefit from a possible RBI rate cut.

Lower domestic interest rates would reduce the bank's funding costs within India, making loans more affordable and driving further demand, especially in areas like home loans and personal credit.

Additionally, lower rates could ease pressure on deposit pricing, helping HDFC Bank maintain healthy margins and expand its balance sheet more effectively.

To know more, check out its financial factsheet and latest financial results.

Vedanta Q2 Update

Moving on, one of the best dividend stocks in India Vedanta also shared its Q2 update.

Here are the key takeaways -

• Record aluminium production of 1,205 kt in the first half of FY25, while Alumina production jumped 21% YoY.
• Zinc India records a new high for mined metal while the production of refined metal increased by 5% YoY to 524 kt in the first half of the year.
• Vedanta’s Zinc international volumes rose 16% QoQ.
• Power sales increased 10% YoY in the first half supported by higher generation from thermal plants.
• Its Ferrochrome production jumped 70% YoY to 53 kt driven by commissioning of the new furnace.

Vedanta is currently restructuring its business, by demerging into 6 independent listed companies.

Post demerger, Vedanta will hold the upcoming semiconductor and display business.

For more details, check out Vedanta's fact sheet and quarterly results.

And 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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