Gift Nifty Trades Flat | HDFC Bank & Federal Bank Q2 Result | Rupee Hits Yearly Low | Top Buzzing Stocks Today

Tue, 17 Oct Pre-Open

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On Monday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Benchmark indices fell on Monday amid declines in global markets and rise in oil prices due to nervousness around escalating violence in the Middle East, while investors awaited the quarterly results of India's top private lender HDFC Bank.

At the closing bell on Monday, the BSE Sensex stood lower by 116 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 19 points (down 0.1%).

JSW Steel and Tata Steel were among the top gainers.

TCS and Nestle on the other hand, were among the top losers.

Sectoral indices ended mixed with stocks in the metal sector, auto sector and energy sector witnessing buying. Meanwhile stocks in the telecom sector and realty sector witnessed selling pressure.

Shares of TVS Motors and Lupin hit their 52-week high on Monday.

The rupee was trading at 83.25 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.5% at Rs 59,100 per 10 grams at the time of Indian market closing hours on Monday.

At 7:40 AM today, the Gift Nifty was trading down by 5 points at 19,806 level.

Indian share markets are headed for a muted opening today following the trend on Gift Nifty.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about GMDC in his latest video.

GMDC has had a stellar run since its March 2020 lows and is up a whopping 12x since then.

To be honest, the movement in the stock price has caught most investors by surprise.

So, is the euphoria justified? Have the valuations run far ahead of fundamentals?

Find out everything and more in the below video:

Top buzzing stocks today

Venus Remedies share price will be in focus today.

Pharma major Venus Remedies on Monday said it has received marketing approval from the Philippines for six key chemotherapy drugs.

Finolex Cable will also be a top buzzing stock.

The National Company Law Appellate Tribunal (NCLAT) on Monday, 16 October, suspended its order about the disclosure of the results of the annual general meeting (AGM) of Finolex Cable. The order was passed last weekend.

Rupee Hits Yearly Low

The Indian rupee fell to 83.28 against the US dollar on Monday, marking its lowest level in one year against the greenback.

The rupee's drop comes amid rising concerns about oil prices and as investors wait to see if the ongoing conflict in the Middle East draws in other countries.

The Reserve Bank of India has been intervening routinely to prevent the rupee from sliding to its lifetime low and likely sold US dollars earlier in the session.

On Monday, the rupee fell 2 paise to settle at 83.26 against the US dollar.

Risk aversion in global markets and a surge in crude oil prices put downside pressure on the domestic currency.

Meanwhile, the wholesale price index-based inflation remained in the negative territory for the sixth straight month in September at (-) 0.3%, on easing prices of food articles.

Brent crude futures, the global oil benchmark, eased 0.5% to US$ 90.75 per barrel.

On the domestic front, the Indian stock market indices extended their losing run into the third consecutive session as weak global cues continued weighing on sentiment.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

HDFC Bank Q2 Results

HDFC Bank on October 16 reported a net profit of Rs 159.8 bn in the July-September quarter, which was up just over 50% on-year, in its first report since its merger with Housing Development Finance Corp (HDFC).

Net profit beat the estimates of the brokerage. According to the average of five brokers' estimates, HDFC Bank is expected to register a net profit of Rs 147.8 bn rising by 39.4% year-on-year (YoY).

The rise in net profit of the bank was aided by the improvement in the net interest income and net revenue of the bank.

The rise in net profit of the bank was aided by the improvement in the net interest income and net revenue of the bank.

On a sequential basis, net profit rises 33.7. The gross non-performing assets (NPA) of the bank deteriorated to 1.3% in the reporting quarter.

Similarly, the net NPA of the bank stood at 0.4% in July-September.

The net interest income of the bank in the reporting quarter rose over 30% on-year to Rs 27,385 crore. In a similar period last year, it stood at Rs 286.2 bn.

The reported net interest margins (NIM) of the HDFC Bank was at 3.4 % on total assets in the July-September quarter.

For more analysis, check out Does HDFC Bank Deserve to Trade at Historic Lows?

Federal Bank Q2 Profit Jumps 35.5%

Private sector lender Federal Bank on Monday reported a 35.5% year-on-year jump in net profit at Rs 9.5 bn in the September quarter owing to lower provisions.

While the lender's other income grew 20% YoY to Rs 7.3 bn, its net interest income --the difference between interest earned and expended-- grew 17% YoY to Rs in Q2 FY24. Its net interest margin a key indicator of profitability, rose a mere one basis point sequentially to 3.16% as of 30 September. Its total provisions were at Rs 3.7 bn, down 27% YoY.

Federal Bank's asset quality improved as its gross bad loans as a percentage of gross advances stood at 2.26%, down from 2.38% in the June quarter and 2.46% in the September quarter of FY23.

The bank's gross advances stood at Rs 1.9 trillion as of 30 September, as against Rs 1.6 trillion (tn)on 30 September 2022, registering a growth of 20%. While its wholesale book reported a growth of 17% yoy to reach Rs 877.9 bn, aggregate retail loans were at Rs 1.1 tn.

Federal Bank stands amongst 5 Indian Banks that Posted Record High Profits in FY23. Will the Dream Run Continue?

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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