Sensex Trades 48 Points Higher; Dow Futures Up by 329 Points

Thu, 29 Oct 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 48 points, up 0.1%, at 39,971 levels.

Meanwhile, the NSE Nifty is trading flat.

Asian Paints and Kotak Bank are among the top gainers today . L&T and ONGC are among the top losers today.

The BSE Mid Cap index is trading flat.

The BSE Small Cap index is trading down by 0.4%.

On the sectoral front, stocks from the metal sector and automobile sector are witnessing most of the selling pressure.

On the other hand, stocks from the energy sector are witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 158 points (up 1.4%), while Dow Futures are trading up by 329 points (up 1.3%).

Gold prices are trading down 0.1% at Rs 50,437 per 10 grams.

In global markets, gold prices were flat today after a big fall in the previous session. Gold prices in the domestic market also fell for the second consecutive day today in tandem with a fall in global rates.

Note that gold prices are now down Rs 6,000 in Indian markets from their August highs. However, the precious metal may benefit from safe-haven buying amid increasing challenges to global economy

To know more about gold, visit our YouTube Playlist on gold investing.

The rupee is trading at 73.98 against the US$.

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In this video below, Vijay shares a 360-degree world view of the whole exercise and his reasons for picking either option.

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Moving on to stock specific news...

Among the buzzing stocks today is Axis Bank.

On October 28, private sector lender Axis Bank reported a net profit of Rs 16.8 billion for the quarter ended September, as against a loss of Rs 1.1 billion in the same period last year, owing to lower tax outgo.

The bank's net interest income (NII), the difference between interest earned and interest expended, increased 20% year-on-year (YoY) and its net interest margin (NIM), a key measure of profitability, stood at 3.6%, an increase of 7 basis points (bps) from the same period last year.

The other income, which includes fees, trading profit and miscellaneous income, fell 2% YoY to Rs 38 billion in the September quarter.

The bank's gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances, were at 4.2% in Q2FY21, down 85 bps YoY and down 54 bps sequentially. Total provisions and contingencies stood at Rs 48.5 billion, up 30% on a YoY basis.

Post-provisions, the net NPA ratio was at 0.9% for the September quarter, against 1.2% in the June quarter of the year.

On September 3, the Supreme Court had ordered an interim stay on classifying bad loans. If the bank had classified borrower accounts as NPAs after August 31, its gross NPA ratio and net NPA ratio would have been 4.3% and 1%, respectively.

On debt recast, the bank said that it had no restructuring requests. However, the management later clarified that the bank has received negligible requests which it did not intend to disclose at this point in time. However, as on September 30, there were no recasts done on its books.

At the time of writing, Axis Bank share price was trading down by 0.3% on the BSE.

Moving on to news from the automobile sector...

Hero MotoCorp Q2FY21 Results: Profit Rises 9% To Rs 9.5 Billion

Hero MotoCorp's quarterly profit and revenue rose as demand for entry-level motorcycles in rural and semi-urban markets recovered after India eased lockdown curbs.

According to an exchange filing, net profit of India's largest two-wheeler maker increased 9% YoY to Rs 9.5 billion in the September quarter.

The company had seen its net profit nearly wipe out in the previous quarter, hurt by a significant decline in retail sales amid the Covid-19 pandemic. However, the company saw its performance improve in the second quarter signaling a gradual revival from the negative impact of the pandemic.

The lockdown had forced India's automakers, grappling with the worst slowdown in more than two decades, to stall operations, leading to a washout in the initial months.

Auto sales gradually picked up from June. For the quarter ended September, Hero MotoCorp reported a 7% YoY rise in volumes at 1.8 million units.

Yet, financing remains a concern, indicating a complete recovery of the industry is still some time away. Hero MotoCorp's peer Bajaj Auto, reported a decline in net profit and revenue in the reported quarter as financing is yet to return to pre-Covid levels.

Automakers, however, are betting on a recovery during the festival season as they pushed inventory to dealers. The company said that based on early estimates, the festive sale has started well for the company, and it expects the demand momentum seen in Q2FY21 to continue well into the festive season.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

Have a look at the chart below:

Healthcare sector is at the top, followed by the automobile sector.

According to Apurva Sheth, Senior Research Analyst at Equitymaster, the auto index entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates from this space.

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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