Sensex Opens Flat; ICICI Bank & IndusInd Bank Top Gainers

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Asian stock markets are trading on a mixed note today on worries about global demand as many economies slid back into coronavirus-induced lockdowns while upcoming US presidential elections led to heightened caution.

The Shanghai Composite is trading down by 0.1% while the Hang Seng is trading up by 0.9%.

US stock markets closed lower on Friday as losses in tech heavyweights, a record rise in coronavirus cases and jitters over the presidential election dampened investor sentiment.

The Dow Jones Industrial Average ended down by 0.6% while the Nasdaq plunged 2.5%.

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

Market participants are tracking Bandhan Bank share price and Cadila Healthcare share price as these companies are slated to announce their financial results for the September quarter today.

The BSE Sensex is trading up by 42 points. The NSE Nifty is trading up by 11 points.

ICICI Bank is among the top gainers today. Reliance Industries, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.6%. The BSE Small Cap index is trading up by 0.2%.

Barring energy stocks, all sectoral indices are trading in green with stocks in the banking sector and finance sector witnessing most of the buying interest.

The rupee is trading at 74.56 against the US$.

Gold prices are trading up by 0.1% at Rs 50,735 per 10 grams.

Speaking of stock markets, Rakesh Jhunjhunwala, one of India's most famous investors, recently made Rs 5 billion investment in Tata Motors.

In his latest video, co-head of Research at Equitymaster, Rahul Shah discusses Rakesh Jhunjhunwala's Tata Motors Bet from a value investing perspective.

Is there enough margin of safety in the current valuations or the run up in recent months has made it a risky bet?

Tune in to the video to find out more:

Auto Sales Show Signs of Rebound

In news from the automobile sector, auto sales continued to improve in October 2020 as vehicle manufacturers ramped up production anticipate strong sales during the ongoing festive season.

Hero MotoCorp saw sales rise 35% in October as it sold a record 8.06 lakh vehicles in one month.

Motorcycle sales rose 32.5% over last year to 7.32 lakh units. Scooter sales rose to 74,350 units from 46,576 units earlier.

India's biggest automaker, Maruti Suzuki said it sold 182,448 vehicles in October, an increase of nearly 19% over the same period last year.

Note that Maruti was hit hard by a months-long lockdown imposed in late March to slow the spread of the novel coronavirus, reporting a quarterly loss in July - the first time since its listing in 2003.

Eicher Motors' sales declined 7% to 66,891 units.

Domestic sales were 7% lower than last year at 62,858 units. Exports were down 9% at 4,033 units.

Meanwhile, Mahindra & Mahindra (M&M) saw sales fall 14.5% in October to 44,359 units even as the automaker said it is seeing better demand during the festive season.

Domestic passenger vehicle sales rose 1% over last year to 18,622 units.

While car and SUV sales rose, M&M's commercial vehicle sales continued to struggle. Sales of CVs fell 23.5% to 23,716 units. Exports declined 25% to 2,021 units.

Tractor maker Escorts reported a 2.3% growth in monthly sales to 13,664 units. The company said this is its highest-ever October sales.

The company said that demand was driven by higher crop production, good crop prices, sufficient availability of water and easy financing.

We will keep you updated on the latest developments from this space. Stay tuned.

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

Have a look at the chart below:

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.

ICICI Bank Q2FY21 Results: Net Profit Jumps Six-Fold

Moving on to news from the banking sector, ICICI Bank is among the top buzzing stocks today.

Private lender ICICI Bank on Saturday reported an all-time high net profit of Rs 42.5 billion on the back of stake sale in its subsidiary and sequential fall in provisions.

It had reported profits of Rs 6.6 billion in the year ago period.

The bank reported a 16% rise in its net interest income (NII) at Rs 93.7 billion versus Rs 80.6 billion a year ago.

The bank earned Rs 3.1 billion for a 2% stake sale in ICICI Securities.

The bank reported provisions and contingencies of Rs 29.95 billion versus Rs 25.1 billion a year ago. This includes provision of Rs 5 billion made on a prudent basis for loans not classified as NPAs due to the Supreme Court order.

At the end of September, the bank held Covid-19 related provisions of Rs 87.7 billion.

ICICI Bank share price has opened the day up by 6.3%.

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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