SGX Nifty Indicates Flat Opening; HDFC Bank Q1 PAT up 19.6% y/y, NIM at 4.3%

Posted Date: July 20 2020
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At 8:00am IST, the SGX Nifty Futures was trading at 10,885, compared with Nifty’s close of 10,902 on Friday.

Market status: Confirmed Uptrend

Global stock markets: Dow 30, -0.2%; S&P 500, +0.3%; Nasdaq, +0.3%; KOSPI, -0.5%; Nikkei, -0.4%; Hang Seng, -0.5%

On Friday, the index opened on a slightly positive note and traded in a tight area, until the last hour buying, which helped Nifty retake its 200-DMA. Friday’s action missed an additional follow-through day as volume was lower than Thursday's session. In the broader market, Nifty Midcap and Smallcap closed 1.4% and 1.3% higher, respectively.

On the sectoral front, barring Nifty IT, all other sectors closed in the green. Nifty Fin Service led the rally, followed by Nifty PSU Bank and Nifty Auto, which advanced 1.8% and 1.7%, respectively. FIIs’ net buying was Rs 697 crore while DIIs’ net selling was Rs 209 crore.

The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.

Key News

Hdfc Bank posted Q1 FY21 results. PAT was up 19.6% y/y to Rs 6,659 crore. NII grew 17.8% y/y to Rs 15,665.4 crore. NIM stood at 4.3%.

Bank Of India appointed Shri Shankar Sen as chief financial officer.

Banco Products (Nse) released Q1 FY21 results. PAT stood at Rs 17.56 crore as against Rs 29.92 crore for the same period last year, while total revenue declined to Rs 274.28 crore as compared with Rs 392.54 crore a year ago.

O’Neil Market Condition Report

For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 58%; Rally Attempt, 0%; Uptrend Under Pressure, 38%; Downtrend, 4%.

For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 35%; Rally Attempt, 0%; Uptrend Under Pressure, 65%; Downtrend, 0%.

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