On Wall Street, S&P 500 dropped the most in a month on Monday. Dow Jones tanked 2.29% while NASDAQ moved 1.64% lower.Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices recovered some of the losses they registered on Monday as they surged close to 1% each on Tuesday. S&P BSE Sensex closed 376 points higher at 40,522 mark while the 50-stock Nifty ended just below the 11,900 mark. Kotak Mahindra Bank was the top gainer, jumping 12%, followed by Nestle India which gained 6%. TCS, ONGC, Infosys were the top drags. BSE Midcap index outperformed the benchmark index. Broader markets, except smallcap indices moved higher, beating the benchmarks.
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Highlights
Domestic benchmark indices, after a weak start to the day’s trade, ending the session with gains. S&P BSE Sensex closed 376 points higher at 40,522 mark while the 50-stock Nifty ended just below the 11,900 mark. Broader markets, except smallcap indices, were seen outperforming the benchmark indices. Kotak Mahindra Bank was the top index gainer, registering over 12% gains. Sensex and Nifty inched higher today despite weaker global cues that saw S&P 500 fall the most in over a month. Analysts believe US Presidential elections are bound to keep stocks volatile.
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S&P BSE Sensex has ended 376 points higher at 40,522 points while the NSE Nifty 50 managed to close at 11,886 on Tuesday. Kotak Mahindra Bank's massive 12% surge helped the index gain.
Shares skidded in Asia on Tuesday after surging coronavirus cases and waning hopes for US economic stimulus gave Wall Street its worst day in a month. Stock benchmarks fell in Hong Kong, Sydney and Seoul. Tokyo was flat. Shanghai recovered from early losses to edge higher.
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The coronavirus pandemic has led to a massive surge in PM Jan Dhan Yojana accounts since the beginning of the ongoing financial year. The total number of PMJDY accounts stood at 41.05 crores with a total balance of Rs 1.31 lakh crore, said the SBI Ecowrap report. Since 1 April, around 3 crore accounts were opened, with a total rise in deposits of Rs 11,060 crore in those accounts.
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Classified search company Just Dial has seen its share price skyrocket 65% in the last nine trading sessions to now sit at Rs 671 per share. However, this small cap company might not have run out of steam even after such a run up in the stock price. Just Dial, recently showcased its business-to-business (B2B) specific offering called the JD Mart, which will be independent of its current business. With JD Mart, the company will look to enter B2B classified space and compete with IndiaMART. The world of internet advertising has scaled to new heights in recent years with the advent of cheaper internet prices in India.
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While Nifty 50 was trading above the 11,800 mark, up 0.58%, most of the broader market indices were outperforming the benchmark. Nifty Next 50 was up 1% while Nifty Midcap 100 was up 0.73%.
The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.
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The Rs 518-crore Equitas Small Finance Bank IPO (initial public offer), which was open for subscription from Oct 20-22, is scheduled to finalise its basis of allotment today. The issue was sold in the range of Rs 32-33 and was subscribed nearly 2 times during the three-day bidding process. IPO received bids for 22.57 crore shares against 11.58 crore shares on offer. Following AU Small Finance Bank and Ujjivan Small Finance Bank, Equitas SFB was the third public issue in small finance bank space.
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SBI Life Insurance Company’s shares were trading flat on Sensex, erasing all opening gains on Tuesday. The Life Insurance major reported a 131% jump in net profit to Rs 299.7 crore from Rs 129.9 crore in the same period last year. Annual Premium Equivalent (APE) for the second quarter of this fiscal year came in at Rs 2,700 crore, down 3.6% on-year basis but 113% higher when compared to the previous quarter. Cost ratios have improved significantly for SBI Life Insurance with commission ratios falling on-year basis and operational expenditure ratio improving to 4.6%.
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Shares of Kotak Mahindra Bank shot up 10% on Tuesday morning to hit the upper circuit. Trading at Rs 1,557 per share the private lender is seeing heavy buying interest from investors after its strong quarterly performance.
Shares of Angel Broking, one of the latest scrips to be listed on the bourses, jumped 15% to trade at Rs 286 per share after the stock broker reported a massive 55% jump in net profit.
Kotak Mahindra Bank share price zoomed 9.75 per cent to Rs 1,553.90 apiece on BSE, a day after the bank reported a 26.7 per cent on-year growth in net profit to Rs 2,184.5 crore during the July-September quarter. The private sector lender had posted a net profit of Rs 1,724.48 crore in the corresponding quarter of the previous year
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The Nifty went below the crucial 11750 support level upon opening but has reclaimed the 11800 mark. It is imperative it keeps above 11750 otherwise the sell side of the market can be threatened. On the upside, 11900-11950 is the resistance point. For any upside to resume, we would need to get past that level: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
After months of waiting, Morgan Stanley Capital Investment (MSCI) today announced that it will implement changes in Foreign Ownership Limits (FOL) in the MSCI Global Indexes containing Indian securities coinciding with the November 2020 Semi Annual Index Review. The move comes after depository institutions such as CDSL and NSDL, in the beginning of April, increased the foreign ownership limit for all listed companies to their sectoral limits. The global index major said it will implement the changes at the close of November 30, effective December 1. The change is expected to rope in billions of dollars in active and passive flows for domestic stocks where the FOL will increase.
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COMEX gold trades marginally higher near $1909/oz after a near flat close yesterday. Gold has turned range-bound amid mixed trade in the US dollar and uncertainty relating to US stimulus. ETF investors have also moved to the sidelines. However, supporting price is concerns about rising virus cases and mixed economic data from major economies. Gold may remain directionless ahead of US elections however general bias may be on the upside as increasing challenges to global economy may increase safe-haven appeal: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
S&P BSE Sensex gave up opening gains to trade with losses on Tuesday morning as it slipped over 100 points. Nifty 50 too have up gains and moved below the 11,750 mark.
Domestic equity indices opened flat with a positive bias on Tuesday morning. Sensex was up over 50 points while Nifty 50 was just shy of the 11,800 mark. BSE Midcap index was outperforming the benchmark while the BSE Smallcap index was trading in the red.
Sensex inched over 50 points higher in the pre-open session while the 50-stock NSE Nifty managed to cross the 11,800 mark.
S&P BSE Sensex was trading flat with a negative bias on Tuesday morning's pre-open session. Nifty 50 on the other hand was seen crossing the 11,800 mark.
Sensex slipped in the pre-open session on Tuesday while the 50-stock Nifty was seen inching higher.
A total of 37 companies including Bharti Airtel, Tata Motors, Amara Raja Batteries, Castrol India, Ceat, ICICI Prudential Life Insurance Company, Nippon Life India Asset Management, Sanofi India and SKF India are scheduled to announce their July-September quarter earnings.
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JSW Steel, the country’s second-largest steel maker, believes the worst is over, as there is an all-round improvement in demand across user industries, led by the automobile sector.
Seshagiri Rao, joint managing director and group CFO, JSW Steel told FE that while it may still take some time for demand to come up to last year’s levels, sequential and month-on-month improvement in demand from the industry was encouraging.
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Following a heavy selling pressure on the first day of the week, BSE Sensex and Nifty 50 are likely to open in the positive territory. In the previous session, Sensex plunged 540 points or 1.33 per cent, while the Nifty 50 declined 162.2 points or 1.36 per cent. In today’s session, market participants will keenly watch July-September quarter earnings, rising coronavirus cases, oil prices, rupee movement and other global cues.
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The Sensex 50 contracts crossed the daily trading turnover of Rs 2 lakh crores for the second time. The exchange recorded turnover of Rs 2,08,658 crores on October 26, 2020 in Equity Derivatives segment, on back of a increased volatility in the equity market. The previous daily high turnover Rs 2,00,390 crores was recorded on October 13, 2020. The launch of BSE Sensex 50 contracts with unique Monday expiry on 29 June 2020 has enabled traders, individual investors and hedgers to cost-effectively manage their equity risk.
Indian Railway Finance Corporation (IRFC) has filed papers with markets regulator Sebi to float an initial public offering of over 178 crore shares. According to an addendum to the draft red herring prospectus filed with Sebi on Friday, the IPO would see sale of 1,782,069,000 equity shares. This includes a fresh issue of 1,188,046,000 equity shares and an offer for sale of 59.4 crore equity shares by the Government of India.
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"Overall, we might see some volatility in the market until the U.S. Presidential Election ends. At present, Nifty seems to have support placed at 11650 & 11600 levels, whereas resistance is placed at 11950/12000 levels. If the benchmark index violates the support of 11600, it may resume the downswing with an initial target of 11500/11400 levels," said Sumeet Bagadia, Executive Director, Choice Broking.
In what could be a long drawn legal battle ahead, the Kishore Biyani-led Future Retail on Monday hinted at challenging an arbitration order that put a temporary hold on its Rs 24,713-crore deal to sell assets to Reliance Industries. Future Retail said it wasn’t party to the agreement under which Amazon.com had invoked arbitration proceedings and therefore actions taken by its board cannot be held back in arbitration proceedings.
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