Key indices are trading slightly higher in early trade. Volatility was high in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 30.43 points or 0.08% at 39,644.50. The Nifty 50 index was up 22.55 points or 0.19% at 11,664.95.
The S&P BSE Mid-Cap index was up 0.29%. The S&P BSE Small-Cap index was up 0.05%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 798 shares rose and 663 shares fell. A total of 69 shares were unchanged.
Cues to watch:
Investors are awaiting direction from the US elections slated on 3 November and clarity on the looming threat from the second wave of coronavirus cases across the US and Europe.
The gross GST revenue collected in the month of October 2020 is Rs 105155 crore, showing an increase of 10% over Rs 95379 crore in October 2019. The GST revenues for October 2020 consists of CGST of Rs 19193 crore, SGST Rs 25411 crore, IGST Rs 53540 crore (including Rs 23375 crore collected on import of goods) and Cess Rs 8011 crore (including Rs 932 crore collected on import of goods).
Stocks in news:
Reliance Industries (RIL) lost 2.17%. On a consolidated basis, Reliance Industries (RIL)'s net profit fell 15.05% to Rs 9,567 crore on 25.50% decline in net sales to Rs 111,236 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) fell 29.66% to Rs 10,589 crore in Q2 September 2020 over Q2 September 2019. Current tax tumbled 81.69% to Rs 378 crore during the period under review.
ICICI Bank surged 5.46% after the bank reported 549.1% jump in net profit to Rs 4,251.33 crore on 3.92% rise in total income to Rs 23,650.77 crore in Q2 September 2020 over Q2 September 2019.
IndusInd Bank gained 3.65%. The bank reported 53.2% decline in net profit to Rs 647.04 crore on 1.6% fall in total income to Rs 8,731.05 crore in Q2 September 2020 over Q2 September 2019.
Maruti Suzuki India rose 0.61%. The company posted total sales of 182,448 units in October 2020. This is a growth of 18.9% over the same period of previous year.
Hero MotoCorp advanced 2.26%. Hero MotoCorp sold 806,848 units of motorcycles and scooters in October 2020 - its highest-ever sales in any single month. The company reported a growth of 35% over the corresponding month of the previous year (October 2019), when the company had sold 599,248 units.
Grasim Industries rose 0.49%. Grasim Industries has entered into a definitive agreement with Lubrizol Advanced Materials to manufacture and supply chlorinated polyvinyl chloride (CPVC) resin in India with initial production expected in late 2022. This special type of polymer material that is widely used in hot and cold water pipes, will be manufactured at Chlor-alkali unit of Grasim located at Vilayat to take advantage of captive chlorine integration.
UPL fell 0.82%. UPL reported 178.92% rise in consolidated net profit to Rs 463 crore on 14.96% rise in total income to Rs 9,014 crore in Q2 September 2020 over Q2 September 2019.
DLF shed 0.16%. DLF reported 47.93% decline in consolidated net profit to Rs 232.14 crore on 17.3% fall in total income to Rs 1,723.09 crore in Q2 September 2020 over Q2 September 2019.
Just Dial dropped 3.9%. The company reported 38.47% decline in consolidated net profit to Rs 47.34 crore on 32.27% fall in total income to Rs 194.19 crore in Q2 September 2020 over Q2 September 2019.
Global Markets:
Overseas, Asian stocks are trading higher on Monday, as data showed China's manufacturing activity grew in October.
A private survey showed Monday that China's manufacturing sector expanding for the sixth straight month in October. The Caixin/Markit Purchasing Managers' Index (PMI) for Chinese manufacturing rose to 53.6 from September's 53.
In US, stock indexes closed lower on Friday, as losses in richly priced tech heavyweights, a record rise in coronavirus cases and jitters over the presidential election snuffed investor sentiment.
On the coronavirus front, U.K. Prime Minister Boris Johnson announced Saturday that England will adopt a second national lockdown following a surge in virus cases. People will be ordered to stay at home unless it's for essential purposes, Johnson said. The lockdown will take effect starting Thursday and will end on December 2, he said.
Back home, key equity benchmarks declined for the third straight session on Friday, mirroring weak global cues. The barometer index, the S&P BSE Sensex fell 135.78 points or 0.34% at 39,614.50. The Nifty 50 index lost 28.40 points or 0.24% at 11,642.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 870.88 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 631.11 crore in the Indian equity market on 30 October, provisional data showed.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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