Sensex, Nifty LIVE Updates on November 3: Market indices traded on a bullish note on Tuesday, amid positive global equities. Sensex gained 518 points higher at 40,275 and Nifty rose 139 points to 11,809. SGX Nifty on the Singapore Exchange was rising by 85 points, indicating a positive trend in domestic grounds today. Meanwhile, September quarterly earnings announcements by Sun Pharma, PVR, Adani Gas, Adani Ports, Muthoot Finance, Ajanta Pharma, CARE Ratings, Dabur will also set the tone for the stock market today. Yesterday, Sensex ended 143 points higher at 39,757 and Nifty gained 26 points to 11,669.
Here's a look at the updates of the market action on BSE and NSE today
12. 10 PM: Rupee outlook
On Indian Rupee outlook, Religare Broking in its note said,"The USDINR pair appreciated by 1% last week in the November series to close at 74.6050. Rising covid cases across the globe have unnerved the investors prompting a move out of riskier assets and currencies, towards safe havens such as the US Dollar.
For the USDINR pair (November series), Trend remains positive on four hour charts as prices form higher high-higher low pattern. Any significant dip towards the short term support of 74.20 is an opportunity to go long in the counter. As a strategy, long positions can be initiated near 74.10-20 for upside targets of 74.60 and 74.80 keeping stops below 73.80."
12.05 PM: Global market update
Religare Broking in its note said," Activity in China's factory sector accelerated at the fastest pace in nearly a decade in October as domestic demand surged, adding further momentum to an economy that is quickly recovering from the coronavirus crisis.
The US Democrats and Republicans have yet to come to an agreement on the stimulus package and talks will continue. Soaring COVID-19 cases in the US and Europe post new challenges for economies.
In the week ahead, traders focus again will be on US stimulus talks and on economic data front US GDP data, home sales, consumer confidence and Chicago PMI will be closely watched."
11. 56 AM: PVR share falls over 1%
PVR share was trading lower in early trade ahead of its Q2 earnings today. PVR stock has fallen after 2 days of consecutive gain. PVR share declined up to 1.44% to Rs 1090 against previous close of Rs 1106.55 on BSE.
The share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The stock has lost 38.62% in one year and fallen 42.44% since the beginning of this year.
The share has lost 16% in one year.
PVR share falls over 1% ahead of Q2 earnings
11. 40 AM:Zydus Cadila Q2 outlook
Yash Gupta Equity Research Associate, Angel Broking said," Zydus Cadila revenue from operations for Q2FY21 stood at Rs 3762 crores up by 16% YoY from Rs 3244 crores in Q2FY20. USA business has done well for the company which is up by 18% stood at Rs 1709 crores in Q2FY21 from Rs 1448 crores in Q2FY20 while Indian business up by 11% in Q2FY20. EBITDA for the quarter was up by 13% at Rs 863 crores in Q2FY21 as compared to Rs 763.7 crores in Q2FY20. Profit before tax for the quarter rose by 336.4% at Rs 534.2 crores in Q2FY21 as compared to Rs 122.4 crores in Q2FY20. Due to one off exceptional item of 132 crores. Consolidated Profit After Tax excluding exceptional items for the quarter was Rs. 562 crores, up 73% compared to 325 crores in Q2FY20. Company has reported a very good set of numbers. Company has significantly reduced its net debt-by Rs. 2709 crores in the first six months of FY21, The net debt as on 30th September, 2020 stood at Rs. 4031 crores.
11. 36 AM: HDFC Q2 results update
Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said," HDFC Ltd reported a good set of numbers for Q2FY21, despite Covid related disruption. AUM grew 10% & 1.6% YoY / QoQ , NII grew at 20% / 7% YoY / QoQ which is higher than AUM growth. NIM improved sequentially by 14bps to 2.76% owing to the lower cost of funds and Money raised through QIP. Core PBT was up 27% YoY on the back of a strong 20% YoY growth in NII and a marginal 3% YoY decline in expenses.
PAT declined 28% YoY owing to one of stake sale gains reported in Q2FY21. Adjusted for one of gains in Q2FY21, PAT grew at 28% YoY, led by strong core PBT and a 42% plunge in provision cost.
On the collection efficiency (CE) front, HDFC`s overall CE in the individual business was 96.3% in September 2020; 99.5% in the case of customers who had not opted for a moratorium.
We have a positive view on HDFC ltd considering the ability to raise capital at a very competitive rate and more provision than regulatory requirement provides comfort on asset quality."
11. 22AM: Bandhan Bank outlook
Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said," Bandhan Bank reported a moderate set of numbers for Q2FY21. AUM grew by 19.4% YoY and MFI book grew by 27% YoY (4.8% QoQ). NII grew by 26% YoY which higher than AUM growth. NIM declined by 20 BPS to 8% owing to higher liquidity. Pre-provision income grew by 24.5%. PAT declined 5.3% YoY primarily owing to escalated provision cost. On the liability front, banks continue to report strong growth, led by ~60% YoY growth in SA deposits. CASA ratio improved 533bps/115bps to 38.2%. Asset quality stable however, the correct picture emerges post Q3FY21. Collection efficiency was 89% for the micro-banking segment in September, further improved to 91% by October end. An Investor would like to watch a slippage percentage from the moratorium book and restructuring request till December end."
11.17 AM: Auto sector outlook
In its auto roundup LKP Securities said in its note,"We expect a better H2 FY21 and a stronger FY 22. However, we will remain watchful for the post festive months. On stocks, Hero Motocorp (market leader and king in the rural markets), Bajaj Auto (#1 in 2W exports markets) and Maruti Suzuki (PV market leader) will be the winners, as we believe that they being market leaders with widespread distribution network, will be best placed to increase their market shares and gain from the current situation. We also believe that M&M with its thrust on rural markets through its leadership in tractors business is one of the best investment stories. On the CVs business, we believe this sector (particularly the M&HCVs) to be the last to revive as it is plagued by several issues such as weak macros, driver unavailability, tepid industry output, lack of clarity on scrappage norms and price hikes due to BS 6."
11.00 AM: Global markets
Asian markets are trading higher ahead of Reserve Bank of Australia's interest rate decision. US elections will also weigh on investor sentiments.
Japanese markets are closed today. U.S. markets closed higher ahead of the US Presidential election which is expected to shape government's response and actions for turning around the economy.
European markets closed higher on better than expected manufacturing data which came out of Euro zone and China.
10. 54 AM: Nifty technical outlook
Geoijt Financial Services said in ts note," We had recommended yesterday to view the ongoing moves as part of a parallel consolidation, waiting for a breakout move to 11250-380. This move is now in play, but as maintained yesterday, we would look for a confirmation from 11815. Alternatively, a pull back below 11660 would rekindle fears of 11400-11200."
10. 47 AM: Market rises further
Market indices traded on a bullish note on Tuesday, amid positive global equities. Sensex gained 436 points higher at 40,194 and Nifty rose 127 points to 11,796.
10. 30 AM: Auto sector update
On the Auto sector outlook, Reliance Research said:" - Most segments witnessed MoM and YoY growth (on high base) in domestic sales volume.PVs and 2Ws witnessed a healthy double-digit growth, while Tractor volume rose by higher single-digit despite high base. Overall wholesale volume across categories were below retail volume due to supply constraints. Retail sale was supported by festive demand, positive sentiment and gradual opening of urban markets."
10. 27 AM: Market outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets are trading above the 11750 mark and if we can sustain that, it could be used as a stop loss for all short positions on the index. We would need to wait for more clarity before we can go long on this market. Should a buy get triggered on the upside, 12200-12300 can be expected."
10. 13 AM: Cement sector update
Reliance Research on its monthly update on the Cement sector said:" Constant improvement in labour availability, steady rural demand and visible pick-up in real estate activities in various cities aided the cement industry to record continued demand recovery. All-India average price (trade segment) recovered by 0.8% MoM (Rs3-4/bag) after four successive months of decline. As discounts/schemes were either cut or discontinued in several markets to support realization, effective price was higher than actual hike."
"Cement demand continued to witness improvement in Oct'20, as recovery in non-trade demand along with steady rural/retail demand resulted in improvement on both YoY and MoM basis. Notably, low YoY base (due to festivals) appears to have aided the demand in Oct'20. Barring few pockets, the dealers in most regions witnessed growth in sales volume. Improvement in labour availability, higher disposable income in the hands of rural population and a visible pick-up in real estate activities in several cities aided the demand scenario."
10.08 AM: Stocks to watch today on November 3
Adani Enterprises, L&T, PNB, Cadila, NTPC, Vodafone Idea among others are the top stocks to watch out for in Tuesday's trading session
Stocks in news: Adani Enterprises, L&T, PNB, Cadila, NTPC, Vodafone Idea
9. 53 AM: Bank Nifty derivative outlook
Sneha Seth (Derivatives Analyst, Angel Broking) said:
"We started-off the week with an upside gap; but, these gains were short lived as we saw decent profit booking in the initial hour to wipe-off all the early opening gains. However, 11550 once again acted as a demand zone and smart recovery brought index above 11700 mark. In last half an hour, due to some unwinding Nifty concluded the session 27 points higher. Today, we witnessed a stellar move in banking counters which supported the benchmark from the selloff seen in RELIANCE. Finally, BankNifty surpassed the hurdle around 24800 and concluded the day with the handsome gains of 4%.
In derivatives space, banking index added huge longs and short covering was seen in case of Nifty. In options front, some build-up was seen in 11800-11950 followed by unwinding in 11600 and 11700. On the flip side, writing was seen in 11300 and 11500 put strikes. Maximum open interest concentration for this weekly series is placed at 12000 call and 11000 put options. Last series, we saw good amount of longs in Nifty which has been rolled too. In case of BankNifty, we hardly saw any open interest addition series on series but today's strong upmove along with longs is a good indicating. Considering the above data points, we remain optimistic on the market and hence expect follow-up buying in coming trading session. At present, 11500-11550 is an immediate support zone; whereas, resistance is placed around 12000 mark."
9. 47 AM: NMDC Q2 result update
Yash Gupta Equity Research Associate, Angel Broking said," NMDC limited total Iron & Ore production came down by 2.4% in October 2020 from 2.49 MT in October 2019 to 2.43 MT in October 2020. Chhattisgarh production was down by 5.7% while Karnataka was up by 8.9%. Total Iron & Ore sales are also down by 3.4% in October 2020 from 2.61 MT in October 2019 to 2.52 MT in October 2020. Chhattisgarh sales are up by 1.0% while Karnataka was down by 18.6%. This are very good number for the months of October 2020 and almost numbers are back to pre covid levels. This is positive development for the company."
9. 30 AM: NTPC Q2 result update
Yash Gupta Equity Research Associate, Angel Broking said," NTPC Ltd consolidated revenue from operations for Q2FY21 stood at Rs 707 crores up by 7.8% YoY from Rs 25,708 crores in Q1FY21. Revenue from generation business has increased by 8.6% from Rs 25178 in Q2FY20 to Rs 27343 crores in Q2FY21. Profit before tax for the quarter stood at Rs 3729 crore down by 9.3% as compared to Rs 4112 Crore in Q1FY20, due to Central electricity regulation commission has directed that late payment surcharges shall apply at a reduced rate of 12% instead of normal rate of 18%. Profit after tax for the quarter stood at Rs 3088 Crore up by 7.8% as compared to Rs 2865 Crore in Q1FY20.While the company posted a good set of numbers for the quarter. Company has fixed 13th November, 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of equity shares."
9. 22 AM: Market outlook
As per Reliance Smartmoney Reserch, NSE-NIFTY begun week on a flat to positive note. Since last three trading sessions, the index stuck between its 20-day and 50-day EMA. Overall market breadth remained negative during the day. Its key technical indicators on the near-term timeframe chart reversed from their oversold zone. As mentioned earlier, our bearish view will remain intact, but near-term rebound cannot be ruled out before the index resumes its southward journey. On the higher side, its psychological hurdle point-12,000 level will cap the up-move.
As for the day, support is placed at around 11,633 and then at 11,537 levels, while resistance is observed at 11,878 and then at 12,026 levels.
9. 10 AM: Opening session
Market indices opened on a bullish note on Tuesday, amid positive global equities. Sensex gained 376 points higher at 40,125 and Nifty rose 73 points to 11,742.
9. 00 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 740.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 533.97 crore in the Indian equity market on 2 November, provisional data showed.
8. 50 AM:Earnings today
Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. Sun Pharma, PVR, Adani Gas, Adani Ports, Muthoot Finance, Ajanta Pharma, CARE Ratings, Dabur India, Deepak Fertilisers, Dhanlaxmi Bank, Eris Lifesciences, Godrej Properties, Jagran Prakashan, JSW Energy, Kansai Nerolac Paints, Transport Corporation of India, Varun Beverages are among the top companies to report quarter earnings.
8. 40 AM: Rupee closing
On the currency front, Indian rupee depreciated 32 paise and settled at 74.42 per dollar on Monday, tracking the mixed trend in domestic equities and a strong American currency.
8. 30 AM: Closing
After a volatile trading session, market indices closed on a positive note on Monday amid positive global equities. Erasing three days of consecutive losses, Sensex ended 143 points higher at 39,757 and Nifty gained 26 points to 11,669. On Friday, Sensex ended 135 points lower at 39,614 and Nifty fell 28 points to 11,642.
Sensex ends 143 points higher, Nifty at 11,669; ICICI Bank, IndusInd Bank, Bharti Airtel top gainers