Barring Nifty Media and Nifty Realty indices, all the sectoral indices ended in the positive territory.Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the positive territory for the second consecutive day on Tuesday, mainly led by bank stocks. BSE Sensex surged 503.55 points or 1.27 per cent to end above the crucial 40,000 mark, at 40,261. While the broader Nifty 50 index added 144.35 points or 1.24 per cent to finish the session at 11,813. ICICI Bank shares were the best performers, rising 6.5 per cent. State Bank of India (SBI), Power Grid Corporation of India, Housing Development Finance Corporation, Sun Pharma, IndusInd Bank and Titan Company were among other Sensex gainers. On the contrary, nine out of 30 Sensex stocks settled in the red. NTPC was the top Sensex loser, followed by RIL, Nestle India, HCL Technologies, Infosys, HUL among others. India VIX dropped nearly 4 per cent to 24.2 levels. Barring Nifty Media and Nifty Realty indices, all the sectoral indices ended in the positive territory.
Highlights
AGRIM Housing Finance Pvt Ltd launched a 10-minute approval process, affordable home finance Mobile App for the self-employed and informal households, as the first fintech experience Housing Finance Company in India. CEO Dr. Malcolm Athaide said that The mantra of our affordable home loan solutions is to deliver excellence through giving dignity to the under-privileged customer with digitally intelligent access of ‘find my home, finance my home, enhance my livelihood’. We are extremely glad that we are making a social impact to the under-privileged customers.
The S&P BSE Sensex gained 504 points, or 1.27 per cent to settle at 40,261 levels while the NSE's Nifty50 index ended at 11,813.50, up 144 points, or 1.24 per cent.
Punjab National Bank (PNB) is planning to raise Rs 11,500 crore capital through the infamous Additional Tier-1 (AT-1) bonds, tier II bonds, and qualified institutional placement before the end of this year. PNB’s Managing Director S S Mallikarajuna Rao said that the fundraising will shore-up the capital base to meet business plans of the public sector lender, news agency PTI reported. PNB is India’s second largest state-owned bank. Yesterday the bank announced a 22% jump in net profit to Rs 621 crore in the July-September quarters, against Rs 507 crore in the same period last year.
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On the contrary, If Trump reclaims Presidency and Republicans maintain majority in the US Senate, we could have an ensuing stock market rally and stronger US dollar, as investors will be pleased with the fact that US corporate taxes will remain low. On the commodity front, Trump victory will translate into weaker tone in precious and base metals, with the non-ferrous complex being the most vulnerable, hauled lower by prospect of heightened trade tensions with China. In case of a mixed equation, where Biden turns out to be the next US President, while Senate is controlled by Republicans. Markets will construe this sort of power-sharing as an impasse on various reforms and nothing dramatic will be seen in the next four years: Hitesh Jain, Lead Analyst – Institutional Equities, YES SECURITIES
There is also a strong chance that Democrats have a majority in Senate, which implies higher fiscal spending. In terms of a connotation for the markets, we should brace for a transient sell-off in US equities and fall in US dollar, Ergo, Gold could rally higher, helped by a tumbling US dollar and concerns of higher fiscal spending and potentially rising inflation. Needless to mention, Fed will remain tolerant of the same, with the central bank recently articulating that it will stand pat on interest rates for the next three years. In case of Biden as the next US President, Base metal prices should move higher as US/Chinese relationship will stabilize and markets start pricing in a probable trade deal: Hitesh Jain, Lead Analyst – Institutional Equities, YES SECURITIES
Rupee took a breather and finished the day where it started at 74.4 a dollar. The dollar buying from the hedgers and central bank weighed on rupee. Global Markets approach US election day in upbeat mood as risk assets remained strong. Dollar sold off against major trading currencies. The bias for the spot USDINR is bullish but it has risen to a level where we feel it will encounter strong resistance. Near term, the pair has resistance at 75.1 and support at 73.9: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities
The world’s oldest democracy goes into election mode this week, an election that has two candidates with vastly differing agendas pitted against each other. As far as the US markets are concerned, they are likely to continue their volatility until election results are out of the way. A Biden victory could bode well for sectors such as renewable energy, cannabis and education whereas a Trump victory will help sectors such as oil, defense and infrastructure perform well. Irrespective, one should not change their asset allocation to the US markets based on the election – it’s a short-term impact. As far as the impact on Indian markets is concerned, irrespective of whether Trump or Biden win, India stands to benefit from improved relations with the US as both countries attempt to neutralize the rising power of China: Viram Shah, Co-Founder and CEO, Vested Finance
Samvat 2076 has been more than a Black Swan event, on the back of COVID-19 pandemic which affected the world economy and took an incalculable human and health toll. The pandemic spooked the equity market which led to heightened volatility during Samvat 2076, turning out to be a difficult year for the investors. Research and brokerage firm Sharekhan has come up with five Nifty Diwali stock picks for Samvat 2077, which is a mix of both large-cap and quality mid-cap stocks.
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After a massive 416% surge in stock price, mid-cap pharmaceutical firm Laurus Labs has slipped over 10% in the last three trading sessions to now trade at Rs 287 per share. Recently announced results of the company suggest that sales are still going strong and profits are surging higher and higher. But could the recent fall in stock price suggest a reversal in trend or is it a buying opportunity for investors? Pharmaceutical firms have enjoyed a decent run in recent months as investors eye increasing sales from the API (active pharmaceutical ingredient) segment in the post pandemic era.
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"Indian Indices Nifty and Sensex up by 120 points (1.03%) and 417 points (1.06%) respectively. Indian Indices opens higher on back of positive clues from global market.Today S&P BSE Finance (up 2.17%) Financial continue to outperform the Indices, S&P BSE METAL (up 1.55%) while S&P BSE REALTY (down 1.87%), S&P BSE Telecom (down 0.27%). We expect the market to trade in range bound and expect some volatility on the back of global market as this week elections are there in the USA. Global Market update - DOW Jones up by 423 points (up 1.60%) and NASDAQ up by 46 points (up 0.42%)," said Yash Gupta Equity Research Associate, Angel Broking
Franklin Templeton India has informed investors that its six wound-up schemes have received Rs 8,741 crore since their closing. In the second half of October, Franklin Templeton said that the schemes have received Rs 438 crore from maturities, pre-payment and coupon payments. The six schemes were shut by Franklin Templeton citing redemption pressure and the lack of liquidity in the bond market for its decision. The move had prompted the Reserve Bank of India to step in to infuse liquidity into the markets.
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Our SOTP target comes to INR 83/sh (5.0x Sept-22E EV/e for standalone refining, marketing and petchem businesses and 5.5x Sept-22E EV/e for pipeline business and INR 25/sh for other investments). The stock is currently trading at 7x on FY22E EPS: HDFC Securities
Zydus Cadila revenue from operations for Q2FY21 stood at ₹3762 crores up by 16% YoY from ₹3244 crores in Q2FY20. USA business has done well for the company which is up by 18% stood at ₹1709 crores in Q2FY21 from ₹1448 crores in Q2FY20 while Indian business up by 11% in Q2FY20. EBITDA for the quarter was up by 13% at ₹863 crores in Q2FY21 as compared to ₹763.7 crores in Q2FY20. Profit before tax for the quarter rose by 336.4% at ₹534.2 crores in Q2FY21 as compared to ₹122.4 crores in Q2FY20. 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: Yash Gupta Equity Research Associate, Angel Broking Ltd.
Next couple of sessions would be very crucial to determine the near term trend for the markets. As far as the support of 11500-11550 is intact, we remain hopeful of a resumption of up move. However, traders are advised to avoid aggressive trades till there’s a breakout above 11750. Sectorial themes are providing good opportunities for day traders and hence, traders are advised to look for such stock/sector specific opportunities: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
Shares of NTPC jumped over 3% on Tuesday morning to trade at Rs 92.1 per share as investors reacted to the strong quarterly results posted by the company. However, soon the stock slipped into the red, down 1.74% even though the overall market sentiment was positive. The state-run electricity generating firm reported a standalone net profit of Rs 3,504 crore in the July-September quarter against Rs 3,262 crore in the same period last year. With an earnings growth trajectory pointing towards healthy returns over the coming quarters, analysts say NTPC is standing tall. Along with the quarterly results, NTPC’s Board has also approved a share buyback at Rs 115 per share -- a 28% premium to yesterday price.
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Reliance Industries Ltd shares were trading flat with some volatility on Tuesday, after falling about 9% yesterday and closing at a three-month low. The stock opened at Rs 1,888; made a low of Rs 1,843.40; and a high of Rs 1,898.20 apiece, so far in the day, swinging between 1.12-2 per cent gain and loss.
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For rupee, a mild improvement in the risk appetite shall remain a supportive factor and might prevent any erratic move before the voting gets over as investors prefer caution before taking any speculative bets. However, more than the domestic fundamentals, trend in Asian peers and global factors will count for rupee move. The only factor that will be watched for is the RBI’s reaction if rupee turns volatile and whether it intervenes to cap any unprecedented losses in the pair. If the rupee breaks and sustains above 74.50 levels, it can move close to 74.80-75.20 in the coming days. If RBI intervenes and doesn’t allow the pair to weaken drastically, then we might see rupee normalizing within its range of 73.00-74.50 levels: Amit Pabari, managing director, CR Forex Advisors
We are likely to see a range-bound session in USD/INR today but there is a chance of a gap move tomorrow depending on who is in a stronger position. High frequency indicators continue to indicate a strong pick up in domestic factory activity. India's manufacturing PMI rose to its highest since 2010 on pent-up demand and festive season demand. 64.1mn E-way bills were generated in October, the highest since the system was rolled out two years ago. 74.95 is a key technical resistance and 73.60 is likely to act as a strong support: Abhishek Goenka, Founder and CEO, IFA Global
NSE Nifty has remained range-bound so far since the middle of October, after rising 10.8% from the end of September. Volatility has gained nearly 25%, and it is likely to stay higher owing to the US Elections. However, as we saw earlier this year, volatility could turn out to be an opportunity as well. Historically, such elevated volatility has proven to be a good entry opportunity, according to ICICI Direct. “In the coming month, we believe global volatility would remain high ahead of the US presidential elections,” they added.
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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: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Bharti Airtel, Infosys, Reliance Industries and Hindustan Unilever Ltd (HUL) were top four BSE Sensex losers in otherwise positive trade on Tuesday.
COMEX gold trades mixed near $1895/oz after a 0.7% gain yesterday. Gold is choppy amid uncertainty ahead of US elections. Support from rising virus cases and hopes of additional monetary and fiscal measures are countered by ETF outflows and general strength in the US dollar. Gold has bounced back from recent lows however we may not see a sustained rise until US dollar corrects: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Reliance Industries Ltd share price was trading flat with negative bias on Tuesday. In the previous session, RIL shares closed at a three-month low of Rs 1,877 per share.
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Bank stocks such as ICICI Bank, State Bank of India (SBI), IndusInd Bank, HDFC Bank, Axis Bank were among top BSE Sensex gainers on Tuesday.
BSE Sensex jumped 250 points or 0.63 per cent to trade at 40,007, while the broader Nifty 50 index was ruling at 11,747, up 73 points.
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Elevated volatility during US elections subsequently offers good entry opportunity, as over past two decades, in three out of five US election phase Nifty has generated positive returns.ICICI Direct Research
We expect volatility to remain elevated ahead of US Presidential Election. During such a volatile phase, we do not expect the Nifty to sustain below key support threshold of 11000-11200 range. Therefore, any dips from here on should be capitalised as an incremental buying opportunity. Meanwhile, 11800 would act as immediate resistance as it is 61.8% retracement of current decline (12025-11535), at 11835: ICICI Direct Research
BSE Sensex jumped over 200 points to trade at 39,957, while the broader Nifty 50 index reclaimed 11,800 in pre-opening session.
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In the coming session, Nifty future is likely to open with a positive gap tracking firm global cues. We expect index to trade with a positive bias and extend ongoing pullback amid elevated volatility. Hence, intraday dip towards 11690-11712 should be used to create long position for target of 11798: ICICI Direct Research
Indian markets could open higher following positive Asian markets today and positive US markets on Monday. The 1-2 day trend of the Nifty is now down and Nifty is likely to target the 11452 levels in the near term. Our 3-7 day targets are at 11347-11184 as with weak global markets, we expect the Nifty to move lower in the coming sessions. Our bets for a correction in the coming sessions is off if the Nifty convincingly crosses the previous swing highs of 11749: HDFC Securities
Short covering in the Nifty and fresh long built up in Bank Nifty Futures, suggests Market to go up from current level towards 11800 level in coming sessions. Bank Nifty may continue to outperform and head higher compared to Nifty. Therefore, our advise is to be bullish on every dip in the Nifty future and expect 11800 level. Support is placed at 11500 level. In the Bank Nifty, our advice is to remain bullish with stop loss of 24800 levels. On the higher side, resistance is seen in the vicinity of 25250 - 25500 levels: HDFC Securities
A total of 90 companies including Sun Pharmaceutical Industries, Adani Gas, Adani Ports, Ajanta Pharma, Dabur India, Godrej Properties, JSW Energy, Muthoot Finance, PVR, and Varun Beverages are scheduled to announce their July-September quarter earnings later in the day.
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DCB Bank’s (DCB) Q2FY21 earnings were driven by strong NII growth and tight cost-control. NII grew by a strong 9% quarter on quarter (QoQ), driven by sharp 32bps QoQ NIM expansion. It continues to build contingency buffer with further provision of Rs480 million towards Covid, which takes the cumulative buffer to Rs 4billion (~1.60% of standard loans): ICICI Securities
On Monday, foreign institutional investors (FIIs) lapped up shares worth Rs 740.61 crore, whereas domestic institutional investors (DIIs) offloaded shares worth Rs 533.97 crore on a net basis in the capital market, according to the provisional data available on the NSE.
Sensex and Nifty stare at a positive start to the day’s trading session as global markets gear up for the US Presidential elections. Sensex and Nifty enter Tuesday’s trading session after gaining nearly 0.30% on Monday. SGX Nifty was trading 100 points higher while cues from Asian markets were positive as well. Shanghai Composite was up 0.61% while Hang Seng was seen surging 1.57%. Stock markets in South Korea were close to 2% higher on Tuesday morning. Read full story
After a weak Q1, we expected a recovery in petchem and retail, while refining was expected to be weak. Reported Q2 refining earnings were much weaker than our estimate. However, petchem, Jio and retail earnings were better than our expectations. Standalone Ebitda (+8% q-o-q, -44% y-o-y) and consolidated Ebitda (+12% q-o-q, but -16% y-o-y) were ~3% ahead of our estimates: Noumura
In overnight trade on Wall Street, US stocks ended higher on eve of the US presidential election. The Dow Jones Industrial Average rose 1.6 per cent, the S&P 500 gained 1.23 per cent and the Nasdaq Composite added 0.42 per cent.
Asian stock markets were trading higher in the early trade on Tuesday. Hong Kong’s Hang Seng index jumped 1.57 per cent, South Korea’s Kospi also added 1.54 per cent.
The Reserve Bank of India on Monday announced phased restoration of trading hours for various debt as well as currency market from November 9 as the country has started graded roll-back of the lockdown. Trading hours for various markets regulated by the RBI were reduced from April 7, 2020.
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