The equity benchmarks continued to trade near day's high in afternoon trade led by banks and financial stocks. At 13:20 IST, the barometer index, the S&P BSE Sensex, rallied 489.64 points or 1.17% at 42,382.70. The Nifty 50 index spurted 139.40 points or 1.14% at 12,402.95.
In the morning trade, the Sensex hit a record high of 42,566.34 while the Nifty hit a record high of 12,451.80, following strong global cues as investors reacted to Democrat Joe Biden's victory in the U.S. presidential race.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index rose 0.62%. The S&P BSE Small-Cap index gained 0.21%.
Buyers outpaced sellers. On the BSE, 1,378 shares rose and 1,180 shares fell. A total of 181 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,869.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,938.66 crore in the Indian equity market on 6 November 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,04,02,558 with 12,56,254 deaths. India reported 5,09,673 active cases of COVID-19 infection and 1,26,611 deaths while 79,17,373 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
US Election 2020:
Democrat Joe Biden defeated incumbent Donald Trump in the U.S. presidential race to become president elect. Kamala Harris will become the first female, Black and Indian-origin vice-president of the United States. Biden and Kamala will be sworn in to their new offices on 20 January 2021, taking over from incumbent Republicans Donald Trump and Mike Pence.
Bihar Exit Polls:
Following the end of third and final phase of Bihar election on 7 November 2020, the results will be declared on 10 November 2020. The market will closely watch results as exit polls reportedly indicated that the Tejashwi Yadav-led Mahagathbandhan could get a majority in the Bihar election with maximum 191 seats, while the Chief Minister Nitish Kumar-led National Democratic Alliance (NDA) may get maximum 91 seats. Most of the exit polls predicted RJD to again emerge as the single largest party.
Gainers & Losers:
BPCL (up 4.14%), Bharti Airtel (up 3.82%), ICICI Bank (up 3.31%), Axis Bank (up 2.83%) and IndusInd Bank (up 2.38%) were top gainers in Nifty 50 index.
Cipla (down 3.73%), Maruti Suzuki India (down 0.98%), Adani Ports & SEZ (down 0.90%), ITC (down 0.83%) and Mahindra & Mahindra (M&M) (down 0.39%) were major losers in Nifty 50 index.
Results Today:
Akzo Nobel India (down 0.88%), Bayer Cropscience (up 1.02%), Dalmia Bharat Sugar and Industries (up 2.35%), D B Realty (down 1.03%), E.I.D. - Parry (India) (up 1.14%), Future Lifestyle Fashions (down 1.69%), Honeywell Automation India (up 1.13%), IndiaMart InterMesh (up 0.76%), NOCIL (up 3.09%), Oil India (up 0.46%), Sun Pharma Advanced Research Company (up 1.03%) and Venky's (India) (up 5.55%) are some of the companies that will announce their quarterly results today.
Equitas Small Finance Bank (down 0.61%) will announce its first quarterly result after listing on bourses on 2 November 2020.
Earnings Impact:
Divi's Laboratories jumped 3.91% after the drug major reported a 45.6% jump in consolidated net profit to Rs 519.59 crore on a 21% increase in net sales to Rs 1,749.30 crore in Q2 FY21 over Q2 FY20. Profit before tax in Q2 September 2020 stood at Rs 693.49 crore, up by 42.1% from Rs 487.87 crore in Q2 September 2019.
With respect to its capex programs, Divi's Laboratories said: "We have capitalized assets of Rs 615 crore during the quarter and the total capitalization done during the half-year amounted to Rs 830 crore. We expect to complete the ongoing capex programs by end of the financial year. Apart from the existing capex programs, the company is taking up a new capex for an aggregate amount of Rs 400 crore for meeting new business opportunities in the custom synthesis projects; and needed to be completed on fast track."
Tata Consumer Products rose 1.47% after the company reported a 33% rise in consolidated net profit to Rs 257.06 crore on 18.5% increase in net sales to Rs 2,781.34 crore in Q2 FY21 over Q2 FY20. EBITDA in Q2 September 2020 improved by 26.8% to Rs 402 crore from Rs 317 crore in Q2 September 2019. EBITDA margin was at 14.4% as on 30 September 2020 as against 13.5% as on 30 September 2019. Tata Consumer Products said that the increase in EBITDA was due to higher revenue and effective management of discretionary costs, despite unprecedented tea inflation in India.
United Breweries (UBL) gained 1.51%. The beer maker posted a 97% slump in consolidated net profit to Rs 3.61 crore in Q2 September 2020 from Rs 114.78 crore in Q2 September 2019. Consolidated net sales stood at Rs 899.90 crore in Q2 September 2020, falling 43% year on year from Rs 1,579.55 crore in Q2 September 2019. Profit before tax (PBT) slumped 95.3% to Rs 5.45 crore in Q2 September 2020 over Q2 September 2019.
Balkrishna Industries slipped 0.50%. The tyre maker's consolidated net profit jumped 15.8% to Rs 340.94 crore on 45.5% rise in net sales to Rs 1,577.90 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) soared 74.1% to Rs 452.32 crore in Q2 September 2020 as against Rs 259.79 crore in Q2 September 2019. With the volume of 99,320 MT achieved in first half, the firm expects to cross FY20 sales volumes in FY21, marginally subject to no further deterioration due to COVID-19.
Glenmark Pharmaceuticals tumbled 5.80% after the drug maker's consolidated net profit slipped 8.4% to Rs 233.99 crore on 5.2% increase in net sales to Rs 2,908.12 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) fell 2.3% to Rs 339.38 crore in Q2 September 2020 as against Rs 347.30 crore in Q2 September 2019. Consolidated EBITDA (excluding other income) was at Rs 569.92 crore for the quarter ended 30 September 2020 as against Rs 450.40 crore in the previous corresponding quarter last year, registering an increase of 26.54% Y-o-Y (year-on-year).
Forex loss to the extent of Rs 17.11 crore was recorded in other expenditure during Q2 FY21. During the period under review, India business grew by 17.22% to Rs 1,050.69 crore, Europe business grew by 11.59% to Rs 318.12 crore, Africa, Asia and CIS Region (ROW) business grew by 9.11% to Rs 380.58 crore, API business grew by 19.11% to Rs 321.33 crore.
Ashok Leyland fell 0.41%. The commercial vehicles manufacturer reported a consolidated net loss of Rs 122.95 crore in Q2 September 2020 compared with net profit of Rs 44.60 crore in Q2 September 2019. Net sales tumbled nearly 24% year on year to Rs 3,835.85 crore in Q2 September 2020 from Rs 5,033 crore posted in Q2 September 2019.
The commercial vehicle maker posted a pre-tax loss of Rs 79.1 crore in Q2 September 2020 as compared to a profit before tax of Rs 87.83 registered in Q2 September 2019. The company paid current tax expense of Rs 35.1 crore in Q2 September 2020 as against a tax rebate of Rs 31.2 crore in Q2 September 2019.
Global Markets:
Shares in Europe and Asia rose across the board on Monday after Democrat Joe Biden defeated incumbent U.S. President Donald Trump following a cliff-hanger vote count after Tuesday's election.
Addressing cheering supporters in Wilmington, Biden reportedly said: "I pledge to be a president who seeks not to divide, but to unify; who doesn't see red states and blue states, only sees the United States."
US stocks ended almost unchanged on Friday as Democratic challenger Joe Biden edged closer to victory in the presidential election, while the monthly jobs report underscored the hurdles still facing the economy.
The Labor Department on Friday said the U.S. economy added 638,000 jobs in October from a revised 672,000 jobs in September. The Labor Department also said the unemployment rate dropped to 6.9% in October from 7.9% in September.
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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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