Sensex, Nifty LIVE Updates on November 9: Market indices opened on a bullish note on Monday, amid positive global equities. Where Sensex jumped 632 points to hit all time high of 42,535, Nifty gained 182 points to touch a new high of 12,445. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating positive trend in domestic grounds today. Global equities were buoyed today as Democrat Joe Biden defeated incumbent Donald Trump in the US presidential race. Meanwhile, September quarterly earnings announcements by Oil India, IndiaMART InterMESH, Bayer Cropscience, Delta Corp, Dredging Corporation of India, Equitas Small Finance Bank, Honeywell Automation, JK Cement, NOCIL, Parag Milk Foods, PC Jeweller will also set the tone for the stock market today. Last Friday, Sensex ended 552 points higher at 41,893 and Nifty gained 143 points to 12,263.
Here's a look at the updates of the market action on BSE and NSE today
11. 54 AM: Sensex, Nifty hit all-time highs
Benchmark equity indices hit fresh all-time highs today amid rally across global markets after Democrat Joe Biden defeated Donald Trump in the US Presidential election.
Extending gains for the sixth straight day, Sensex jumped 632 points to hit an all-time high of 42,535, while Nifty gained 182 points to touch a new high of 12,445.
In six sessions, investors have gained Rs 8.28 lakh crore led by rally in banking and IT stocks.
Sensex, Nifty hit all-time high: Five factors behind the rally
11. 46 AM: Market outlook
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said," Despite some challenging times, we remained hopeful at the start of the week as long as the key support of 11600-11500 is not violated. Market not only defended it but is very much at a comfortable position now with new record highs in sight. Technically, we can see a 'Bullish Flag' breakout happening along with a 'Breakaway Gap' on a daily chart. It is considered a strong development and hence, we are likely to move beyond previous highs soon. So, 12430.50 is the first level to watch and post then the theoretical target of the 'Flag' pattern is around 12700. Further levels can be projected as we move forward. On the flip side, Thursday's gap area of 12027.20- 11929.65 should act as a strong support. This rally can be considered a healthy one because almost all sectors have contributed to it and financial space has dominated it along with the late participation from the broader market."
11. 32 AM: Gold outlook
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Last week gold prices increased 2.90% and closed at 52167 levels and Silver prices increased by 7.34% and closed at 65,335 levels. Increasing demand in china in Q3, 2020 and weakness in dollar as risk assets got a boost on expectations of fewer regulatory changes and more monetary stimulus under U.S. president-elect Joe Biden.Increasing cases in Corona virus also supportive for gold as safe haven demand increase. More than 9.6 million Americans have been infected by Covid-19, and over 233,000 have died from complications related to the virus."
"The gold consumption in China surged to 224.8 tonnes from July to September that represents a 28.71% quarter-on-quarter increase. This data was acquired from the China Gold Association. At the same time, the consumption of gold bars and coins increased by 66.73% quarter-on-quarter to reach 65.54 tonnes. Physical demand also increasing in India on the coming festival season. As for today traders can go for buy in gold at Rs 52,000 levels with the stop loss of Rs 51700 levels for the target of 52600 levels. They can also go for buy in Silver at Rs 65,000 levels, with the stop loss of 64,200 levels and for the target of 66,300 levels."
11. 26 AM: IPCA Labs result
Yash Gupta- Equity Research Associate, Angel Broking said," Ipca Laboratories limited consolidated revenue from operations for Q2FY21 stood at Rs 1,351 crores up by 5.3% YoY from Rs 1,283 crores in Q2FY20. APIs market has done well for the company which is up by 21% stood at Rs 381 crores in Q2FY21 from Rs 314 crores in Q2FY20 while formulation business up by 2% only. Profit before tax for the quarter up by 42% at Rs 319 crores in Q2FY21 as compared to Rs 225 crores in Q2FY20. Adjusted Profit after tax for the quarter up by 38% in Q2FY21 at Rs 266 crores as compared to profit of Rs 193 crores in Q2FY20. Company has reported results in line with expectations. Company Board has declared an interim dividend of Rs. 8- per share (400%) for the financial year 2020-21."
11. 11 AM: Global market
Global equities were buoyed today as Democrat Joe Biden defeated incumbent Donald Trump in the US presidential race
Analysts hoped that victory of Joe Biden who has given a tough fight to US President Donald Trump will result in announcement of additional fiscal stimulus needed for recovery in the world's largest economy.
10. 59 AM: Indoco Remedies Q2 update
Yash Gupta- Equity Research Associate, Angel Broking said," Indoco Remedies Limited consolidated revenue from operations for Q2FY21 stood at Rs 323 crores up by 12.9% YoY from Rs 286 crores in Q2FY20. Export market has done well for the company which is up by 47.4% stood at Rs 135 crores in Q2FY21 from Rs 91 crores in Q2FY20 while Domestic market fell by 3.4%. Profit before tax for the quarter up by 275% at Rs 36.8 crores in Q2FY21 as compared to Rs 9.8 crores in Q2FY20. Profit after tax for the quarter up by 228% in Q2FY21 at Rs 25.7 crores as compared to profit of Rs 7.8 crores in Q2FY20. Company has reported better than expected results."
10. 44 AM: RIL outlook
Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"Reliance Industries stock has been very volatile in the recent past with the stock cracking below the Rs. 2,000 mark post the Q2 numbers which were a mixed bag. While the Petchem division surprised positively with better margins the refining division posted a very muted set of numbers for the quarter with GRM of USD 5.7 as compared to street expectations of above USD 6 /bbl. The retail and digital arm posted numbers which were in line with expectations. While overall the numbers were in line with street estimates the internals were on the weaker side. Post the Q2 numbers Reliance shares hit a low of Rs. 1835."
"However the stock reversed and rallied post announcement that The Public Investment Fund ("PIF") will invest Rs 9,555 crore in Reliance Retail Ventures Limited ("RRVL") for a 2.04% stake in the company. This investment values Reliance Retail at a pre-money equity value of Rs 4.587 lakh crore. The value ascribed by PIF to reliance Retail is higher than the value ascribed by earlier investors of Rs. 4.285 lakh crore. This is the second investment by PIF into RIL group with the first being an acquisition of a 2.32% stake in Jio Platforms. While the stock has rallied post announcement of investment by PIF we believe that further up move from here on will depend upon further investments into Reliance retail along with developments on the company's plan to attract investments into the O2C business. markets will also be keeping a keen eye on progress of the Jio Mart platform."
10. 35 AM: Gland Pharma IPO
Geojit Financial in its report said," At the upper price band of Rs.1500, GPL is available at a PE of 20x on an annualized basis, which appears attractive. With a solid business model, no listed peers and the positive outlook for pharma, we assign a Subscribe rating for the issue."
10. 24 AM: Niftyoutlook
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities said," On a weekly basis, Nifty 50 index has closed above the highs of the last 3 weeks under the leadership of Bank Nifty which gained 11.97 per cent for the week. Further upside is clearly visible but we need to be stock specific until the market doesn't cross and sustain above 12450. On the downside, the Nifty 50 index is expected to find support between 12000 and 11900 levels."
10. 17 AM: Market technicals
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," As expected on Friday, the trend of the Nifty continues to remain strong with a fierce upside momentum. After crossing the hurdle of 11900, there has been no looking back. A strong support lies at 12100 and if the Nifty crosses 12500 which is the weekly resistance level, we can expect it to climb towards 12650."
10.09 AM: FPIs invest Rs 8,381 crore in five trading sessions
Foreign portfolio investors (FPI) have put in a net Rs 8,381 crore into Indian markets in first five trading sessions of November, with participants growing more confident in view of resumption of business activities and better than expected quarterly numbers, among others.
FPIs invest Rs 8,381 crore in five trading sessions of November
9. 53 AM:Gland Pharma IPO opens today
Hyderabad-based Gland Pharma Ltd (GLP), backed by Chinese firm Fosun Pharma, will launch its initial public offering (IPO) from November 9-11 (Monday-Wednesday). The Rs 6,500 crore IPO has price band of Rs 1,490-1,500 per share. Ahead of IPO, Gland Pharma on Satuday raised Rs 1,944 crore from anchor investors at the price of Rs 1,500 per equity share.
Gland Pharma IPO opens: Check price band, lot size; other details
9. 40 AM: Stocks to watch today on November 9
RIL, Biocon, Adani Gas, Maruti Suzuki, ITC, Ashok Leyland among others are the top stocks to watch out for in Monday's trading session
Stocks in news: RIL, Biocon, Adani Gas, Maruti Suzuki, ITC, Ashok Leyland
9. 36 AM: Nifty outlook
Reliance Smart Money said in its note, : In the last week, NSE-NIFTY remained in positive trajectory and rose to 9-month high. The index reported rise ccof 5.3% on back of strength across the board and also, due to substantial buying by FII. On Friday, the index continued prior daily rising trend and regained 12,250 mark. Overall market breadth remained positive for straight fourth trading session in a row. Its key technical indicators are positively poised. That could take the index towards 12,430 and 12,800 levels. On the lower side, the index will supports at 11,830 and 11,610 levels, where its 20-day and 50-day EMAs are placed.
As for the day, support is placed at around 12,055 and then at 11,990 levels, while resistance is observed at 12,158 and then at 12,197 levels.
9. 20 AM: Opening session: Market hits new high
Domestic equity benchmarks rallied for the sixth straight session on Monday to hit new lifetime highs today. Where Sensex jumped 632 points to hit all time high of 42,535, Nifty gained 182 points to touch a new high of 12,445.
9. 10 AM: Muhurat trading
Indian stock exchanges, BSE and NSE, will conduct a special one-hour Diwali muhurat trading on Saturday (November 14), starting 6:15 pm. The special trading session marks the beginning of a new Samvat - the Hindu calendar year that starts on Diwali - and it is believed that Muhurat Trading brings prosperity and wealth throughout the year.
9. 00 AM: Markets this week
The US presidential election results, corporate earnings numbers as well as movement of the rupee and crude oil prices will drive the stock markets this week. The BSE and NSE will conduct a special 'Muhurat' trading session on Saturday, November 14, on the occasion of Diwali. Investors will rejoice Democrat Joe Biden's US presidential election win as India is likely to benefit from improved relations with the US as both countries attempt to neutralise the rising power of China.
Share market: US election results, corporate earnings to guide Dalal Street in Diwali week8. 50 AM: FII action
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, provisional data showed.
8. 40 AM: Earnings Today
Oil India, IndiaMART InterMESH, Bayer Cropscience, Delta Corp, Dredging Corporation of India, Equitas Small Finance Bank, Honeywell Automation, JK Cement, NOCIL, Parag Milk Foods, PC Jeweller, PSP Projects, PTC India, Sun Pharma Advanced Research Company, SREI Infrastructure Finance, VIP Industries, Zuari Agro Chemicals among others will report September quarter earnings today.
8. 30 AM: Closing
Last Friday, Sensex ended 552 points higher at 41,893 and Nifty gained 143 points to 12,263. Market indices gained over 1% and closed higher on Friday amid positive global equities as investors awaited final results of the US Presidential elections. During the last week, Sensex and Nifty have gained 2,278 points or 5.75% and 621 points or 5.34%, respectively.
S Ranganathan, Head of Research at LKP Securities said,"Amidst the volatility witnessed on the back of the US Presidential Elections, the week gone by saw the BANK NIFTY rise 12% led by private banks as well as SBI and the Metal Index too rose almost 7%. The coming week too promises to be equally volatile led by Global Cues and back home we expect the Pharmaceutical sector to be in the limelight this week led by some earnings upgrades and superior product mix for some of the large Pharma names during Q2"
Sensex, Nifty rise for fifth straight session; approach all-time high