Sensex, Nifty Highlights on November 5: Market indices ended majorly higher on Thursday, tracking gains in index-heavyweights Reliance Industries, Infosys and SBI, amid positive cues from global equities. Awating cues from the US Presidential elections, Sensex ended 724 points to 41,340 and Nifty was rising 211 points to 12,120. Yesterday, Sensex ended 355 points higher at 40,616 and Nifty was rising by 95 points by 11,908. SGX Nifty on the Singapore Exchange was rising by 116 points, indicating a positive trend in domestic grounds today.
Global equities were buoyed today as US presidential elections signalled a straight win for challenger Joe Biden against President Donald Trump. Meanwhile, September quarterly earnings announcements by Aditya Birla Capital, Adani Power, Adani Transmission, Astrazeneca Pharma, Bajaj Electricals, Berger Paints India, Birla Corporation will also set the tone for the stock market today.
Here's a look at the updates of the market action on BSE and NSE today
3. 51PM: Closing
Market indices ended majorly higher on Thursday, tracking gains in index-heavyweights Reliance Industries, Infosys and SBI, amid positive cues from global equities. Awating cues from the US Presidential elections, Sensex ended 724 points to 41,340 and Nifty was rising 211 points to 12,120.
3. 32PM: Angel Broking receives nod NPCI for UPI AutoPay of mutual funds
Angel Broking has received nod from National Payments Corporation of India (NPCI) for UPI AutoPay of mutual funds. The first-of-its-kind feature has simplified the process while cutting down the e-Mandate authentication time to less than a minute. It has also eliminated the e-Mandate registration cost and made its management possible with the touch-of-a-button experience.
3. 22 PM: Market rises further
Market indices traded on a bullish note on Thursday, tracking gains in index-heavyweights Reliance Industries, Infosys and SBI, amid positive cues from global equities. Sensex gained 740 points to 41,360 and Nifty was rising 215 points to 12,128.
3.10 PM: City Union Bank Q2 outlook
Geojit Financial in its report said,"Total Business grew by 4% YoY with advances growing at 6% supported by strong growth in ECLGS (Emergency Credit Line Guarantee Scheme) and Gold Loan. Net Interest Income grew by 15% YoY with NIM improving by 21bps YoY and 14bps QoQ. Improvement in collection is seen across all sectors during the quarter with only 9% of total advances not making a single payment during moratorium period. GNPA/NNPA stands at 3.44%/1.81% against 3.90%/2.11% during Q1FY21 on account of lower recognition. We expect slippage of 3.8% in FY21 and 2.6% in FY22.. We recommend Accumulate rating on the stock with a revised target price of Rs 175 based on 2.4x Adj BVPS of FY22E."
3. 01 PM: PVR, Inox Leisure shares rise
Shares of PVR and Inox Leisure gained up to 8% in Thursday's early session after the Maharashtra government allowed multiplexes and cinemas to open with 50% seating capacity from November 5 outside containment Zones.
2. 54 PM:Garware Technical Fibres Q2 outlook
Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," During the 2QFY21, Garware Technical Fibres Ltd (GTFL)'s reported sales growth of ~15% to Rs268cr on back of slowdown in economy (due to covid-19). On the operating front, the company reported margin improvement (up by 364bp YoY to 21.4%) back lower operating expenses. GTFL reported net profit de-growth of ~4% YoY to Rs44cr due to poor operating performance. During the quarter, three patents were granted which would further strengthen the company's differentiated solution approach in meeting the demanding application needs of the users of the company's products."
2. 40 PM: Balrampur Chini - Q2FY21 result update
Keshav Lahoti-Associate Equity Analyst, Angel Broking said," On a consolidated basis for Q2FY21, Balrampur Chini sales increased by 50.5% to Rs 1,290 crore due to increase in sales of sugar on allocation of higher quota and increase in capacity of distillery YoY leading to higher sales of ethanol. Net profit decreased by 21.5% YoY to Rs 71 crore due to reduction in gross margins on account of increase in cost of sugarcane. Sugar sales are gradually recovering MoM from the disruption created by Covid-19. Recent hike in ethanol prices by the Government will benefit the Sugar industry. We are cautious on the Company due to uncertainty around Government policy on MSP, export quota and subsidy on export."
2.33PM: SBI result update
LKP Securities said in its note," We expect the bank to post a ROA/ROE of 0.5%/8.9% by FY22E led by healthy balance sheet growth along with higher PCR and stable asset quality. We value the standalone bank at PBV of 0.7xFY22E Adj. BVPS of Rs 255 and value of subsidiaries per share of Rs 112 to arrive at price target of Rs 290. We recommend a BUY with potential upside of 41%."
2. 20 AM: Coronavirus toll
Worldwide, there were 484 lakh confirmed cases and 12.23 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 83-lakh mark and the death toll from COVID-19 infections rose to 1.24 lakh, as of today.
2.10 PM: YES Bank share rises over 1%
YES Bank shares were trading 1% higher on Thursday amid a rally in the broader market, with Sensex and Nifty up 1.45% each. YES Bank share price opened at Rs 12.30 and later hit intraday high of Rs 12.39, rising 1% in today's session. Earlier, the stock erased gains and fell 0.65% to the intraday low of Rs 12.25 as against the earlier close of Rs 12.26 on BSE.
1.55PM: Gold, Silver prices in India on November 5
Gold prices in Indian commodity market crossed the key level of Rs 51K on Thursday for the fourth straight session.
In volatile trade today, Gold October Futures on the Multi Commodity Exchange gained Rs 530 to trade at Rs 51,350, after yesterday's close of Rs 50,820.
Silver September Futures, traded Rs 1,055 points higher at Rs 62,445 per kg today after they touched an intraday low of Rs 62,711 per kg
1. 45PM: HPCL stock climbs over 8%
Hindustan Petroleum Corp Ltd (HPCL) share rose over 8% today after the state run oil marketing company reported doubling of its Q2 net profit on surge in refining margins and inventory gains.
HPCL share has gained 8.29% in the last 2 days. The stock opened with a gain of 6.56% at Rs 199 against previous close of Rs 186.75 on BSE. The stock rose up to 8.65% to Rs 202.9 against previous close of Rs 186.75 on BSE. It trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
1. 34 PM: Lupin Q2 update
Yash Gupta Equity Research Associate, Angel Broking said,"Lupin ltd sales from operations for Q2FY21 stood at Rs 3,781 crores down by 1% YoY from Rs 3,820 crores in Q2FY20. North America market has done well for the company which is up by 5.6% stood at Rs 1,398.4 crores in Q2FY21 from Rs 1,324.4 crores in Q2FY20 while Indian market was flat during the quarter. EBITDA margin was up from 16.7% in Q2FY20 to 16.8% in Q2FY21. Profit before tax before exceptional items for the quarter down by 17% at Rs 359.8 crores in Q2FY21 as compared to Rs 433.3 crores in Q2FY20. Profit after tax for the quarter at Rs 213.1 crores in Q2FY21 as compared to loss of Rs 182.6 crores in Q2FY20 due to exceptional items. Company has reported results inline with expectation.
1. 20 PM: Anjata Pharma outlook
Yash Gupta Equity Research Associate, Angel Broking said," Ajanta Pharma Limited informed that the Board of Directors of the Company has approved the buyback of 7,35,000 (Seven Lakh Thirty- Five Thousand) equity shares of Rs. 2 each representing 0.84% of the total number of equity shares of the Company. Company has fixed the record date of 13th November 2020 and buy back will be based on a proportionate basis under the tender offer route. This buyback promoter will also participate in this Buyback on a proportionate basis provided that 15% of the number of Equity Shares for buyback. Company has set a buyback price of 1,850 which is 15% premium to CMP of 1,610."
1. 11PM: Market outlook
Yash Gupta Equity Research Associate, Angel Broking said," Indian Indices Nifty and Sensex, up by 171 points (1.44%) and 597 points (1.48%) respectively. Indian Indices open higher on back positive global market clues as expecting that Biden will win the election. Today all sectors are trading in green S&P BSE OIL & GAS (up 2.58%), S&P BSE METAL (up 2.52%), S&P BSE Energy (up 2.09). We expect the market to be volatile on the back of Global market clues. Global Market update - DOW Jones up by 367 points (up 1.34%) and NASDAQ up by 430 points (up 3.85%)."
12. 50 PM: Rupee outlook
"Risk assets have rallied overnight as things have turned around for Biden. He is now seen as winning Michigan and Wisconsin and is just 6 votes short of 270," said Abhishek Goenka, Founder and CEO, IFA Global.
Goenka further noted that "the deficit between Trump and Biden is widening and it does not seem like a Trump challenge would do much to alter what looks like an almost certain Biden win".
12. 38 PM: Oil prices outlook
Brent crude futures, the global oil benchmark, fell 1.65 per cent to USD 40.55 per barrel. Oil prices gained yesterday as Trump falsely claimed victory in US Presidential election when big chunk of votes were still to be counted.
12. 22 PM: Rupee soars 47 paise to 74.29
The domestic unit opened at 74.29 pree dollar at the interbank forex market, then gained by 47 paise to 74.29 over its previous close. On Wednesday, the rupee had plunged by 35 paise to close at its weakest level in over 10 weeks at 74.76 against the US dollar.
12.11 PM: Market outlook
Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said," Our markets started the session almost flat and surpassed the 11900 mark in the first hour post opening. But the volatility in global markets kept the traders on toes and post noon, we saw a sharp cut after a sudden fall in Dow Futures. However, the index managed to find support above 11750 and recovered in last couple of hours to end the volatile session above 11900.
Our markets witnessed a volatile session today which was much expected due to the mega global event of U.S. elections. 12000-12025 has been a hurdle for Nifty recently and once we see a breakout beyond the same, the index too should see a good momentum for near term targets of 12160 followed by 12325. Thus, a simultaneous breakout in both Nifty and the Midcap index should lead to a good trended upmove in the broader markers, and thus traders should capitalize on such opportunity. On the flipside, 11800-11750 would now be seen as immediate supports for Nifty."
12.07 PM: JK Cement outlook
Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"JK Lakshmi Cement posted a 75% jump in profit to Rs. 80.8 crore in Q2FY21 beating street expectation of Rs. 48 crore. Company achieved 12% higher turnover of Rs. 1044. 8 crore in Q2FY21 as against Rs. 935.5 crore in Q2FY20 also beats street expectation. The company's concerted efforts to improve efficiencies, better product mix and reduction in logistic costs enabled the Company to push its profitability up. Softening in Pet-Coke prices helped the Company to improve the margins. Company's EBIDTA rose by 32% to Rs. 205.1 crore in Q2FY21 from Rs. 155.5 crore in Q2FY20. Overall, numbers were above our expectation in all the key parameters. We are bullish on JK Lakshmi Cement as it is witnessing strong demand in its operating regions and it is trading at a discount compared to its historical valuation as well as peers. JK Lakshmi Cement is our top pick in midcap cement Space."
11. 52 AM: Market outlook
Ajit Mishra, VP - Research, Religare Broking said, "All eyes are on the US election and participants will be closely eyeing the signals from global indices for cues. We're already witnessing volatile swings across the board and do not expect any relief from that front in the near future. Considering the scenario, traders should prefer defensives and other low beta stocks until we see some stability."
11. 45 AM: Global market update
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains in mid-session deals.
In US, stocks surged on Wednesday even as the results of the presidential contest so far failed to yield a clear winner.
Biden is falling short of six to 6 Electoral College votes, while Trump's count stood at 214.
11. 39 AM: Top gainers and losers
SBI, followed by HCL Tech, Tech Mahindra, Asian Paints, Infosys, Tata Steel, TCS and Reliance Industries were among the top gainers in the Sensex pack. On the other hand, ONGC and Titan were the laggards.
11. 28 AM: Gold outlook
On Gold's outlook, Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," On Wednesday, Spot Gold prices fell about 0.3 percent to close at $1903.2 per ounce uncertainties surrounding the U.S. elections result weighed on the yellow metal prices. As the election process commenced, markets anticipate a slight edge towards Democrat Joe Biden winning the U.S. presidency which might open gates for larger U.S. stimulus. The losses for Gold were limited as it tends to benefit from stimulus infusion as it is considered as a hedge against inflation and currency debasement. Moreover, alarming increase in the coronavirus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices. Markets will have a keen watch on the outcome of the Federal Open Market Committee (FOMC). As for today traders can go for Buy in gold at Rs 51000 levels with the stop loss of Rs 50700 levels for the target of 51500 levels. They can also go for Buy in Silver at Rs 61,800 levels, with the stop loss of 61,300 levels and for the target of 62,700 levels."
11. 13 AM: Global markets
Asian markets are trading higher as investors continued to wait for the final tally of US Presidential election. Australia's exports rose 4% MoM in Sep.
U.S. markets closed sharply higher backed by Technology stocks as investors await final result of Presidential election. FOMC meeting ends today.
European markets closed higher on Wednesday as investors closely watched US Presidential results. Healthcare stocks gained sharply.
11.02 AM: Market technical outlook
As per Geojit Financial Services, the 12250-380 view that we had discussed early this week, is in play. Weakness could set in if unable to float above 12000, but we will be in track for continued upsides, unless 11830 gives away.
10. 51 AM: Multiplex reopening inMaharashtra
Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"Maharashtra accounts for ~25% revenue for the multiplex industry, so it is very important that theatres open in Maharashtra so that movies that are expected to get good occupancy plan their release. The Maharashtra Government allowed the reopening of cinema halls, theatres and multiplexes in the state from November 5 with 50% occupancy in areas outside containment zones only. We see this as a positive development for the multiplex industry. We believe gradually things are improving for the industry. We don't have big expectations of box office collections around diwali festival. Although, we believe movies releasing around Christmas should report decent box office collections. We are bullish on PVR and Inox Leisure as long term fundamentals are still intact for the industry and stocks have corrected ~40% due to Covid-19."
10. 47 AM: Market rises further
Market indices traded on a bullish note on Thursday, tracking gains in index-heavyweights Reliance Industries, Infosys and SBI, amid positive cues from global equities. Sensex gained 657 points to 41,273 and Nifty was rising 171 points to 12,080.
10. 30 AM: Nifty outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We have opened with a bang which is way above the resistance levels of 11950. As mentioned yesterday, any dip can be used to accumulate long positions on the index. The markets should now be headed to 12300-12400 levels."
10. 24 AM: SBI share rises most
SBI share rallied over 6% in early trade today after the lender reported a 52 per cent rise in net profit in Q2. Share price of SBI climbed 6.76% to Rs 220.95 against previous close of Rs 207 on BSE. SBI share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock opened with a gain of 3.6% at Rs 214 today. The banking share was the top gainer on Sensex and Nifty today. On Nifty, the stock rose 6.76% to Rs 221 against previous close of Rs 207.
10. 10 AM: BSE, NSE to hold Muhurat trading on Nov 14
Stock exchanges BSE and NSE will remain closed on the occasion of 'Diwali Balipratipada'. This year's Diwali Muhurat Trading will be held on Saturday, November 14. Before the main one-hour session, there is also a block deal session and pre-open session.
Both the BSE and NSE will remain open for an hour, starting from 6.15 p.m. to 7.15 p.m with pre-open at 5.45 p.m to 6:00 p.m. Traders need to login between 5.15-5.45 p.m.
After the Muhurat trading session on Sunday, normal trading will resume next on Tuesday. While BSE has been holding Muhurat Trading since 1957, NSE has held it since 1992.
10.08 AM: Nifty outlook
As per Reliance Smart Money, NSE-NIFTY took support around its 20-day EMA post a breakout and continued prior daily rising trend. Yesterday, strength across IT and pharma sectors and recovery in the frontline majors supported the up-move. Overall market breadth remained positive for straight second trading session in a row. Its key technical indicators on the near-term timeframe chart are positively poised. In case the index manages to surpass its psychological hurdle point-12,000 level convincingly, short-term trend will turn in favour of bulls. That could take the index towards 12,250 and 12,430 levels. On the lower side, the index will supports at 11,750 and 11,550 levels.
As for the day, support is placed at around 11,800 and then at 11,692 levels, while resistance is observed at 11,973 and then at 12,038 levels.
9. 50 AM: Stocks to watch today on November 5
Pidilite Industries, Lupin, HPCL, Adani Green, Adani Gas, SAIL among others are the top stocks to watch out for in Thursday's trading session
9. 48 AM: US Presidential elections
Neither Donald Trump nor Joe Biden could make a conclusive claim on their victory in the US polls even though the results were out on Wednesday. This is because of the increase in mail-in voting in the US this year due to the coronavirus pandemic.
It might take days or even weeks for the election results since different states have different guidelines for the counting of postal ballots, which implies a disparity in terms of reporting results.
9. 37 AM: Global markets
Globally, stocks surged today even as traders appeared to look past the presidential race and instead concentrated on the battle for the Senate, where odds were increasing Republicans would keep control.
Democratic candidate Joe Biden is leading Republican nominee President Donald Trump in terms of electoral votes. As per latest numbers, Joe Biden has won 264 electoral college votes, while US President Donald Trump follows with 214 votes. The winner should have at least 270 electoral college votes.
9. 20 AM: Opening session
Market indices opened on a bullish note on Thursday, amid positive global equities. Sensex gained 512 points to 41,130 and Nifty was rising 146 points to 12,055. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today.
9. 10 AM: Gland Pharma IPO to open on Nov 9
Hyderabad-based Gland Pharma Ltd, backed by Fosun Pharma, has set the price band for its IPO (initial public offering) at Rs 1,490-1,500 per share. The public issue will be open for three days, from November 9 to November 11, 2020.
India's largest IPO in the pharmaceutical sector with Chinese parentage comprises a fresh issue of shares aggregating up to Rs 1,250 crore and offer for sale of up to 3.49 crore shares by existing shareholders.
Gland Pharma OFS includes sale of up to 1.94 crore shares by Fosun Pharma Industrial Pte Ltd, 1 crore shares by Gland Celsus Bio Chemicals Pvt Ltd, 35.73 lakh shares by Empower Discretionary Trust and 18.74 lakh shares by Nilay Discretionary Trust.
9.00 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 146.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 8.13 crore in the Indian equity market on 4 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.
Aditya Birla Capital, Adani Power, Adani Transmission, Astrazeneca Pharma, Bajaj Electricals, Berger Paints India, Birla Corporation, Birlasoft, Dish TV India, eClerx Services, Emami, Godrej Consumer Products, Gujarat Gas, ICRA, Inox Leisure, Minda Corporation, Torrent Power are among companies that are scheduled to announce their September quarter earnings in the day.
8. 40 AM: Rupee Closing
In the forex market, the rupee depreciated 35 paise to close at 74.76 against the US dollar. On Tuesday, Indian Rupee ended at 74.40, up 3 paise.
8. 30 AM: Wednesday's closing
After a volatile trading session, market indices Sensex and Nifty closed 0.80% higher each on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Extending gains for the third straight session, Sensex ended 355 points higher at 40,616 and Nifty was rising by 95 points by 11,908.