Sensex, Nifty Highlights on November 9: Market indices ended 1.6% higher each on Monday, amid positive global equities as Democrat Joe Biden defeated incumbent Donald Trump in the US presidential race. Extending gains for the sixth session, Sensex ended 704 points higher at 42,597, Nifty gained 197 points to 12,461. Where Sensex jumped 752 points in the session to hit all time high of 42,645, Nifty gained 211 points today to touch a new high of 12,474. 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
3. 59 PM: Closing
Market indices ended 1.6% higher each on Monday, amid positive global equities as Democrat Joe Biden defeated incumbent Donald Trump in the US presidential race. Extending gains for the sixth session, Sensex ended 704 points higher at 42,597, Nifty gained 197 points to 12,461. Where Sensex jumped 752 points in the session to hit all time high of 42,645, Nifty gained 211 points today to touch a new high of 12,474.
3. 45 PM: Nifty outlook
S Ranganathan, Head of Research at LKP Securities said,"Bulls went on a rampage today at the start of the week which promises everything right from Bihar Election results to Factory Output. A 200 point salute to the NIFTY also brought about positive vibes across a host of Small & Midcap stocks in the broader markets".
3.34 PM: Gland Pharma IPO opens today: Should you subscribe
The Rs 6,480-crore IPO (initial public offering) of Chinese-backed drug firm Gland Pharma has opened for subscription today and will close on November 11,
The first major IPO issue by an Indian company that has a Chinese parent is available at a price band of Rs 1,490-1,500 per share.
The IPO of the Hyderabad-based pharma major 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.
The Gland Pharma OFS includes the 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.
3. 20 PM: Global market cues
Vinod Nair, Head of Research at Geojit Financial services said,"Firm global cues and a clear majority to favorite democrats party in the US election took main benchmark indices to all time high. The rally in the domestic market was also led by Banking and Finance stocks on improved business outlook post Q2 results, end to moratorium and bounce back of economic activities. Broader market has shown under performance compared to headline peers as investors feel safer chasing heavyweights during high market levels. We expect more stimulus measures are required to boost the economy and announcements regarding the same from the government is expected in the near future that can further accelerate our domestic market".
3. 13PM: Nifty outook
On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty extended its buoyant movement and closed at the day high which reinstates the bullish tone of the markets. If this momentum continues, we should be achieving 12650-12700 during the course of the November series itself."
2. 54 PM: Crude prices today
Brent crude futures, the global oil benchmark, rose 2.71 per cent to USD 40.52 per barrel. Oil prices reversed trend as as chance of Biden winning the Presidential race rose boosting hopes for big corona relief bill.
1. 44PM: Coronavirus toll
Worldwide, there were 507 lakh confirmed cases and 12.62 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 85-lakh mark and death toll from COVID-19 infections rose to 1.26 lakh, as of today.
2. 33PM: Market outlook
"Trade set up in the domestic market looks to be strong on favourable global cues," said Arjun Yash Mahajan Head Institutional Business at Reliance Securities.
Financials have mainly supported the domestic market rally in last week mainly led by strong 2Q numbers, steady asset qualities and improving collection efficiencies, he added.
Wall Street notched its best weekly performance last week since April as key indices in the US registered weekly gains of 7-9 per cent, he said.
2. 20 PM: YES Bank share trade higher for third session straight
YES Bank shares were trading higher for the third consecutive day at Rs 12.28 on Monday. This was after the lender clarified over a report which claimed that the bank is in discussions with asset reconstruction companies (ARCs) to sell its NPAs worth Rs 32,344 crore.
YES Bank share price opened at Rs 12.40 today, also the day's high of Rs 12.40, rising 0.89% in today's session. Earlier, the stock erased gains also hit an intraday low of Rs 12.26 as against the earlier close of Rs 12.29 on BSE.
1. 55 PM: Banking, IT stocks push Sensex to record high
Banking and information technology (IT) stocks led the rally as Sensex and Nifty hit their all-time high in trade today. While BSE bankex gained 761 points to 31,505 compared to earlier close of 30,744, BSE IT index rose 463 points to 22170 against previous close of 21,707.
1. 39 PM: Rupee gains by 14 paise to 73.94
Indian rupee, the currency benchmark gained by 14 paise to 73.94 per US dollar on Monday's opening trade, tracking a massive rally in domestic equity markets after Joe Biden was declared as the winner of the US presidential election. Weak dollar overseas and persistent foreign fund inflows also supported the local unit.
1. 20 PM: Bharat Electronics outlook
LKP Securties in its note said,"Current valuations assume the negative impact of Covid on defence spending in FY21 but do not price in any major order inflows as an offshoot from the recent geopolitical issues. The government's revived stance on domestic procurement of defense equipments will however have its share of positivity on the stock price. The stock currently looks quite undervalued as it trades at 10.4x P/E FY22E, materially lower than its long term average of 16x. This is after demonstrating its ability to secure orders, ramp up of execution, maintain margins of 19-20% after accounting for 8% of R&D expenses, manage strong free cash flows despite poor finances of the government and achieve ROE's of close to ~18% in the past three years. We maintain BUY rating on the stock and target price of Rs 132, based on 15x P/E FY22E. We believe BEL's diversified product portfolio, core competence in electronics warfare and strong opportunity pipeline will keep it ahead of its competitor."
1.09 PM: US election outlook
Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"In the US elections the Democratic Party candidate Joe Biden is all set to be the next US President though the results are most likely to be challenged by the incumbent president in the US Supreme Court. While the blue wave which predicted a clean sweep for the democrats would have been the most preferred outcome of the US elections we believe that the current outcome is still acceptable as it would give the new president enough room to implement his policies. Post the US elections focus will shift to progress on the second US stimulus package and it is expected that the democrats will come to an agreement with the republicans regarding the size of the package soon. There is also expected to be a significant shift in foreign policy with the US taking a less combative tone under the new president which will be good for global trade. Though the US may maintain a relatively tough stance on China we expect significant improvement in relationship with the rest of the world which would be good for global equities.
While the markets have cheered the results, further up move from here on will be a function of smooth transition of power and passage of the second US stimulus package. Key risks for the markets which can derail the current rally are 1) further surge in Covid-19 cases globally 2) Delay in vaccine production as compared to timelines expected by markets 3) Any delay in the second US stimulus package."
12. 51PM: Global markets
Asian markets are trading higher as investors react to victory of Joe Biden in the US Presidential race. China's exports rose 11.4% in October YoY.
U.S. markets closed lower on Friday even though remained positive for the week as investors took cues from October jobs data, weighed corona cases and monitored election results.
European markets closed lower on Friday as investors awaited final results of US Presidential elections and reacted to the rising coronavirus cases in Europe.
12. 40 PM: Aurobindo Pharma outlook
"Aurobindo Pharma successfully completed Acquisition of 100% ownership of Eugia Pharma Specialities. Aurobindo has entered into a share purchase agreement to acquire 100% equity share capital of MViyeS Pharma Ventures Private Limited on October 17, 2020. Company has successfully completed acquisition on November 6, 2020, after this acquisition Eugia Pharma specialities becomes wholly owned subsidiary of Aurobindo pharma as Aurobindo already holds 67.82% in Eugia pharma and balance 32.18% holds by MYiyeS. Now, both Eugia Pharma Specialities Limited and MViyeS Pharma Ventures Private Limited have become 100% subsidiaries of the Company. This is positive development for the company."
Mr. Yash Gupta- Equity Research Associate, Angel Broking
12. 36 PM: Investors gain Rs 63 lakh crore from March lows
Investors have gained Rs 63.6 lakh crore in over seven months after Sensex and Nifty logged a strong recovery from their March-end lows. Sensex and Nifty logged fresh record highs today after outcome of US Presidential election indicated challenger Joe Biden was set to become the next President of the country after defeating Donald Trump in a tight electoral battle.
12. 28 PM: Sequent Q2 update
Yash Gupta- Equity Research Associate, Angel Broking said,"Sequent consolidated revenue from operations for Q2FY21 stood at Rs 346.3 crores up by 21.8% YoY from Rs 284.2 crores in Q2FY20. Turkey market has done well for the company which is up by 23.1% stood at Rs 40 crores in Q2FY21 from Rs 32.5 crores in Q2FY20 while API business up by 23.3%. EBITDA was up by 58.2% in Q2FY21 at 59.8 from 37.8 in Q2FY20. 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. Adjusted Profit after tax for the quarter up by 39.4% in Q2FY21 at Rs 29.7 crores as compared to profit of Rs 21.3 crores in Q2FY20. Company has reported better than expected results."
12. 16 PM: Affle India earnings outlook
Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"During the 2QFY21, Affle India Ltd (AIL) reported revenue of ~Rs135cr (up ~59% YoY). This growth has been broad-based coming from both CPCU business and Non-CPCU business, across both India & International markets. EBITDA increased by ~58% YoY to Rs34.4cr , while EBITDA margin contracted by 19ps YoY to 25.5% due to higher other operating expenditure. The company has reported net profit of Rs27cr, an increase of ~73% yoy in 2QFY20. The CPCU business continued the growth momentum delivering 2.81 crore of converted users in Q2 FY2021, an increase of 51.8% yoy. The top-10 industry verticals for the Company continued to be Covid-19 resilient, helping it register a robust growth in this quarter on a yoy basis "Q2 FY2021 was marked with accelerated business momentum."
12.01 PM: Market update
Market indices traded on a bullish note on Monday, amid positive global equities. After touching its lifetime peak of in the opening session, Sensex traded 443 points higher at 42,336, Nifty gained 115 points to 12,379. Where Sensex jumped 673 points to hit all time high of 42,566, Nifty gained 188 points today to touch a new high of 12,451. All Sensex stocks were trading in green led by ICICI Bank, Infosys, HCL Technologies, Axis Bank, HDFC Bank and Hindustan Unilever.
Banking stocks were the top gainers today. Among sectoral indices, IT, metal and Bank Nifty rose around 2%. Barring metal index, all sectors were trading in green.
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.
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: Nifty outlook
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.
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.
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
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 week
8. 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"
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