Indices rally for 5th straight day, Sensex up 553 pts; RIL, financials gain

Reliance Industries ended nearly 4 per cent higher at Rs 2,029 on the BSE.
Extending their gaining streak into the fifth straight session, the benchmark indices ended over 1 per cent higher on Friday, lifted mainly by index heavyweight Reliance Industries and financials. Further, firm global cues, too, boosted investor sentiment. 

The S&P BSE Sensex added 553 points, or 1.34 per cent to settle at 41,893 levels and the Nifty50 index ended above the crucial 12,250 level at 12,264, up 143 points, or 1.18 per cent. 

On a weekly basis, Sensex gained 5.75 per cent while Nifty added 5.33 per cent.

Reliance Industries today ended nearly 4 per cent higher at Rs 2,029 on the BSE after the conglomerate said that Saudi Arabia’s Public Investment Fund will invest Rs 9,555 crore for a 2.04 per cent equity stake in Reliance Retail.

In the broader market, the S&P BSE MidCap index rose 0.36 per cent while the S&P BSE SmallCap index ended 0.54 per cent higher. 

On the sectoral front, Nifty Bank rallied 486 points, or 1.85 per cent to 26,799 levels while Nifty IT gained 0.5 per cent. Nifty Pharma, on the other hand, lost 0.7 per cent.

Global markets

Global stocks were little changed but near a record high while the dollar and US bond yields stayed sluggish on Friday on bets that a divided US Congress would hinder government borrowing, which could pave the way for even more central bank stimulus.

In Asia, Japan’s Nikkei average rose 0.9 per cent to a 29-year high while MSCI’s broadest gauge of Asian Pacific shares outside Japan rose 0.3 per cent, near a three-year high. 

In commodities market, oil fell towards $40 a barrel as new lockdowns in Europe to halt surging Covid-19 infections sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the US election.

(With inputs from Reuters)

4:13 PM IST Positive global sentiment from the US election, the expectation of Fed open market operation, and improving economic activities have added optimism. It can take the Indian market to a new zone over-weighing worries over increasing Covid cases backed by a strong performance in sectors like banking, IT, Pharma, and exporters. We expect this momentum to sustain aided by positive Q2 results, favorable economic data, strong FII buying, and expectations of an additional stimulus package.

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex rallied 553 points, or 1.34 per cent to settle at 41,893 while NSE's Nifty ended at 12,263.5, up 143 points, or 1.18 per cent.

3:24 PM IST

3:20 PM IST CSB Bank, Spandana Sphoorty Financial, Indiabulls Housing Finance, RBL Bank, Shriram Transport Finance and Manappuram Finance from the S&P BSE Finance index were up more than 5 per cent on the BSE. Bajaj Finserv, IndusInd Bank, DCB Bank, CreditAccess Grameen and Muthoot Finance were up between 3 per cent and 5 per cent. READ MORE 

3:04 PM IST >> NII up to Rs 6,053 cr vs Rs 5,890 cr YoY

2:54 PM IST

2:52 PM IST >> The 'Record Date' for the purpose of payment of Interim Dividend for the Financial Year 2020-21 is fixed as November 20. >> The board will meet on Nov 11,to inter-alia to consider 2nd Quarter & half year financial results for the period ended 30th Sep' 20.

2:51 PM IST RATING: SELL | TARGET PRICE: Rs 827  The ABB business model is overly sensitive to operating leverage. Hence, margin expansion will only play out when all segments expand in volume terms, especially Robotics and IA, which continue to face relatively stronger headwinds. With clients conserving capital and global growth outlook bleak, new capex headwinds remain, both locally and globally. In a restricted capex environment and deflationary expectations, high competitive intensity will curb further margin expansion. We believe the headwinds are not fully priced into the current rich valuations. We maintain SELL on ABB India Ltd. (ABB) with a target price of Rs 827/sh.

2:43 PM IST

2:42 PM IST

LIVE UPDATES

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Positive global sentiment from the US election, the expectation of Fed open market operation, and improving economic activities have added optimism. It can take the Indian market to a new zone over-weighing worries over increasing Covid cases backed by a strong performance in sectors like banking, IT, Pharma, and exporters. We expect this momentum to sustain aided by positive Q2 results, favorable economic data, strong FII buying, and expectations of an additional stimulus package.

SECTOR WATCH | Nifty Pharma slips 0.7%


MARKET AT CLOSE | Gainers and losers on the BSE Sensex


CLOSING BELL

The S&P BSE Sensex rallied 553 points, or 1.34 per cent to settle at 41,893 while NSE's Nifty ended at 12,263.5, up 143 points, or 1.18 per cent.

MARKET CHECK | Sensex zooms nearly 600 pts


Financials extend rally; IndusInd, Shriram Transport surge over 20% in 1 week

CSB Bank, Spandana Sphoorty Financial, Indiabulls Housing Finance, RBL Bank, Shriram Transport Finance and Manappuram Finance from the S&P BSE Finance index were up more than 5 per cent on the BSE. Bajaj Finserv, IndusInd Bank, DCB Bank, CreditAccess Grameen and Muthoot Finance were up between 3 per cent and 5 per cent. READ MORE 

Sept Quarter Result | Central Bank of India profit rises to Rs 161 cr vs Rs 134 cr YoY

>> NII up to Rs 6,053 cr vs Rs 5,890 cr YoY

US Election Results :: Joe Biden has taken the lead by 917 votes in the state of Georgia

NEWS ALERT :: Coal India to consider dividend on November 11

>> The 'Record Date' for the purpose of payment of Interim Dividend for the Financial Year 2020-21 is fixed as November 20.

>> The board will meet on Nov 11,to inter-alia to consider 2nd Quarter & half year financial results for the period ended 30th Sep' 20.


BROKERAGE VIEW | HDFC Securities on ABB India

RATING: SELL | TARGET PRICE: Rs 827 

The ABB business model is overly sensitive to operating leverage. Hence, margin expansion will only play out when all segments expand in volume terms, especially Robotics and IA, which continue to face relatively stronger headwinds. With clients conserving capital and global growth outlook bleak, new capex headwinds remain, both locally and globally. In a restricted capex environment and deflationary expectations, high competitive intensity will curb further margin expansion. We believe the headwinds are not fully priced into the current rich valuations. We maintain SELL on ABB India Ltd. (ABB) with a target price of Rs 827/sh.

MARKET UPDATE:: Sensex climbs off day's high, still up 350 points


NEWS ALERT :: Dr Lal Path Labs declares interim dividend of Rs 6/equity share


Sept Quarter Result | Dr Lal Path Labs' profit comes in at Rs 85.3 crore

>> Revenue at Rs 432 crore

>> EBITDA at Rs 127.2 crore

>> EBITDA margin at 29.5%

Heatmap: S&P BSE Sensex gainers and losers at this hour


Goodyear India up 4%


Investors should combine asset classes with low or negative correlation

The markets have been volatile this year. Towards the end of March, when the pandemic-led lockdown began, the equity markets took a massive beating. On March 23, the Nifty50 index was down 37.5 per cent year-to-date (YTD).
 
Now, the YTD return of this benchmark is down 0.40 per cent, which means it is about to break into positive territory. Financial advisors say one of the biggest takeaways from the downswing and the subsequent recovery is the need for investors to build diversified portfolios using asset classes that have negative or low correlation. READ MORE

Gold dips as dollar firms, but set for best week in over three months

Gold fell on Friday, as the dollar gained, but was set for its best week since late July on hopes for more central bank economic support as investors bet on a divided U.S. Congress under a Joe Biden presidency. Spot gold fell 0.5 per cent to $1,939.10 per ounce by 0618 GMT. Prices soared 2.4 per cent on Thursday on a dollar slide, setting them up for a 3.2 per cent weekly gain. READ MORE


 

Sept Quarter Result | Aditya Birla Fashion and Retail incurs loss of Rs 180 cr vs Rs 6.9 cr-profit YoY

>> Revenue down to Rs 1,020 cr vs Rs 2,300 cr YoY

Rupee Closing

Rupee settles higher at 74.20 per US dollar vs Thursday's close of 74.39/$

BROKERAGE VIEW | Nirmal Bang Securities on Vinati Organics

RATING: ACCUMULATE | TARGET PRICE: Rs 1,250 

We value VO at ~30x PE on Sept’22E earnings. While we structurally like this business and believe that it could be one of the big beneficiaries of import substitution, our Accumulate rating is mainly on account of declining salience of ATBS (due to recent slowdown and new products addition), which would moderate the margin profile of the company over the medium term.

Index contributors at this hour


HDFC Bank stock hits record high, advances 25% in three months

The stock of the private sector lender has outperformed the market by surging 10 per cent in the past week, as compared to a 5.6 per cent rise in the S&P BSE Sensex. In the past three months, it has rallied 25 per cent, against a 10 per cent gain in the benchmark index. READ MORE

India Cements Q2 net at Rs 71.43 cr while revenue drops to Rs 1,069.72 cr

The drop in volume by 21 per cent year on year meant a loss of more than Rs 68 crore in contribution but on the back of improved realisation and with the reduction in overall expenditure, the EBIDTA was substantially improved to Rs 240 crore as compared to Rs 150 crore in the previous year, an increase of 60%. On QoQ basis also the EBIDTA improved by 51 per cent. READ MORE

MARKET UPDATE:: Sensex at day's high, up 500 points


US Elections 2020 :: Trump's lead in Georgia narrows further

>> Trump now up just 665 votes out of 4.96 million counted, with more counting to come

Sept Quarter Result | Dilip Buildcon's profit plunges 69.6% YoY

>> PAT comes in at Rs 8.7 cr 

>> Revenues increases 9.6% YoY to Rs 2,187 cr

>> EBITDA up 3.5% YoY to Rs 452.4 cr


SBI Cards trades higher for fifth straight day; stock gains 3%

Shares of SBI Cards and Payment Services were up 3 per cent at Rs 855 on the BSE on Friday, gaining 4 per cent in the past two trading days after the company said it has launched credit cards in partnership with the digital payment platform Paytm. The stock was trading higher for the fifth straight days and up 7 per cent during the week, as compared to 5 per cent rise in the S&P BSE Sensex. READ MORE 

NEWS ALERT :: SC stays Delhi HC order directing for payment of Rs 243 cr by SpiceJet

Alert: HC had ordered SpiceJet to make payment to former promoter Dayanidhi Maran


BROKERAGE VIEW | Anand Rathi Shares on Kalpataru Power

Kalpataru’s revenue and margins were in line with expectations. Its healthy order book and execution ramp-up at various sites helped management stay upbeat and retain 5-10% revenue growth guidance. Till now, FY21 orders of Rs32.3bn were booked in its international T&D business largely (76% of inflows). The Rs123bn order book is well diversified across various businesses. Backed by a robust bid pipeline, management maintained its order-inflow guidance of Rs90bn-100bn. With in-line results, we keep our estimates unchanged and maintain our Buy rating with a sum-of-parts-based target of Rs 385.

Sept Quarter Result | MRF profit comes in at Rs 410.9 crore vs Rs 229 cr YoY

>> Cons revenue at Rs 4,244.4 crore

>> Cons EBITDA at Rs 867 crore


US Elections 2020 :: Donald Trumps claims to win presidential elections

NEWS ALERT :: SC upholds TRAI's directions to Bharti Airtel & Vodafone Idea to disclose details on segmented offers

>> Supreme Court upholds TRAI drive against specialised offers given to customers looking to migrate to rival networks.

GLOBAL MARKETS CHECK:: Asian stocks mixed

Asian stock markets were mixed Friday after Wall Street rose amid protracted vote-counting following this week's US elections. Tokyo and Sydney advanced while Shanghai and Hong Kong declined. Seoul swung between gains and losses. Markets are betting on control of the US Congress being split between Republicans and Democrats, which could mean low taxes and light regulation that investors like stay in place. READ MORE

Asian Paints, Pidilite Ind: Trading strategies for paint stocks post Q2 nos

Paint companies have posted a decent set of numbers for the quarter ended September 2020 on the back of strong demand post un-lock and a strong pickup in decorative, automotive, and other industrial coatings business segments. For instance, Berger Paints on Thursday reported a 13.55 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 221.05 crore for the quarter ended September 2020 while Pidilite Industries' profit rose 10 per cent YoY at Rs 356.42 crore. READ MORE  


Sept Quarter Result | Bank of India's profit comes in at Rs 525 crore

>> NII at Rs 4,113.3 crore

>> NNPA at 2.89%

Jindal Stainless (Hisar) gains 10% in 2 days on healthy volume growth in Q2

The company said the remarkable turnaround of auto sector, both in passenger vehicles and two-wheeler segments, aided sales volumes during the quarter. With revival in construction activities, and a boost from the company's co-branding program, the decorative pipes and tubes segment received further fillip, it said. READ MORE

US Election results 2020: Who's leading in 5 key states


Indiabulls Housing Fin stock may stay subdued as growth remains elusive

It has been nearly two months since Indiabulls Housing Finance's successful round of qualified institutional placement (QIP) and the Rs 1,894 crore it raised by divesting stake in its UK-based OakNorth Bank subsidiary. Yet the company's stock has not been able to regain the Street’s confidence. At Rs 144.3 a share, the stock trades at 30 per cent discount to its QIP price at Rs 206.7 a share which was at par with its market price when the issue was launched in September. READ MORE

BUZZING :: Maruti Suzuki declines in trade


Sebi doubles foreign investment limit for individual fund houses to $600 mn

The Securities and Exchange Board of India (Sebi) has doubled the limit of overseas investments for individual fund houses to $600 million. However, the industry-wide cap for investing abroad remains unchanged at $7 billion.
 
The regulator has also quadrupled the quantum of investment that individual fund houses can make in foreign exchange-traded funds (ETFs) to $200 million from $50 million at present. The industry limit remains at $1 billion. READ MORE

Q2 RESULTS | India Cements' Q2 net profit at Rs 71.4 crore

-- Revenue dips 14.1% YoY at Rs 1,070 cr

-- Ebitda up 11.4% YoY to Rs 235 cr

-- Ebitda margin up 1,010 bps to 21.9%

Nifty makes K-shaped recovery to wipe out Covid losses

The benchmark Nifty50 index has crossed the 12,000-mark for the first time since February 20. In the interim eight-and-a-half-month period, the gauge for the performance of India’s 50 blue chip companies plunged to as low as 7,511 on March 23.
 
Since then, it has rebounded 61 per cent, wiping out all the losses triggered by Covid-19. While the index is almost back to pre-Covid highs, the stock prices for over half of its components are still below their February 20 levels. READ MORE

Investors should combine asset classes with low or negative correlation

The markets have been volatile this year. Towards the end of March, when the pandemic-led lockdown began, the equity markets took a massive beating. On March 23, the Nifty50 index was down 37.5 per cent year-to-date (YTD). Now, the YTD return of this benchmark is down 0.40 per cent, which means it is about to break into positive territory. READ MORE

BROKERAGE VIEW | ICICI Securities on Apollo Tyres

RATING: HOLD | TARGET PRICE: Rs 175 

We expect sales, PAT CAGR at 7.4%, 25%, respectively in FY20-23E. The company’s stated focus on deleveraging and improvement in return ratios going forward is a positive. Given the market share gains across the segment by ATL amid healthy demand prospects, we upgrade ATL from HOLD to BUY, valuing ATL at Rs 175 i.e. 5.8x EV/EBITDA on FY22E numbers. 

Result Today :: ITC's Q2 revenue from hotels biz may fall over 90%

ITC, the Kolkata-headquartered diversified conglomerate, is slated to announce its September quarter results (Q2FY21) on Friday, November 6. The company's revenue from the cigarette business is likely to reach up to 90 per cent of the pre-Covid levels; however, its hotel business will be the most adversely impacted due to the outbreak of coronavirus leading to a revenue dip of over 90 per cent. FMCG business, on the other hand, is estimated to do well on the back of both foods and personal care doing well, analysts say. READ MORE

Apollo Pipes soars 29% in one week on hopes of better demand

Shares of Apollo Pipes were trading higher for the fifth straight day, up 14 per cent to Rs 593.70 on the BSE in intra-day trade on Friday on expectation of better demand outlook. The stock of the plastic products firm hit a 52-week high today, thus surging 29 per cent in the past week post-September quarter (Q2FY21) results. In comparison, the S&P BSE Sensex was up 5 per cent during the week. READ MORE

Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
KSB 512.05 11.36
LINDE INDIA 887.55 7.10
BIRLA CORPN. 682.40 6.05
INDIABULLS HOUS. 153.30 5.94
RBL BANK 196.25 5.65
» More on Top Gainers

BROKERAGE VIEW | Prabhudas Lilladher on Lupin

Rating: BUY | TP: Rs 1,212 

We believe US to be the key growth driver for LPC with resolution of Somerset, Goa and Pithampur (Unit-2) and also Perrigo’s decision to voluntary recall Albuterol will benefit LPC. On the other hand, domestic formulation will also reach pre-COVID levels of 10-12% in FY22E. We roll over our valuation to FY23E (earlier FY22E) and derive a TP of Rs1,212 (earlier Rs1,085) based on 24x PE of FY23E EPS of Rs50.5. We maintain BUY (Unchanged).

US election: Joe Biden victory could lift IT sector's spirits, say experts

Even as the battle for the White House still remains inconclusive though the Democrats, led by Joe Biden, are just a few steps away from victory, the technology outsourcing industry is feeling the ripple effects. IT stocks on Thursday surged as the poll results neared conclusion in anticipation that the Democrats, considered more liberal on immigration, will return to power in the US. READ MORE

Dalmia Bharat surges 6%, hits 52-week high on strong Q2 results

The company reported an increase of 40 per cent YoY in EBITDA/T at Rs 1,457 due to a conscious and continuous containment of both variable & fixed costs. Cement EBITDA margin increased 900 basis points to 30 per cent during the quarter READ MORE

Berger Paints gains over 4%, hits record high after Q2 result announcement

Shares of Berger Paints rallied as much as 4.4 per cent to hit an all-time high of Rs 675.45 apiece on the BSE on Friday, a day after the company reported an increase of 13.55 per cent in its consolidated net profit at Rs 221.05 crore for the quarter ended September 2020. The company had posted a net profit of Rs 194.66 crore in the year-ago period. READ MORE 


MARKET UPDATE:: Sensex at day's high, up 250 points


Rupee Opening

Rupee opens stronger at 73.99 per US dollar vs Thursday's close of 74.39/$

RIL gains 3% as Saudi fund invests Rs 9,555 crore in Reliance Retail

Shares of Reliance Industries (RIL) rose 3 per cent to Rs 2,013.75 on the BSE on Friday after the company said that Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 9,555 crore ($1.29 billion) for 2.04 per cent equity stake in its retail arm. “This investment values Reliance Retail Ventures (RRVL) at a pre-money equity value of Rs 4.587 trillion ($62.4 billion). This investment would further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment,” RIL said in media release. READ MORE




Indices trade in day high's trajectory


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 8.53 0.71
SUZLON ENERGY 2.96 -2.95
ST BK OF INDIA 220.80 0.96
DISH TV INDIA 12.19 6.00
TATA MOTORS 141.00 2.43
» More on Most Active Volume

Nifty Pharma :: 9 out of 10 index constituents trade in the red


CCI falls 8% post Q2 results


October Auto sales | JLR UK sales slip 19.7% YoY to 6,556 units

-- Jaguar sales slip 25.5% YoY & Land Rover dips 17.3% YoY 

Nifty Bank index trades flat with a negative bias


Adani Transmission trades in the red

>> Adani Transmission Ltd (ATL) on Thursday posted about 7 per cent fall in consolidated net profit at Rs 214.13 crore for September quarter 2020-21, mainly on account of reduced income. In the year-ago period, the net profit was Rs 230.43 crore, the company said in a BSE filing.


Adani Power outperforms market

>> Adani Power registered a profit before tax of Rs 2893 crore during the second quarter of the current financial year ending September 2020. The company had suffered a loss of Rs 633 crore in the first quarter.


Result Reaction | Gujarat Gas jumps 5%


Result Impact | Birlasoft down 2%

>> Birlasoft, part of the $2 billion diversified C K Birla Group, on Thursday reported a 69.3 per cent YoY rise in consolidated net profit at Rs 69.1 crore for the September quarter. Revenue from operations grew 10.9 per cent to Rs 857.5 crore in the period under review from Rs 773.4 crore in the year-ago period.


ITC up 1% ahead of Q2 nos


Reliance Industries gains 2% in early deals post PIF deal


Sectoral trends at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Commodity Heatmap


Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at pre-open


Stocks to watch

Birlasoft: Birlasoft, part of the $2 billion diversified C K Birla Group, on Thursday reported a 69.3 per cent YoY rise in consolidated net profit at Rs 69.1 crore for the September quarter. Revenue from operations grew 10.9 per cent to Rs 857.5 crore in the period under review from Rs 773.4 crore in the year-ago period.
 
ITC: The company is slated to announce its September quarter numbers later in the day. IDBI Capital expects ITC's revenue to decline 13 per cent year-on-year (YoY) to Rs 10,334.1 crore led by a significant disruption in revenue from the hotel business (down 95 per cent YoY). READ MORE

US Election Results 2020: Where things stand in remaining states

Pennsylvania (20 Votes)
 
The state has yet to be called.
 
Where it stands: Trump was leading Biden by about 42,000 votes
 
Georgia (16 Votes)
 
The state has yet to be called.
 
Where it stands: Trump led Biden by less than 2,500 votes
 
North Carolina (15 Votes)
 
The state has yet to be called.
 
Where it stands: Trump led Biden by about 76,000 votes. READ MORE

Stock picks by Nilesh Jain of Anand Rathi

BUY MOTHERSUMI | TARGET: Rs 120 | STOP LOSS: Rs 108
 
The stock has formed a strong base at around 103 levels and has witnessed a strong recovery from the same. It has also provided a fresh breakout from a small rectangle pattern on the daily chart. The major support of its 200-DMA is placed at around 100 levels. The momentum indicators and oscillators are in the buy mode on the weekly as well as daily scales which hints at a further positive momentum in the counter. The stock has also witnessed a build-up of a long position with the addition of approximately 5 per cent open interest. READ MORE

Here's a Bull Spread Strategy on HPCL

Bull spread Strategy on HPCL
 
Buy HPCL 180 Call at Rs 11.80 & simultaneously sell 200 Call at Rs 4.8
 
Lot Size 2700.
 
Cost of the strategy Rs 7 (Rs 18900 per strategy) READ MORE

Bulk deals on BSE as on Thursday

Bulk deals on NSE as on Thursday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


US oil drops as pandemic rages while presidential vote counting continues

>> US oil fell nearly 1% on Friday as new lockdowns went into affect in Europe raising questions over the outlook for demand for crude, while ballots were still being counted in the U.S. election with its outcome undecided, keeping markets on edge.

>> West Texas Intermediate was down 32 cents, or 0.8%, at $38.47 a barrel, having declined nearly 1% on Thursday. Brent was yet to trade after falling 0.7% in the previous session. The crude contracts are still heading for their first weekly gain in four.

(Source: Reuters)

SGX Nifty update

>> At 8:25 am, the index was at 12,162 levels, down 13 points.

Asian shares at near three-year peak

Source: Reuters


Wall Street rallies as investors eye split US Congress

Source: Reuters


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