Sensex ends 355 pts higher amid tight US presidential race; IT stocks gain

The Nifty IT index climbed nearly 1.8 per vent to 21,104.55 levels with all the 10 constituents advancing.
The domestic equity market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome. As per the latest report, Democratic candidate Joe Biden has secured 225 electoral votes, while Donald Trump has won 213 seats so far. A candidate needs to win 270 electoral votes to capture the US presidency. CATCH ALL THE LIVE UPDATES HERE

 
The S&P BSE Sensex gained 355 points, or 0.88 per cent to settle at 40,616 levels while NSE's Nifty ended at 11,908.50, up 95 points, or 0.8 per cent. India VIX slipped over 4 per cent to 23.2 levels. 

In the broader market, the S&P BSE MidCap index ended 0.43 per cent higher at 15,086 levels while the S&P BSE SmallCap index settled at 14,883, up 0.33 per cent.

Sectorally, IT stocks rallied in the trade. The Nifty IT index climbed nearly 1.8 per vent to 21,104.55 levels with all the 10 constituents advancing. 

Global markets

Share markets were whipsawed, while bonds and the dollar gained on Wednesday as results from the US presidential election proved far closer than polls had predicted, potentially leaving the outcome in doubt for days or weeks. 

US equity futures went on a wild ride, rising then falling, climbing again as the voting seemed to favour Trump only to sag once more as the president vowed to make a Supreme Court challenge.

(With inputs from Reuters)

LIVE UPDATES

SECTOR WATCH | Nifty Pharma jumps over 2%


MARKET AT CLOSE | Gainers and losers on the BSE Sensex


CLOSING BELL

The S&P BSE Sensex ended 355 points, or 0.88 per cent higher at 40,616 levels while NSE's Nifty ended at 11,908.50, up 95 points, or 0.80 per cent.

COMMENT | US election impact on market - Views from Naveen Kulkarni, CIO, Axis Securities

"The election results are unlikely on the election night and it could possibly take much longer for the final results to come out. The market initially opened with a lot of optimism but now it seems quite unclear how the results will pan out. Even in the case of a democrat Presidential win, the senate control could still be in the hands of republicans translating to a weaker democrat win. The emphatic stimulus that was expected post-elections will take more time. Markets in the short period could be jittery as the election verdict could still swing either way. The election has turned out to be much tighter than anticipated with new challenges emerging."

MARKET CHECK


BROKERAGE VIEW | ICICI Securities on The Ramco Cement

Long history of operations, brand equity, low cost producer and a healthy B/S are factors that helped the company to raise debt at competitive rates. We expect these factors to drive robust performance in future as well. We maintain our BUY rating, valuing the company at 12x FY23E EV/EBITDA. We arrive at a target price of Rs 1,000/share (ie EV/t of $175).

Adani Ent hits fresh 52-week high on healthy operational performance in Q2

Shares of Adani Enterprises hit a fresh 52-week high of Rs 358.95, up 4 per cent on the BSE on Wednesday after the company reported a strong operational performance in the September quarter (Q2FY21). The stock of the Adani Group company recovered 6.5 per cent from its intra-day low of Rs 337.50 on the BSE. READ MORE 


Gland Pharma IPO price band at Rs 1,490-1,500, offer opens on Nov 9

Gland Pharma, which announced its about Rs 6,500 crore Initial Public Offer (IPO), has set a price band of Rs 1,490-1,500 per share (face value of Rs one) and the issue will be open on November 9, a senior official of the city-based drug maker said on Wednesday. READ MORE

Rupee settled sharply lower today

Source: Bloomberg


Oil drops after Trump claims victory in US election despite uncounted votes

Oil turned lower on Wednesday after President Donald Trump claimed victory in a tight US election, despite millions of votes still to be counted and a final result not expected for days.
 
West Texas Intermediate was down 15 cents, or 0.4%, at $37.51 a barrel by 0755 GMT, after choppy trade in positive territory for most of the Asian session. Brent crude was off by 8 cents, or 0.2%, at $39.63, after trading between $39.85 and $40.80. READ MORE

Laurus Labs extends fall for fourth straight day, dips 21% from record high

Shares of Laurus Labs were trading lower for the fourth straight day on Wednesday. The stock slipped 7 per cent to Rs 271 on the BSE in the intra-day trade. With today’s decline, the stock of the pharmaceutical company has slumped 21 per cent from its record high level of Rs 345, touched on October 30, 2020, in intra-day trade. READ MORE

US Elections 2020 :: Japan on new president

Japan will work to strengthen ties with the US regardless of the result, Foreign Minister Toshimitsu Motegi said in remarks in Tokyo.
 

Contribution to the S&P BSE Sensex's gain


US polls head into uncertain phase; Trump, Biden fight out in swing states

The closely-fought US presidential election appeared to be headed into an uncertain phase with Republican incumbent Donald Trump and his Democratic challenger Joe Biden fighting it out in the key battleground states. When reports last came in, Biden had earned 220 electoral college votes, with Trump following closely with 213 votes. As per Fox News, Biden has 238 of the 538 electoral college seats, while Trump has 213. On the other hand, CNN has projected 220 electoral college votes to Biden and 213 to Trump. READ MORE

SBI Q2 result: Profit jumps 52% YoY to Rs 4,574 cr; asset quality improves

State Bank of India’s (SBI’s) September quarter (Q2FY21) standalone net profit jumped 52 per cent year-on-year to Rs 4,574.16 crore as the bank as the bank’s provisions declined. In comparison, it had clocked a net profit of Rs 3,011.7 crore during the September quarter of FY20. On a quarterly basis, the profit rose 9 per cent from Rs 4,189.3 crore-profit reported in Q1FY21. READ MORE

BUZZING STOCK | Infosys gains nearly 3%


RESULT IMPACT:: SBI slips to day's low post Q2 results announcement


Q2 RESULTS | SBI posts net profit of Rs 4,574 crore

-- NII at Rs 28,181.5 crore

-- Gross NPA at Rs 1.26 trillion

-- Gross NPA at 5.88%; net NPA at 2.08% if SC order not taken into consideration

-- Loan growth at 6.7% YoY

Global markets check

S&P 500 and Dow futures have hit session lows. Oil is taking a hit as well as risk sentiment sours. Treasuries continue to catch a bid as well.
 
Even Asian risk barometers like the Aussie-yen cross and the Hang Seng Index have dropped.

(Source: Bloomberg)

US Elections 2020 :: Dow Futures slide as Trump vows to challenge vote count in Supreme Court


Sectoral trends at this hour


MARKET CHECK


Dabur India nears 52-week high on strong volume growth in September qtr

Shares of Dabur India were up 3 per cent to Rs 530 on the BSE in the intra-day trade on Wednesday, gaining 5 per cent in the past two trading days, after the FMCG major reported a strong 16.8 per cent year-on-year volume growth in September quarter (Q2FY21). Stock of the personal products company was trading close to its 52-week high level of Rs 535, touched on October 6, 2020. READ MORE

US election 2020 | This is a major fraud on the American people: Trump

-- Plan to go to US Supreme Court; want all the voting to stop: Trump

US Elections 2020 | We are winning Pennsylvania; we have a lot of life left in Arizona but we don’t need it: Trump

-- Results have been phenomenal: Trump

-- 'Florida was a tremendous victory'

US Elections 2020 :: I thank the million and millions of people for voting for me, says Trump

US Elections 2020 | We won Florida by a lot, we won Texas, Ohio: Trump

-- 'They are never gonna catch us, they cannot catch us', says Trump

-- It is clear that we have won Georgia, North Carolina: Trump

- "A very sad group of people is tryng to disenfranchise the people who voted".

US Elections 2020:: Want to thank the Americans for their support, says Donald Trump

Market Voice :: Porinju Veliyath on US Elections 2020

Market Voice :: Samir Arora on Wall Street and US Elections

Adani Gas acquires CGD network in Ludhiana, Jalandhar, Kutch (East)

All three GAs have high volumes potential in terms of demand of over 6.5 MMSCMD (million metric standard cubic meter per day) over a period of ten years. These GA’s are under Phase 1 of Bharat Mala Pariyojana by NHAI which will further boost the development and volume growth. READ MORE

BROKERAGE VIEW | LKP Securities on Zee Entertainment

RATING: BUY | TARGET PRICE: Rs 235 

Competition from global and local OTT payers remains a constant risk to the industry. However, we expect a full blown recovery in Q4 and FY22 with revival in the Ad industry and Zee5 losses reduction with voluminous launch of quality content. Positive FCF during pandemic times in challenging operational environment is creditable. Probable opening up of multiplexes will surely lead to a better movie business as well. On valuations, the stock is looking quite attractive at 12x FY 22E earnings. Based on FY 22E we maintain our BUY rating on Zee, however prune down our target price from Rs 268 to Rs 235 (15x FY 22E).

BROKERAGE VIEW | ICICI Securities on Sun Pharma

RATING: BUY | TARGET PRICE: Rs 585 

While the company’s US generics front is going through calibrated product rationalisation, specialty segment looks promising due to robust product pipeline, steady progress. This metamorphic shift from generics to specialty, however, is likely to weigh on US growth in the near term. That said, higher contribution from specialty and strong domestic franchise is likely to change the product mix towards more remunerative businesses by FY22. This would have positive implications for margins also as we expect faster absorption of frontloaded costs on the specialty front. We maintain BUY and arrive at our new target price of Rs 585 based on 22x FY23E EPS of Rs 26.6.

CARE Ratings freezes at 20% upper circuit on heavy volumes post Q2 results

Shares of CARE Ratings were locked in the upper circuit limit of 20 per cent at Rs 365 on the BSE on Wednesday on the back of heavy volumes after the company reported a good set of July-September (Q2FY21) numbers. READ MORE 


JSPL: Reduction in net debt expected to drive re-rating, say analysts

It is no secret that improving demand and realisations are boosting prospects of steel players. But, for Jindal Steel & Power (JSPL), additional benefits are accruing from completed expansions and operating leverage, which — along with efforts on backward integration and debt reduction — are keeping sentiment firm. READ MORE

Dow Jones Futures back in the red


US Elections 2020 | Donald Trump leads Joe Biden for the first time

-- Donald Trump leads with 212 votes, against Joe Biden's 209: NBC

Nifty sectoral indices at this hour


UPL dips 12% in three days post Q2 results; stock hits over four-month low

Shares of UPL continued to trade under pressure, hitting an over four-month low of Rs 399 after slipping 4 per cent on the BSE on Wednesday. The stock of the agrochemicals company was trading at its lowest level since June 15, 2020, when it touched a low of Rs 398 in intra-day trade. READ MORE 


US Elections 2020 :: Donald Trump to make a statement later today

US Presidential Elections 2020

US Elections 2020 :: It's the win of the United States; I am thankful to everyone, says Biden

US Elections :: Electoral College Tally at 11:05 am

>> Democrat Joe BIden leads with 223 votes

>> REpublican Donald Trump secures 174 votes

(Source: Bloomberg)

US Elections 2020 :: Trump Wins Florida, Key Battleground State, reports AP

Result Today :: Here's what leading brokerages expect from SBI's Q2 nos

Nomura expects operating profit to decline by 14 per cent to Rs 15,688.3 crore compared with previous year’s Rs 18,198 crore profit. Sequentially, the figure may slip 13 per cent from Rs 18,061 .1 crore clocked in Q1FY21.
 
The net profit, however, is seen growing 47 per cent YoY to Rs 4,431 crore from Rs 3,011.7 crore reported in Q2FY20. The PAT may clock a gain of 6 per cent over Rs 4,189.3 crore-net profit logged in the June quarter. READ MORE

IT stocks rally ahead of US election outcome; Infosys, Wipro rise 4%

Shares of information technology (IT) companies were in focus in the early morning trade on Wednesday with the Nifty IT index gaining 3 per cent amid US presidential poll counting. According to the latest trend, Democratic candidate Joe Biden has secured 209 electoral votes so far, while Donald Trump has won 118. A candidate needs to win 270 electoral votes to capture the presidency. READ MORE

NEWS ALERT | India IHS Markit October Services PMI at 54.1 vs 49.8 (MoM)

-- At 54.1 in October, up from 49.8 in September, the seasonally adjusted India Services Business Activity Index posted above the 50.0 no-change mark for the first time since February.

Sebi issues circular on 'due diligence' framework for debenture trustees

Markets regulator Sebi on Tuesday came out with a framework for creation of security for listed debt securities and 'due diligence' that needs to be carried out by debenture trustees. The new framework will become effective from January 1, 2021, the Securities and Exchange Board of India (Sebi) said in a circular. In respect of creation of charge of security by issuer, before making the application for listing of debt securities, the issuer will have to create charge as specified in the offer document in favour of the debenture trustee (DT) and also execute debenture trust deed (DTD) with the DT, Sebi said. READ MORE

US Election results 2020 LIVE updates: Ohio now leaning toward Trump


BROKERAGE VIEW | Prabhudas Lilladher on Dabur India

Rating: ACCUMULATE | TP: Rs 539 

We are cautiously optimistic on new launches as some of products like Dabur Sanitize and immunity boosters range might turn slow after Covid-19 settles. we believe success of Mango drink and Culinary items can provide a big growth lever over coming few years. Input costs are firm and would keep margin expansion under check although Dabur is looking at price increases to pass on the impact. We believe focus on power brands, e-commerce sales, innovations and entrenched distribution network will enable 17.5% PAT CAGR over FY21-23. We value the stock at 41x FY23EPS to arrive at target price of Rs 537 (Rs 469 based on 40xSept22 EPS). Upgrade to Accumulate.

Nifty Bank turns negative; ICICI, Axis Bank top losers


Rupee opening

Rupee opens at over 2-month low of 74.78/$ vs Tuesday's close of 74.41 against the US dollar

Sun Pharma gains 10% in two days on healthy September quarter results

The company's Ebitda (earnings before interest, taxes, depreciation, and amortisation) margins expanded 361 basis points YoY to 25.6 per cent mainly due to better product mix (higher specialty sales) and lower other expenditure. Revenues, however, grew 5.3 per cent YoY at Rs 8,553 crore during the quarter. The company said sales of specialty products have improved sequentially with Ilumya and Cequa reaching pre-Covid levels. READ MORE

Commodities update :: Motilal Oswal Financial Services

Nifty surpasses 11,900-mark; IT, pharma stocks top gainers


US Elections :: Electoral College Tally at 9:35 am

 


Sensex at Day's high


IndusInd Bank up 1%


JMC Projects down over 2.5% in a strong mkt

>> Net loss of JMC Projects (India) reported to Rs 18.13 crore in the quarter ended September 2020 as against net profit of Rs 14.44 crore during the previous quarter ended September 2019.


IT stocks in focus; Nifty IT outruns benchmarks


Prince Pipes up 2%

>> Revenue from operations stood at Rs 459 crore, up 7 per cent YoY while net profit grew 42 per cent YoY to Rs 47 crore.


Adani Ports advances 3% on 32% jump in Q2 profit

>> Adani Ports: Adani Ports and Special Economic Zone (APSEZ) reported 31.6 per cent rise in consolidated net profit to Rs 1,387 crore on 2.9 per cent increase in revenue from operations to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.


Result Reaction | Sun Pharma rallies over 3%


PVR jumps 5% on robust mgt commentary post Q2 nos


Sectoral trends at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


US Elections :: Electoral College Tally at 9:10 am

>> Democrat Joe Biden leads in 131 votes

>> Republican Donald Trump leads with 108 votes

Commodity Heatmap


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


Markets at Pre-open


Markets at Pre-open


US Elections Update

>> Donald Trump is leading in the battleground States of North Carolina, Ohio, Pennsylvania, Texas, Florida, Virginia, Wisconsin, Michigan, Georgia so far
 
>> These 9 states have total 176 electoral votes at stake

Impact of US Presidential Elections on global markets

A Democratic victory in the presidential poll, and a related takeover of Congress, according to Christopher Wood, global head (equity strategy) at Jefferies, will see pressure from the activist side of the party to embrace more formally policies aligned with Modern Monetary Theory. Such policies, he believes, would turn the US Federal Reserve (US Fed) into an instrument of fiscal policy obliterating any lingering sense of central bank independence. READ MORE

Stocks to watch today

PVR: The company on Tuesday reported a consolidated loss of Rs 184 crore for the second quarter of the current fiscal as compared to profit of Rs 48 crore during the corresponding period of last year.
 
Adani Ports: Adani Ports and Special Economic Zone (APSEZ) reported 31.6 per cent rise in consolidated net profit to Rs 1,387 crore on 2.9 per cent increase in revenue from operations to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.
 
Earnings today: A total of 91 companies including State Bank of India, Lupin, and Adani Enterprises, are scheduled to announce their quarterly results today. READ MORE  


Expert View :: Hitesh Jain, Lead Analyst – Institutional Equities, YES SECURITIES

There is a strong chance that Democrats have a majority in Senate, which implies higher fiscal spending. In terms of connotation for the markets, we should brace for a transient sell-off in US equities and fall in US dollar, Ergo, Gold could rally higher, helped by a tumbling US dollar and concerns of higher fiscal spending and potentially rising inflation. Needless to mention, Fed will remain tolerant of the same, with the central bank recently articulating that it will stand pat on interest rates for the next three years. In case of Biden as the next US President, Base metal prices should move higher as US/Chinese relationship will stabilize and markets start pricing in a probable trade deal.
 
On the contrary, If Trump reclaims Presidency and Republicans maintain majority in the US Senate, we could have an ensuing stock market rally and stronger US dollar, as investors will be pleased with the fact that US corporate taxes will remain low. On the commodity front, Trump victory will translate into weaker tone in precious and base metals, with non-ferrous complex being the most vulnerable, hauled lower by prospect of heightened trade tensions with China.
In case of a mixed equation, where Mr. Biden turns out to be the next US President, while Senate is controlled by Republicans. Markets will construe this sort of power sharing as an impasse on various reforms and nothing dramatic will be seen in the next four years."

'Nifty may register new all-time high once it conquers 12,050'

Nifty has surpassed the crucial resistance of 11,750, which happened to be the previous three session’s high. BankNifty has been outperforming Nifty with a huge margin. BankNifty has reached at the highest level since March 11, 2020. Nifty is expected to move up with the upside target of 12,000-12,050. A close above 12,050 would brighten the chances for the new all-time high above 12,430 in Nifty. Trading longs should have stoploss at 11,700 in Nifty. READ MORE

Morgan Stanley on Markets

>> Although some volatility may lie ahead, the end of the US election cycle and progress on a potential coronavirus vaccine may bring some optimism to markets. 

Biden good for emerging markets; dollar to gain from Trump win: Analysts

“Biden has indicated raising corporate taxes and capital gains tax if voted to power. This has seen investors book profit ahead of the outcome in the US and the money will look at other geographies, including EM. US Federal Reserve (US Fed) on its part is likely to keep the monetary policy accommodative and more stimulus is expected, which again will benefit EM. On the other hand, a Donald Trump win will see US dollar strengthen and could also be negative for world trade given his earlier stance on China,” said Jyotivardhan Jaipuria, founder Valentis Advisors. READ MORE

ALERT :: Dow Futures bounces back 700 pts from lows

>> Trades 250 point higher

SGX Nifty turns positive


US Elections 2020 :: Emerging market ETFs see outflows after four weeks

US-listed EM ETFs that invest across developing nations, as well as those that target specific countries lost $103 million in the week ended October 30, ending a month long rally that brought $3.09 billion in inflows, according to the Bloomberg data. The year’s outflows now reach $12.8 billion. The withdrawals were concentrated in developing-nation bond funds, which fell by $317.2 million. READ MORE

US Election Results :: Know how Donald Trump and Joe Biden are doing so far

Donald Trump
 
- Alabama
- Tennessee
- Oklahoma
- Indiana
- Kentucky
-South Carolina
-Mississippi
-Arkansas
-South Dakota
-North Dakota
- West Virginia
-Wyoming
-Georgia
-Louisiana
-Nebraska
 
Joe Biden
 
- New York
-New Mexico
-Vermont
- Rhode Island
- New Jersey
- Maryland
- Delaware
-Connecticut
- Virginia 
-Colorado

Dow Futures slip 1%


Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

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


Rupee check

Source: Bloomberg

Oil gains 1%


SGX Nifty update

>> At 8:14 am, the index was at 11,736.5 levels, down 90 points or 0.76 per cent.

US Elections Update


Asian markets check

Source: Reuters


Wall Street ended higher ahead of US poll outcome

Source: Reuters


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