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

All that happened in the markets today

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

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.

3:43 PM

SECTOR WATCH | Nifty Pharma slips 0.7%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:36 PM

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.

3:24 PM

MARKET CHECK | Sensex zooms nearly 600 pts

3:20 PM

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 

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2:54 PM

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2:52 PM

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>> 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

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.

2:43 PM

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

2:42 PM

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>> Revenue at Rs 432 crore

>> EBITDA at Rs 127.2 crore

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2:37 PM

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

2:36 PM

Goodyear India up 4%