Sensex erases 2020 losses, settles 724 pts higher ahead of US poll outcome

All that happened in the markets today

The benchmark indices continued to soar and ended nearly 2 per cent higher on Thursday ahead of the US election results. The S&P BSE Sensex ended at 41,340, up 724 points, or 1.78 per cent while NSE's Nifty ended above the crucial 12,000 level at 12,120, up 212 points, or 1.78 per cent.

With today's rally, the S&P BSE Sensex erased all its 2020 losses and turned positive for the year. On a year-to-date (YTD) basis, the index is now up 0.2 per cent while NSE's Nifty is still down 0.4 per cent from its December 31, 2019 level of 12,168.45. 

Volatility index, India VIX, today dropped a whopping 10 per cent to 20.96 levels.  

The broader market rallied in-line with the frontline indices. The S&P BSE MidCap index ended 263 points, or 1.74 per cent higher at  15,349 points while the S&P BSE SmallCap index closed the session at 15,136, up 253 points, or 1.7 per cent. 

Sectorally, barring Nifty Realty, all other indices ended in the green. Nifty Metal jumped 4.4 per cent to 2,488.65 levels while Nifty Bank added over 2 per cent to 26,313 points. 

Global markets

Asian shares scaled a near three-year peak on Thursday and bonds extended their blistering rally as investors wagered the prospect of US policy gridlock would greatly favour some industries while also restraining government borrowing.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 2 per cent to reach its highest since February 2018. Japan’s Nikkei rose 1.7 per cent to a more than nine-month top and South Korea put on 2.4 per cent.

In commodities, oil dropped as Democrat Joe Biden edged closer to the White House in a nail-biting US presidential election, but the Republicans look likely to retain Senate control, decreasing the chances of any huge Covid-19 relief package.

(With inputs from Reuters)

3:43 PM

SECTOR WATCH | Nifty Metal surges over 4%

3:42 PM

MARKET AT CLOSE | All 30 constituents of BSE Sensex end in the green

3:38 PM

CLOSING BELL

The S&P BSE Sensex rallied 724 points, or 1.78 per cent to settle at 41,340 while NSE's Nifty ended at 12,120, up 212 points, or 1.78 per cent.

3:26 PM

MARKET CHECK

3:18 PM

Top gainers on the BSE at this hour

3:07 PM

Valiant Organics zooms 17%, hits record high as board to mull bonus issue

Shares of Valiant Organics moved higher by 17 per cent to hit a record high of Rs 3,851 on the BSE on Thursday after the company said its board will consider bonus issue and interim dividend on November 13. The stock surpassed its previous high of Rs 3,750, touched on October 12, 2020. "The meeting of the board of directors of the Company is scheduled on November 13, 2020, to consider financial results of the Company for the half year ended on September 30, 2020," Valiant Organics said in a regulatory filing today. READ MORE

3:07 PM

Commodity Heatmap :: Gold, Silver see sharp upmove

3:01 PM

US election 2020 | Trump campaign asked the SC to intervene in the ballot counting in Pennsylvania, media reports say

2:53 PM

Reliance Industries to appeal in Supreme Court against SAT ruling

Reliance Industries on Thursday said it will challenge in Supreme Court the dismissal of its plea by the Securities Appellate Tribunal against a Sebi ruling barring the firm and 12 of its promoter group entities from dealing in equity derivatives for alleged unfair trade practices. READ MORE

2:53 PM

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

2:43 PM

BROKERAGE VIEW | ICICI Securities on Dwarikesh Sugar

DSL is one of the most efficient sugar companies with lowest cost of production given more than 12.2% sugar recovery. The company only has Rs 218 crore of term loan at a concessional interest rate. With strong possibility and small inventory reduction, DSL would be able to generate Rs 126 crore and 193 crore of cash from operations in FY21E & FY22E, respectively. We expect ~Rs  200 crore working capital debt reduction in the next two years. We value the stock at 1.1x FY21 book value with a target price of Rs 34/share and have a BUY recommendation on the stock.

2:33 PM

MARKET CHECK

2:33 PM

RIL, HDFC Bank among top contributors to Sensex's 600-point surge today

2:22 PM

ITC Q2 preview: Revenue from hotels biz may fall over 90%; FMCG to do well

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

2:15 PM

European indices trade higher in early deals