Sensex surges 377 pts as financial, FMCG stocks rally; Nifty ends at 11,889

All that happened in the markets today

The domestic equity market ended around 1 per cent higher on Tuesday, led by gains in financial and FMCG stocks. Further, hopes of higher inflows after MSCI said it will implement the new regime on foreign ownership limits in the MSCI Global Indexes containing Indian securities in the November 2020 Semi Annual Index Review, also boosted investor sentiment.

Among headline indices, the S&P BSE Sensex rallied 377 points, or 0.94 per cent to settle at 40,522 levels while the Nifty50 index ended at 11,889, up 122 points, or 1 per cent. India VIX declined nearly 3 per cent to 22.19 levels.

Among sectoral indices, Nifty Private Bank index gained the most - up over 3 per cent to 13,756 points while Nifty Bank added nearly 3 per cent to 24,769.50. Nifty IT, on the other hand, slipped over 1 per cent to 21,023 levels. 

In the broader market, the S&P BSE MidCap index gained 1.65 per cent to 14,954 levels while the S&P BSE SmallCap index rallied 0.6 per cent to 15,090 levels. 

Global markets

European equities fell in early Tuesday trading as risk-aversion swept markets, with a resurgence of coronavirus cases threatening the global economic recovery and caution ahead of US elections on November 3.

The MSCI world equity index, which tracks shares in 49 countries, was down 0.1 per cent at the time of writing of this report, having erased some losses overnight after dropping to a 19-day low in the previous session.

In commodities, oil prices rose towards $41 a barrel as oil companies shut down some US Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.

(With inputs from Reuters)

4:02 PM

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

"Forecast of higher FII inflows to India, based on MSCI report, by raising investment limits helped the market to strongly outperform despite a weak global market. The sustenance of such a trend is low given increasing concerns over the worsening spread of virus in the western world which has weakened their markets for further correction. Indian market is expected to follow with an increase in volatility in the coming days as we are heading closer to the US election and more economic restrictions due to the devastating rise of Covid cases."

3:43 PM

SECTOR WATCH | Nifty IT index slips over 1%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 40,522, up 377 points, or 0.94 per cent while NSE's Nifty ended at 11,889, up 122 points, or 1 per cent.

3:29 PM

MARKET CHECK

3:27 PM

BROKERAGE VIEW | Centrum Broking on Heidelberg Cement

RATING: ADD | TARGET PRICE: Rs 190

We have revised our FY21e earnings to Rs11.0/sh (Rs10.1) and maintained our FY22e earnings at Rs13.2/sh. factoring in HEIM’s focus on retail segment (85% trade sales in Central India), focus on guarding margins and cost control. This will aide EBITDA margins to stay ~24%. We arrive at a fair value of Rs190/sh (earlier Rs 183) assigning 7.0x EV/EBITDA FY22e earnings. At our target price, HEIM trades at a replacement cost of Rs 6.3bn/mn tonnes FY22e capacities. Maintain ADD rating.

3:22 PM

Top gainers on the BSE at this hour

3:13 PM

Midcap index outperforms; Shriram Transport, MRF, Muthoot Finance gain 6%

Colgate-Palmolive India, ACC, Zee Entertainment Enterprises and Adani Green Energy were up in the range of 5 per cent to 6 per cent, while, ABB, Tata Consumer Products, ICICI Securities, Ashok Leyland, Indraprastha Gas, Ramco Cements and Apollo Hospital Enterprises were up between 3 per cent to 4 per cent on the BSE. READ MORE

3:05 PM

UPDATE :: Sensex at day's high

3:00 PM

SECTOR WATCH:: Tech stocks under pressure in an otherwise firm market

COMPANY	LATEST(rs)	CHG(%)
FIRSTSOUR.SOLU.	75.75	1.07
WIPRO	332.75	-2.05
INFOSYS	1086.90	-2.27
HCL TECHNOLOGIES	842.15	-0.71
MINDTREE	1369.25	-1.43

2:52 PM

MARKET UPDATE:: Sensex trading near day's high

2:45 PM

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

2:33 PM

Result Tomorrow :: L&T Q2 PAT may fall up to 64.1% YoY; dividend announcement eyed

According to analysts, after the easing of lockdown norms, many companies are nearing pre-Covid levels of operations, though, for construction-oriented businesses, labor availability remains a challenge. Execution remains weaker due to social distancing norms impacting productivity in manufacturing and construction activities, besides weak demand and logistical challenges due to erratic local lockdowns. READ MORE

2:24 PM

Coforge shares trade firm after promoter sells 6.3% stake

Shares of Coforge moved higher by 2 per cent to Rs 2,267, bouncing back 4 per cent from the intra-day low on the National Stock Exchange (NSE) on Tuesday after promoters of the company sold 6.3 per cent equity stake at Rs 2,310 per share on Monday via open market. READ MORE 

2:21 PM

India-US dialogue :: US agrees on sale of Remdesivir drug to India