Key barometers continued to trade near day's high with strong gains in afternoon trade led by banks and IT stocks. At 14:24 IST, the barometer index, the S&P BSE Sensex, rallied 489.64 points or 1.17% at 42,382.70. The Nifty 50 index spurted 139.40 points or 1.14% at 12,402.95.
In the morning trade, the Sensex hit a record high of 42,566.34 while the Nifty hit a record high of 12,451.80, following strong global cues as investors reacted to Democrat Joe Biden's victory in the U.S. presidential race.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index gained 0.35%.
Buyers outpaced sellers. On the BSE, 1,441 shares rose and 1,184 shares fell. A total of 181 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,04,02,558 with 12,56,254 deaths. India reported 5,09,673 active cases of COVID-19 infection and 1,26,611 deaths while 79,17,373 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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US Election 2020:
Democrat Joe Biden defeated incumbent Donald Trump in the U.S. presidential race to become president elect. Kamala Harris will become the first female, Black and Indian-origin vice-president of the United States. Biden and Kamala will be sworn in to their new offices on 20 January 2021, taking over from incumbent Republicans Donald Trump and Mike Pence.
Bihar Exit Polls:
Following the end of third and final phase of Bihar election on 7 November 2020, the results will be declared on 10 November 2020. The market will closely watch results as exit polls reportedly indicated that the Tejashwi Yadav-led Mahagathbandhan could get a majority in the Bihar election with maximum 191 seats, while the Chief Minister Nitish Kumar-led National Democratic Alliance (NDA) may get maximum 91 seats. Most of the exit polls predicted RJD to again emerge as the single largest party.
Buzzing Index:
The Nifty IT index gained 1.06% to 21,720.45, extending its winning run to fourth consecutive trading session. The index has surged 4.75% in four trading days.
Coforge (up 4%), Larsen & Toubro Infotech (up 2.46%), Tech Mahindra (up 1.59%), Infosys (up 1.55%), Wipro (up 1.45%) and TCS (up 0.63%) were top gainers in IT index.
Stocks in Spotlight:
Blue Star rose 1.49% after the company bagged an order worth Rs 128 crore from Wistron Infocomm for mechanical electrical and plumbing (MEP) works for their factory expansion project. Wistron is a Taiwan based contract manufacturer of electronic goods and is one of the major manufacturers of iPhones for Apple.
CreditAccess Grameen jumped 6.5% after the company said its collection efficiency improved to 89% in October 2020 from 74% in June 2020. The microfinance lender reported 21.5% drop in consolidated net profit to Rs 79.2 crore on a 32.2% rise in total income to Rs 340.5 crore in Q2 FY21 over Q2 FY20. Net Interest Income (NII) rose by 31.6% to Rs 330.9 crore in Q2 FY21 from Rs 251.4 crore in Q2 FY20. Gross loan portfolio grew by 41.5% YoY from Rs 7,905 crore to Rs 11,183 crore. Borrowers grew by 47.0% YoY from 26.4 lakh to 38.8 lakh. The company's impairment of financial instruments surged 220.5% to Rs 90.2 crore in Q2 September 2020 from Rs 28.1 crore in Q2 September 2019. The total standard asset provisioning (excluding GNPA) was Rs 369.8 crore (3.40% of loan portfolio).
Numbers to Track:
In the foreign exchange market, the partially convertible rupee appreciated to 74.08 compared with its previous closing 74.045.
The yield on 10-year benchmark federal paper rose to 5.877% compared with its closing of 5.871% in the previous trading session.
MCX Gold futures for 4 December 2020 settlement added 0.54% to Rs 52,450.
In the commodities market, Brent crude for January 2021 settlement slipped 95 cents to $40.40 a barrel. The contract had lost 3.62% to settle at $39.45 in the previous trading sessions.
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