Benchmark indices were trading in a narrow range near the day's high in early afternoon trade. Investors continued to monitor the results of the US Presidential election as Joe Biden edged closer to victory. At 12:20 IST, the barometer index, the S&P BSE Sensex, rallied 585.65 points or 1.44% at 41,201.79. The Nifty 50 index spurted 167.75 point or 1.41% to 12,076.25.
In the broader market, the S&P BSE Mid-Cap index rose 1.41% while the S&P BSE Small-Cap index gained 1.38%.
The market breadth was strong. On the BSE, 1,614 shares rose and 761 shares fell. A total of 164 shares were unchanged.
US Election 2020:
According to the latest count, Democratic Party candidate and former vice president Joe Biden has won 264 electoral votes while President Donald Trump has won 214 electoral votes. A candidate needs 270 electoral votes to win the election.
In the Senate, the Republican Party has so far won 48 seats while the Democratic Party has won 46 seats. Either party needs 51 seats for a majority in the Senate.
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In the House, the Democratic Party has won 204 seats so far while the Republican Party has won 190 seats. Either party needs 218 seats for a majority in the House.
The US Dow Jones Futures were currently up 175 points and Nasdaq futures were up 176 points.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 4,80,90,690 with 12,24,415 deaths. India reported 5,27,962 active cases of COVID-19 infection and 1,24,315 deaths while 77,11,809 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 8.30% to 21.2725. The Nifty November 2020 futures were trading at 12,083, at a premium of 14.35 points compared with the spot at 12,068.65.
The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 18.06 lakh contracts at the 12,000 strike price. Maximum Put OI of 26.34 lakh contracts was seen at 11,000 strike price.
Buzzing Index:
The Nifty PSU Bank index advanced 2.48% to 1,362. The index added 8.05% in the past four sessions.
State Bank of India (up 5.39%), Indian Overseas Bank (up 2.67%), Central Bank of India (up 1.82%), Bank of India (up 1.65%) and Union Bank of India (up 1.26%) were the top gainers in PSU Bank segment.
Stocks in Spotlight:
Godrej Agrovet slipped 1.58%. The company's consolidated net profit jumped 12.5% to Rs 115.51 crore on 7.4% decline in net sales to Rs 1,710.90 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) surged 84.4% to Rs 150.05 crore in Q2 September 2020 as against Rs 81.38 crore in Q2 September 2019. Tax expense for the quarter soared 77.5% to Rs 32.90 crore as against Rs 18.53 crore in Q2 September 2019. Consolidated EBITDA jumped 34.8% to Rs 176.70 crore in Q2 September 2020 over Rs 131.10 crore in Q2 September 2019.
EIH rose 0.01%. The hotel-chain reported a net loss of Rs 118.77 crore in Q2 September 2020 as against net profit of Rs 30.55 crore in Q2 September 2019. Consolidated net sales slumped 78.6% to Rs 71.92 crore in Q2 September 2020 compared with Rs 335.68 crore in Q2 September 2019. Pre-tax loss stood at Rs 154.51 crore in Q2 September 2020 as against a pre-tax loss of Rs 13.81 crore in Q2 September 2019.
Indiabulls Housing Finance advanced 2.30% after the housing financer sold a portion of its stake in OakNorth Holdings (the wholly owning parent company of OakNorth Bank plc) (OakNorth) for approximately Rs 64 crore.
The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company, Indiabulls Housing Finance said. With the latest stake sale, the company has raised a total of Rs 2,577 crore as fresh equity in the month of September, October and November 2020 (Rs 683 crore through QIP and Rs 1,894 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company, it added.
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