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.
In the broader market, the S&P BSE Mid-Cap index was up 0.32% while the S&P BSE Small-Cap index gained 0.24%.
The market breadth was positive. On the BSE, 1360 shares rose and 996 shares fell. A total of 171 shares were unchanged.
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.
The US Dow Jones Futures 30 were up 363 points, indicating a strong start on Wall Street today.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,03,27,258 with 12,55,490 deaths.
India reported 509,673 active cases of COVID-19 infection and 126,611 deaths while 79,17,373 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index was up 0.65% to 2,516.65, rising for fifth consecutive trading session. The index has gained 7.6% in five trading days.
NMDC (up 2.1%), Hindalco Industries (up 1.46%), Tata Steel (up 1.34%), Hindustan Zinc (up 1.18%), JSW Steel (up 0.98%) and Vedanta (up 0.84%) were top gainers in metal segment.
Earnings Impact:
Balkrishna Industries was down 2.13%. The tyre maker's consolidated net profit jumped 15.8% to Rs 340.94 crore on 45.5% rise in net sales to Rs 1,577.90 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) soared 74.1% to Rs 452.32 crore in Q2 September 2020 as against Rs 259.79 crore in Q2 September 2019. With the volume of 99,320 MT achieved in first half, the firm expects to cross FY20 sales volumes in FY21, marginally subject to no further deterioration due to COVID-19.
Bharat Electronics rose 1.62% to Rs 93.90 after consolidated net profit jumped 18.1% to Rs 395.96 crore on 19% increase in net sales to Rs 3,168.36 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) surged 19.2% to Rs 557.79 crore in Q2 September 2020 as against Rs 467.80 crore in Q2 September 2019. The order book position of the company as on 1 October 2020 stood at Rs 52,148 crore. The company said its financial results for the current half year has been impacted by the lockdown on account of COVID-19.
Glenmark Pharmaceuticals was down 7% after the drug maker's consolidated net profit slipped 8.4% to Rs 233.99 crore on 5.2% increase in net sales to Rs 2,908.12 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) fell 2.3% to Rs 339.38 crore in Q2 September 2020 as against Rs 347.30 crore in Q2 September 2019. Consolidated EBITDA (excluding other income) was at Rs 569.92 crore for the quarter ended 30 September 2020 as against Rs 450.40 crore in the previous corresponding quarter last year, registering an increase of 26.54% Y-o-Y (year-on-year). Forex loss to the extent of Rs 17.11 crore was recorded in other expenditure during Q2 FY21. During the period under review, India business grew by 17.22% to Rs 1050.69 crore, Europe business grew by 11.59% to Rs 318.12 crore, Africa, Asia and CIS Region (ROW) business grew by 9.11% to Rs 380.58 crore, API business grew by 19.11% to Rs 321.33 crore.
Global Markets:
Asian stocks jumped on Monday after Democrat Joe Biden defeated incumbent U.S. President Donald Trump following a cliff-hanger vote count after Tuesday's election.
Addressing cheering supporters in Wilmington, Biden reportedly said: "I pledge to be a president who seeks not to divide, but to unify; who doesn't see red states and blue states, only sees the United States."
US stocks ended almost unchanged on Friday as Democratic challenger Joe Biden edged closer to victory in the presidential election, while the monthly jobs report underscored the hurdles still facing the economy.
The Labor Department on Friday said the U.S. economy added 638,000 jobs in October from a revised 672,000 jobs in September. The Labor Department also said the unemployment rate dropped to 6.9% in October from 7.9% in September.
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