Profit booking emerged after the Sensex jumped 10.05% and the Nifty climbed 9.51% in the past eight consecutive sessions. The Sensex hit a record high of 43,708.47 while the Nifty hit a record high of 12,769.75 on Wednesday (11 November 2020).
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.54% while the S&P BSE Small-Cap index gained 0.95%.
The market breadth was positive. On the BSE, 1267 shares rose and 875 shares fell. A total of 119 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,20,48,827 with 12,82,796 deaths.
India reported 4,89,294 active cases of COVID-19 infection and 1,28,121 deaths while 80,66,501 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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Finance Minister briefing:
Finance Minister Nirmala Sitharaman will address a press conference at 12.30 pm today. The Finance Minister is expected to announce the third set of stimulus package to boost the coronavirus-hit economy today.
On Wednesday, the Cabinet Committee on Economic Affairs (CCEA) approved continuation and revamping of the Scheme for Financial Support to Public Private Partnerships in Infrastructure Viability Gap Funding Scheme till 2024-25 with a total outlay of Rs 8100 crore.
The Union Cabinet also approved the production linked incentive (PLI) scheme for 10 key sectors for enhancing India's manufacturing capabilities and exports. These sectors include telecom and networking products, pharmaceutical and drug, automobile and auto components, textile products and food products.
Buzzing Index:
The Nifty Pharma index gained 1.36% to 11,727.35, rising for second trading session. The index has surged 5% in two days.
Aurobindo Pharma (up 4.61%), Cadila Healthcare (up 2.88%), Lupin (up 2.4%), Cipla (up 1.66%), Torrent Pharmaceuticals (up 1.37%), Sun Pharmaceutical Industries (up 1.26%), Biocon (up 1.18%) and Divi's Laboratories (up 1.03%) advanced.
Earnings Impact:
Shree Cement rose 1.44% to Rs 23,204.05 after consolidated net profit jumped 68.5% to Rs 527.87 crore on 8.2% rise in net sales to Rs 3,249.93 crore in Q2 September 2020 over Q2 September 2019. Profit before tax soared 79.6% year on year to Rs 729.51 crore in Q2 September 2020 from Rs 406.1 crore in Q2 September 2019. Total tax expense were steeply higher at Rs 201.64 crore in Q2 September 2020 from Rs 92.80 crore in Q2 September 2019.
Apollo Hospitals Enterprise fell 2.73% to Rs 2134.45 after the company reported 30.1% drop in consolidated net profit to Rs 60.27 crore on a 2.8% decline in net sales to Rs 2760.72 crore in Q2 FY21 over Q2 FY20. Profit before tax in Q2 September 2020 stood at Rs 65.58 crore, down by 50.9% from Rs 133.65 crore in Q2 September 2019. The company wrote back taxes worth Rs 17.50 crore during the quarter. Separately, Apollo Hospitals said that it has signed a definitive share purchase agreement with IHH Healthcare (IHH), its JV partner in Apollo Gleneagles Hospital, Kolkata (AGHL) to acquire its existing 50% equity stake in AGHL for a cash purchase consideration of Rs 410 crore. AGHL runs a 750 bedded state of the art multi-speciality hospital at Kolkata and is currently a 50:50 joint venture between Apollo Hospital s and IHH.
Power Grid Corporation of India fell 0.03% after the company reported a 20.34% rise in consolidated net profit to Rs 3,094.10 crore on 2.36% increase in total income to Rs 9,887.48 crore in Q2 September 2020 over Q2 September 2019.
Results Today:
Eicher Motors (down 0.63%), Grasim (up 0.5%), IRCTC (up 0.34%), Jubilant Foodworks (up 2.51%), Page Industries (up 0.46%), Fortis Healthcare (up 2.78%), Avanti Feeds (up 2.09%), Bharat Dynamics (up 0.6%), HEG (up 1.54%), Bombay Burmah Trading Corporation (up 1.78%), Cochin Shipyard (up 0.87%) are some of the companies that will announce their quarterly results today.
Mazagon Dock Shipbuilders (down 0.34%) will announce its first quarterly result after listing on bourses on 12 October 2020.
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