Key indices bounced off the day's low and were trading near the day's high in mid-afternoon trade. The Nifty regained the 11,800 mark. Investors across the globe were monitoring the US Presidential elections results.
At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 270.53 points or 0.67% at 40,531.66. The Nifty 50 index added 69.25 points or 0.59% at 11,882.75.
In the broader market, the S&P BSE Mid-Cap index gained 0.12% and the S&P BSE Small-Cap index rose 0.22%.
The market breadth was negative. On the BSE, 1140 shares rose and 1339 shares fell. A total of 192 shares were unchanged.
U.S. Presidential Election:
In-person voting is still on in many parts of the United States. But, early results are pouring in from states where polling has closed. So far, Democratic Party candidate and former vice president Joe Biden has won 238 electoral votes while President Donald Trump has won 213 electoral votes. A candidate needs 270 electoral votes to win the election.
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The US Dow Jones Futures were currently up 135 points and Nasdaq futures were up 291 points.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee fell to 74.76 compared with its previous closing 74.4125.
The yield on 10-year benchmark federal paper fell to 5.889% compared with its closing of 5.898% in the previous trading session.
MCX Gold futures for 4 December 2020 settlement declined 0.74% to Rs 51,217.
In the commodities market, Brent crude for January 2020 settlement rose 23 cents to $39.94 a barrel. The contract had gained 1.9% or 74 cents to settle at 39.71 in the previous trading sessions.
Buzzing Index:
The Nifty PSU Bank index fell 1.46% to 1,306.25. The index rose 5.2% in the past two sessions.
Punjab National Bank (down 1.8%), Bank Of Baroda (down 1.78%), Bank of Maharashtra (down 1.34%), Indian Bank (down 1.27%), Bank of India (down 1.02%), Canara Bank (down 0.79%), Union Bank of India (down 0.63%), Indian Overseas Bank (down 0.54%), CBI (down 0.45%) and UCO Bank (down 0.43%) declined.
SBI was down 0.98%. The PSU bank's net profit jumped 52% to Rs 4,574.16 crore in Q2 September 2020 from Rs 3,011.73 crore in Q2 September 2019. Total income rose 3.42% to Rs 75,341.80 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) rose 25.3% to Rs 6,341.45 crore in Q2 September 2020 from Rs 5,059.83 crore in Q2 September 2019. Tax expense for the quarter fell 13.7% at Rs 1767 crore as against Rs 2048 crore in Q2 September 2019.
Provision and contingencies fell by 23% to Rs 10,118.31 crore in Q2 FY21 from Rs 13,138.93 crore in Q2 FY20. During the quarter ending September 2020, the bank said it made an additional provision of Rs 239 crore on COVID-19 related accounts. The bank now holds a total of Rs 3,247 crore COVID-19 related provisions. The Provisioning Coverage Ratio as at 30 September 2020 works out to 88.19%.
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