Key indices rallied in early trade on strong buying demand in index pivotals. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 561.24 points or 1.34% at 42,454.30. The Nifty 50 index was up 173.85 points or 1.42% at 12,437.40. The Sensex and the Nifty, both, scaled record high in early trade.
The S&P BSE Mid-Cap index was up 0.68%. The S&P BSE Small-Cap index was up 0.57%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1295 shares rose and 523 shares fell. A total of 89 shares were unchanged.
Bihar exit polls :
On the political front, after the end of third and final phase of Bihar election on November 7, the results will be declared on November 10. 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.
Stocks in news:
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ITC rose 0.92%. ITC posted a 20% fall in standalone net profit to Rs 3232.40 crore in Q2 September 2020 from Rs 4023 crore reported in Q2 September 2019. Net sales fell 3.81% to Rs 11,098.24 crore in Q2 September 2020 over Q2 September 2019.
Cipla rose 0.28%. Cipla reported 41.2% jump in consolidated net profit to Rs 665.43 crore on 16.6% increase in net sales to Rs 4,972.58 crore in Q2 FY21 over Q2 FY20.
Biocon gained 0.87%. Biocon announced that the board of its subsidiary Biocon Biologics has approved a Rs 1,125 crore (~USD 150 million) capital injection from Goldman Sachs. As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of USD 3.94 Billion.
Divi's Laboratories gained 3.45% after the company reported 45.6% jump in consolidated net profit to Rs 519.59 crore on a 21% increase in net sales to Rs 1,749.30 crore in Q2 FY21 over Q2 FY20.
Glenmark Pharmaceuticals jumped 5.31%. The company'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.
Steel Authority of India (SAIL) fell 1.32%. SAIL reported a consolidated net profit of Rs 436.52 crore in Q2 September 2020 as compared to a net loss of Rs 285.92 crore in Q2 September 2019. Total income rose 21.21% to Rs 17,393.86 crore in Q2 September 2020 over Q2 September 2019.
Ashok Leyland dropped 1.71% after the company reported a consolidated net loss of Rs 122.95 crore in Q2 September 2020 as compared to a net profit of Rs 44.60 crore in Q2 September 2019. Net sales tumbled nearly 24% year on year to Rs 3,835.85 crore in Q2 September 2020 from Rs 5,033 crore posted in Q2 September 2019.
Tata Consumer Products rose 1.53% after the company reported 33.1% rise in consolidated net profit to Rs 257.06 crore on 18.5% increase in net sales to Rs 2,781.34 crore in Q2 FY21 over Q2 FY20.
MRF rose 0.5%. The company posted a 79.5% jump in consolidated net profit to Rs 410.92 crore in Q2 September 2020 from Rs 229 crore reported in Q2 September 2019. The tyre marker's net sales for Q2 September 2020 grew by 6% to Rs 4,244.43 crore from Rs 4,007 crore in the same period last year.
Global Markets:
Overseas, Asian stocks are trading higher on Monday morning as investors reacted to Democrat Joe Biden's defeat of incumbent Donald Trump in the U.S. presidential race.
In US, stocks closed mostly lower Friday, ending a four-day winning streak as investors looked for clarity around the presidential and congressional election results.
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 January 20, 2021, taking over from incumbent Republicans Donald Trump and Mike Pence.
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.
Back home, domestic equity benchmarks rallied for the fifth straight session on Friday. Strength in index heavyweight Reliance Industries and HDFC twins boosted the indices higher. Banks shares were in demand while pharma shares corrected. The barometer index, the S&P BSE Sensex, spurted 552.90 points or 1.34% at 41,893.06. The Nifty 50 index rose 143.25 points or 1.18% at 12,263.55.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,869.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,938.66 crore in the Indian equity market on 6 November, provisional data showed.
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