Key indices were trading near the day's high in mid-morning trade. Investors continued to monitor the results of the US Presidential election as Joe Biden edged closer to victory. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 599.51 points or 1.48% at 41,215.65. The Nifty 50 index was up 173 points or 1.45% at 12,081.50.
In the broader market, the S&P BSE Mid-Cap index gained 1.38% while the S&P BSE Small-Cap index rose 1.39%.
Buyers outpaced sellers. On the BSE, 1551 shares rose and 701 shares fell. A total of 147 shares were unchanged.
U.S. Presidential Election:
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 222 points and Nasdaq futures were up 185 points.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 48,008,175 with 12,24,144 deaths.
India reported 527,962 active cases of COVID-19 infection and 124,315 deaths while 7,711,809 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Earnings Today:
Berger Paints India (up 1.35%), ABB India (up 1.32%), Adani Power (up 0.83%), AstraZeneca Pharma (up 0.71%), Bajaj Electric (up 1.25%), Caplin Lab (up 2.57%) , Container Corporation (up 1.65%), Dalmia Bharat (up 0.42%), Gujarat Gas (up 1.94%), Emami (up 1.78%), Godrej Consumer (up 1.46%), ICRA (up 1.16%), Sumitomo Chemical (up 2.89%), Torrent Power (up 1.27%), Vinati Organics (up 1.44%) and Trent (up 0.30%) are some of the companies that will announce their quarterly results today.
Earnings Impact:
HPCL jumped 7.47% to Rs 200.70. The board of the state-run oil marketing company approved a proposal to buyback shares worth upto Rs 2500 crore at a maximum buyback price of Rs 250 per equity share. At maximum buyback price and maximum buyback offer size, the indicative maximum number of equity shares to be bought back would be 10 crore equity shares, which is 6.55% of the total number of equity shares of the company.
HPCL reported its Q2 September 2020 result on Wednesday. The company's net profit surged 135.4% to Rs 2,247.75 crore on 14.16% decline in total income to Rs 52,590.08 crore in Q2 September 2020 over Q2 September 2019. Average gross refining margin during the six months ended 30 September 2020 was $2.58 per BBL (barrel of oil) as against $1.87 per BBL during the corresponding period of previous year.
SRF jumped 7.15% to Rs 4757 after the chemical maker reported 4.7% rise in consolidated net profit to Rs 315.20 crore in Q2 September 2020 from Rs 301 crore posted in Q2 September 2019. Consolidated net sales in Q2 September 2020 stood at Rs 2,062.98 crore, registering a 21% growth over Rs 1,702 crore in Q2 September 2019.
The company's earnings before Interest and Tax (EBIT) increased 66% to Rs 480 crore in Q2 September 2020 from Rs 290 crore posted in the corresponding period last year. The overall EBIT margins expanded by 600 basis points in Q2FY21 when compared with same period last year.
United Spirits rose 1.40% to Rs 517.10. The liquor maker's consolidated net profit dropped 20.6% to Rs 125.10 crore on 5.1% decrease in net sales to Rs 2,196 crore in Q2 September 2020 over Q2 September 2019.
Global Markets:
Shares in Asia rose across the board as investors continued to monitor the development on the US elections.
The US stock market finished session higher on Wednesday, 4 November 2020, adding to the strong gains posted in the previous session, as investors risk sentiments bolstered on prospects for a big stimulus effort for the economy.
US service sector activity slowed by more than expected in the month of October, according to a report released by the Institute for Supply Management on Wednesday. The ISM said its services PMI dipped to 56.6 in October from 57.8 in September, although a reading above 50 still indicates growth in the service sector.
US trade deficit narrowed to $63.9 billion in September from a revised $67.0 billion in August, a report released by the Commerce Department on Wednesday. The narrower deficit came as the value of exports jumped by 2.6% to $176.4 billion, while the value of imports rose by 0.5% to $240.2 billion.
US private sector employment rose by 365,000 jobs in October after spiking by an upwardly revised 753,000 jobs in September, according to a report released by payroll processor ADP on Wednesday.
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