Democrat candidate Joe Biden's win in Michigan and Wisconsin has put him on the brink of winning the US Presidential Elections 2020 even though President Donald Trump is taking the legal route to stop vote counting in at least two states. According to Bloomberg's latest tally, Biden now has 264 Electoral College votes out of the 270 needed to win the presidency while Trump has 214. The newsflow on this front will remain the cynosure of all eyes.
Globally, US stocks surged to close higher overnight amid the vote counting. The Dow rose 1.34 per cent, the S&P 500 gained 2.2 per cent, and the Nasdaq added 3.85 per cent.
Asian share markets also firmed on Thursday, with Japan's Nikkei rising 1.26 per cent and South Korea putting on 1.5 per cent.
Overall, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent to reach its highest since March 2018.
As for the Indian markets, the SGX Nifty was trading 175 points higher at 12,083 levels at around 7:30 AM, indicating a gap-up opening for the domestic indices today.
While the US election results will remain the overarching theme, investors will today also keep a keen eye on the Supreme Court resuming its hearing plea seeking extension of loan moratorium period. Besides, corporate results and stock-specific developments will be the other main triggers.
HPCL on Wednesday reported a twofold jump in its second quarter net profit at Rs 2,477 crore on the back of a surge in refining margins and inventory gains. The company also announced a Rs 2,500-crore share buyback plan as the management said it felt the share price was lower than the value it deserves.
Jubilant Life Sciences reported a 10.13 per cent decline in its consolidated net profit to Rs 224 crore for the quarter, mainly on account of higher taxes.
A total of 127 companies including Berger Paints, Emami, and Godrej Consumer Products are scheduled to announce their results today.
Aviation stocks are likely to be under pressure today after the government extended the cap on airline capacity of 60 per cent up to February 24.
On the Covid front, India's total caseload now stands at 83.63 lakh. The country's death toll has mounted to 1.24 lakh.
And, multiplex and theatre related stocks are expected to do well today as the Maharashtra government yesterday permitted theatres including single-screen, multiplex and drama halls to reopen from today, adding that they could function outside containment zones only.
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