Financials lift indices; Sensex ends 504 pts up ahead of US poll outcome

All that happened in the markets today

Nifty Bank jumped over 3 per cent or 790 points to 25,683 levels.

The Indian stock market ended over one per cent higher on Tuesday, on the back of favourable global cues, ahead of the US presidential poll outcome. Analysts say while predicting the election outcome is harder-than-ever, a victory for Democratic candidate Joe Biden will be good for emerging markets (EM), including India. READ MORE

Among the headline indices, the S&P BSE Sensex rallied 504 points, or 1.2 per cent, to 40,261 levels and the Nifty50 index reclaimed the 11,800-mark to end at 11,813.50, up 144 points, or 1.24 per cent. India VIX dropped nearly 4 per cent to 24.2 levels.

Sectorally, barring Nifty Realty and Nifty Media, all other indices ended in the green. Nifty Bank jumped over 3 per cent or 790 points to 25,683 levels while Nifty Metal rose over 2 per cent to 2,391 levels.

In the broader market, the S&P BSE MidCap index gained 0.42 per cent to settle at 15,021 levels while the S&P BSE SmallCap index ended at 14,834, up 52 points, or 0.35 per cent.

Global markets

European stock markets rose in early trading on Tuesday as investors bet on a clear win for Joe Biden as the United States votes in its most polarised presidential election in living memory.

In Asia, South Korea’s main index advanced 1.7 per cent and Hong Kong’s index sprinted 2.2 per cent higher.

The MSCI China index hit a 23-year high after Chinese factory activity expanded the fastest in a decade. Japanese markets were closed for a holiday.

In commodities, oil prices extended their rally but concerns over surging coronavirus cases around the world capped further gains.

(With inputs from Reuters)

4:12 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

The market maintained its momentum supported by increased demand for banking stocks due to improvement in the business outlook. Globally too, the market was on a strong footing as the US manufacturing data surpassed expectations and a similar rebound was seen across Europe and China. Markets are also sustaining their confidence ahead of the upcoming Fed meeting, as it is not expecting an increase in rates and easing measures to recover the economy.

3:43 PM

SECTOR WATCH | Nifty Bank jumps 790 pts

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 504 points, or 1.27 per cent to settle at 40,261 levels while the NSE's Nifty50 index ended at 11,813.50, up 144 points, or 1.24 per cent.

3:11 PM

Godrej Properties Q2 net drops 80% to Rs 7.1 crore on Covid-19 impact

Godrej Properties said its total booking value in Q2FY21 stood at Rs 1,074 crore on a booking volume of 1.73 million sq ft. It sold 1,373 residential units in Q2FY21. In comparison, its booking value was Rs 1,446 crore on a volume of 2.26 million sq ft in Q2FY20. READ MORE

3:03 PM

PNB eyes Rs 7,000 crore from QIP in Dec, credit growth to be less than 5%

The country's second largest state-owned lender expects the credit growth to pick up slightly in the second half but it would be less than 5 per cent for the entire fiscal. The bank has already taken approval from the board for raising Rs 14,000 crore by way of Tier II, Additional Tier 1 (AT-1) bonds and QIP (Qualified Institutional Placement), PNB Managing Director S S Mallikarjuna Rao said in a virtual interaction with the media. READ MORE

2:53 PM

BROKERAGE VIEW | Axis Securities on Maruti Suzuki India

RATING: BUY | TARGET PRICE: Rs 7,920

The PV industry is exhibiting a strong sequential recovery on the back of pent-up demand, preference for personal mobility and the channel filling for the festive season. We expect MSIL to gain market share in FY21E given its (1) higher presence in rural areas (rural demand remains resilient), (2) a wide distribution network, (3) preference for lower-end hatchback cars (MSIL is the leader) given the weak economic environment and (4) expected shift towards petrol vehicles.

We expect company's volumes to decline by 13% YoY in FY21E followed by strong growth of 25% and 12% in FY22E/23E respectively. We maintain our BUY rating and TP of Rs.7,920 and continue to value the stock at 25x its FY23E EPS.

2:43 PM

Hero MotoCorp extends gain after recording all-time high volumes in October

Shares of Hero MotoCorp (HMCL) rose 4 per cent to Rs 2,937 on the BSE on Tuesday, extending its previous day’s 1 per cent gain after the company’s volumes rose 34.6 per cent year-on-year (YoY) to an all-time high in the month of October. The world’s largest two-wheeler manufacturer sold 806,848 units of motorcycles and scooters in October 2020 – its highest-ever sales in any single month. The company had sold 599,248 units in the corresponding month of the previous year (October 2019). READ MORE

2:36 PM

BUZZING STOCK | ICICI Bank up 6%

2:27 PM

Bankrupt, grounded Jet Airways is world's best performing airline stock

All airlines are feeling the coronavirus pinch but one that hasn’t flown since April 2019 after collapsing under a pile of debt is the world’s best performing -- at least from a share price point of view. Stock in Mumbai-listed Jet Airways India Ltd. has surged almost 150% this year versus a 42% plunge in the 27-member Bloomberg World Airlines Index, which comprises the globe’s biggest carriers. READ MORE

2:27 PM

Sensex trades over 500 pts higher

2:21 PM

SBI to report Q2 result on Wednesday; here's what leading brokerages expect

India’s largest government-owned bank, State Bank of India (SBI), is set to declare its September quarter result (Q2FY21) on Wednesday, November 4, under the chairmanship of Dinesh Khara. Analysts, however, remain divided on the bottom-line figures. Net profit, for instance, may come in anywhere between Rs 2,172.2 crore and Rs 4,676.5 crore, say analysts. READ MORE