Benchmark indices reverse trend and hit fresh intraday low in afternoon trade. The Nifty slipped below 11,800 mark. Realty, banks and financial stocks saw steep selling. Investors across the globe were monitoring the US Presidential elections results.
At 13:20 IST, the barometer index, the S&P BSE Sensex, skid 176.43 points or 0.44% at 40,084.70. The Nifty 50 index fell 48.60 points or 0.41% at 11,764.90.
HDFC (down 3.05%), Axis Bank (down 3.92%) and ICICI Bank (down 3.71%) dragged.
In the broader market, the S&P BSE Mid-Cap index slipped 0.36% and the S&P BSE Small-Cap index lost 0.19%.
The market breadth turned negative. On the BSE, 1,055 shares rose and 1,348 shares fell. A total of 173 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,274.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,100.92 crore in the Indian equity market on 3 November 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 4,74,07,204 with 12,13,744 deaths. India reported 5,33,787 active cases of COVID-19 infection and 1,23,611 deaths while 76,56,478 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
US Election 2020:
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.
The US Dow Jones Futures were currently down 305 points and Nasdaq futures were up 131 points.
Gainers & Losers:
Sun Pharmaceutical Industries (up 3.86%), Infosys (up 2.51%), IndusInd Bank (up 2.41%), Wipro (up 2.19%) and Divis' Laboratories (up 2.13%) were top gainers in Nifty 50 index.
UPL (down 3.43%) and Power Grid Corporation of India (down 2.58%) were major losers in Nifty 50 index.
Results Today:
SBI (down 0.12%), HPCL (down 1.24%), Lupin (up 1.71%), Adani Enterprises (down 1.10%), Adani Green Energy (up 0.76%), Apollo Tyres (up 3.04%), Balrampur Chini Mills (down 0.93%), BASF India (up 0.82%), Garware Technical Fibres (down 0.01%), Godrej Agrovet (down 0.29%), Hikal (up 3.46%), JK Lakshmi Cement (up 1.76%), Jyothy Labs (up 1%), Jubilant Life Sciences (up 0.01%), KEC International (up 1.71%), Pidilite Industries (down 0.64%), SRF (up 0.76%), Thermax (up 0.80%) and United Spirits (up 0.74%) are some of the companies that will announce their quarterly earnings today.
Happiest Mind Technologies (up 2.80%) will post first ever result after listing on bourses in September 2020.
Earnings Impact:
Adani Gas skid 1.28%. The company's standalone net profit rose 12.7% to Rs 135.67 crore on a 11.6% decline in net sales to Rs 417.86 crore in Q2 FY21 over Q2 FY20. EBITDA has increased by 48% YoY to Rs 218 crore versus Q2 FY20 EBITDA of Rs 147 crore. Total sales volume declined 10% year-on-year (Y-o-Y) to 131 million standard cubic meters (mmscm) during the quarter. CNG sales volume stood at 59 mmscm (down 21% Y-o-Y) and PNG sales were at 72 mmscm (up 2% Y-o-Y) in the second quarter.
Separately, Adani Gas announced signing a Definitive Agreement for acquisition of 3 Geographical Areas namely Ludhiana, Jalandhar and Kutch (East). "All 3 GAs have high volumes potential in terms of demand of over 6.5 MMSCMD over a period 10 Years. These GA's are under Phase 1 of Bharat Mala Pariyojana by NHAI which will further boost the development and volume growth, the company said.
Ajanta Pharma gained 0.04%. On a consolidated basis, the company's net profit increased 46.29% to Rs 170.22 crore on a 11.38% rise in revenue from operations to Rs 715.91 crore in Q2 September 2020 over Q2 September 2019. The drug company's India sales were at Rs 202 crore, down 1%. Total exports in Q2 September 2020 were at Rs 499 crore, a growth of 12% year-on-year. During Q2 September 2020, R&D expenses declined 27.5% to Rs 29 crore (4% of revenue) from Rs 40 crore in Q2 September 2019.
Ajanta Pharma's board approved a proposal to buyback fully paid-up equity share. The company aims to buyback upto 7.35 lakh shares (0.84% of the total number of fully paid-up equity shares) at Rs 1,850 per share. The buyback will be on a proportionate basis through a tender offer route. The company has fixed 13 November 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.
PVR rose 1.91%. The multiplex chain operator posted a consolidated net loss of Rs 183.95 crore in Q2 September 2020 compared with net profit of Rs 47.88 crore recorded in Q2 September 2019. Revenue from operations tumbled nearly 96% to Rs 40.45 crore in Q2 September 2020 from Rs 973 crore in the same period last year.
PVR said the results for quarter ended 30 September 2020 are not comparable with results for quarter ended 30 September 2019 as temporary closures of cinemas and suspension of operations have impacted business operation. The financial performance of Q2 September 2020 was impacted by the continued lockdown announced due to COVID-19 outbreak, which disrupted company's operations.
PVR said that it had strengthened cost control measures resulting in 71% savings year on year in total fixed costs excluding rent and common area maintenance charges (CAM). Monthly fixed cost excluding rent and CAM dropped to Rs 24 crore in Q2 September 2020 from Rs 86 crore in Q2 September 2019.
Global Markets:
European markets opened higher while Asian stocks continued to trade higher on Wednesday as investors around the world keep watch on the results of the U.S. election.
A private survey showed China's service sector activity growing in October, with the Caixin/Markit services Purchasing Managers' index coming in at 56.8.
Hong Kong-listed shares of Alibaba tanked on Wednesday after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns.
In US, stocks jumped on Tuesday as investors hoped a clear winner would emerge from the U.S. presidential election and a delayed, or contested, result would be avoided.
Heading into Tuesday's vote, former Vice President Joe Biden held a lead in national polling over President Donald Trump. In swing states, where the election will be decided, polling averages are tighter than the national polls.
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