Key indices are trading with modest gains in early trade, extending yesterday's upmove on sustained buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 183 points or 0.44% at 41,523.16. The Nifty 50 index was up 47.80 points or 0.39% at 12,168.10.
The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.6%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 971 shares rose and 413 shares fell. A total of 57 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) gained 2.8%. The Public Investment Fund (PIF) will invest Rs 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries (RIL). This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion). This investment will further strengthen PIF's presence in India's promising retail market segment.
Berger Paints India advanced 2.42% after the company reported 13.31% rise in consolidated net profit to Rs 220.94 crore on 9.38% increase in total income to Rs 1,765.73 crore in Q2 September 2020 over Q2 September 2019.
Axis Bank fell 0.73%. Axis Bank has executed an agreement for subscribing to 57,743 equity shares of face value of Rs. 1,000 each to be issued by CSC e-Governance Services India at Rs 6,300 per equity share.
Adani Power jumped 6.46%. Adani Power reported consolidated net profit of Rs 2,228.05 crore in Q2 September 2020 as compared to net profit of Rs 3.88 crore in Q2 September 2019. Total income rose 28.99% to Rs 8,792.28 crore in Q2 September 2020 over Q2 September 2019.
Chambal Fertilisers & Chemicals rose 1.61% after the company reported 80.3% rise in consolidated net profit to Rs 298.78 crore on 12.9% increase in total income to Rs 3,257.31 crore in Q2 September 2020 over Q2 September 2019.
Birla Corporation surged 5.52% after the company reported 88.61% rise in consolidated net profit to Rs 166.62 crore on 1.74% increase in total income to Rs 1,675.41 crore in Q2 September 2020 over Q2 September 2019.
Global Markets:
Overseas, Asian stocks are trading mixed on Friday as investors continue to wait for a result from the U.S. election. Democrat Joe Biden reportedly crept closer to victory over U.S. President Donald Trump by leading with razor-thin margins in a handful of states where votes are still being counted.
In US, stocks jumped on Thursday on hopes the winner of the U.S. presidential and congressional elections would soon be determined, with shares of major tech-related companies leading the gains.
The US Federal Reserve said Thursday it kept interest rates unchanged near zero, noting the economy remained well below pre-pandemic levels.
Back home, domestic equity benchmarks ended near the day's high after a robust rally on Thursday. The barometer index, the S&P BSE Sensex, surged 724.02 points or 1.78% at 41,340.16. The Nifty 50 index jumped 211.80 points or 1.78% at 12,120.30.
Foreign portfolio investors (FPIs) bought shares worth Rs 5,368.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,208.18 crore in the Indian equity market on 5 November, provisional data showed.
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