The key indices came off the day's high in mid-afternoon trade. FMCG shares witnessed some bit of profit taking after advancing in the past four sessions. At 14:26 IST, the barometer index, the S&P BSE Sensex, spurted 503.80 points or 1.22% at 41,843.96. The Nifty 50 index rose 125.75 points or 1.04% at 12,246.05.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index rose 0.59%. The S&P BSE Small-Cap index gained 0.77%.
The market breadth was positive. On the BSE, 1467 shares rose and 1055 shares fell. A total of 202 shares were unchanged.
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 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 4,86,82,146 with 12,33,330 deaths. India reported 5,20,773 active cases of COVID-19 infection and 1,24,985 deaths while 77,65,966 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
US Election 2020:
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. Five states namely Pennsylvania, Georgia, Nevada, and North Carolina still counting votes. A candidate needs 270 electoral votes to win the election.
However, Trump has already filed court cases to challenge the counting of votes in Nevada, Pennsylvania, Georgia, and Michigan. He also wants a recount in Wisconsin, media reports said.
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.
In the House, the Democratic Party has won 208 seats so far while the Republican Party has won 193 seats. Either party needs 218 seats for a majority in the House.
The media reported that Biden has a strong chance to win the election but he will preside over a divided house and that will it difficult for any major policy changes to be enacted.
The US Dow Jones Futures were currently down 175 points and Nasdaq futures were down 137 points.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee appreciated to 74.08 compared with its previous closing 74.36.
The yield on 10-year benchmark federal paper rose to 5.871% compared with its closing of 5.858% in the previous trading session.
MCX Gold futures for 4 December 2020 settlement added 0.12% to Rs 52,115.
In the commodities market, Brent crude for January 2020 settlement slipped 49 cents to $40.44 a barrel. The contract had lost 0.73% or 30 cents to settle at $40.71 in the previous trading sessions.
Buzzing Segment:
The Nifty FMCG index shed 0.25% to 30,106.05. The index had gained 2.6% in the past four sessions.
Marico (up 1.79%), United Spirits (up 1.67%), Colgate-Palmolive India (up 1.52%), Dabur India (up 1.32%) and Procter & Gamble Hygiene (up 0.99%) edged higher while Nestle India (down 1.33%), Emami (down 1.17%), Tata Consumer Products (down 0.86%) and United Breweries (down 0.68%) edged lower.
Stocks in Spotlight:
Voltas rose 2.59% to Rs 759.75. The company reported 26.4% decline in consolidated net profit to Rs 78.35 crore on 12.2% rise in income from operations to Rs 1587.55 crore in Q2 FY21 over Q2 FY20.
On the segmental front, revenue from Unitary Cooling Products for Comfort and Commercial use was Rs 571.65 (up 8.8% YoY), revenue from Electro - Mechanical Projects and Services was Rs 927.80 crore (up 14.6% YoY) and revenue from Engineering Products and Services was Rs 93.29 crore (up 16.2% YoY) in the second quarter.
Vinati Organics fell 2.73% to Rs 1142 after the chemical maker posted a 44% decline in net profit to Rs 62 crore in Q2 September 2020 as against Rs 110 crore in Q2 September 2019. Net sales fell 12% to Rs 219.44 crore in Q2 FY21 over Q2 FY20.
Apart from the capex of Rs 150 crore for manufacturing four new specialty chemicals and for expanding the present capacity of the PTBBA plant, board has approved additional capex of Rs 60 crore for new products and expansion. Expected revenue from the total capex is approximately 300 crore, the company said.
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