Domestic equity benchmarks extended early gains and hit the day's high in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 255.19 points or 0.62% at 41,595.35. The Nifty 50 index was up 64.70 points or 0.53% at 12,185.
In the broader market, the S&P BSE Mid-Cap index rose 0.62% while the S&P BSE Small-Cap index gained 1.05%.
Buyers outnumbered sellers. On the BSE, 1417 shares rose and 672 shares fell. A total of 124 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 48,600,930 with 1,232,214 deaths. India reported 520,773 active cases of COVID-19 infection and 124,985 deaths while 7,765,966 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 204 seats so far while the Republican Party has won 190 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 165 points and Nasdaq futures were down 134 points.
Buzzing Segment:
The Nifty Realty index rose 1.43% to 227.75, outperforming the other sectoral indices on the NSE. The index had lost 4.6% in the past three sessions.
Godrej Properties (up 4.69%), Sobha Developers (up 1.69%), DLF (up 1.21%) and Indiabulls Real Estate (up 1.05%) advanced while Brigade Enterprises declined 2.21%.
Earnings Today:
ITC (down 0.26%), Cipla (up 0.02%), Ashok Leyland (up 0.29%), Bank of India (up 1.88%), Union Bank of India (up 1.24%), Vedanta (up 0.64%), Bharat Electronics (down 0.48%), Bosch (down 0.06%), Voltas (up 0.08%), Aditya Birla Fashion (down 0.19%), Alkem Laboratories (up 0.28%), Astral Poly Technik (up 0.26%), Balkrishna Industries (up 0.77%), Central Bank of India (up 3.14%), CESC (up 1.23%), Chemcon Speciality Chemicals (up 3.10%), CreditAccess Grameen (up 3.01%), Dilip Buildcon (up 2.99%), Glenmark Pharmaceuticals (up 0.28%), India Cements (up 1.57%), Indian Overseas Bank (up 3.50%), Jammu & Kashmir Bank (up 1.68%), Dr Lal PathLabs (up 1.37%), Lemon Tree Hotels (up 1.28%), Manappuram Finance (up 1.38%), MRF (up 0.55%), Quick Heal Technologies (up 2.84%), REC (up 0.18%), SAIL (up 1.96%), Sonata Software (up 0.50%), Tata Consumer Products (up 0.32%) and Westlife Development (up 2.26%) are some of the companies that will announce their quarterly earnings today.
Earnings Impact:
Adani Power (APL) jumped 4.67% to Rs 38.10 after the company reported a consolidated net profit of Rs 2228.05 crore in Q2 September 2020 as against Rs 3.88 crore in Q2 September 2019.
Total income during the quarter increased by 29% year-on-year (YoY) to Rs 8,792.28 crore. This includes one-time revenue recognition of Rs 3,624 crore mainly towards compensatory tariff and carrying cost in Q2 FY 2020-21 as compared to Rs 730 crore in Q2 FY 2019-20. This one-time revenue recognition in the current quarter was on account of regulatory approvals of Adani Power Maharashtra's claims for coal shortfall compensation and carrying costs.
During the second quarter of FY 2020-21, APL and its subsidiaries achieved an Average Plant Load Factor (PLF) of 49.9% and sales volume of 12.6 Billion Units (BU), as compared to a PLF of 59.2% and sales volume of 14.5 BU recorded in the second quarter of FY 2019-20.
"This lower performance was primarily a result of customer back-downs in Maharashtra and a subdued merchant market partially offset by higher grid demand and improved coal availability in Rajasthan as well as full quarter utilization of the recently acquired power plants in Chhattisgarh, the company said in a statement.
Dalmia Bharat rose 2.15% to Rs 895 after the cement maker's consolidated net profit jumped 544% to Rs 232 crore in Q2 September 2020 from Rs 36 crore in Q2 September 2019. Net sales for Q2 September 2020 came at Rs 2,410 crore, rising 7.78% from Rs 2,236 crore posted in Q2 September 2019.
Dalmia's sale volume rose 7.38% to 4.8 MnT in Q2 September 2020 from 4.47 MnT in Q2 September 2019. The company said it achieved volume growth on the back of demand from rural segment, pickup in government's infrastructure and low cost housing projects. The Eastern states continued to outperform with green shoots of demand revival visible in South in the latter part of the quarter. The company said it witnessed a seasonal weakness of cement prices during the quarter, especially in Eastern region.
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