Share Market Highlights: Sensex ends 684 points higher, Nifty at 12,631; SBI, L&T, Bajaj twins top gainers

Sensex, Nifty Highlights on November 10: Market indices Sensex and Nifty closed near record highs on Tuesday, amid positive global equities as news about the COVID-19 vaccine bolstered investor confidence. Extending gains for the seventh straight session, Sensex ended 680 points higher at 43,227 and Nifty rose 170 points to 12,631. While Sensex jumped 719 points in the session to hit an all-time high of 43,316, Nifty gained 182 points to touch a fresh high of 12,643 today. Yesterday, Sensex ended 704 points higher at 42,597 and Nifty gained 197 points to 12,461.

Here's a look at the updates of the market action on BSE and NSE today

3. 51PM: Closing

Market indices Sensex and Nifty closed near record highs on Tuesday, amid positive global equities as news about the COVID-19 vaccine bolstered investor confidence. Extending gains for the seventh straight session, Sensex ended 680 points higher at 43,227 and Nifty rose 170 points to 12,631.

3. 24PM: Inox leisure share pricejumps 5%

Inox leisure share price gained nearly 5%    on Tuesday after the company's qualified institutional placement (QIP) opened for subscription.

With a trend reversal, the stock price of Inox Leisure opened with a gain of 4.16% today at Rs 278 and later touched an intraday high of Rs 280, rising 4.91% from last close of Rs 266.90. Inox stock has gained after 2 days of consecutive fall.

Inox stock has given 5.63% returns in one week, although earsed 3.57% value in one month and 28% year to date.

3. 16PM: IT sector outlook

Spark Research said in its note," IT Sector - 2QFY21 Recap - Sustainability of operating margins is unlikely - Recovery in revenue in Q2 is broad based across geographies & verticals - Margin improvement in Q2 is led by increased revenue and continued cost optimization - Wage hike to be implemented for most of the IT coverage portfolio in 2HFY21."  

3.04 PM: Berger Paints 2QFY21 outlook review

Spark Research said in its note,"Berger Paints - REDUCE (TP of Rs. 600) - Aided by sustained network expansion, heightened focus on the waterproofing segment which can emerge as a core growth & revenue driver for BRGR alongside superior market initiatives, we believe BRGR will maintain its robust growth trajectory in the decorative segment. - Despite being positive on the business profile of BRGR, given the sharp 20% rally since our last update, we believe the CMP fully reflects all the near term positives."

2. 45PM: Gol prices today

Gold price fell as news of effectiveness from Pfizer vaccine against covid-19 made investors to dump gold and move to riskier assets.

2. 34PM: Dabur India result update

Geojit Financial Services said in its note,"In Q2FY21, Revenue rose 13.7% YoY driven by healthy growth in domestic and international market through launch of new products and increase in demand. EBITDA margin stood at 22.6% (+50bps YoY) helped by cost reduction initiatives i.e. Samriddhi project. New product launches, pickup in economy post lockdown, efficient supply chain, and cost reduction initiatives will boost financials in medium to long term. Hence, we upgrade our rating to BUY on the stock with a revised target price of Rs. 584 based on 53x FY22E adj. EPS."

2. 22PM: Bharti Airtel result update

Geojit Financial Services said in its note,"Surging data usage with increased customer base helped Q2FY21 ARPU upwards translating to a 22.0% YoY growth in consolidated revenues. EBITDA grew 31.7% YoY, as margin expanded 340bps to 45.2% on higher revenues and lower operational expenses.

PAT came in at Rs. 763cr loss owing to higher borrowing costs and taxes. Adj. loss stood at Rs. 714cr (vs. Rs. 4,187cr loss in Q1FY21). Sequential improvements in ARPUs on continued growth in subscriber base, coupled with equally strong growth seen in broadband and DTH verticals bodes well for Bharti Airtel. We reiterate our BUY rating on the stock with a revised TP of Rs. 544 based on SOTP methodology."

2. 19 PM: Insurance monthly data quote

Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said," For October the insurance industry saw a decent set of growth. Life Insurance (Private player) reported 14% YoY growth in individual APE in October 2020 compared to 4% YoY in September 2020. Growth led by Gradual revival in ULIPs and strong traction in non-par savings segments. HDFC Life, Max Life, Tata AIA, and Aditya Birla SL reported very strong growth in individual APE up 45%, 49%, 37%, and 21% YoY respectively. Bajaj Life was muted at 3% YoY. ICICI Prudential Life remained weak. Max Life continues to deliver a healthy set of growth, APE was up 49% YoY.Max Life strong business led by the Non-par saving segment.

1. 57 PM: Dalmia Bharat result update

Geojit Financial Services said in its note,"We revise upward our Target to Rs.1,000 (earlier Rs.865) and maintain Accumulate rating considering strong margins and healthy volume. Q2FY21 revenue grew by 8%YoY mainly aided by improvement in volumes (+7%ToY). EBITDA grew by 48%YoY due to sharp improvement in EBITDA margin by 790bps YoY to 29% aided by reduction in costs. EBITDA/Ton improved to Rs.1,463 Vs Rs.1,063 YoY (Rs.1,678 QoQ). The capacity expansion of ~7.8MT in East is on track with slight delay due to lockdown restrictions. ~3.35MT would be completed in FY21 and balance in FY22. DBL has completed acquisition of Murli Industries (3MT-Maharashtra) with a consideration of Rs.410cr. Additional ~Rs.400 cr would be spend to operationalize the plants in 9-12 months. Demand outlook remains uncertain in the short-term but to recover strongly in FY22. We value DBL at 8x FY22E EV/EBITDA."

1. 40 PM: Multiplex stocks outlook

Keshav Lahoti Associate Equity Analyst, Angel Broking siad,"Multiplex stocks PVR, Inox Leisure  has corrected ~40% due to disruption brought in the business by Covid-19. Because of fear brought on by the pandemic, people are hesitant to go to theatres to watch movies and the Central Government has also imposed extra restriction on the industry such as occupancy is capped at 50%. Few state Governments have not given permission for the theatre industry to start their operation. Yesterday with Pfizer's announcing their Covid-19 vaccine is showing signs of 90% effectiveness is positive for the industry. If an effective vaccine comes to the country, the Government will reduce restrictions on occupancy, food & beverages so companies will be able report better revenue and profitability. With this announcement, there is a possibility of Covid-19 vaccine in the near future, so investors will relook at multiplex stocks from an investment point of view. We are bullish on PVR and Inox Leisure as they are gaining market share and even after Covid-19 disruption yet long term fundamentals are intact for the company." 

1. 30 PM: Real Estate sector update

Abhishek Bansal, Executive Director, Pacific Group said, "Diwali season is all set to bring cheers to buyers and investors in the real estate market. The time is opportune as developers are rolling out festive offers and deferment payment plans for easing the financial burden. The commercial segment finds renewed growth opportunities in Tier II-III cities with reverse migration and remote working still being the prevalent norms. There is an increased demand for phygital retail options in small cities as well due to the accompanying convenient and experiential value."

1. 21PM: VIP Industries outlook review

Spark Research in its note upgraded VIP Industries to BUY (TP of Rs. 370) and said, "VIP has done well to prune its costs, protect the balance sheet and survive 3Qs of the pandemic. Further, the decision of not diversifying into any new big categories lends comfort, as we had our doubt on VIP's right to win in some of those speculated new categories. As we move our discounting year to FY23, even a subdued mean reversion to FY20 level in FY23 lends comfort to upgrade our rating."

1. 11 PM: YES Bank share hits 5% upper circuit

YES Bank share price hit 5% upper circuit on Tuesday's early session, after the lender announced CARE Ratings have revised its rating on lender's debt instruments. The rating agency has revised the bank's infrastructure bonds rating to 'CARE BBB' from previous 'CARE B'. YES Bank share price opened at Rs 13.54 today, also the day's high, rising 4.96% in today's session, as against the earlier close of Rs 12.90 on BSE.

12. 59 PM: Rupee rises 10 paise to 74.05

The rupee appreciated by 10 paise to 74.05 per US dollar on Tuesday's opening trade, as intense buying in domestic equities amid positive COVID-19 vaccine news strengthened investor sentiments. Continued foreign fund inflows and weak American currency also supported the local unit.

The domestic currency opened up at 74.04 per US dollar at the interbank forex market, although, edged slightly lower to 74.05 in early deals, rising 10 paise over its last close.

Rupee rises 10 paise to 74.05 per US dollar on positive COVID-19 vaccine news, strong equities

12. 45 PM: Nity technical update

Geojit Financial Services said in its note," The gapped up opening should take us closer to the PRZ of 12800 discussed yesterday. Big range moves are expected, calling for deft handling so as not to end up on the wrong side. The potential reversal zone, needs confirmation as the ongoing momentum has potential for 13400-13700. Towards this end, until a pull back below 12400 unfolds, it may be safe to play the prevailing uptrend."

12. 31PM: Global market update

Asian markets are trading higher led by Airline stocks as investors reacted to the positive development on coronavirus vaccine front. Chinese CPI rose 0.5% in Oct.

U.S. markets closed significantly higher barring NASDAQ as investors cheered Pfizer and BioNTech vaccine results. Travel and Leisure shares gained.

European markets closed sharply higher as markets around the world moved up following Biden's election victory and positive vaccine news from Pfizer.

12. 27 PM: Market at all time high

Market indices Sensex and Nifty hit all time highs on Tuesday, amid positive global equities. Traders said investors reacted to Democrat Joe Biden's win against incumbent Donald Trump in the U.S. presidential poll and to positive developments overnight on the coronavirus vaccine front. While Sensex jumped 520 points in the session to hit an all-time high of 43,118, Nifty gained 137 points to touch a fresh high of 12,598 today.

12. 19 PM: Global markets

Globally market turned bouyed as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective. Pfizer and BioNTech said they had found no serious safety concerns so far and expected to seek U.S. emergency use authorization later this month.

12.03PM: Pfizer share hits all-time high

Pfizer share hit all-time high in early trade today after the pharma firm said vaccine developed with partner BioNTech SE proved more than 90% effective in the first 94 subjects who were infected by the new coronavirus and developed at least one symptom. Share of Pfizer gained 19.46% to touch record high of Rs 5875 against previous close of Rs 4917 on BSE.

The stock has gained after 3 days of consecutive fall. Pfizer share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Pfizer share hits all-time high after firm says its COVID-19 vaccine over 90% effective

11. 40 AM: VIP  Industries 2QFY21 result update

Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"During the 2QFY21, VIP Industries Ltd (VIL) reported revenue of ~Rs108cr (down ~74% YoY) mainly due to COVID-19. On the EBITDA front, the company has reported loss of Rs17cr against profit of Rs70cr in 2QFY20 due to higher discounts and lower sales. However, the company has reduced overall expense, which is down by 41% as compared to last year Q2 (Rs62cr vs. Rs153cr in last year Q2). On the bottom-line front, the company has reported loss of Rs35cr against profit of Rs33cr due to lower sales. Going forward, we expect a gradual recovery in the luggage sector."

11. 38 AM: COVID-19 vaccine outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd said,"Prizer Inc andBioNTech have announced that their mRNA-based vaccine candidate, BNT162b2, was found to be more than 90%effective in preventing COVID-19 in participants without evidence of priorSARS-CoV-2 infection in the first interim efficacy analysis. This is the first set of results announced by the companies from the phase 3 trials. Safety and additional efficacy data continues to be collected and is expected to be released by the third week of November.This is a positive announcement which had led to a sharp jump in global markets yesterday with the S&P 500up by over 3% at one point of time. However by the end of trading hours theS&P 500 gave up some of the gains to close the day at 3,550 up by 1.17%.Even Indian equity markets have reacted positively to the news with stocks from the worst impacted sectors like Airline, Hotels, multiplexes and luggage sectors also participating in the rally. We expect the optimism around these beaten down sectors could continue for some time. However the vaccine needs to be stored at temperatures below minus 70 degrees Celsius which would make the distribution of the vaccine difficult especially in developing economies which do not have the required infrastructure. Therefore markets may well  takeabreather post the initial euphoria. However there are other promising vaccines which are  currently in the phase three of development and news flow from the other vaccine developers like Moderna are also keenly awaited by themarkets. Markets will also take cues from incoming macro economic data both global and domestic along with the progress on the second US stimulus package."

11. 22AM: Hindalco outlook

Motilal Oswal said in its note,"HNDL is our preferred non-ferrous pick owing to its (a) robust volume recovery in both India and Novelis, (b) strong primary aluminum business profitability given its low-cost integrated aluminum operations in India (in the top quartile globally) and higher LME, (c) solid FCF generation, which should reduce leverage sharply, and (d) reasonable valuation."

The outlook for Novelis is positive due to resilience in the Beverage Can business and recovery in Auto demand (a high-margin business). Moreover, with better cost control and accruing synergies from Aleris, we expect margins for the Novelis business to remain strong at USD450+/t.  With ~70% EBITDA contribution now coming from the non-LME business (Novelis), we also see relatively higher stability in HNDL's earnings.  While we expect aluminum prices to sustain on the back of demand recovery, higher inventory could limit further upside. We factor in average LME of USD1,725/t in FY21E and USD1,750/t in FY22E. A USD100/t change in aluminum impacts HNDL's FY22E EPS by 11% and our TP by 9%.  The stock trades at 5.1x EV/EBITDA and 7.9x P/E on FY22E. We value it at INR266/share on an SOTP basis. Reiterate Buy."

11. 13AM: Global markets update

Joe Biden is returning to the White House to lead the United States in the midst of an economic crisis after beating President Donald Trump in Tuesday's election, a turn of events likely to conjure an eerie sense of deja vu for the Democratic former vice president.

China exports grew at the fastest pace in 19 months in October, while imports also rose, official data showed on Saturday, as the world's second largest economy continued to recover after being hit hard by the coronavirus crisis earlier this year

11.04 AM: Market rises further

Market indices traded on a bullish note on Tuesday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today. Extending gains for the seventh straight session, Sensex gained 516 points higher at 43,115 and Nifty gained 121 points to 12,582.

10. 56AM: Domestic macro economc data

India's microfinance industry registered a 31 per cent jump in its loan portfolio to Rs2.36 lakh cr for 2019-20 and expects to post a moderate growth of about 15 per cent in the current financial year, an industry report said.

Data from Insurance Regulatory and Development Authority of India (IRDAI) showed that life insurers had a 31.9 percent year-on-year (YoY) growth in new premiums at Rs22,776 cr in October 2020.

10. 47 AM: Gold outlook

Anuj Gupta -  DVP- Commodities and Currencies Research, Angel Broking said, "Yesterday, gold prices fallen by 4.64% and closed at 49748 levels and silver prices also fallen by 6.86% and closed 60,854 levels as the development and optimism on Covid-19 vaccine by Pefizer. However end of uncertainty on US election as Biden won the 46th Presidential election in US this year. However physical demand and investment demand from china and India may support the prices of Gold and silver. Spot Gold is trading at $1876 per ounce and silver is trading at $24.16 per ounce. The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 50,100 levels with the stop loss of Rs 50400 levels for the target of 49100 levels. They can also go for sell  in Silver at Rs 61,400 levels, with the stop loss of 62100 levels and for the target of 59,200 levels. Spot Gold  may test $1820 to $1800 per ounce levels and silver may test $23 to $22.50 per ounces levels."

10. 35 AM: Nifty technical outlook

Ajit Mishra, VP - Research, Religare Broking said,"Markets started the week on the robust note and made a new record high, taking cues from the global indices. The reaction was mainly in response to the news of Joe Biden winning the US presidential elections. Besides, noticeable buying in index majors especially from the banking pack further boosted the sentiment."

He added, "Markets have seen decent run-up and reached to the record highs as well, driven by better than expected earnings so far, supportive global cues and improving macro data. Further, the on-going corporate earnings, domestic economic data (IIP and CPI) and Bihar election outcome will be in focus. Meanwhile, markets would continue to mirror global indices. We suggest maintaining a "buy on dips" approach and keeping extra caution in the selection of stocks."

Banking, IT stocks push Sensex to record high post Biden win in US election

S Ranganathan, Head of Research at LKP Securities said,"Bulls went on a rampage today at the start of the week which promises everything right from Bihar Election results to Factory Output. A 200 point salute to the NIFTY also brought about positive vibes across a host of Small & Midcap stocks in the broader markets".

10. 22AM: BioNTech, Pfizer stocks skyrocket

Shares of German drug maker BioNTech SE rallied 24 per cent, while US-based Pfizer Inc. stock jumped over 14 per cent in pre-market trading on Monday after their COVID-19 vaccine candidate achieved positive results in first interim analysis from Phase 3 study. Pfizer Inc and BioNTech SE said their BNT162b2 vaccine candidate was more than 90 per cent effective in preventing COVID-19.

Boosted by the development, Futures for the Dow Jones Industrial Average rallied 1,521 points, or 5.4 per cent, to 29,720. S&P 500 index futures rallied 130.80 points, or 3.7 per cent, to 3,632, while Nasdaq -100 Futures gained 0.8 per cent or 102.25 points at 12,177. The US stock-index futures rally was also fuelled by the presidential election results in which Joe Biden defeated President Donald Trump in a close contest.

BioNTech, Pfizer stocks skyrocket after COVID vaccine shows over 90% efficacy

10. 18 AM: Market outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We still have an open target of 12650-12700 which the Nifty is capable of achieving during the current series. If we are able to sustain that, the index could go ahead and achieve 13000 too. We have a good support at the 12100 level."

10.07 AM: Market rises further

Market indices traded on a bullish note on Tuesday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today. Extending gains for the seventh straight session, Sensex gained 365 points higher at 42,965 and Nifty gained 103 points to 12,558.

9. 55 AM: Stocks to watch today on November 10

RIL, Inox Leisure, Prestige Estates, TCS, Oil India, JK Cement among others are the top stocks to watch out for in Tuesday's trading session

Stocks in news: RIL, Inox Leisure, Prestige Estates, TCS, Oil India, JK Cement

9. 30 AM: Nifty outlook

Reliance Smart Money said in its report," NSE-NIFTY begun week on a strong note as the index recorded new life-time-high of 12,474 level continuing prior daily rising trend. Yesterday, positive global cues and buying across the board supported the up-move. Overall market breadth remained positive for straight fifth trading session in a row. Its key technical indicators are positively poised. That could take the index towards 12,800 level. On the lower side, the index will supports at 11,890 and 11,640 levels, where its 20-day and 50-day EMAs are placed.

As for the day, support is placed at around 12,055 and then at 11,990 levels, while resistance is observed at 12,158 and then at 12,197 levels."

9. 25AM: Opening session

Market indices opened on a bullish note on Tuesday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today. Extending gains for the seventh  straight session, Sensex gained 110 points higher at 42,707 and Nifty gained 26 points to 12,487.

9. 14 AM: Market outlook

Vinod Nair, Head of Research at Geojit Financial Services said,"Firm global cues and a clear majority to favourite democrats party in the US election took main benchmark indices to an all-time high. The rally in the domestic market was also led by Banking and Finance stocks on improved business outlook post Q2 results, end to the moratorium and bounce back of economic activities. The broader market has shown underperformance compared to headline peers as investors feel safer chasing heavyweights during high market levels. We expect more stimulus measures are required to boost the economy and announcements regarding the same from the government is expected in the near future that can further accelerate our domestic market".

9.08 AM: Rupee closing

Indian rupee erased its early gains and settled 7 paise lower at 74.15 per dollar on Monday, in line with weaker Asian peers as the dollar index rose 0.14 per cent to 92.35.

8. 50 AM: Earnings today

Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown.

GAIL India, Mahindra & Mahindra, Hindalco Industries, Tata Power, Aarti Industries, Aster DM Healthcare, Bata India, Century Plyboards, Chalet Hotels, Endurance Technologies, Exide Industries, GMR Infrastructure, IDFC, JB Chemicals & Pharmaceuticals, Lumax Auto Technologies, Lux Industries, Minda Industries, Motherson Sumi Systems, Info Edge India, NCC, NMDC, PNB Gilts, Raymond, Rashtriya Chemicals & Fertilizers, RITES, Shalimar Paints, Sintex Industries, Suzlon Energy, Symphony, TeamLease Services, TTK Prestige, Varroc Engineering and VST Tillers Tractors among others will report their September quarter earnings today.

8. 40 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 4,548.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,036.31 crore in the Indian equity market on 9 November, provisional data showed.

8. 30 AM: Closing

Market indices ended 1.6% higher each on Monday, amid positive global equities as Democrat Joe Biden defeated incumbent Donald Trump in the US presidential race. Extending gains for the sixth session, Sensex ended 704 points higher at 42,597 and Nifty gained 197 points to 12,461. While Sensex jumped 752 points in the session to hit an all-time high of 42,645, Nifty gained 211 points to touch a fresh high of 12,474.

Sensex, Nifty close at record highs as Joe Biden wins US election