Share Market Highlights: Sensex ends 355 points higher, Nifty at 11,908; IndusInd Bank RIL top gainers

Sensex, Nifty Highlights on November 4: Market indices closed majorly bullish on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex ended 355 points higher at 40,616 and Nifty was rising by 95 points by 11,908. Indian market is likely to keep a close watch on the ongoing results of the US Presidential elections today. Challenger Joe Biden and President Donald Trump are involved in a close electoral fight where economic recovery and handling of the pandemic are key issues among the voters in the world's oldest democracy.

The results will be a key factor in deciding the directions of Indian market which has seen volatile movement of late.  However, Tuesday was an exception when Sensex and Nifty closed 1.25% higher buoyed by a rally in global equities ahead of the results of US elections. Global investors were closely watching the outcome of US elections on Tuesday, hoping a win by challenger Joe Biden in the presidential race might lead to more economic stimulus for the coronavirus-hit economy.

Taking cues from global markets on Tuesday, Sensex ended 503 points higher at 40,261 and Nifty rose 144 points to 11,813.

US Elections 2020 Result Live Updates: Biden and Trump in tight fight; no clear winner yet

Here's a look at the updates of the action on BSE, NSE and global markets today

3. 51 PM: Market closing

Market indices closed majorly bullish on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex ended 355 points higher at 40,616 and Nifty was rising by 95 points by 11,908.

3. 44PM: Market outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We were unable to cross the 11950 level. That continues to be the resistance point and if we get past that, we should expect the markets to go to 12200-12300 during the course of the November series. The support for the Nifty is at 11500. Until then, any dip can be used to accumulate long positions.

3.35PM: MCX to hold special Muhurat Trading

Multi Commodity Exchange of India Limited (MCX) has said that it will hold a Muhurat Trading session on November 14 on the occasion of Diwali. The exchange added that contracts of all commodities will be available for trading on this day. "On the occasion of Diwali (Laxmi Poojan Day), contracts of all commodities will be available for Muhurat Trading on Saturday, November 14, 2020," MCX said in a circular on Monday.

Diwali: MCX to hold special Muhurat Trading session on Nov 14

3. 20 PM: PVR Q2FY21 results key takeaway

HDFC Securities said in it note," Owing to pain inflicted by Covid-induced lockdown, PVR reported consolidated net loss of Rs.184 crore in the quarter as against net profit of Rs.48 crore in the year-ago period. Consolidated revenue from operations declined significantly to Rs.40.4 crore as against Rs.973 crore a year ago. The Union government has allowed multiplexes, cinema halls and theatres to reopen from October 15, adhering with guided Standard Operating Procedures. However, the Ministry of Health and Family Welfare has left it to the states to take a final call on the matter."

3. 14PM: Market rises further

Market indices traded on a bullish note on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex gained 400 points to 40,650 and Nifty gained by 115 points by 11,920.

3.09 PM: SBI Q2FY21 result preview

HDFC Securities said in it note," SBI is expected to post loan growth of 8% YoY (+1% QoQ), which will drive NII growth of 9.6/1.2%. Non-interest income to fall sequentially, led by lower core fees and treasury gains. Further, non-interest income in 1Q included stake sale gains of Rs in SBI Life. PPOP is expected to de-grow 14.7/14.1% led by lower non-interest income; core PPOP to grow 5% YoY. PAT is envisaged to grow by 8% YoY (down 22% QoQ)."

2. 50 PM: Market rises further

Market indices traded on a bullish note on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex gained 250 points to 40,537 and Nifty gained by 73 points by 11,885.

2. 44PM: HPCL Q2FY21 result update

In its Hindustan Petroleum Corporations Ltd (HPCL) Q2FY21 result preview, HDFC Securities said in it note,"HPCL is likely to report de growth in consolidated revenue by 10.3 per cent yoy to Rs 54,600 crore and Company could report net profit of Rs 100 crore in Q2FY21. We expect refining throughput at 4.1mmt (-11.9% YoY and flat qoq), with reported GRM of US$ 2.1/bbl. Gross marketing margin for the quarter is expected at Rs 5.5/litre, it is marginally above its long-term average."

2. 30 PM: Lupin Q2 FY21 result preview

HDFC Securities said in it note," Revenues may decline 4.8% yoy at Rs 3708cr. Operating margin may dip 50bps yoy at 16%. Company may report PAT of Rs 248cr as against net loss of Rs 127cr. US sales may grow 8% qoq to US$ 171mn. Key things to watch out for would be guidance for launches/traction in US business."

2. 13PM: Gland Pharma IPO

Hyderabad-based Gland Pharma Ltd, backed by Fosun Pharma, has set the price band for its IPO (initial public offering) at Rs 1,490-1,500 per share. The public issue will be open for three days, from November 9 to November 11, 2020.

India's largest IPO in the pharmaceutical sector with Chinese parentage comprises a fresh issue of shares aggregating up to Rs 1,250 crore and offer for sale of up to 3.49 crore shares by existing shareholders.

2.09 PM: Global and domestic market outlook

IIFL Securities in its note sida,"Asian indices have been consolidating this week as after 2 weeks outperform they are awaiting more news on the US stimulus front. Nifty Outlook: Nifty finds support around 11837 while 12000 will act as resistance. Bank Nifty finds support around 24150 while 24750 will act as resistance on the upside."

1. 51 PM: Gold price trading above Rs 51K

Gold prices crossed the key level of Rs 51K today amid uncertainty over results of US Presidential election and rise in coronavirus cases across the globe.

In a volatile trading session, Gold October Futures on the Multi Commodity Exchange fell by Rs 350 to trade at Rs 51,250, after yesterday's close of Rs 51,215.

Gold price trading above Rs 51K; silver rates at Rs 61,300

1. 47 PM: Market turns flat

Reversing trend from early gains, market indices turned flat on Wednesday, amid drope in European stocks, ahead of the outcome of the US presidential elections. Earlier today, Sensex gained 305 points to 40,566 and Nifty was trading 72 points higher at 11,885.

1. 30 PM: IT stocks on fire

IT stocks led the rally in Indian market today as results of US presidential elections signaled a tight contest between President Donald Trump and challenger Joe Biden. BSE IT index jumped 799 points intra day to 21,688 against previous close of 20,889. The rally came on reports Biden was giving a tough fight to President Trump. 

Why IT stocks are on fire ahead of US Presidential election results

1. 20 PM: Rupee slumps 33 paise

Indian rupee, the local currency fell by 33 paise to 74.74 per dollar on Wednesday's opening trade, tracking strong American currency ahead of the US Presidential election results. On Tuesday, Indian Rupee ended at 74.40 yesterday, up 3 paise against its previous close of 74.43.

Rupee slumps 33 paise to 74.74 against US dollar in early trade

1. 13 PM: Zee Q2 FY21 result outlook

LKP Securities said in its note," Zee's Q2 FY21 numbers came a bit below our expectations as revenues declined by 18.8% yoy as advertising revenues fell by 26.3% yoy. Subscription revenues grew by 10.6% yoy (2% on like to like basis). Ad revenues however more than doubled sequentially on a very low base. Subs revenues remained flat sequentially despite new releases on Zee5. The company during the quarter took provisions to the tune of Rs 917 mn against guarantees given to Siti Cable(o/s guarantees are Rs 1bn). This impacted the EBITDA negatively. Margins as a result of which slipped down to 18.2%; while adjusted margins would have reached 23%. The company lost some viewership share in Q2 in its core markets of Hindi, Marathi and Bangla (recovered in October). Zee5 operating losses also widened in Q2 by Rs 450 mn sequentially despite 25 new releases which the management stated was due to end of a telco deal which was not renewed. Adjusted PAT declined by 64% yoy to Rs 2.1 bn."

1.08 PM: YES Bank share trading flat

YES Bank shares were trading a tad lower on Wednesday after the lender announced on Tuesday that Ravindra Pandey has been appointed on its board as SBI's nominee director.

"The appointment is as per the nomination received from State Bank of India under the Yes Bank Reconstruction Scheme 2020 notified by the Ministry of Finance in March this year. He replaces Swaminathan Janakiraman, who resigned with effect from Oct. 28, 2020, "YES Bank said in a regulatory filing.

YES Bank share trading flat amid market rally

12. 58PM: Biocon Q2 FY21 result update

Geojit Financial Services said," Q2FY21 revenue grew 11.3% YoY, supported by stable performance in Biologics (+11.4% YoY) and Research services (+11.8% YoY). EBITDA fell 7.8% YoY, as margin contracted by 490bps YoY to 23.3% primarily due to increase in staff cost (+220bps YoY) and higher R&D (+400-600bps YoY) as percentage of revenues. PAT declined further to 21.5% YoY due to forex losses. Outlook remains intact on new product launches, strong pipeline and limited competition in Biosimilars. Additionally, demographic changes will help drive demand across products. Hence, we maintain our BUY rating on the stock with a revised target price of Rs. 460 based on 35x FY22E adj. EPS."

12. 45PM: SBI share trading flat

Share of State Bank of India (SBI) was trading higher in early trade ahead of the lender's Q2 earnings today. SBI share was trading 0.32% higher at Rs 205.40 against  previous close of Rs 204.75 on BSE. The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The large cap share has lost 34.55% in one year and fallen 38.37% since the beginning of this year.

SBI share trading flat ahead of Q2 earnings; here's what to expect

12. 33 PM: Stocks to watch today on November 4

Adani Ports, Nerolac, Muthoot Finance, JSW Energy, PVR among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: Adani Ports, Nerolac, Muthoot Finance, JSW Energy, PVR

12. 27 PM: PVR Q2 outlook

Keshav Lahoti- Associate Equity Analyst, Angel Broking said," PVR reported consolidated revenues of Rs 111 crores for Q2FY21 as compared to Rs 979 crores during the corresponding period of last year, impacted by outbreak of COVID-19 and consequent lockdown during the quarter. Consolidated EBITDA loss for the quarter was Rs 14 crores as against a positive EBITDA of Rs 324 crores in the same period last year. Consolidated loss after tax for the quarter was Rs. 184 crores as compared to profit of Rs. 48 crores during the corresponding period of last year.

He added," Results for quarter ended September 30, 2020 are not comparable with results for quarter ended September 30, 2019 as temporary closures of cinemas and suspension of operations have impacted business operations. After adjusting for impact of IND-AS 116 - Leases, Revenue, EBITDA, and PAT of the Company would have been Rs. 44 crores, Rs. (81) crores and Rs. (116) crores respectively. We are bullish on the PVR as long term fundamentals are still intact for the Company and stock has corrected ~40% due to Covid. Although, we believe it will take a couple of months for the Company to bring the business back to normal. We believe stock will rally once anticipated movies of the year hits screen and announcement of opening of theatres in Maharashtra."

12. 11PM: Global markets

Asian markets are trading mostly higher except Australia after Australia's retail turnover fell 1.1% in Sep. Shares of Alibaba fell sharply after Ant group IPO was suspended.

U.S. markets closed sharply higher shrugging off weakness in IT stocks as investors monitored risng covid-19 cases and US Presidential election results.

European markets closed higher ahead of the US Presidential election results. Stocks from banking led the gainers.

12.01 PM: Real Estate sector update

Amit Modi, Director, ABA Corp & President (Elect), CREDAI Western UP said, "The regions of Noida and Greater Noida score substantially high on every liveability index and thus real estate have maintained its upward curve here. Even during the months of lockdown, it was one of those metro regions wherein inquiries of buyers were continuous via digital channels. To top that, UP govt's infrastructure and industrial development announcements amid the multiple phases of unlocking rebooted the overall sentiment of realty. Now as we move ahead in the festive quarter, it reflects positivity with supply chain recovery, consistent capital flow, and buyers who were previously apprehensive about the uncertainty in market are now willing to procure an asset like property for their financial security in future."

11. 54 AM: Nifty outlook

Geojit Financial Services said in its note," We had recommended a pause yesterday at 11815 and look for confirmation. While Nifty penetrated the same briefly, moves hence forth remained lacklustre all through the second half of the day, signifying the importance of 11815 as s confirmation level. Trades are more likely to be flat early in the day, and could require a break of 12000-11500 range to entice a directional move."

11. 33 AM: Market rises further

Market indices traded on a bullish note on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex gained 250 points to 40,501 and Nifty was trading 65 points higher at 11,880.

11. 26AM: Prince Pipes Q2FY21 result update

Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"During the 2QFY21, Prince Pipes (PPL) reported revenue of ~Rs459cr(up 7% YoY).EBITDA increased by 23% YoY to Rs80cr , while EBITDA margin expanded by 230bps YoY to 17.5% led by inventory gains and lower other operating expenditure. Net Profit grew by 39% YoY to Rs47cr aided by strong operating performance."

11. 14AM: Market erases early gains

Market indices traded on a bullish note on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex gained 150 points to 40,435 and Nifty gained by 25 points by 11,835. 

11.08 AM: Prism Johnson - Q2FY21 result outlook

Keshav Lahoti-  Associate Equity Analyst, Angel Broking said,"For Q2FY21, Prism Johnson sales de-grew by 5% YoY to Rs 1,326 crore. Consolidated Q2FY21 EBITDA (ex of insurance subsidiary, Raheja QBE general insurance) grew by ~85.8% to Rs 190 crore over Q2FY20 which was on account of reduction in fixed cost in all the three divisions of Cement, HRJ and RMC, increase in volumes and contribution margins in Cement and HRJ division. Cement Division's Q2FY21 EBITDA per ton improved to Rs 1012 as against ~Rs 615 of Q2FY20. Net profit was  Rs 26.4 crore for the quarter against net loss of  Rs 28.8 crore for Q2FY20. Overall, numbers were above our expectation in all the key parameters."

10.50 AM: India's trade deficit for Oct month

India's trade deficit in October narrows to US$ 8.78bn, exports fall 5% India's exports declined 5.4 per cent to $24.82 billion in October. Imports also fell 11.6 per cent to $33.6 billion during October. India was thus a net importer in October 2020 with a trade deficit of $8.78 billion, as compared to trade deficit of $11.76 billion in October 2019, an improvement by 25.3 per cent.

10. 40 AM: Investors pull back on market uncertainty

Investors were pulling back on expectations for big swings in U.S. stocks on Tuesday, looking for market uncertainty to recede after Election Day. The Cboe Volatility Index, Wall Street's "fear gauge," declined as the S&P 500 climbed nearly 2% in part on anticipation of a clear presidential election outcome.

US presidential elections: Investors pull back on market uncertainty; S&P 500 climbs around 2%

10. 36 AM: Top gainers and losers

Infosys, followed by Sun Pharma, Tech Mahindra, HCL Tech and TCS were among the top gainers on Sensex today. On the other hand, ICICI Bank, Power Grid, Axis Bank, HDFC, and ITC were among the laggards.

10. 24 AM: Market update

Market indices traded on a bullish note on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex gained 305 points to 40,566 and Nifty gained by 72 points by 11,885.

10. 10 AM: Market outlook

HDFC Securities said in its note,"Markets turned cautious on Wednesday, paring sharp early gains as results from the U.S. Presidential election hinted at a close race with no clear winner yet in sight. However, the outcome of US Presidential elections which will be known earliest by Nov 04 late night IST will also impact the sentiments and near term trend of the markets. On upmoves 11837-11899 could offer resistance while on downmoves 11723-11749 could offer support to the Nifty."

10. 02 AM: Nifty technical outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,: 11950 is the level to watch out for; if we can get past this, the markets could attempt 12100-12200 as a target in the near term and 12300-12400 in the medium term. On the downside, 11600 is now a good support for the market.

9. 50 AM: Gold outlook

Commenting on Gold outlook, Hareesh V, Head of commodity research said,"Gold continues to be choppy ahead of the uncertain results of US presidential election and a volatile currency market. Meanwhile, hopes of more fiscal stimulus measures, escalating US - China trade tensions and rising new pandemic cases continues to offer lower level support to the yellow metal.

Prices remain inside $1840-1920 an ounce levels and breaking any of the sides would suggest a fresh direction to the metal."

9. 40 AM: Global markets

In US, the S&P 500 and Nasdaq closed modestly higher on Friday in choppy trading while the Dow ended lower on the day as investors weighed the potential for additional fiscal stimulus.

European markets, however, closed 2% higher each. Over in Europe, cases have also surged, with Spanish government on Sunday declaring a national state of emergency.

In Asian indices, except Hang Seng , all the indices turned bullish by the first hour of session here.

9. 36  AM: Market outlook

As per Reliance Smart Money: NSE-NIFTY rose to 5-day closing high post a breakout from its 20-day EMA. Yesterday, strength across the rate sensitive sectors supported the up-move. Overall market breadth remained positive during the day. Its key technical indicators on the near-term timeframe chart reversed from their oversold zone and positively poised. Index will witness high volatility amidst key global event. On the higher side, its psychological hurdle point-12,000 level will cap the up-move. In case of decline, the index will find major support at 11,550 mark.

As for the day, support is placed at around 11,746 and then at 11,678 levels, while resistance is observed at 11,859 and then at 11,904 levels.

9. 22 AM: Opening session

Market indices opened on a bullish note on Wednesday, amid mixed global equities. Sensex gained 185 points to 40,450 and Nifty gained by 53 points by 11,865.

9.10 AM: FII action

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, provisional data showed.

Trump vs Biden: What's in store for stock markets?

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. State Bank of India, Lupin, HPCL, Adani Enterprises, Adani Green Energy, Apollo Tyres, Asahi India Glass, Balrampur Chini Mills, BASF India, Gati, Godrej Agrovet, Greenply Industries, Happiest Minds Technologies, Hikal, Indian Hotels, JK Lakshmi Cement, Jubilant Life Sciences, Jyothy Labs, Kalpataru Power Transmission, KEC International, Nelco, Nilkamal, Pidilite Industries, Praj Industries, SRF, Thermax, United Spirits among others will announce their September quarter earnings later in the day.

8. 40 AM: Global markets

Global equities were mixed today as U.S. Presidential election hinted at a close race with no clear winner yet in sight

In Asia, some benchmarks were mixed in early trading Wednesday. The Nikkei 225 in Tokyo was up 1.4%, while the Kospi in Seoul was was up 0.3%. The Hang Seng in Hong Kong was down 0.6% and the Shanghai Composite Index edged up 0.1%.

8:30 AM: Closing

On Tuesday, S&P 500 rose 58.92 points, or 1.8%, to 3,369.16 for its second straight healthy gain. The Dow Jones Industrial Average climbed 554.98, or 2.1%, and the Nasdaq composite added 1.9%. Futures for the indexes slipped as election results began trickling in.

Sensex reclaims 40K mark, Nifty ends above 11,800: Five factors behind the rally