Market Highlights: Sensex ends 704 pts higher, Nifty at 11,469 ; Bharti Airtel, IndusInd Bank top gainers

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Updated: November 9, 2020 4:14:30 pm

Share Market News Today | Domestic benchmark indices closed near their all-time highs on Monday. Sensex surged to hit an all-time high of 42,645 points, minutes before the closing bell on Dalal Street. Banking stocks aided the rally.

Share Market Today, Share Market LiveStock markets are expected to continue that momentum into the coming trading session after the US Presidential Elections saw Joe Biden oust Donald Trump.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices opened with gains and surged to hit an all-time highs on Monday. S&P BSE Sensex closed just a tad bit low from it’s all time high of 42,645 points while Nifty 50 ended at 12,461 mark. Bharti Airtel and ICICI Bank were the top gainers while ITC, Maruti Suzuki, and Bajaj Finserv were the top drags. Stock markets continued to exhibit bullish trends throughout the day after a gap-up opening. Broader markets mirrored benchmarks and rallied on Monday. 

Joe Biden defeated Donald Trump in a marathon counting of ballots for the race to the White House. The former Vice President of the United States is expected to roll back on some of the policies that Donald Trump enacted during his four year stint. Equity markets have been buoyant across the globe since the election result. A stimulus package is still in the making in the United States with no certainty of when it could be announced. 

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Highlights

    16:12 (IST)09 Nov 2020
    Sensex, Nifty end near all-time highs; here's what experts makes of today trade

    Domestic benchmark indices gained for the sixth consecutive day to close near their all-time highs on Monday. S&P BSE Sensex closed just a tad bit low from it's all time high of 42,645 points while Nifty 50 ended at 12,461 mark. Banking stocks continued to rally yet again with Bank Nifty ending 2.74% higher at 27,534 points. IndusInd Bank, ICICI Bank, and Axis Bank were some of the best performing banking stocks. Asian peers mirrored the same trend and closed with gains on Monday morning.

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    15:43 (IST)09 Nov 2020
    Kotak’s Covid-proof and recovery portfolio of large, mid-cap stocks

    With the US Presidential elections out of the way and improving macroeconomic indicators, brokerage and research firm Kotak Institutional Equities is shaping up its stock portfolio to not only dodge the virus but also to capitalise on the recovery pulse. In a recent report, analysts at Kotak said that they see a positive outlook for markets with US elections resulting in a Democrat President but a Republican Senate, falling coronavirus cases, improving activity indicators, and positive surprise in 2QFY21 earnings. “We recommend a mix of ‘Covid-recovery’ and ‘Covid-proof’ stocks but ‘moderate’ certain extreme positions,” the brokerage firm said.

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    15:38 (IST)09 Nov 2020
    Euphoric sentiment in market could prevail ahead of Diwali

    World markets have started the week on a strong note today in what has been a major risk-on rally following Joe Biden’s US Presidential election victory. Indian markets have been no exception, with both Nifty and Sensex marching to lifetime highs. Underpinning the Indian markets have been banking stocks, with Bank Nifty extending its recent surge to an 8-month high. Metal stocks have also supported the markets today, boosted by firm commodity prices amidst the dollar weakness. While short-term technical indicators suggest at overbought conditions, given the broad-based global rally, we feel the euphoric sentiment could prevail ahead of Diwali: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

    15:34 (IST)09 Nov 2020
    Sensex, Nifty rally to hit all-time highs

    Sensex and Nifty rallied to hit their all-time highs on Monday. Domestic benchmark indices managed to close near those highs with Sensex gaining 704 points today and Nifty 50 ending at 12,469 levels. 

    15:28 (IST)09 Nov 2020
    Sensex sets another record, now sits at 42,645 mark

    Minutes before the closing bell, Sensex reached another record breaking its all-time high yet again on Monday. 

    15:23 (IST)09 Nov 2020
    Sensex reaches fresh all-time high

    Sensex crossed the 42,600 mark to reach another all-time high during the day. 42,629 points is the new all-time high for Sensex.

    15:17 (IST)09 Nov 2020
    Bank of Maharashtra cuts repo-linked lending rate by 15 bps

    State-owned Bank of Maharashtra has reduced its repo linked lending rate (RLLR) by 15 basis points to 6.90 per cent. The lender’s retail and MSME loans are linked to RLLR. The new rates are effective from November 7.

    Reduction in RLLR makes our home loan, car loan, gold loan, education loan, personal loan along with MSME loans more attractive and affordable, bank’s executive director Hemant Tamta said in a release.

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    15:14 (IST)09 Nov 2020
    Nifty Bank, Nifty Private Bank zoom

    Among Nifty sectoral indices, Nifty Bank and Nifty Private Bank have been the two best performers today. Nifty Bank jumped 2.6% while Nifty Private Bank index gained 3.22%.

    15:12 (IST)09 Nov 2020
    ITC | Mixed bag; FMCG continues to shine. Maintain BUY

    ITC delivered a mixed bag result in a challenging environment. Most OOH consumption categories were impacted in 2Q, and the cigarettes category was not left out. Cigarette net revenue/vol/EBIT clocked -14/-12/-16% growth as compared to our expectation of -8/-10/-8% YoY. FMCG revenue growth was at 15% (HSIE 12.5%), better than Nestle/Britannia (10/11% YoY). EBIT/EBITDA margin was at 6.7/9.7% (HSIE 3.6/7). Localised lockdowns impacted the recovery in August to mid-Sep for cigarettes, which was witnessed in June- July. Key markets like Karnataka, Maharashtra, and Tamil Nadu were weak with COVID impact. Cigarette mix was also unfavourable and impacted margin. Volume recovery at the end of the quarter is a positive sign. FMCG continues to shine, and ITC is capitalising the high demand for health, hygiene and packaged food products. We cut our EPS estimate for FY21 by 3% while maintaining it for FY22/FY23. We value ITC on SoTP and maintain target price at Rs 236 (implied P/E of 18x P/E Sep-22E EPS). Maintain BUY.

    ~ HDFC Securities

    15:07 (IST)09 Nov 2020
    Top Midcap gainers so far

    Adani Transmission, AU Small Finance Bank, and Adani Green Energy are the top BSE Midcap constituents so far on Monday. All have gained over 5%. 

    15:00 (IST)09 Nov 2020
    Top gainers so far

    IndusInd Bank, Bharti Airtel, ICICI Bank, and Axis Bank are the top gainers on Sensex just before the closing bell. Apart from Axis Bank, which is up 3.5%, all other above-mentioned stocks have zoomed over 4% today.  

    14:59 (IST)09 Nov 2020
    Sensex near day's high minutes before closing

    Just half an hour to go before the closing bell and Sensex is sitting at levels close to the all-time high that the benchmark index claimed today morning.

    14:47 (IST)09 Nov 2020
    Diwali stock picks: Buy these 10 shares in Samvat 2077 for up to 45% return in one year

    Samvat 2076 proved to be a year of high volatility due to the COVID-19 pandemic. Indian share market benchmark Nifty 50 hit an all-time high of 12,431 in January and then a 3-year low of 7511 in March 2020. As we enter Samvat 2077, markets have once again scaled to a new high, surpassing the previous all-time highs after nearly 10 months.

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    14:13 (IST)09 Nov 2020
    Economy driven sectors to outperform the defensives in CY21

    As we advance towards getting the vaccine (say by the middle of next year) and economy gets back to normalcy, we can expect the economy driven sectors to outperform the defensives in CY21. Banks, NBFCs, automobiles, oil & gas, telecom, utilities, capital goods, cement and metals could come into focus in CY21. The potential upside in most of these sectors based on our one year price targets ranges between 20 & 38% (Vs single mid single digit potential upside in Nifty-50). Since economy driven stocks are prone to correction in any market fall one should have an accumulation or buy on dips strategy in them rather than investing at one go: Ruzmik Oza, Executive Vice President, (Head of Fundamental Research-PCG), Kotak Securities Ltd

    13:54 (IST)09 Nov 2020
    Now 40500/40000 should be the base for market

    The sudden decline in dollar index has been the reason for the surge in our market. The dollar index slipped to 92 post the US election after trading at 94 prior to the US elections. Foreign institutions have been heavily buying into cash as well as derivatives segment has also improved sentiment in the overall market. Buying has been witnessed in banks and other major indices like IT and FMCG. Broadly the BSE Sensex index is shifting its base, and now 40500/40000 should be the base for the market. Investors and traders are advised to be strictly stock specific. One can buy only on dips: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

    13:24 (IST)09 Nov 2020
    Aditya Birla Fashion and Retail: Aggressive cost rationalization, deleveraging efforts to reap rewards

    ABFRL's execution over the last few years has been outstanding as the Lifestyle segment reached scale of INR46b in FY20. Pantaloons' EBITDA margin, since its acquisition, has increased to 8.5% in FY20 from merely 2.3% in FY14. The company's high leverage has been a key concern of late, but the management has raised INR10b from rights issue, which would bring down the company's debt to INR20-22b by Mar'21. Furthermore, investment of INR15b from Flipkart would further bring down debt to nearly INR5b.

    We value ABFRL on an SOTP basis and assign an EV/EBITDA multiple of 17x to the Lifestyle segment and 16x to the Pantaloons brand, and EV/sales of 1x to other businesses. Subsequently, we arrive at TP of INR200 (32% upside). Maintain Buy.

    ~ Motilal Oswal

    12:28 (IST)09 Nov 2020
    Vedanta’s shares gain after Q2 results; leveraged parent co, unpaid dividend remain key overhangs

    Vedanta Ltd’s share price shot up over 2% to trade at Rs 96.7 per share on Monday morning even though the company reported a 40% on-year fall in net profit. Vedanta reported a marginal fall in total income to Rs 21,744 crore against Rs 22,814 crore in the same period last year, beating estimates. EBITDA was higher at Rs 6,531 crore, a 48% on-year jump. Analysts remain cautious about the stock as uncertainties stem from persistently high debt obligation at the parent level and lack of clarity on distribution of dividend already received from Hindustan Zinc. 

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    12:05 (IST)09 Nov 2020
    What does Joe Biden's win mean for Dalal Street?

    Joe Biden’s victory means we shall have more expansionary fiscal policy with focus on redistribution, reviving blue collared jobs and green infra, which is positive for global economy. Overall a conducive demand environment creation will help and lead to a stronger reflationary pulse versus the deflationary environment of the past few years. For corporate America likely increase in the tax burden, regulation and labour costs may dampen the margins, but a good demand environment will offset some of these pressures. Global inflation and consequent weaker dollar should be positive for Emerging Markets like India. We expect initial positive reaction for IT stocks on Monday.

    ~ Hemang Jani, Head – Equity Strategist, Motilal Oswal Financial Services

    11:34 (IST)09 Nov 2020
    IPCA Labs announces interim dividend of Rs 8 per share

    “Ipca Laboratories limited consolidated revenue from operations for Q2FY21 stood at ₹1,351 crores up by 5.3% YoY from ₹1,283 crores in Q2FY20. APIs market has done well for the company which is up by 21% stood at ₹381 crores in Q2FY21 from ₹314 crores in Q2FY20 while formulation business up by 2% only. Profit before tax for the quarter up by 42% at ₹319 crores in Q2FY21 as compared to ₹225 crores in Q2FY20. Adjusted Profit after tax for the quarter up by 38% in Q2FY21 at ₹266 crores as compared to profit of ₹193 crores in Q2FY20. Company has reported results in line with expectations. Company Board has declared an interim dividend of Rs. 8/- per share (400%) for the financial year 2020-21," said Yash Gupta- Equity Research Associate, Angel Broking.

    10:50 (IST)09 Nov 2020
    ITC shares fall after Q2 results; cigarette volumes still to recover, FMCG sales thrive

    ITC Ltd was among the handful of 30 Sensex shares trading in red on Monday morning. ITC Ltd share price was down 0.75% at Rs 172.7 per share. Cigarettes-to-hospitality major ITC reported its July-September quarter results on Friday which saw the company’s profits drop on-year basis to Rs 3,232 crore. ITC reported higher expenses than last year. Cigarette business of ITC continued to record muted performance while FMCG segment was the White Knight in the second quarter of this fiscal year. Shares of ITC are down 27% year-to-date.

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    10:46 (IST)09 Nov 2020
    Nifty : Entered in to Momentum Phase; Upside Targets 12800-13000 ~ HDFC Securities

    Recent technical developments on Nifty charts projects targets beyond the previous all time high of 12430. Pattern target for Nifty comes somewhere between 12800-13000. Support for the Nifty has shifted up in the range of 11930-12025. Indicators and Oscillators have shown the sign of rising momentum in the Nifty Index. Daily ADX line has crossed –DI line on the upside. Daily MACD has also been sustaining above its signal and equilibrium line. Nifty has entered bullish momentum zone and heading towards the upside target of 12800-13000

    ~ HDFC Securities

    10:24 (IST)09 Nov 2020
    Gold prices rally over Rs 1,700 in 6 days; should investors buy, sell or hold ahead of Dhanteras, Diwali?

    Gold prices edged higher in India on Monday, in tandem with international gold prices as the dollar weakened. International bullion prices started marginally higher in Asian trade today supported by a weaker dollar and hopes of more stimulus measures under US President-elect Joe Biden. On MCX, gold December futures were trading nearly half a per cent or Rs 240 higher at Rs 52,407 per 10 gram. While silver December futures were ruling at Rs 66,336 per kg, surging 1.53 per cent or Rs 1,001.

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    09:52 (IST)09 Nov 2020
    Nifty aiming to reach 12,650

    "As expected on Friday, the trend of the Nifty continues to remain strong with a fierce upside momentum. After crossing the hurdle of 11900, there has been no looking back. A strong support lies at 12100 and if the Nifty crosses 12500 which is the weekly resistance level, we can expect it to climb towards 12650," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:38 (IST)09 Nov 2020
    USD-INR likely to remain in broad range of 73.00-75.00

    Globally, prolonged weakness in the US Dollar coupled with rise in the global equities has been a backbone for the Rupee’s strength in these uncertain days. Also, inflows in the Indian capital market of nearly $1.12 billion in the past 5 trading sessions and RBI’s intervention in curbing volatility has been an added advantage to the pair. Considering the global trends, prospects of inflows and RBI’s activeness with OMO’s to maintain liquidity hints that the rupee is likely to make its move close to 73.20-73.50 levels in the near to medium term with some sessions of spikes. Overall, the pair is likely to remain in the broad range of 73.00-75.00 levels and as the broader trend is on the appreciation side, upticks between 74.00-74.50 levels can be taken as selling opportunity: Amit Pabari, managing director, CR Forex Advisors

    09:34 (IST)09 Nov 2020
    Gland Pharma’s IPO opens for subscription today; should you subscribe to India’s biggest pharma IPO?

    Gland Pharma’s initial public offering (IPO) opens for subscription today. The Rs 6,480 crore IPO will be the biggest public issue by a pharmaceutical company in India. Backed by China’s Fosun Pharma, the company is a manufacturer of generic injectables with market share in over 60 countries, including the US, Europe, Canada, Australia, India and the rest of the world. Gland Pharma’s IPO, consists of a fresh issue aggregating Rs 1,250 crore and an offer for sale (OFS) by existing shareholders and promoter of up to 3.49 crore equity shares. Investors can subscribe to the issue in the price band of Rs 1,490-1,500 per unit in a bid lot of 10 equity shares.

    Read full story

    09:19 (IST)09 Nov 2020
    Sensex, nifty open with gains

    Sensex and Nifty opened with gains on Monday morning. Sensex jumped to touch 42,473 -- it's all time high -- while Nifty crosses the 12,400 mark.

    09:11 (IST)09 Nov 2020
    Sensex jumps 380 points in pre-open, Nifty just shy of 12,400

    In the pre-opne session on Monday morning, Sensex surged 380 points higher while Nifty jumped 135 points to sit just below the 12,400 mark.

    09:08 (IST)09 Nov 2020
    Sensex up over 300 points

    Sensex jumps over 300 points in the pre-open session while Nifty gave up 12,400 mark.

    09:04 (IST)09 Nov 2020
    focus coming back to the Virus curve

    Going forward, after the current euphoria subsides, we may see the focus coming back to the Virus curve. Investors may start questioning to what extent the current recovery could be sustained in the absence of a second stimulus package. If such concerns re-emerge we could see the US Dollar make a strong comeback. It is likely to be a crucial week from the point of EU-UK trade negotiations. Differences still remain between the two sides on Level Playing Field and fisheries. However, both sides have shown readiness to continue talks in an attempt to forge a deal: Abhishek Goenka, Founder and CEO, IFA Global

    09:01 (IST)09 Nov 2020
    Sensex, Nifty gain in pre-open session

    Sensex jumped over 200 points in the pre-open session on Monday morning while Nifty 50 managed to cross the 12,400 mark.

    08:51 (IST)09 Nov 2020
    Sensex, Nifty likely to make new lifetime highs today; five things to know before opening bell

    Domestic equity market benchmarks BSE Sensex and Nifty are likely to extend their gaining spree into the sixth straight session on Monday. A host of factors such as Democratic candidate Joe Biden’s victory in the recently concluded US Presidential election, July-September quarterly earnings, rising COVID-19 cases, oil prices, foreign fund flow, rupee trajectory and other global cues will be keenly watched.

    Read full story

    08:50 (IST)09 Nov 2020
    Buy DECCAN CEMENT ~ Angel Broking

    "Deccan Cement has now confirmed a good price-volume breakout on the daily chart on Friday. The kind of extraordinary volume activity we have witnessed in the up move in recent months indicates some bigger moves to unfold and this probable rally seems to have just begun now. Hence, one can look to go long on a dip around 335 for a target of Rs.380 in coming days. The stop loss can be placed at Rs.324."
     
    ~ Angel Broking

    08:48 (IST)09 Nov 2020
    Surge in number: GST returns in October jump 36%, collections up 10%

    The monthly GST returns (GSTR-3B) in October saw a 36% jump compared with corresponding period a year ago as the collections grew by over 10% in the month, and breached the Rs 1-lakh-crore mark for the first time in the current fiscal, government data showed. GST Network (GSTN) saw an even bigger surge in return-filing in September as the extended deadlines for previous months came to a close. Over 1.68 crore returns were filed in September, an increase of more than 88% over last year.

    Read full story

    08:35 (IST)09 Nov 2020
    Q2 Earnings: India Inc registers weak sales but profits up on lower costs

    India Inc’s good headline numbers for the September quarter are the result of strong rural demand, some price gains, huge savings and the stellar comeback by IT majors. Aggregate revenues are weak but steep cost cuts have helped companies protect their margins. However, companies remain cautious waiting to see whether the spurt in consumption — much of it the result of pent-up demand and purchases for the festive and wedding seasons sustains beyond December.

    Read full story

    08:19 (IST)09 Nov 2020
    Stocks in focus: RIL, Future Retail, ITC, Vedanta, JK Cement, IRCON International, Lakshmi Vilas Bank

    A total of 253 companies including Oil India, Equitas Small Finance Bank, Honeywell Automation, JK Cement, NOCIL, Parag Milk Foods, PC Jeweller, Sun Pharma Advanced Research Company, SREI Infrastructure Finance, Triveni Engineering, Venky’s India, VIP Industries and Zuari Agro Chemicals, are scheduled to announce their July-September quarter earnings today.

    Read full story

    08:03 (IST)09 Nov 2020
    Mutual Funds withdraw Rs 14,300 crore from equities in October; rebound least expected in 2020

    Mutual funds pulled out a massive Rs 14,300 crore from equities in October, making it the fifth consecutive month of withdrawal, as fund managers sold stocks to meet redemption requirements. During January-May 2020, mutual funds (MFs) made a net investment of more than Rs 40,000 crore in stock markets, data available with the Securities and Exchange Board of India (SEBI) showed.

    Read full story

    08:02 (IST)09 Nov 2020
    SGX Nifty zooms

    SGX Nifty was seen surging higher on Monday morning. SGX Nifty was up over 150 points as benchmark indices near all-time highs.

    08:01 (IST)09 Nov 2020
    Stock markets across Asia gain

    Asian stock markets were trading higher on Monday morning. Shanghai Composite was up over 1%, followed by Hang Seng. Japanese equity markets were also trading with gains, Nikkei 225 was up 2% and South Korean stock markets were in the green as well.

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