Market Highlights: Sensex ends 680 pts higher, Nifty closes at 12,631; financials zoom, pharma, IT stocks bleed

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Updated: November 10, 2020 4:25:02 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty surged yet again on Tuesday, setting fresh all-time highs. Benchmark indices closed near their highs after rallying for the seventh day straight.

Share Market Today, Share Market LiveMorgan Stanley said that small and midcap stocks are likely to be in focus in 2021.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices climbed to fresh all-time highs on Tuesday and closed just below their highs. S&P BSE Sensex closed at 43,277 points while Nifty 50 closed above the 12,600 mark. The rally today was once again aided by financials that continue to surge. Bajaj Finance and IndusInd Bank were top gainers surging 8% and 7%, respectively. Tech Mahindra, HCL Technologies, and Infosys were the top drags. 

On Monday, Pfizer and BioNtech said that a vaccine prepared by them for the coronavirus prevented more than 90% of infections in a study of tens of thousands of volunteers. The news was well received across the globe. Although the trial data will need to be studied by experts and reviewed by peers, initial results seem positive. If all goes well the vaccine could still take months to be delivered across the globe. However, the positive news flow has given bulls a good enough reason to take indices higher. 

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Highlights

    16:24 (IST)10 Nov 2020
    Sensex, Nifty gain for seventh day straight; here's what experts make of today's market movement

    For the seventh-day straight Sensex and Nifty have surged and for the second day straight they have climbed to new fresh highs. S&P BSE Sensex closed at 43,277 points while Nifty 50 breached the 12,600 mark. Financials aided the rally while pharma and IT stocks were down in the red. Positive news flow around the coronavirus vaccine aided bulls today with hospitality and airline stocks continuing to move higher. Global markets too were jubilant, surging on the back of the coronavirus vaccine news flow.

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    15:59 (IST)10 Nov 2020
    India beats US, Japan, Korea stock markets; Sensex, Nifty gain 3.5% in October after losing in Sept

    Indian share market mapped an upward trajectory in October after sliding 1.2 per cent in the previous month. The broader market Nifty 50 index regained the crucial 12000 mark in the intraday deals last month. Despite global concerns related to COVID-19 pandemic due to which many European countries imposed restrictions to curb the fast-spreading virus, Indian share market added 3.5 per cent in October

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    15:33 (IST)10 Nov 2020
    Sensex and Nifty rally for seventh day

    S&P BSE Sensex ended near its all-time high and so did Nifty 50 as both the benchmark indices closed on Tuesday after rallying for the seventh day straight. 

    14:44 (IST)10 Nov 2020
    COVID-19: As virus spikes, Europe runs low on ICU beds, hospital staff

    In Italy lines of ambulances park outside hospitals awaiting beds, and in France the government coronavirus tracking app prominently displays the intensive care capacity taken up by COVID-19 patients: 92.5 per cent and rising. In the ICU in Barcelona, there is no end in sight for the doctors and nurses who endured this once already. Intensive care is the last line of defence for severely ill coronavirus patients and Europe is running out of beds and the doctors and nurses to staff them.

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    14:19 (IST)10 Nov 2020
    Top Diwali picks: Buy these 6 stocks this Diwali for as much as 58% upside in one-year

    Ahead of this year’s Muhurat trade, benchmark indices Sensex and Nifty are trading near their all-time highs. Although the stock market sentiment is bullish, aided by Pfizer’s coronavirus vaccine and the US Presidential election results, it is still imperative that investors tread cautiously. Valuations are not exactly as cheap as they were a few months back but stock specific trades, if played right, could help boost your returns. Amid this, brokerage and research firm Religare Broking has narrowed it down to six stocks that they are recommending investors to buy this Diwali.

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    14:18 (IST)10 Nov 2020
    Views on monthly insurance data

    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: Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking Ltd

    13:58 (IST)10 Nov 2020
    Subscribe to Gland Pharma for short-term purely for listing gains

    Gland Pharma financials & valuations look reasonable given its IPO price band and hence investors should subscribe from a short term perspective purely for listing gains. With expectations of another big pharma rally and delay in the COVID 19 vaccine, the sector should gather strong momentum in the coming months. Hence, after a correction in the market, investors can again add more quantity at later stages: Abhijeet Ramachandran, Independent Analyst/ Co-Founder and trainer at Tips2trade

    13:57 (IST)10 Nov 2020
    Grey market suggests flattish listing for Gland Pharma IPO

    Gland Pharma is seeing tepid response as the issue is priced at the higher end of the industry PE multiples, grey market suggests a flattish listing and there are negative sentiments against Chinese connections globally: Divan Sharma Co-Founder at Green Portfolio Services SEBI registered PMS

    13:54 (IST)10 Nov 2020
    Gland Pharma IPO gets slow response, subscribed 6% so far on day 2; grey market premium falls

    India’s biggest pharma IPO, Gland Pharma attracted 6 per cent bids on the second day of the bidding process so far. Even as Indian share market is setting new records, the biggest IPO from the Indian pharmaceutical sector has received a muted response from the investors so far. The Rs 6,480-crore issue has received bids for 19.77 lakh shares against the issue size of 3.02 crore shares. Analysts are upbeat on the Shanghai Fosun Pharma-owned company as it has one of the strongest pipelines in the high entry barrier injectables segment.

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    13:42 (IST)10 Nov 2020
    Buy ICICI Bank Limited ~ Geojit Financial Services

    Advances up 6.4% YoY and Deposits grew 19.6% YoY in Q2FY21.  NIM further contracted by 12bps QoQ to 3.57% as continued lockdowns led to lower deposit growth. PAT soared 549.1% YoY helped by lower tax expenses and higher interest income.  Bank’s standalone Return on Equity improved considerably from 8.9% in Q1FY21 to 13.2% in Q2FY21.  Bank’s asset quality remains strong as ever. It has adequate liquidity measures in place and a strong balance sheet. We remain positive of ICICI Bank’s future growth prospects and reiterate our BUY rating on the stock with a revised target price of Rs. 496 based on SOTP.

    ~ Geojit

    12:54 (IST)10 Nov 2020
    Nifty tops 12,600 mark

    50-stock benchmark NSE Nifty breached the 12,600 mark on Tuesday for the first time in history. Sensex was above 43,000.

    12:34 (IST)10 Nov 2020
    Expect a gradual recovery in the luggage sector

    “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," said Amarjeet Maurya- AVP - Mid Caps, Angel Broking.

    11:58 (IST)10 Nov 2020
    Yes Bank stocks hit upper circuit for the second-day straight as CARE upgrades debt ratings

    Yes Bank’s share price jumped 5% to hit the upper circuit for the second day straight on Tuesday. Stocks of the private sector lender zoomed higher after rating agency CARE Ratings announced that it has upgraded the ratings assigned to certain debt instruments issued by Yes Bank. Shares of the lender have now surged 10.35% in the last two days to now trade at Rs 13.54 per share. Despite this, the stock is down 77% from its March highs, when the bank was restructured by the RBI and State Bank of India.

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    11:45 (IST)10 Nov 2020
    ZebPay to launch India’s first non-fungible crypto token and marketplace

    ZebPay at its quarterly board meeting announced its plan to launch a non-fungible token (NFT), becoming the first Indian company to do so. ZebPay’s NFT has been named ‘Dazzle’. A non-fungible token (NFT) is a cryptographic token that represents something unique and has an individual characteristics that set them apart. Hence, non-fungible tokens are not mutually interchangeable. Owning a NFT is like owning a one-of-a-kind work of art or a collectible antique. 

    11:40 (IST)10 Nov 2020
    Bihar election results: A tight fight for the win

    Initial results indicate that the ruling NDA and the opposition Grand Alliance are locked in a neck-and-neck fight as early trends for 125 seats of the 243-member Bihar Assembly have become available. The NDA is leading in 63 seats -- BJP (33), JDU (25), and the VIP in five seats -- while the Grand Alliance is ahead in 56 seats, as per the trends available on the Election Commission website.

    Check live results

    11:20 (IST)10 Nov 2020
    Gold prices edge higher after Rs 2,500-crash in previous session; silver rates rally over Rs 1,300/kg

    Gold prices were trading in the positive territory on Tuesday after crashing 5 per cent in the previous session on optimism around COVID-19 vaccine trial results. On MCX, gold December futures were trading Rs 594 or 1.19 per cent higher at Rs 50,342 per 10 gram, while silver December futures were ruling at Rs 62,186 per kg, up Rs 1,332 or 2.19 per cent. Analysts say the latest headlines regarding COVID-19 vaccine is negative for gold but investors should wait for the dust to settle before making any changes in their gold investment.

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    11:05 (IST)10 Nov 2020
    Sensex crosses 43,000 points

    For the first time the benchmark S&P BSE Sensex crosses the 43,000 points mark on Tuesday morning, hitting another record. 

    10:48 (IST)10 Nov 2020
    Equity mutual fund investors stay cautious while money returns to debt mutual funds in October

    In the month of October, the mutual fund industry saw net inflows after having registered outflows in the preceding two months. However, while money returned to debt oriented mutual fund schemes, equity schemes continued to see outflows. This marked the fourth straight month where mutual fund investors decided to take money away from equity oriented funds despite the strong momentum in stock markets. Inflows worth Rs 1.10 lakh crore were recorded in debt schemes while marginal outflows of Rs 2,725 crore were registered in the equity segment, data sourced by Association of Mutual Funds In India (AMFI) showed.

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    10:19 (IST)10 Nov 2020
    Sensex set another record high

    Sensex opened on a new all-time high of 42,959 points but it did not stop there. After a brief fall from highs, the benchmark index moved higher to top 42,979 a fresh high. 

    10:04 (IST)10 Nov 2020
    Nifty 50 index could achieve 13000

    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 good support at the 12100 level: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:03 (IST)10 Nov 2020
    USD-INR likely to remain in broad range of 73-75 levels

    As the global sentiments are supported with optimism, losses in the Rupee caused by domestic updates shall remain limited to 74.20-74.50 levels. Also, foreign inflows in the Indian capital markets have remained robust, further supporting the rupee and preventing a dramatic weakness. Broadly, the pair is likely to remain in the broad range of 73.00-75.00 levels and as the larger 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

    09:59 (IST)10 Nov 2020
    Pfizer share price zooms over 19% to new 52-week high on COVID-19 vaccine news; rallies 63% since March

    Pfizer share price zoomed 19.5 per cent to scale to a fresh 52-week high of Rs 5,875 apiece on BSE, after the company along with German drugmaker BioNTech SE said that their vaccine candidate was found to be more than 90 per cent effective in preventing COVID-19, based on initial data from a large study. The stock has rallied 63.73 per cent from its March low of Rs 3,588.15 apiece. The COVID-19 vaccine news fueled a rally across global stock markets. Pfizer also indicated that the company is on track later this month to file an emergency use application with US regulators.

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    09:55 (IST)10 Nov 2020
    Will Nifty go past 12,600?

    "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," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:24 (IST)10 Nov 2020
    Pfizer stock skyrocket

    Stocks of pharmaceutical company Pfizer jumped 19.8% on opening as investors reacted to the news of a possible coronavirus vaccine produced by the US-based Pfizer Inc.

    09:21 (IST)10 Nov 2020
    Sensex and Nifty open at new highs

    Sensex opend at 42,959 points, marking it the first time in history that the index has reached that level. Nifty 50 too made history by opening above 12,500 for the first time ever. 

    09:03 (IST)10 Nov 2020
    Indices gain in pre-open session

    Sensex was trading with gains in the pre-open session and so was Nifty 50. Although down from their initial highs, both benchmark indices were comfortable in the green. 

    09:01 (IST)10 Nov 2020
    Sensex, Nifty gain in pre-open session

    S&P BSE Sensex jumped over 300 points in the pre-open session on Tuesday morning following strong global cues. Nifty 50 was above the 12,600 mark. Pfizer and BioNtech's coronavirus vaccine news has lifted spirits across the globe, aiding bullish bets. 

    09:00 (IST)10 Nov 2020
    Stocks in focus: GAIL, Hindalco, Ashok Leyland, Coal India, Tata Steel, TCS, Emami, pharma stocks

    A total of 532 listed companies including GAIL India, Mahindra & Mahindra, Hindalco Industries, Tata Power, Bata India, Century Plyboards, Exide Industries, GMR Infrastructure, Minda Industries, Motherson Sumi Systems, Info Edge India, NCC, NMDC, Raymond, RITES, Shalimar Paints, Sintex Industries, Suzlon Energy, Symphony, TeamLease Services, TTK Prestige, and VST Tillers Tractors are scheduled to announce their July-September quarterly earnings today.

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    08:59 (IST)10 Nov 2020
    SGX Nifty jumps 158 points in early trade; five things to know before market opens

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open higher on Tuesday, taking cues from their global peers. In the previous session, headline indices closed near to their all-time highs. A host of factors such as optimism around COVID-19 vaccine trial results, counting of votes for Bihar Assembly, quarterly earnings, oil prices, rupee trajectory and other global cues will keep the investors busy today. Analysts expect markets to extend their gaining momentum into the seventh session.

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    08:25 (IST)10 Nov 2020
    Put option data

    November series is seeing maximum Put OI at 12,000 strike with 27.35 lakh contracts. 11,500 strike carries 25.01 lakh contracts.

    08:18 (IST)10 Nov 2020
    Call option data

    For the November series, maximum call option Open Interest (OI) is placed at 13,000 strike with 18.45 lakh contracts, followed by 12,500 strike with 15.34 lakh contracts.

    08:15 (IST)10 Nov 2020
    ITC Rating ‘Buy’; FMCG-Others business drove sales beat

    ITC’s standalone net sales were up 0.9% y-o-y, while Ebitda/PAT declined by 11%/19.7% y-o-y, respectively. Sales were 7.6% ahead of consensus, while Ebitda/PAT were largely in line with consensus expectations. This strong revenue beat was largely driven by the strong underlying performance of the FMCG-Others business, which grew by 18% y-o-y on a comparable basis and delivered significant margin expansion, leading to 66% segment Ebitda growth, which in our view is the key highlight of the result.

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    08:11 (IST)10 Nov 2020
    Domestic markets also watching Bihar Elections

    Domestic investors will also keep eyes on the crucial Bihar election results today. Exit polls give the RJD led alliance an edge. "Exit polls indicate the possibility of hung assembly in Bihar. This is bit sentimental negative for the markets. We should watch out for Spirit (liquor cos) as there is a possibility of lifting the ban in the state if there is a non NDA Chief Minister," said Hemang Jani, Head – Equity Strategist, Motilal Oswal Financial Services.

    08:08 (IST)10 Nov 2020
    What have Pfizer and BioNtech said?

    • Vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.
    • Study enrolled 43,538 participants, with 42% having diverse backgrounds, and no serious safety concerns have been observed; Safety and additional efficacy data continue to be collected.
    • Submission for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) planned for soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.
    • Clinical trial to continue through to final analysis at 164 confirmed cases in order to collect further data and characterize the vaccine candidate’s performance against other study endpoints.

    08:06 (IST)10 Nov 2020
    Stocks surge to all-time high as Pfizer announces coronavirus vaccine; Stoxx Europe 600 Index rises 4.5%

    The clearest sign yet of progress on a Covid-19 vaccine is fueling a rally across global stock markets. A vaccine being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of infections in a study of tens of thousands of volunteers. The preliminary findings surprised scientists about the possible effectiveness of a vaccine and fueled speculation among investors that there could be a path out of the pandemic. The strongest gains in the market were among small-cap stocks, which have been hit hard by the economic toll of lockdowns. Futures on the Russell 2000 Index of small-cap stocks jumped 7% and S&P 500 contracts rose 4.2%. Nasdaq 100 Index futures pared gains, but were still up 0.5%.

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