Market HIGHLIGHTS: Indices rally for 5th day, Sensex surges 553 pts, Nifty ends above 12,260; RIL top gainer

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Updated: November 6, 2020 4:18:54 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over 1 per cent higher on Friday

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 equity market benchmarks BSE Sensex and Nifty 50 rallied for the fifth consecutive day on Friday, led by buying in index heavyweight Reliance Industries Ltd (RIL) and bank stocks. BSE Sensex surged 553 points or 1.34 per cent to end at 41,893, while the broader Nifty 50 index ended above 12,250, at 12,263, up 143 points or 1.18 per cent. RIL share price closed 3.78 per cent higher at Rs 2,029 after it announced that The Public Investment Fund (PIF) of Saudi Arabia will invest Rs 9,555 crore in Reliance Retail for an equity stake of 2.04 per cent. Bajaj Finsv, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank and Housing Development Finance Corporation were among other gainers. On the flip side, 10 out of 30 stocks, ended in the red. Maruti Suzuki shares were the worst performers, followed by Bharti Airtel, Asian Paints, Ultratech Cements and Hindustan Unilever (HUL). Barring Nifty FMCG and Nifty Pharma indices, all the sectoral indices settled in the positive territory.

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    15:42 (IST)06 Nov 2020
    Sensex, Nifty rise for 5th straight day

    BSE Sensex surges 553 points or 1.34 per cent to end at 41,893, while the broader Nifty 50 index ended above 12,250, at 12,263, up 143 points or 1.18 per cent.

    15:31 (IST)06 Nov 2020
    Rupee has support near 73.8 in near-term, likely to claw back to 74.4 mark

    Indian rupee continued positive momentum for second day in trot following weaker dollar, higher equities and expectation of foreign fund inflows. Dollar index came under pressure after Fed Chair Jerome Powell opened the door to a possible shift in the central bank’s bond purchases in coming months, saying that more fiscal and monetary support are needed. The premium on dollar/rupee forward contract maturing in one year rose on possible intervention by the Reserve Bank of India in spot market. Rupee has support near 73.8 in near term and likely to claw back to 74.4 mark: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:25 (IST)06 Nov 2020
    US elections outcome may not be critical for markets; check what trumps the White House race

    The US Presidential election, that has now stretched into the third day of counting, is seeing stock markets rally even though the White House remains hanging in the balance. In his weekly newsletter Greed & Fear, noted market strategist Christopher Wood said that the most important thing for financial markets in coming quarters is how the Fed responds when the American economy rebounds after the coronavirus health crisis has passed. He adds that if the US election outcome is not as critical for financial markets as it is made out to be, it is certainly important for America as a society as it reveals again the dramatic polarisation.

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    15:09 (IST)06 Nov 2020
    Don’t rush to buy just because markets are making new highs

    Earnings announcements have also been largely and many of the frontline companies in IT and private sector banks have reported higher than expected profits. All this, has boosted investor sentiment. Going ahead, we would sound a word of caution as valuations are almost fair. At this juncture, investors are advised to be wary of market correction. Don’t rush to buy just because markets are making new highs, is our suggestion: Sanjeev Zarbade, VP PCG Research, Kotak Securities

    15:05 (IST)06 Nov 2020
    Positive macroeconomic data, rebound in GST revenues, robust power demand driving economic recovery

    Global equities rallied during the week shrugging off concerns of market volatility related to the outcome of the US elections. The US markets rose 7.1%, one of the best weeks in several months. Victories by Republicans in several key Senate races, thus lowering the odds of a “blue wave” and potentially higher taxes and stronger regulations, have been cited by Wall Street strategists as a reason for the rally in tech stocks. Indian equities also bounced back with a gain of ~ 5.7%. Positive macroeconomic data on core sector growth, rebound in GST revenues and robust power demand is driving economic recovery.: Sanjeev Zarbade, VP PCG Research, Kotak Securities

    14:55 (IST)06 Nov 2020
    Gland Pharma IPO: Grey market premium plunges post price band announcement; should you subscribe?

    India’s biggest pharma IPO, Gland Pharma, witnessed a plunge in the secondary market since the company has announced the issue price band. However, the Indian stock market is mapping an upward trajectory and trading at over eight-month high levels. The Rs 6480-crore Gland Pharma initial public offer, which is set to open for subscription next week, has fixed a price band of Rs 1,490-1500.

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    14:43 (IST)06 Nov 2020
    Views on banks permitted to co-lend with NBFCs, HFC

    The co-origination arrangement should entail "joint contribution of credit by both lenders, & sharing of risks and rewards between banks and NBFCs". This is a good move aimed to go after the under-served section of the population primarily tier 3 and beyond, whereinNBFCs have a strong distribution presence and banks lack the presence due to high overheads. This risk and reward sharing would enable NBFCs to not worry about capital and focus more on frontend sales. Also would be good to see how banks fine-tune and adjust their existing credit criteria to open it for this new under-served category of customers (wherein the risk is equally as high as are the rewards in form of higher acquisition numbers): Raj Khosla, Founder & MD,MyMoneyMantra.com

    13:54 (IST)06 Nov 2020
    Diwali technical stock picks: Buy these 4 shares in Samvat 2077; charts signal up to 28% rally

    Indian share markets are gradually scaling back to pre-covid level, with BSE Sensex and Nifty 50 trading at over eight-month highs. A host of domestic and global factors have been keeping the headline indices volatile. Research and brokerage firm HDFC Securities has picked four technical Diwali stocks for Samvat 2077, with investment period till next year’s Diwali.

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    13:50 (IST)06 Nov 2020
    SBI shares rally over 15% in 5 days; Morgan Stanley, Nomura, others see up to 45% rally post Q2

    State Bank of India share price rallied 15.56 per cent in five trading sessions, while it added 5.6 per cent since the announcement of July-September quarter earnings. India’s largest public-sector lender registered a 52 per cent on-year rise in net profit at Rs Rs 4,574 crore from Rs 3,011 crore in the same period last year. Sequentially, SBI’s net profit rose 9 per cent from Rs 4,189.3 crore reported in the first quarter of the current fiscal. Post second-quarter earnings, brokerages have turned bullish in SBI stock, with up to 45 per cent rally in the price.

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    13:40 (IST)06 Nov 2020
    Brokerage view on P&G HYGIENE AND HEALTHCARE

    Efforts on distribution expansion, significantly higher ad spends, new launches and price cuts are boosting PGHH’s growth. Although expensive valuations of 51.3x FY22E EPS imply that near-term upside is limited, two factors make PGHH an attractive long-term core holding: (1) potential of huge category and market share growth in the Feminine Hygiene segment (~70% of sales) because of its considerable moats, and (2) potentially huge margin gains from premiumization in Feminine Hygiene over the longer term: Motilal Oswal Financial Services

    13:09 (IST)06 Nov 2020
    Digital Bharat: Banks, fintech cos must use regional languages to bring more Indians into digital cosmos

    During the pandemic, businesses and government organizations in India saw a huge language gap while reaching out to people on digital platforms. Sectors like banking, healthcare, education, and so on, saw growing needs for engagement, especially during the lockdown. The rural internet usage in India surpassed that of the urban long before the pandemic hit.

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    12:41 (IST)06 Nov 2020
    Brokerage view on Nestle India

    Nestle has a strong portfolio and steady growth outlook but current rich valuations at 56x CY22 EPS appear rich and limit upside potential. Maintain Hold with a TP of Rs15,800: Emkay Global Financial Services

    11:37 (IST)06 Nov 2020
    Muhurat picks: Buy these 7 stocks for as much as 30% upside as firms bounce back to pre-covid levels

    With Diwali just around the corner now, it is time to beat the blues of this year just like the Sensex and Nifty have done in the recent days. For this year’s Muhurat Picks, brokerage and research firm ICICI Direct has cherry-picked stocks from sectors that are bound to do well in the post coronavirus era as an economic recovery gathers pace. Some stocks are from the resilient sectors like pharmaceuticals that have so far not let the pandemic spoil their momentum. The brokerage firm sees an upside potential of as high as 30% in some of these seven stocks.

    Check stocks to buy

    11:20 (IST)06 Nov 2020
    What should retail investors do with forthcoming IPOs? Go for listing gains or long haul | Interview

    Stock markets in recent months have seen a flurry of initial public offerings (IPO) and a few more could be in the offing before the year ends. While some IPOs have helped investors pocket healthy gains, some have seen abysmal listing and then recovered losses. In such a scenario it's best that investors study the issue or seek appropriate advice and become investors intentionally rather than unintentionally, said Aashish Somaiyaa, CEO - White Oak Capital in an interview with Kshitij Bhargava of Financial Express Online. Aashish Somaiyaa, who recently took over his new position, also shared some advice for retail investors from his two-decade long experience. Here are the edited excerpts.

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    11:14 (IST)06 Nov 2020
    Traders can go for buy in gold at Rs 51,700 per 10 gm

    As the election process commenced, markets anticipated a slight edge towards Democrat Joe Biden which might open gates for larger US stimulus. Gold tends to benefit from stimulus infusion as it is considered as a hedge against inflation and currency debasement. Moreover, alarming increase in the coronavirus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices. Gold prices further gains as the U.S. Dollar depreciated ahead of the Federal Open Market Committee (FOMC) meet making the yellow metal cheaper for other currency holders. As for today, traders can go for Buy in gold at Rs 51700 levels with the stop loss of Rs 51400 levels for the target of 52400 levels. They can also go for Buy in Silver at Rs 64,000 levels, with the stop loss of 63200 levels and for the target of 65300 levels: Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd

    10:20 (IST)06 Nov 2020
    The support for Nifty is at 11500

    The trend of the index is positive and we should work towards a target of 12300-12400. Since the markets have run up in the last couple of days, it would be best to accumulate the Nifty on dips for higher targets. The support for the index is at 11500 so the risk reward would be favourable if we enter closer to the support price: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:18 (IST)06 Nov 2020
    A Biden White House would bring more stability

    The US Dollar has been badgered as Biden closed in on a victory and the US Fed reiterated it's commitment to keeping the policy stance accommodative until its target of getting the inflation to overshoot 2% moderately for some time is achieved. The Fed statement said the path of the economy would depend on the course of the virus and that significant down side risks to economic outlook over the medium term remained. The Dollar which had already weakened before the Fed policy, saw no respite even post it. Overall risk sentiment is upbeat. A Biden White House would bring more stability and reduce uncertainty in foreign policy as well as domestic policy and therefore though it seems like the Republicans are on course to retain control of the Senate, investors do not seem to be too bothered about it at this stage: Abhishek Goenka, Founder and CEO, IFA Global

    10:17 (IST)06 Nov 2020
    Every uptick between 74.00-74.50 levels shall remain selling opportunity

    The sentimental impact on Rupee coming from mixed updates has remained relatively mild compared to other Asian currencies. Hence, when other currencies depreciated by more than 1.5%-2% on intraday basis, rupee remained marginally weak showing the RBI’s activeness in managing the volatility and preventing rupee from depreciating sharply. Also, the price action in the pair didn’t reflect the state of panic amongst buyers which again assures that weakness in the rupee, if any shall be capped around 75.00 levels. Considering the overall updates, weakness in dollar and rally in equities, the momentum of the rupee suggests that the pair is paving way close to 73.20-73.50 levels with some sessions of spikes. As the broader pressure is on the appreciation side, every uptick between 74.00-74.50 levels shall remain a selling opportunity: Amit Pabari, managing director, CR Forex Advisors

    10:15 (IST)06 Nov 2020
    Stock market valuations bounce back: Should you stay put or buy more? Keep an eye on foreign inflows

    With stock markets turning positive year-to-date, the argument of cheap valuations is now out the window. However, does it make sense to stay invested in stocks while global markets seem buoyant and domestic firms report strong quarterly numbers? “With the recent rally, valuations have become expensive from a fundamental viewpoint,” Narayan Shroff, Head of Investments - India, Barclays Private Bank, told Financial Express Online. “However, in a world where policy support, especially of the monetary kind, is likely to stay put for several years, we see merit in buying stocks at higher price for the same set of future equity cash flows than before,” Narayan Shroff said.

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    10:12 (IST)06 Nov 2020
    RIL top Sensex gainer today, share price jumps 3% after Saudi PIF investment in Reliance Retail

    RIL share price jumped 3 per cent to Rs 2,013.75 apiece on BSE, a day after the Mukesh Ambani-led firm announced that The Public Investment Fund of Saudi Arabia will invest Rs 9,555 crore in Reliance Retail for an equity stake of 2.04 per cent. Earlier this week, RIL shares plunged 9 per cent, since then the stock has managed to gain 7.2 per cent. Today’s surge in the stock price was fuelled by the investment announcement by Saudi PIF in RIL’s retail business.

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    09:29 (IST)06 Nov 2020
    Biden’s victory is most likely to be a favourable outcome for markets

    Biden’s victory is most likely to be a favourable outcome for markets as it will instil confidence amongst investors by reducing ‘policy uncertainty’ considerably. Thereafter, the outcome of divided congress is likely to result in a mild risk-off in the market that could persist for a short period. A lot will then come down to negotiations between the Democrats and the Republicans on a possible fiscal relief bill. Thus, further fiscal spending might be limited as compared to what it would have been in case Democrats had gained control over Senate. Joe Biden’ victory is positive for risky assets including EM currencies. Net tighter fiscal policy (tax rate increase) under Biden and a return of multilateralism is initially a dollar negative, where a benign dollar decline unfolds as world trade volumes will slowly recover, triggering commodity reflationary trade. Overall, the trade is likely to turn against safe havens (USD, JPY, Gold etc.) in favour of riskier EM currencies: Centrum Broking

    09:23 (IST)06 Nov 2020
    Gold along with other asset classes may remain choppy as US election results are assessed

    COMEX gold trades mixed near $1945/oz after a sharp 2.7% gain yesterday. Gold remains supported by central bank stimulus measures including BOE’s bond purchases and the Fed’s commitment to support the economy. Possibility of a contested US election has also increased gold’s safe-haven appeal. ETF flows however show lack of investor buying. Gold along with other asset classes may remain choppy as US election results are assessed however general bias may be on the upside amid expectations of additional stimulus measures: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:22 (IST)06 Nov 2020
    RIL shares jump 2%; top Sensex gainer

    RIL share price jumped 2 per cent to Rs 1,993.90 apiece on BSE, a day after the Mukesh Ambani-led firm announced that The Public Investment Fund of Saudi Arabia will invest Rs 9,555 crore in Reliance Retail for an equity stake of 2.04 per cent.

    Check live prices: Reliance Industries

    09:19 (IST)06 Nov 2020
    Sensex jumps over 100 pts, Nifty trades above 12,150

    BSE Sensex was trading 109 points or 0.26 per cent up at 41,449, while the Nifty 50 index managed to jump 31 points or 0.25 per cent to rule at 12,151 on Friday.

    Check live Sensex, Nifty levels

    09:13 (IST)06 Nov 2020
    Maintain ‘buy’ on Godrej Properties; biz gains pace

    Godrej Properties’ 2Q shows the inherent volatility in its P&L till accounting profits catch up with the underlying business scale. Pre-sales declined 30% QoQ in 2Q on lack of new launches. For 1H, pre-sales are +11% YoY, making GPL the best performer among our coverage. Jefferies

    09:06 (IST)06 Nov 2020
    Sensex, Nifty rises in pre-open on Friday

    BSE Sensex was trading 128 points higher at 41,469, while the Nifty 50 index managed to jump 66 points to rule at 12,186.80 in pre-open on Friday.

    Check live Sensex, Nifty levels

    09:00 (IST)06 Nov 2020
    1-2 day trend of the Nifty is now up

    Indian markets could open flat following rangebound Asian markets today after strong gains over the last few days and despite sharply positive US markets on Thursday. The 1-2 day trend of the Nifty is now up and Nifty is likely to target the recent intermediate highs of 12247 in the very near term. Our 3-7 day targets are at 12311-12431 as the Nifty has broken out of its recent highs of 12026 after making a rounding bottom pattern on the daily chart. Our bullish bets for next 7 days are off if Nifty dives lower and closes below recent lows of 12027. Downside targets in this scenario would be at 11930: HDFC Securities

    08:58 (IST)06 Nov 2020
    Rise in Nifty Open Interest Indicates that one should be optimistic for markets

    Long build up in the Nifty and Bank Nifty Futures, rise in the Nifty Open Interest Indicates that one should be optimistic for the markets. Therefore, our advise is to be bullish and use any down move to build fresh long positions with the stoploss of 12000 levels: HDFC Securities

    08:57 (IST)06 Nov 2020
    Nifty immediate resistance seen at 12247

    The Nifty 50 index has managed to cross the 12000-12025 resistance zone that was held for all of October. Sustainability above this zone would signal an end to the recent 3-week consolidation and open door for a directional up move in the days ahead, with immediate resistances seen at 12247 followed by the life-time high of 12430. Meanwhile, support for the index lies at 11870. As long as that holds, the bias is skewed to the upside: Abhishek Chinchalkar, CMT Charterholder, Technical Analyst

    08:47 (IST)06 Nov 2020
    Stocks in focus: RIL, ITC, Cipla, SBI, Adani Power, Indiabulls Housing Finance, Ashok Leyland

    A total of 219 listed companies including ITC, Cipla, Ashok Leyland, Bank of India, Union Bank of India, Vedanta, BHEL, Glenmark Pharmaceuticals, MRF, Quick Heal Technologies, REC, SAIL and Tata Consumer Products will announce their July-September quarterly earnings today.

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    08:31 (IST)06 Nov 2020
    Investors wealth zooms Rs 2.78 lakh cr in market rally

    Investors wealth on Thursday zoomed by Rs 2.78 lakh crore as markets witnessed heavy buying, with the Sensex reclaiming the 41,000-mark. The 30-share BSE benchmark jumped 724.02 points or 1.78 per cent to close at 41,340.16.

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    08:18 (IST)06 Nov 2020
    Nifty has to continue to hold above 12000 to witness an up move towards 12200

    Technically Nifty made a bullish candle and is forming higher lows from the last four trading sessions. Now it has to continue to hold above 12000 to witness an up move towards 12200 then lifetime high of 12430 while medium-term support exists at 11900-11750. Volatility has also significantly cooled down which gives stability to the bulls in the market to ride the move towards all-time high territory. Investors would keep tracking the development over US election along with the Fed and BoE MPC meetings: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

    08:16 (IST)06 Nov 2020
    US stocks ends higher on Wall Street

    In overnight trade on Wall Street, US stocks surged. The Dow Jones Industrial Average rose 1.95 per cent while the S&P 500 gained 1.95 per cent. The Nasdaq Composite climbed 2.59 per cent.

    08:15 (IST)06 Nov 2020
    Asia stock markets trade mixed

    Asian peers were seen trading mixed on Friday with Japan’s Nikkei 225 rising 0.74 per cent. The Shenzhen component shed 0.293 per cent. While Hong Kong’s Hang Seng index dipped 0.17 per cent.

    08:15 (IST)06 Nov 2020
    Mukesh Ambani bags 9th cheque for Reliance Retail; Saudi Arabia’s PIF to invest Rs 9,555 crore

    Mukesh Ambani’s Reliance Retail Ventures Limited (RRVL) a subsidiary of Reliance Industries Limited (RIL), today announced that The Public Investment Fund of Saudi Arabia will invest Rs 9,555 crore in the company for an equity stake of 2.04%. This will be the second such investment by The Public Investment Fund (PIF) in a subsidiary of RIL this year.

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    08:14 (IST)06 Nov 2020
    Will Sensex, Nifty rally again? 5 things to know before the opening bell on Dalal Street today

    Domestic benchmark indices, after having surged during the last four trading sessions, have now recouped all year-to-date losses. S&P BSE Sensex sits at 41,340 while the 50-stock Nifty is at 12,120 mark. On the charts, the movement of the last few trading sessions hints at further upside. “We observe a sustainable upside breakout of the hurdle of previous swing highs around 11950-12025 levels, which coincided with a down sloping minor trend line. This also indicates an upside breakout of the recent broader range movement of the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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