Indices end at record highs; Sensex zooms 704 points amid firm global cues

All that happened in the markets today

4:11 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial services

"Firm global cues and a clear majority to favorite democrats party in the US election took main benchmark indices to 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."

3:43 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:42 PM

SECTOR WATCH

3:36 PM

CLOSING BELL

The S&P BSE Sensex surged 704 points, or 1.68 per cent at 42,597 levels while NSE's Nifty ended at 12,461, up 197.5 points, or 1.61 per cent.

3:27 PM

IndusInd Bank hits over seven-month high; advances 33% in 6 days

Shares of IndusInd Bank hit an over seven-month high of Rs 777.80, up 5 per cent on the BSE on Monday. The stock of the private sector lender was trading higher for the six straight trading session and has rallied 33 per cent during the period. It was quoting at its highest level since March 13, 2020. READ MORE 

3:13 PM

BROKERAGE VIEW | ICICI Securities on Glenmark Pharma

Despite facing Covid-related challenges in Q2FY21, the company reported a stable topline while EBITDA was higher mainly on account of reduced travel & promotional spend. Going ahead, the management expects margins to improve due to cost rationalisation measures and decline in R&D expenses as percentage of sales. Glenmark had earlier shelved API monetisation plan and plans to reduce debt through internal accruals, pipeline monetisation (ICHNOS) and divestment of non-core business. On the capex front, although things are looking a bit strained, the management expects some moderation. We believe reduction of debt, improvement in free cash flow and margins are key events to watch. We arrive at our target price of Rs 635 based on 14x FY23E EPS of Rs 45.2.

3:03 PM

PE deals score over REITs as realtors eye fast money, avoid listing hassles

While the REIT route has gained prominence, the promoters opted for private deals to get the cash fast and, at the same time, avoid the hassle of listing an REIT that would have taken more than a year, said promoters and capital market experts. RMZ sold 12.5 million square feet in assets to Canada-based Brookfield Asset Management for over Rs 14,000 crore, while Prestige Estates has signed an initial agreement to sell its office and malls to US-based Blackstone. READ MORE

2:58 PM

IPO ALERT :: Gland Pharma IPO subscribed 3% till 2:30 pm on Day 1

2:53 PM

HDFC Bank, ICICI Bank, and RIL top contributors to Sensex's 600-pt rally today

2:47 PM

Nifty at day's high

2:45 PM

Mutual fund AUMs rise to Rs 28.22 lakh crore in October 2020

The total mutual fund AUM as on October 31, 2020 reached to highest ever Rs 28.22 lakh crore while average AUM for Oct. 2020 was Rs 28.33 lakh crore due to rise in retail SIP contribution and surge in net flows in overall debt schemes, according to the October 2020 monthly data released by the MF Industry body, the Association of Mutual Funds in India (AMFI) earlier today. 
 

The mutual fund Industry witnessed an overall positive flows at Rs 98,575.96 crore in October 2020. 

(Source: AMFI press release) 

 

2:43 PM

Sensex surges 700 pts

2:42 PM

Life Insurers witness 32% growth in new business premiums in October

Life insurers earned NBP to the tune of Rs 22,776 crore in October FY21, compared to Rs 17,271.86 crore in the same period last year. In September, the NBP of life insurers was up 26.47 per cent at Rs 25,366.32 crore. NBP is the premium acquired from new policies for a particular year. READ MORE

2:34 PM

Top losers on the BSE at this hour

2:28 PM

Global economy to remain in tenuous position in 2021, says Moody's

In a new report, Moody's examined six key themes that will shape the credit environment in the year ahead: uneven recovery, policy challenges, rising debt levels, digital transformation, environmental impact and social trends.

 

"The vast policy support from the governments since the start of the crisis will propel a stronger economic recovery in advanced markets than in many emerging markets, and business and operating conditions will continue to be steadier for sectors that have more easily adapted to the pandemic-related disruption," said Moody's Associate Managing Director Elena Duggar. READ MORE

2:23 PM

NEWS ALERT :: Pushing for up to $4 billion in tariffs against the US over illegal state aid to Boeing, says the EU

(Source: AFP)

2:20 PM

Escorts rallies 5%, hits record high on healthy outlook in current fiscal

Escorts' management stated that the overall rural sentiment is positive because of the record output of Rabi crop along with better realization, strong Kharif sowing season and easy availability of retail finance. Furthermore, the management expects demand momentum to continue with supply chain issues ironing out. Besides, the current inventory at channel level is very low and re-stocking will also aid in volume growth in the coming quarters. READ MORE

2:12 PM

Sensex Check

2:03 PM

Rupee Closing

Rupee ends at 74.03 per US dollar vs Friday's close of 74.20/$

2:00 PM

GLOBAL MARKETS UPDATE:: Risk assets cheer Biden win

Shares surged, oil prices jumped and the U.S. dollar remained weak on Monday as expectations of fewer regulatory reforms and more monetary stimulus under U.S. President-elect Joe Biden supported risk appetite.

E-mini futures for the S&P 500 jumped more than 1.5% on Monday while Nasdaq futures rallied over 2%, signalling a positive start for U.S. markets. Eurostoxx 50 futures gained 1.7%, Germany’s DAX futures climbed 1.8% and FTSE futures rose 1.4%.

 

The mood was also upbeat in Asia, with all major indexes in the green. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.4% to 614.73 points, the highest since January 2018. It climbed 6.2% last week to clock its best weekly performance since early June.

Chinese shares started higher with the blue-chip CSI300 index up 2.2% on hopes of better Sino-U.S. trade relations under Biden. Japan rose 2.4% while the main indexes of Australia, Hong Kong and South Korea gained 1.5% each.

-- (Reuters)

1:56 PM

Pharma shares underperform in a firm market; Glenmark, Ipca Labs fall 6%

Among individual stocks, Glenmark Pharmaceuticals and Ipca Laboratories slipped 6 per cent, while Cipla, Laurus Labs, Neuland Laboratories, Caplin Point Laboratories, Strides Pharma Science and Novartis India were down in the range of 2 per cent to 4 per cent on the BSE. READ MORE

1:46 PM

MARKET CHECK

1:36 PM

Passenger vehicle retail sales dip 9% in October on supply woes: FADA

Two-wheeler sales declined 26.82 per cent to 10,41,682 units last month, as compared to 14,23,394 units in October 2019.

 

Commercial vehicle sales also slipped 30.32 per cent to 44,480 units, as against 63,837 units a year ago. READ MORE

1:28 PM

OPINION | Sanity in post-Covid world, but expect no instant big changes

Donald Trump's international economic policy was a populist mix of harking back to splendid isolation, muscular 'my way or the highway' approach, and his 'art of the deal'. At its heart, though, it had a domestic focus. It was left to the bureaucracy to keep trade discussions going — distinct from Trump's tweets. As Joe Biden shapes his trade policy, he faces a vastly changed world from what he left in 2016. READ MORE

1:21 PM

Top gainers on the BSE at this hour

1:08 PM

Fifteen finance commission submits report on tax devolution to Prez Kovind

The 15th Finance Commission submitted its report for 2021-22 to 2025-26 to the President Ram Nath Kovind on Monday. The main task of the Commission is to recommend devolution of the central taxes among the union government and the states. The Commission, headed by former bureaucrat N K Singh, had retained the devolution at the same level in its interim report for 2020-21 as was recommended by the previous Commission, even as at the outset it seemed that it had reduced it. READ MORE

12:59 PM

BUZZING STOCK | Bharti Airtel gains nearly 4%

12:58 PM

SECTOR WATCH:: Telecom stocks trade higher

COMPANY	LATEST(rs)	CHG(%)
VODAFONE IDEA	8.66	0.70
BHARTI AIRTEL	465.35	3.47
TATA COMM	1019.10	2.22

12:48 PM

NEWS ALERT :: RBI lifts restriction on opening of new branches, says Equitas Small Fin Bank

>> Also rollaback order on freezing the remuneration of MD & CEO at the then existing level
 

12:43 PM

NEWS ALERT :: 15th Finance Commission submits report to President