Indices rally for 5th straight day, Sensex up 553 pts; RIL, financials gain

All that happened in the markets today

4:13 PM

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

Positive global sentiment from the US election, the expectation of Fed open market operation, and improving economic activities have added optimism. It can take the Indian market to a new zone over-weighing worries over increasing Covid cases backed by a strong performance in sectors like banking, IT, Pharma, and exporters. We expect this momentum to sustain aided by positive Q2 results, favorable economic data, strong FII buying, and expectations of an additional stimulus package.

3:43 PM

SECTOR WATCH | Nifty Pharma slips 0.7%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 553 points, or 1.34 per cent to settle at 41,893 while NSE's Nifty ended at 12,263.5, up 143 points, or 1.18 per cent.

3:24 PM

MARKET CHECK | Sensex zooms nearly 600 pts

3:20 PM

Financials extend rally; IndusInd, Shriram Transport surge over 20% in 1 week

CSB Bank, Spandana Sphoorty Financial, Indiabulls Housing Finance, RBL Bank, Shriram Transport Finance and Manappuram Finance from the S&P BSE Finance index were up more than 5 per cent on the BSE. Bajaj Finserv, IndusInd Bank, DCB Bank, CreditAccess Grameen and Muthoot Finance were up between 3 per cent and 5 per cent. READ MORE 

3:04 PM

Sept Quarter Result | Central Bank of India profit rises to Rs 161 cr vs Rs 134 cr YoY

>> NII up to Rs 6,053 cr vs Rs 5,890 cr YoY

2:54 PM

US Election Results :: Joe Biden has taken the lead by 917 votes in the state of Georgia

2:52 PM

NEWS ALERT :: Coal India to consider dividend on November 11

>> The 'Record Date' for the purpose of payment of Interim Dividend for the Financial Year 2020-21 is fixed as November 20.

>> The board will meet on Nov 11,to inter-alia to consider 2nd Quarter & half year financial results for the period ended 30th Sep' 20.

2:51 PM

BROKERAGE VIEW | HDFC Securities on ABB India

RATING: SELL | TARGET PRICE: Rs 827 

The ABB business model is overly sensitive to operating leverage. Hence, margin expansion will only play out when all segments expand in volume terms, especially Robotics and IA, which continue to face relatively stronger headwinds. With clients conserving capital and global growth outlook bleak, new capex headwinds remain, both locally and globally. In a restricted capex environment and deflationary expectations, high competitive intensity will curb further margin expansion. We believe the headwinds are not fully priced into the current rich valuations. We maintain SELL on ABB India Ltd. (ABB) with a target price of Rs 827/sh.

2:43 PM

MARKET UPDATE:: Sensex climbs off day's high, still up 350 points

2:42 PM

NEWS ALERT :: Dr Lal Path Labs declares interim dividend of Rs 6/equity share

2:41 PM

Sept Quarter Result | Dr Lal Path Labs' profit comes in at Rs 85.3 crore

>> Revenue at Rs 432 crore

>> EBITDA at Rs 127.2 crore

>> EBITDA margin at 29.5%

2:37 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:36 PM

Goodyear India up 4%

2:30 PM

Investors should combine asset classes with low or negative correlation

The markets have been volatile this year. Towards the end of March, when the pandemic-led lockdown began, the equity markets took a massive beating. On March 23, the Nifty50 index was down 37.5 per cent year-to-date (YTD).

 

Now, the YTD return of this benchmark is down 0.40 per cent, which means it is about to break into positive territory. Financial advisors say one of the biggest takeaways from the downswing and the subsequent recovery is the need for investors to build diversified portfolios using asset classes that have negative or low correlation. READ MORE

2:19 PM

Gold dips as dollar firms, but set for best week in over three months

Gold fell on Friday, as the dollar gained, but was set for its best week since late July on hopes for more central bank economic support as investors bet on a divided U.S. Congress under a Joe Biden presidency. Spot gold fell 0.5 per cent to $1,939.10 per ounce by 0618 GMT. Prices soared 2.4 per cent on Thursday on a dollar slide, setting them up for a 3.2 per cent weekly gain. READ MORE

 

2:17 PM

Sept Quarter Result | Aditya Birla Fashion and Retail incurs loss of Rs 180 cr vs Rs 6.9 cr-profit YoY

>> Revenue down to Rs 1,020 cr vs Rs 2,300 cr YoY

2:07 PM

Rupee Closing

Rupee settles higher at 74.20 per US dollar vs Thursday's close of 74.39/$

2:03 PM

BROKERAGE VIEW | Nirmal Bang Securities on Vinati Organics

RATING: ACCUMULATE | TARGET PRICE: Rs 1,250 

We value VO at ~30x PE on Sept’22E earnings. While we structurally like this business and believe that it could be one of the big beneficiaries of import substitution, our Accumulate rating is mainly on account of declining salience of ATBS (due to recent slowdown and new products addition), which would moderate the margin profile of the company over the medium term.

1:55 PM

Index contributors at this hour

1:46 PM

HDFC Bank stock hits record high, advances 25% in three months

The stock of the private sector lender has outperformed the market by surging 10 per cent in the past week, as compared to a 5.6 per cent rise in the S&P BSE Sensex. In the past three months, it has rallied 25 per cent, against a 10 per cent gain in the benchmark index. READ MORE

1:36 PM

India Cements Q2 net at Rs 71.43 cr while revenue drops to Rs 1,069.72 cr

The drop in volume by 21 per cent year on year meant a loss of more than Rs 68 crore in contribution but on the back of improved realisation and with the reduction in overall expenditure, the EBIDTA was substantially improved to Rs 240 crore as compared to Rs 150 crore in the previous year, an increase of 60%. On QoQ basis also the EBIDTA improved by 51 per cent. READ MORE

1:28 PM

MARKET UPDATE:: Sensex at day's high, up 500 points

1:27 PM

US Elections 2020 :: Trump's lead in Georgia narrows further

>> Trump now up just 665 votes out of 4.96 million counted, with more counting to come

1:23 PM

Sept Quarter Result | Dilip Buildcon's profit plunges 69.6% YoY

>> PAT comes in at Rs 8.7 cr 

>> Revenues increases 9.6% YoY to Rs 2,187 cr

>> EBITDA up 3.5% YoY to Rs 452.4 cr

1:15 PM

SBI Cards trades higher for fifth straight day; stock gains 3%

Shares of SBI Cards and Payment Services were up 3 per cent at Rs 855 on the BSE on Friday, gaining 4 per cent in the past two trading days after the company said it has launched credit cards in partnership with the digital payment platform Paytm. The stock was trading higher for the fifth straight days and up 7 per cent during the week, as compared to 5 per cent rise in the S&P BSE Sensex. READ MORE 

1:09 PM

NEWS ALERT :: SC stays Delhi HC order directing for payment of Rs 243 cr by SpiceJet

Alert: HC had ordered SpiceJet to make payment to former promoter Dayanidhi Maran

1:03 PM

BROKERAGE VIEW | Anand Rathi Shares on Kalpataru Power

Kalpataru’s revenue and margins were in line with expectations. Its healthy order book and execution ramp-up at various sites helped management stay upbeat and retain 5-10% revenue growth guidance. Till now, FY21 orders of Rs32.3bn were booked in its international T&D business largely (76% of inflows). The Rs123bn order book is well diversified across various businesses. Backed by a robust bid pipeline, management maintained its order-inflow guidance of Rs90bn-100bn. With in-line results, we keep our estimates unchanged and maintain our Buy rating with a sum-of-parts-based target of Rs 385.

12:59 PM

Sept Quarter Result | MRF profit comes in at Rs 410.9 crore vs Rs 229 cr YoY

>> Cons revenue at Rs 4,244.4 crore

>> Cons EBITDA at Rs 867 crore