Market nudges higher in early trade

Key indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 205.03 points or 0.51% at 40,466.16. The Nifty 50 index was up 49.50 points or 0.42% at 11,863.

The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was up 0.5%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 885 shares rose and 581 shares fell. A total of 73 shares were unchanged.

Cues to watch:

Investor focus on Wednesday was on the U.S. presidential election results between incumbent Donald Trump and former Vice President Joe Biden. Joe Biden is currently ahead of Donald Trump in terms of early electoral votes. Results are coming in from states were polls have closed.

Stocks in news:

Adani Ports and Special Economic Zone (APSEZ) surged 3.95%. APSEZ reported 31.6% rise in consolidated net profit to Rs 1,387 crore on 2.9% increase in revenue from operations to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.

Ajanta Pharma advanced 2.22%. The company reported 46.29% rise in consolidated net profit to Rs 170.22 crore on 9.88% increase in total income to Rs 720.76 crore in Q2 September 2020 over Q2 September 2019.

Adani Gas rose 2.09%. Adani Gas reported 11.87% rise in consolidated net profit to Rs 134.31 crore on 12.04% fall in total income to Rs 425.90 crore in Q2 September 2020 over Q2 September 2019.

PVR jumped 5.84%. PVR reported a net loss of Rs 183.95 crore in Q2 September 2020, as compared to net profit of Rs 47.88 crore in Q2 September 2019. Total income dropped 88.71% to Rs 110.61 crore in Q2 September 2020 over Q2 September 2019.

AU Small Finance Bank rose 1.13%. AU Small Finance Bank has been issued certificate of registration CA0515 under Registration of Corporate Agents - Regulations, 2015 by Insurance Regulatory and Development Authority of India (IRDAI) and Bank has entered into agreement with Care Health Insurance Company for health insurance products.

Global Markets:

Overseas, Asian stocks are trading mixed as results from the U.S. Presidential election hinted at a close race with no clear winner yet in sight. A private survey also showed China's service sector activity growing in October, with the Caixin/Markit services Purchasing Managers' index coming in at 56.8.

Hong Kong-listed shares of Alibaba tanked in Wednesday morning trade after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns.

In US, stocks jumped on Tuesday as investors hoped a clear winner would emerge from the U.S. presidential election and a delayed, or contested, result would be avoided.

Heading into Tuesday's vote, former Vice President Joe Biden held a lead in national polling over President Donald Trump. In swing states, where the election will be decided, polling averages are tighter than the national polls.

Back home, domestic equity benchmarks ended with strong gains on Tuesday, led by banks and financial shares. The barometer index, the S&P BSE Sensex, jumped 503.55 points or 1.27% to 40,261.13. The Nifty 50 index added 144.35 points or 1.24% to 11,813.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,274.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,100.92 crore in the Indian equity market on 3 November, provisional data showed.

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