Nifty holds 12,650 mark; auto stocks rally for 7th day

The Sensex traded with minimal losses while the Nifty hovered with small gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 51.80 points or 0.12% at 43,225.85. The Nifty 50 index gained 27.40 points or 0.22% at 12,658.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index lost 0.03%.

The market breadth was negative. On the BSE, 1,140 shares rose and 1,327 shares fell. A total of 168 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.52% to 21.9075. The Nifty November 2020 futures were trading at 12,615, at a premium of 18.60 points compared with the spot at 12,596.40.

The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 17.94 lakh contracts at the 13,000 strike price. Maximum Put OI of 32.40 lakh contracts was seen at 12,000 strike price.

Bihar Election Result:

The National Democratic Alliance (NDA) is all set to form the next government in Bihar after defeating the Tejashwi Yadav-led Mahagathbandhan in the assembly elections. The NDA won 125 seats, clearing the majority mark in the 243-member Assembly. The Mahagathbandhan or the Grand Alliance won 110 seats.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 5,14,56,775 with 12,72,094 deaths. India reported 4,94,657 active cases of COVID-19 infection and 1,27,571 deaths while 80,13,783 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Auto index rose 1.14% to 8,219.90. The index added 6.30% in the past seven sessions.

Balkrishna Industries (up 5.45%), Hero MotoCorp (up 3.13%), Eicher Motors (up 1.99%), Mahindra & Mahindra (M&M) (up 1.08%) and Maruti Suzuki India (up 0.86%) advanced.

Stocks in Spotlight:

Raymond slipped 1.66% after the company reported a consolidated net loss of Rs 136.59 crore in Q2 September 2020 compared with net profit of Rs 86.24 crore in Q2 September 2019. On a consolidated basis, net sales tumbled 64.2% to Rs 674.21 crore in Q2 September 2020 over Q2 September 2019. Pre-tax loss stood at Rs 216.75 crore in Q2 September 2020 as against a pre-tax profit of Rs 75.52 crore in Q2 September 2019. Current tax expense for the quarter tanked 88% to Rs 1.39 crore as against Rs 11.61 crore in Q2 September 2019.

Gillette India advanced 2.26% after standalone net profit surged 54.3% to Rs 95.29 crore on 11.7% rise in net sales to Rs 516.40 crore in Q1 September 2020 over Q1 September 2019. Standalone profit before tax (PBT) soared 41.2% to Rs 122.28 crore in Q1 September 2020 as against Rs 86.60 crore in Q1 September 2019. Current tax expense for the quarter jumped 19.3% to Rs 27.85 crore as against Rs 23.35 crore in Q1 September 2019. The rise in net sales was supported by strong product innovations, trusted portfolio, market recovery and strong execution of brand and retail fundamentals.

JSW Steel rose 0.73%. The company's crude steel production for the month of October 2020 was at 13.38 lakh tonnes showing a growth of 4% over September 2020 (M-o-M) and 7% over October 2019 (Y-o-Y). "The average capacity utilisation improved to 89% during the month of October 2020, JSW Steel said. The production flat rolled products remained flat 9.76 lakh tonnes and the production of long rolled products improved by 16.7% to 3.01 lakh tonnes in October 2020 over October 2019.

Glenmark Pharmaceuticals gained 1.03% after the company received final approval by the US drug regulator for tacrolimus capsules in multiple strengths. Tacrolimus capsule USP, 0.5 mg, 1 mg and 5 mg, is the generic version of prograf capsule of Astellas Pharm US, Inc. According to IQVIA sales data for the 12-month period ending September 2020, the prograf capsules market achieved annual sales of approximately $286.8 million.

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