Sensex moves above 41,000 mark

Local stocks are trading on a strong note in early trade after a gap-up opening on buying frenzy in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 458.44 points or 1.13% at 41,074.58. The Nifty 50 index was up 120.70 points or 1.01% at 12,029.20. The Sensex moved above the psychological 41,000 mark.

The S&P BSE Mid-Cap index was up 0.71%. The S&P BSE Small-Cap index was up 0.81%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1178 shares rose and 419 shares fell. A total of 71 shares were unchanged.

Stocks in news:

HPCL jumped 5.62% to Rs 197.25. HPCL reported its Q2 September 2020 result on Wednesday. The company's net profit surged 135.4% to Rs 2,247.75 crore on 14.16% decline in total income to Rs 52,590.08 crore in Q2 September 2020 over Q2 September 2019.

The board of the state-run oil marketing company also approved a proposal to buyback shares worth upto Rs 2500 crore at a maximum buyback price of Rs 250 per equity share.

Lupin fell 1.18%. Lupin reported a consolidated net profit of Rs 211 crore in Q2 September 2020 as compared to a net loss of Rs 127.10 crore in Q2 September 2019. Total revenue from operations fell 1.2% to Rs 3835 crore.

Pidilite Industries gained 1.67%. The company reported 9.93% rise in consolidated net profit to Rs 356.42 crore on 2.1% increase in total income to Rs 1,902.63 crore in Q2 September 2020 over Q2 September 2019.

JK Lakshmi Cement 1.91%. JK Lakshmi Cement reported 83.99% rise in consolidated net profit to Rs 89.55 crore on 12.92% rise in total income to Rs 1,149.60 crore in Q2 September 2020 over Q2 September 2019.

Godrej Agrovet fell 1.63%. Godrej Agrovet reported 2.92% rise in consolidated net profit to Rs 107.04 crore on 6.08% fall in total income to Rs 1,749.47 crore in Q2 September 2020 over Q2 September 2019.

Indian Hotels Company rose 0.57%. Indian Hotels Company reported a consolidated net loss of Rs 230.01 crore in Q2 September 2020 as compared to a net profit of Rs 71.31 crore in Q2 September 2019. Total income fell 66.62% to Rs 344.03 crore.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday as investors continue to wait for the result of the U.S. election.

In US, stocks surged on Wednesday even as the results of the presidential contest so far failed to yield a clear winner. Traders appeared to look past the presidential race and instead concentrated on the battle for the Senate, where odds were increasing Republicans would keep control.

Democratic candidate Joe Biden is leading Republican nominee President Donald Trump in terms of electoral votes. While Trump has falsely claimed victory, Biden is inching towards the 270-mark.

Back home, domestic equity benchmarks ended near the day's high after a volatile session on Wednesday. The barometer index, the S&P BSE Sensex, rose 355.01 points or 0.88% at 40,616.14. The Nifty 50 index added 95 points or 0.80% at 11,908.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 146.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 8.13 crore in the Indian equity market on 4 November, provisional data showed.

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