Sensex surges above 40,000

Key indices are trading firm in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 356.21 points or 0.9% at 40,113.79. The Nifty 50 index was up 103.70 points or 0.89% at 11,772.85. The Sensex surged above the psychological 40,000 mark in early trade.

The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.71%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 1050 shares rose and 397 shares fell. A total of 59 shares were unchanged.

US election 2020:

The US presidential race is headed for a tight finish with the margin between US President Donald Trump and his Democratic rival Joe Biden shrinking, particularly in key battle ground states, latest opinion polls reportedly indicated on Monday on the eve of the elections. Biden, 77, was leading Trump, 74, in the key battle ground States by 2.9 percentage points, which comes within margin of error, as per reports.

Stocks in news:

Tata Motors rose 2.22%. The company's sales in the domestic & international market rose to 52,132 vehicles in October 2020 from 41,354 units sold in October 2019.

NTPC gained 2.24% to Rs 91.20. The board of directors of NTPC on Monday (26 October) approved a buyback proposal. The company aims to buyback upto 19.78 crore shares (2% of the total number of fully paid-up equity shares) at Rs 115 per share. The buyback will be on a proportionate basis through a tender offer route. The company has fixed 13 November 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.

Meanwhile, NTPC on Monday said its consolidated net profit slipped 7.74% to Rs 3,494.61 crore on 7.77% rise in revenue from operations to Rs 27,707.76 crore in Q2 September 2020 over Q2 September 2019.

Wipro fell 0.07%. Wipro announced the launch of its dedicated Wipro AWS Business Group (WABG), a unit designed to help customers fast-track their cloud transformation journey on AWS.

Zydus Cadila jumped 7.03%. Zydus Cadila said its consolidated profit after tax excl. exceptional items was Rs 562 crores in Q2 September 2020, up 73% on a y-o-y basis over Q2 September 2019. Total income from operations rose 13% to Rs 3820 crore. Consolidated EBIDTA grew to Rs 863 crore, up 36% on y-o-y basis.

Zee Entertainment Enterprises (ZEEL) rose 2.56%. On a consolidated basis, the company's net profit tumbled 77.2% to Rs 94 crore in Q2 September 2020 from Rs 413.20 crore in Q2 September 2018. Operating revenue fell 18.8% to Rs 1,722.70 crore in Q2 September 2020 over Q2 September 2019. Profit Before Tax (PBT) fell 66.9% to Rs 167.30 crore during the period under review.

Global Markets:

Overseas, Asian stocks are trading higher on Tuesday as investors shrugged off U.S. election jitters. Japan markets are closed for a holiday on Tuesday.

In US, stocks rose on Monday, as markets recovered some of the sharp losses from last week and braced for the U.S. presidential election. Ahead of Tuesday's election, Joe Biden reportedly held a substantial national lead over President Donald Trump.

The IHS Markit final U.S. manufacturing index rose to 53.4 in October versus an initial reading of 53.3. And the Institute for Supply Management's more closely watched manufacturing activity index climbed to a 13-month high of 59.3 last month from 55.4 in September. Readings over 50 indicate growth.

Back home, key benchmark indices ended with small gains after a roller-coaster session on Monday. Strength in HDFC and private banks made up for the losses incurred by index major Reliance Industries (RIL). The S&P BSE Sensex, gained 143.51 points or 0.36% at 39,757.58. The Nifty 50 index added 26.75 points or 0.23% at 11,669.15

Foreign portfolio investors (FPIs) bought shares worth Rs 740.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 533.97 crore in the Indian equity market on 2 November, provisional data showed.

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