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Indices bounce back; breadth remains negative

Capital Market 

The equity barometers bounced back into the positive terrain in mid-afternoon trade. The Nifty reclaimed 12,700 mark. At 14:22 IST, the barometer index, the S&P BSE Sensex, gained 232.79 points or 0.54% at 43,510.38. The Nifty 50 index added 99.5 points or 0.79% at 12,730.40.

The Sensex hit a record high of 43,708.47 while the Nifty hit a record high of 12,769.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.57%. The S&P BSE Small-Cap index was up 0.19%.

Sellers outnumbered buyers. On the BSE, 1,250 shares rose and 1,388 shares fell. A total of 201 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 5,14,62,791 with 12,72,146 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.

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.

Buzzing Index:

The Nifty Bank fell 0.29% to 28,524.40, snapping its seven days winning streak. The index surged 20% in the past seven trading days.

IndusInd Bank (down 6.45%), IDFC First Bank (down 3.5%), Federal Bank (down 2.47%), RBL Bank (down 2.39%), Bandhan Bank (down 2.16%), Bank of Baroda (down 1.97%), Punjab National Bank (down 1.52%) and ICICI Bank (down 1.05%) were top losers in Bank Nifty.

Stocks in Spotlight:

JB Chemicals & Pharmaceuticals declined 2.26% after the company reported a 21% drop in consolidated net profit to Rs 73.82 crore in Q2 September 2020 from Rs 93.62 crore in Q2 September 2019. On a consolidated basis, net sales fell 2.8% to Rs 443.56 crore in Q2 September 2020 over Q2 September 2019. EBITDA rose 9.8% year on year to Rs 110.1 crore in Q2 September 2020 from Rs 100.3 crore in Q2 September 2019. EBITDA margin grew to 24.8% in Q2 September 2020 from 22% in Q2 September 2019.

ONGC rose 1.63% to Rs 71.85 after the company said ONGC Videsh will acquire 13.6667% participating interest in exploitation area and 15% participating interest in exploration area under RSSD production sharing contract, offshore Senegal. The acquisition involves an upfront consideration of $45 million with customary adjustments including the opening working capital as of 1 January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion (excluding any default interest paid/payable by FAR for any delay in cash call payments).

Info Edge (India) rose 0.52%. The company reported 78.7% jump in standalone net profit to Rs 51.15 crore on a 19.1% fall in net sales to Rs 256.12 crore in Q2 FY21 over Q2 FY20. Total expenditure during the quarter declined by 30% year-on-year (YoY) to Rs 204.56 crore. Operating EBITDA fell 48.1% to Rs 51.6 crore in Q2 FY21 from Rs 99.3 crore in Q2 FY20. The company's billing declined by 17% to Rs 249.5 crore in Q2 September 2020 compared with Rs 300.5 crore in Q2 September 2019.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 74.3325 compared with its previous closing 74.18.

The yield on 10-year benchmark federal paper fell to 5.912% compared with its closing of 5.916% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement fell 0.3% to Rs 50,352.

In the commodities market, Brent crude for January 2021 settlement rose 95 cents to $44.79 a barrel. The contract surged 2.58% to settle at $43.61 in the previous trading sessions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 11 2020. 14:19 IST