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Indices trim gains; Nifty holds 12,700

Capital Market 

Benchmark indices trimmed gains after hitting fresh intraday high in morning trade. The Nifty scaled 12,750 mark but failed to hold that level. Buying was broad based with pharma, banks and financial stocks in demand.

At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 235.30 points or 0.54% at 43,512.29. The Nifty 50 index was up 98.85 points or 0.78% at 12,729.95.

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 was up 0.72% while the S&P BSE Small-Cap index was up 0.64%.

The market breadth was strong. On the BSE, 1313 shares rose and 807 shares fell. A total of 137 shares were unchanged.

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 of 122 seats in the 243-member Assembly. The Mahagathbandhan or the grand alliance won 110 seats.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 5,13,77,200 with 12,70,171 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 Pharma index gained 2.26% to 11,421, bouncing from yesterday's 4.33% slump.

Aurobindo Pharma (up 4.2%), Lupin (up 3.68%), Cipla (up 2.55%), Divi's Lab (up 2.25%), Sun Pharmaceutical Inds (up 2.18%), Biocon (up 1.95%), Dr. Reddy's Lab (up 1.81%), Torrent Pharmaceuticals (up 1.96%) and Cadila Healthcare (up 1.37%) were top gainers in pharmaceutical space.

Glenmark Pharmaceuticals rose 1.25% to Rs 480.50 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.

Stocks in Spotlight:

Bata India fell 1.14% to Rs 1349.25 after the footwear major posted a consolidated net loss of Rs 44.32 crore in Q2 September 2020 as against net profit of Rs 71.30 crore in Q2 September 2019. Net sales declined 49% year on year to Rs 367.87 crore in Q2 September 2020 over Q2 September 2019. The company recorded a pre-tax loss of Rs 58.41 crore in Q2 September 2020 as against pre-tax profit of Rs 97.41 crore in Q2 September 2019. The company said that it has witnessed increasing demand in semi-urban areas and has accordingly responded by opening up its 200th franchise store at Tenali in Andhra Pradesh. As the demand was stronger in Tiers 2-5, given relatively lesser impact of pandemic, Bata said it has leveraged the opportunity to expand its presence via distributor-led multi-brand outlets route. Currently the brand is getting distributed in over 30,000 Multi Brand Outlets (MBOs).

TTK Prestige was down 0.8%. The kitchen appliances manufacturer successfully concluded a long-term settlement covering all its workmen at its Coimbatore unit. The settlement provides for better productivity, TTK Prestige said in an announcement made after market hours yesterday, 10 November 2020.

Wipro was up 0.76%. The IT company announced that it has won a multi-year contract for software engineering services from ThoughtSpot. As part of the five-year engagement, Wipro will enhance various components of ThoughtSpot's Search and Analytics platform to help scale feature development.

Results Today:

Power Grid Corporation of India (down 0.4%), Coal India (up 1.04%) and Shree Cements (up 1.6%) are three Nifty companies that will announce their quarterly results today.

Abbott India (up 0.53%), Apollo Hospitals Enterprise (up 4.75%), Ashoka Buildcon (up 3.42%), Bharat Forge (up 1.34%), Galaxy Surfactants (up 0.81%), Godrej Industries (up 2.11%), LIC Housing Finance (down 0.56%) and Petronet LNG (up 1.78%) are some of the companies that will announce their quarterly results today.

Computer Age Management Services (down 0.18%) will announce its first ever quarterly result after listing on bourses on 1 October 2020.

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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. 10:22 IST
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