Benchmark indices further extended gains and hit fresh intraday high in early afternoon trade. Global cues were positive as investors brace themselves for the U.S. presidential election today.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rallied 533.58 points or 1.34% at 40,291.16. The Nifty 50 index advanced 153.10 point or 1.31% to 11,822.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was strong. On the BSE, 1,415 shares rose and 884 shares fell. A total of 142 shares were unchanged.
US Election 2020:
Democratic nominee Joe Biden leads President Donald Trump in a series of polls in their final sprint for the race for White House before polling ends on Tuesday. A win by challenger Joe Biden in the presidential race might lead to more economic stimulus.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 4,68,70,394 with 12,06,181 deaths.
India reported 5,41,405 active cases of COVID-19 infection and 1,23,097 deaths while 76,03,121 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.24% to 24.645. The Nifty November 2020 futures were trading at 11,813.40, at a premium of 5.95 points compared with the spot at 11,807.45.
The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 15.27 lakh contracts at the 12,500 strike price. Maximum Put OI of 27.97 lakh contracts was seen at 11,000 strike price.
Buzzing Index:
The Nifty Financial Service index advanced 2.31% to 12,367.95. The index added 6.28% in the past two sessions.
ICICI Bank (up 3.92%), State Bank of India (up 2.96%), HDFC (up 2.84%), SBI Life Insurance Company (up 2.35%) and ICICI Lombard General Insurance Company (up 2.35%) advanced.
Stocks in Spotlight:
Greenlam Industries fell 0.83%. On a consolidated basis, Greenlam Industries' net profit tanked 32.5% to Rs 18.55 crore on 17.1% fall in net sales to Rs 289.31 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) declined 13.8% to Rs 23.46 crore in Q2 September 2020 as against Rs 27.22 crore in Q2 September 2019. Current tax expense for the quarter rose 24.2% to Rs 7.45 crore as against Rs 6 crore paid in Q2 September 2019.
Laminate export sales grew 39.2% while domestic sales surged 165.1% on Q-o-Q (quarter-on-quarter) basis. The EBDITA stood at Rs 40.50 crore, recording a 414.6% growth on Y-o-Y (year-on-year) basis.
National Fertilizers (NFL) soared 8.85% after the company said that it has registered growth in sale of all non-urea fertilizers during the first seven months of the current financial year. In order to promote the balanced use of fertilizers in country, NFL is encouraging farmers in its training programmes to also use non-urea fertilizers like DAP, MoP, NPK and sulphur-based fertilizers. With these efforts, the company has registered growth in sale of all non-urea fertilizers during the first seven months of the current financial year.
Sterlite Technologies (STL) gained 0.28%. On Monday, STL announced the signing of definitive agreements to acquire Optotec S.p.A, a leading optical interconnect products company based in Italy. Optotec is a privately held Company which provides a complete range of Optical Interconnect Products for Telecommunication, FTTH and Cloud Networks in Europe.
The transaction is structured to acquire 100% of Optotec's shareholding on closing at an enterprise value (EV) of 29 million euros in cash. The indicative time period for completion of the acquisition is by end of calender year 2020.
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