Key indices drifted higher in early trade on strong buying demand in index pivotals, extending six-day gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 141.24 points or 0.33% at 42,738.67. The Nifty 50 index was up 35.25 points or 0.28% at 12,496.30. The Sensex and the Nifty, both, scaled record high in early trade.
The S&P BSE Mid-Cap index was off 0.21%. The S&P BSE Small-Cap index was down 0.11%.
The market breadth, indicating the overall health of the market, is negative. On the BSE, 825 shares rose and 856 shares fell. A total of 96 shares were unchanged.
Bihar election result:
The third and final phase of Bihar election ended on 7 November 2020. The counting of votes is going on and results will be declared today, 10 November 2020. Initial trends are reportedly giving a clear edge to the Mahagathbandhan in Bihar, as predicted by most exit polls, leading in 94 seats against 71 for the NDA. The majority mark is 122.
Stocks in news:
Tata Consultancy Services (TCS) dropped 2.01%. TCS and Deutsche Bank AG announced an agreement under which TCS will acquire 100% of the shares of Postbank Systems AG (PBS) from Deutsche Bank AG.
Oil India rose 2.47%. Oil India reported 42.29% fall in consolidated net profit to Rs 381.75 crore on 28.82% fall in total income to Rs 2,551.72 crore in Q2 September 2020 over Q2 September 2019.
J K Cement surged 3.66% after the company reported 170.02% surge in consolidated net profit to Rs 221.15 crore on 24.55% rise in total income to Rs 1,662.95 crore in Q2 September 2020 over Q2 September 2019.
EID Parry (India) advanced 3.55% after the company reported 75.03% rise in consolidated net profit to Rs 317.80 crore on 2.69% increase in total income to Rs 5,850.96 crore in Q2 September 2020 over Q2 September 2019.
PTC India rose 2.16% after the company reported 1.81% fall in consolidated net profit to Rs 182.49 crore on 14.82% increase in total income to Rs 6,011.39 crore in Q2 September 2020 over Q2 September 2019.
Overseas, Asian stocks are trading higher on Tuesday as investors in the region reacted to positive developments overnight on the coronavirus vaccine front.
China's consumer price index rose 0.5% in October from a year ago, according to data from the country's National Bureau of Statistics. The producer price index for China declined 2.1% year-on-year in October, unchanged from a 2.1% drop in September.
In US, the Dow Jones Industrial Average and S&P 500 jumped on Monday as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective. However, the Nasdaq Composite closed lower as traders rotated out of high-flying technology names that outperformed during the pandemic into more beaten-down value stocks.
While the vaccine study is still ongoing and requires approval, Pfizer and BioNTech said they had found no serious safety concerns so far and expected to seek U.S. emergency use authorization later this month.
The 90% effective rate from Pfizer and Germany's BioNTech was better than what the market was expecting. Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, has said that a vaccine that was 50% to 60% effective would be acceptable.
Back home, the domestic equity benchmarks surged on Monday, extending gains for the sixth trading session. The rally was broad based with banks, financials and IT stocks at the fore. The barometer index, the S&P BSE Sensex, rallied 704.37 points or 1.68% at 42,597.43. The Nifty 50 index spurted 197.50 points or 1.61% at 12,461.05.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,548.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,036.31 crore in the Indian equity market on 9 November, provisional data showed.
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