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Market Ahead, November 11: All you need to know before the opening bell

Media reports suggest ACC, Adani Green, Balkrishna Industries, Ipca Labs, and YES Bank have been included in the MSCI India index along with seven other stocks

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Market Ahead | Markets

BS Web Team  |  New Delhi 

The Indian benchmark indices scaled new highs with the S&P BSE Sensex topping the 43,000 level for the first-time ever on Tuesday amid favourable on Covid vaccine front. The markets, once again, are likely to open higher tracking global cues, but investors might stick to stock-specific approach.

On Wall Street, the S&P 500 index slipped slightly and the Nasdaq closed sharply lower in overnight deals as vaccine optimism led investors away from market leaders and toward cyclical stocks associated with economic recovery. The Dow Jones rose 0.9 per cent, the S&P 500 lost 0.14 per cent and the Nasdaq Composite dropped 1.37 per cent.

Meanwhile, President Donald Trump will push ahead with longshot legal challenges to his loss to Democratic President-elect Joe Biden in last week's election, as Republican officials at the state and federal level lined up behind him.

Also, US Federal Reserve policymakers has said that a surge in coronavirus cases threatens to slow economic growth once more and that more targeted government aid was needed.

Asian shares rose on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy, which would help the region’s heavily trade-dependent

Australia’s benchmark S&P/ASX 200 climbed 1 per cent, Japan's Nikkei added 1.1 per cent while Hong Kong's main index was flat.

In commodities, oil also ended nearly 3 per cent higher with Brent settling at $44.05, up 3.89 per cent.

Back home, media reports suggest ACC, Adani Green, Balkrishna Industries, Ipca Labs, and YES Bank have been included in the MSCI India index along with seven other stocks. Meanwhile, Bosch, and LIC Housing Finance have been removed from the list. The changes will be effective December 1, 2020.

A stellar performance by the BJP enabled the ruling NDA to attain a simple majority in the Bihar assembly notwithstanding a sharp fall in the tally of the JD(U) headed by Chief Minister Nitish Kumar, according to final results announced early Wednesday.

The NDA won 125 seats, clearing the majority mark in the 243-member Assembly while the Mahagathbandhan won 110 seats.

On the results front, state-owned NMDC on Tuesday posted over 10 per cent rise in consolidated net profit at Rs 773 crore for the September quarter, on account of reduced expenses. Moreover, the company also approved share buyback worth Rs 1,378 crore for 4.29 per cent equity stake.

A total of 628 companies including Coal India, Aurobindo Pharma, and Indiabulls Housing Finance are scheduled to announce their quarterly results today.

Punjab & Sind Bank yesterday said the government has okayed infusion of Rs 5,500 crore capital into the bank in lieu of preferential allotment of shares. The capital infusion, the lender said, is towards the contribution of the central government in the preferential allotment of equity shares of the bank during FY21.

And, Gland Pharma’s IPO was subscribed 21 per cent on Tuesday, a day before its close. The offering has received bids for 6.4 million shares as against 30 million on offer.

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First Published: Wed, November 11 2020. 07:50 IST
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