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Tech View: Nifty forms bullish candle, faces stiff resistance ahead
Nifty50 formed a bullish candle on the daily chart on Wednesday. The NSE barometer formed a higher low for the third straight session and took out the 11,900 level on a closing basis. Analysts said the index could face resistance in the 11,950-12,050 zone in the coming days.
The prevailing volatility will continuing in line with the global indices until we’ve a clear winner of the US presidential elections. However, the recent buoyancy in the banking pack on the domestic front is certainly encouraging but that might also take a breather after the recent surge. We thus reiterate our view to maintain cautious approach and prefer hedged trades.
– Ajit Mishra, VP – Research, Religare Broking
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Buy if Nifty convincingly crosses 12,050 levels: Shrikant Chouhan, Kotak Securities
Uncertainties over vote outcome in the US kept the world equity indices volatile throughout the day. Nifty traded between the trading range of 11,756 and 11,930. In last 18 days, multiple times Nifty has managed to surpass the range of 11,950 and 12,050, however, it fails to sustain at higher levels. Such types of resistance zone get broken with a gap up opening. Tomorrow’s opening would be more relevant for market to scale higher. Buying is advisable if Nifty convincingly crosses 12,050 levels. Above 12,050 levels, Nifty would move in a new trading zone of 12,200 and 12,300 levels. Expect weakness if Nifty breaks 11,750.
Top 5 gainers & losers in today’s session
Price as on 04 Nov, 2020 03:42 PM, Click on company names for their live prices.
CLOSING BELL: Sensex rises for 3rd day, gains 355 points ahead of US election outcome; Nifty tops 11,900; IndusInd Bank, RIL gain up to 5%
- RIL, bank, IT stocks lead Sensex contributors
- Volume Toppers: IndusInd, RIL, SBI
- SBI erases losses, ends in the green post solid Q2 show
- Axis Bank, HDFC, ICICI Bank top Sensex losers
- Market breadth in favour of losers
- 88 stocks hit 52-week highs, 55 hit 52-week lows
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The election results are unlikely on the election night and it could possibly take much longer for the final results to come out. The market initially opened with a lot of optimism but now it seems quite unclear how the results will pan out. Even in case of democrat Presidential win, the senate control could still be in the hands of republicans translating to a weaker democrat win. The emphatic stimulus that was expected post elections will take more time. Markets in the short period could be jittery as election verdict could still swing either way. The election has turned out to be much tighter than anticipated with new challenges emerging.
– Naveen Kulkarni, Chief Investment Officer, Axis Securities
Jyothy Labs Q2 profit rises 12% to Rs 60.13 crore
FMCG firm Jyothy Labs on Wednesday reported a 12.2 per cent increase in consolidated net profit at Rs 60.13 crore for the quarter ended September 30, 2020. The company had posted a net profit of Rs 53.59 crore in the year-ago quarter. Its total income during the quarter under review stood at Rs 508.51 crore, up 5.86 per cent, compared with Rs 480.32 crore in the same period last year.
Rupee slumps 35 paise to 74.76 against US dollar
The rupee depreciated 35 paise to close at 74.76 (provisional) against the US dollar on Wednesday, tracking strong American currency ahead of the US Presidential election results. At the interbank forex market, the local unit opened at 74.74 against the greenback and finally settled at 74.76, down 35 paise over its last close.
Price as on 04 Nov, 2020 02:14 PM, Click on company names for their live prices.
The big risk to the currency market is the uncertainty over the new US President and the inconclusive election result. The democrats are leading but republican are catching up. In such a scenario, trades are preferring to go against rupee. The USDINR spot is respecting the immediate resistance of 75, but the caution and volatility will keep the appreciation intact. For the coming sessions, we expect USDINR spot to trade in between 74-75.50.
– Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
Top lender State Bank of India (SBI) reported a 51.9 per cent year-on-year (YoY) rise in net profit for the quarter ended September at Rs 4,574.16 crore. The bank had reported a net profit of Rs 3,011.73 crore in the same quarter a year ago. An ET Now poll had projected the profit figure at Rs 4,400 crore. Its total income came in at Rs 75,341.80 crore, up 3.42 per cent from Rs 72,850.78 crore a year ago.
Pidilite completes acquisition of Huntsman Group’s Indian subsidiary
Pidilite Industries, the manufacturers of the popular Fevicol brand of adhesives, on Wednesday said it has completed acquisition of the US-based Huntsman Group’s Indian subsidiary for Rs 2,100 crore. “The company has completed the acquisition of 100 per cent stake in Huntsman Advanced Materials Solutions Private Ltd (HAMSPL), on November 3, 2020. As such, HAMSPL is now a subsidiary of the company,” Pidilite Industries said in a regulatory filing.
Sensex drops in the red on uncertainty over US elections
These stocks defy market mood, fall up to 6%
Price as on 04 Nov, 2020 01:08 PM, Click on company names for their live prices.
Adani Gas signs pact to acquire defaulter Jay Madhok Energy’s 3 city gas licenses
Price as on 04 Nov, 2020 12:45 PM, Click on company names for their live prices.
BSE IT top sectoral gainer, rises 2%
Hyderabad-based Gland Pharma is set to launch its maiden initial public offer on November 9 to raise about Rs 6,500 crore. The price band for the offer has been fixed at Rs 1,490-1,500 per share. The issue will close on 11 November.
Average spot power price rises 1 pc in Oct at IEX
Average spot power price rose marginally by one per cent to Rs 2.74 per unit in October at Indian Energy Exchange (IEX), mainly due to higher supply. “The average market clearing price at Rs 2.74 per unit saw only a slight increase of one per cent on y-o-y (year on year) basis and 2 per cent on m-o-m (month on month) basis,” IEX said in a statement.
There are talks that if Biden wins, both the presidential election and the Senate, the number could be as high as $5 trillion. That would be a big kicker, not only for Wall Street, but even the emerging markets. If you look at where FIIs have been putting money, India and China are the only two markets in the entire Asia Pacific region that are seeing positive inflows for the year to date
– Shiv Sehgal, Edelweiss Securities
TVS Motor partners Pilipinas Petroleum to offer Shell loyalty cards
Chennai-based TVS Motor Company on Wednesday said it has partnered with Pilipinas Shell Petroleum Corporation in the Philippines for providing its customers access to Shell loyalty cards. The association will be carried out through the company’s distributor in the Philippines Global Automobile Traders FZCO, TVS Motor Company said in a regulatory filing.
Brokerages retained their bullish view on Adani Ports and Special Economic Zone (APSEZ) after the company on Tuesday posted a 31.57 per cent growth in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30. Global brokerages Jefferies and CLSA are bullish on Adani Ports with a price target of Rs 425 and Rs 475. This indicates an upside of up to 29 per cent from the current market price of Rs 367.
Barring ITI, all telecom stocks in the red
Price as on 04 Nov, 2020 11:28 AM, Click on company names for their live prices.
Trading strategy for gold & silver
- BUY MCX Gold Dec at Rs 51,000
- Target Rs 51,650; Stop loss Rs 50,700
- BUY MCX Silver Dec at Rs 61,100
- Target at Rs 63,000; Stop loss at Rs 60,500
BSE Realty index worst sectoral performer
IHS Markit India Oct composite PMI at 58 vs 54.6 in Sept
Sensex off day’s high amid uncertainity over US election outcome
11,950 on Nifty is the level to watch out for; if we can get past this, the markets could attempt 12,100-12,200 as a target in the near term and 12,300-12,400 in the medium term. On the downside, 11,600 is now a good support for the market
– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
JUST IN | China is planning bigger crackdown on Ant with bank funding curbs: Agencies
These stocks gain in line with market mood, rise up to 5%
Price as on 04 Nov, 2020 09:49 AM, Click on company names for their live prices.
Voda Idea, SBI, Sun Pharma among most active stocks on NSE
Price as on 04 Nov, 2020 09:22 AM, Click on company names for their live prices.
OPENING BELL: Sensex rises 150 points, Nifty tops 11,850; PVR, Inox Leisure gain up to 5%
Pre-open session: Sensex gains 86 points, Nifty below 11,700
US Elections 2020: Polls closed in 25 states
As the US Presidential polls draw near an end, several states have closed their polling stations. The polling stations in Alabama, Connecticut, Delaware, District of Columbia, Florida, Illinois, Maine, Maryland, Massachusetts, Mississippi, Missouri, New Hampshire, New Jersey, Oklahoma, Pennsylvania, Rhode Island, and Tennessee closed on 8 pm ET (6:30 pm IST).
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 26.5 points, or 0.22 per cent lower at 11,800, in signs that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty eyes 11,950 level
Nifty50, which has been seeing buying at lower levels for a couple of sessions, rallied over 1 per cent on Tuesday, and formed a long bullish candle on the daily charts. Analysts said the index may attempt to reclaim the 11,900-11,950 range or go higher in the coming sessions.
Asian markets turn cautious
Asian share markets turned cautious on Wednesday, paring sharp early gains as results from the US Presidential election hinted at a close race with no clear winner yet in sight. Japan’s Nikkei was still up 1 per cent but South Korean stocks went flat. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 per cent.
S&P 500 futures dip after early Florida vote results
US stock market futures dipped late on Tuesday as early voting projections emerged in a rancorous U.S. presidential election, with investors hoping to avoid a prolonged process that would delay a potential fiscal stimulus to help an economy reeling from the coronavirus pandemic. S&P emini futures were last down 0.1 per cent, partly reversing a rally during the official trading session in which the S&P500 delivered its strongest one-day gain in almost a month.
Oil jumps as crude inventory falls
US oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election. West Texas Intermediate was up $1.01, or 2.7%, at $38.67 a barrel, after gaining more than 2% in the previous session. Brent crude was yet to trade, having gained 3% on Tuesday.
US stocks settled 2% higher
Wall Street stocks enjoyed a buoyant Election Day session Tuesday, finishing solidly higher amid hopes of a straightforward outcome to a contentious presidential campaign. The Dow Jones Industrial Average rose 2.1 percent, or about 550 points, to finish at 27,480.03. The broad-based S&P 500 advanced 1.8 percent to end at 3,369.16, while the tech-rich Nasdaq Composite Index gained 1.9 percent to 11,160.57.
Rupee trims early gains to end flat at 74.41 against dollar
The rupee on Tuesday settled almost flat at 74.41 against the US dollar after its initial gains were erased despite strong equity markets. Despite the early bounce, the home unit appeared to struggle, even as the dollar remained broadly weak. The rupee opened sharply higher at 74.34 amid heavy buying in local stock markets. The domestic currency rushed to hit the day’s high of 74.25.
Sensex, Nifty on Tuesday
Equity benchmark Sensex rallied 504 points on Tuesday, tracking a strong uptick in index majors ICICI Bank, HDFC twins and SBI amid positive cues from global markets ahead of the US presidential election. The 30-share BSE index ended 503.55 points or 1.27 per cent higher at 40,261.13. Similarly, the broader NSE Nifty jumped 144.35 points or 1.24 per cent to 11,813.50.
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