Mr. Aamar Deo Singh- Head Advisory, Angel Broking Ltd
Mumbai- 11th November 2020: Indian benchmark indices, Sensex and Nifty have made gains 8 consecutive sessions with nearly 1% gain for the day, and strong performance in metals, pharma, and automobile stocks.
Nifty surged by 0.93% or 118.05 base points and closed above the 12,700 mark at 12,749.15, whereas BSE Sensex rose by 0.73% or 316.02 points and closed at 43,593.67. Around 1,450 shares advanced, 1,279 shares declined, while 205 shares remained unchanged.
Tata Steel (7.25%), Hindalco (6.08%), Axis Bank (4.29%), Eicher Motors (4.11%), Dr. Reddy’s Labs (3.92%), and Bajaj Finance (3.85%) were among the top Nifty gainers. On the other hand, IndusInd Bank (5.66%), Reliance (4.19%), Titan Company (2.35%), Asian Paints (0.82%), and Britannia (0.44%) were among top Nifty losers.
Govt approves PLI scheme worth 2 lakh crores giving a fillip to the manufacturing sector, making the markets rally higher, while Reliance suffers due to large-scale selling.
Larsen & Toubro Ltd.
The shares of L&T traded 2.5% higher on NSE at Rs 1,061 per share following successful orders from international clients for their power transmission and distribution subsidiaries. They have also secured an infrastructure related order under the Regional Rapid Transit System (RRTS) from the UP government’s national capital region transport corporation (NCRTC) project across the Delhi-Ghaziabad-Meerut corridor.
Estimates for the company’s net profit indicate a fall of almost 45% for Q2 in financial year 2020-2, which will be around Rs 205.3 crores from the earlier projected Rs 372.2 crore. The revenues have declined as well, with a significant 9.2% drop at Rs 2,386.3 crores from the previous year’s Rs 2,628.7 crores.
Shares of the tech giant rose by 0.09% to close at Rs 342.6/share on the NSE, following a successful contract with ThoughtSpot for developing and building on their analytics and search based services.
The Indian rupee settled 20 paisa higher as compared to 10th November’s trading session, at Rs. 74.51 against the U.S. Dollar amid domestic equity markets’ performance.
Talks of COVID-19 vaccine provide optimism in the Global Markets, investors still tread with caution.
The global markets largely traded better, following talks about vaccine trials. However, concerns still remain about the second COVID-19 wave across several European nations as well as US.FTSE 100, rose by 0.97%, while NASDAQ declined by 1.37%. Nikkei 225 rose by almost 1.78%, while Hang Seng went down by 0.28%.
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