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The White House and Democrats moved closer to an agreement on a new COVID-19 relief package as US President Donald Trump said he was willing to accept a large aid bill despite opposition from his own party.
Domestic share markets rose on Wednesday, led by gains in banking and energy stocks, with broader Asian markets also higher on renewed hopes for a new US stimulus. The S&P BSE Sensex index rose 400.25 points – or 0.99 per cent – to touch 40,944.62 at the strongest level in early deals, and the broader NSE Nifty 50 benchmark climbed to as high as 12,008.45, up 111.65 points – or 0.94 per cent – from its previous close. Gains across sectors – led by banking and automobile shares – backed the up-move.
At 9:23 am, the NSE Nifty 50 index rose 0.93 per cent to 12,007.60, while the S&P BSE Sensex was up 0.99 per cent at 40,945.35.
The Nifty Bank index was up 1.1 per cent, boosted by a 1.3 per cent gain for lender HDFC Bank. The Nifty Energy index was up 0.9 per cent.
Reliance Industries rose 0.9 per cent after announcing it had expanded efforts with Qualcomm Inc to develop 5G solutions in India
The brokerages maintains a ‘buy’ call on the stock and has raised its target price to Rs 2,600 from Rs 2,525 earlier. It has cut FY21-23 earnings estimates for HUL by 4-5 percent after Q2 earnings but continues to see the FMCG major as a structural play in Indian FMCG and has recovered from the Covid ’19 impact.
Larsen & Toubro: LIC held a 1.1 percent stake at the end of the September quarter. Foreign portfolio investors (FPIs) raised their stake to 28.16 percent from 26.95 percent in the June quarter while mutual funds’ (MFs) stake came down to 6.96 percent from 9.32 percent in the same period.
Mahindra CIE Automotive: The auto-ancillary company reported a profit of Rs 60.7 crore in Q3 CY20 against Rs 61.17 crore YoY. Revenue fell to Rs 1,694.3 crore from Rs 1,868.5 crore YoY.
Bajaj Auto: LIC increased its stake in the auto company to 6.4 percent in the September quarter from 4.76 percent in the June quarter.
Q2 Earnings To Watch Today: Bajaj Finance, Bajaj Finserv, UltraTech Cement, Chennai Petroleum Corporation, Colgate-Palmolive, Syngene International, DB Corp, GMM Pfaudler, Indo Count Industries, JK Tyre & Industries, KPIT Technologies, Newgen Software Technologies, Sagar Cements, Sasken Technologies and Tejas Networks.
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