Goodwill Investor Education Initiative : GoodWill Eagle’s Eyes!
Market Round-up :
Sensex Jumps Over 600 Points, Nifty Touches 12,080 Amid Broad-Based Gains. GST Collections up:
SBI gains 7%: HPCL up 7%
Share Market Latest Updates: Infosys, Reliance Industries, SBI and HDFC Bank were the biggest contributors to the gain in Sensex.
Asian share markets firmed on Thursday while bonds held big gains as investors awaited a clear result from the US election, with the likely prospect of policy gridlock seemingly warmly welcomed by Wall Street overnight.
We have seen market opening with a bang which is way above the resistance levels of 11950. As mentioned yesterday, any dip can be used to accumulate long positions on the index. The markets should now be headed to 12300-12400 levels,” said analysts.
Hindustan Petroleum Corp Ltd (HPCL) reported more than doubling of its second quarter net profit on the back of a surge in refining margins and inventory gains. Net profit in July-September came at ₹2,477 crore as compared to ₹1,052 crore a year back. Also, the board of the company has approved a ₹2,500 crore share buyback plan.
Domestic stock markets started Thursday’s session on a strong note, tracking sharp gains across Asian markets. The S&P BSE Sensex index opened 495.98 points – or 1.22 per cent – higher at 41,112.12, and the broader NSE Nifty 50 benchmark began the day at 12,062.40, up 153.90 points – or 1.29 per cent – from its previous close. Gains across sectors – led by banking and financial services shares – pushed the markets higher. Analysts awaited updates from a key hearing in the Supreme Court as a deadline given to banks by the government to waive interest payments on loans due to COVID-19 ends on Thursday.
At 9:23 am, the Sensex traded 514.87 points – or 1.27 per cent – higher at 41,131.01, while the Nifty was up 148.90 points – or 1.25 per cent – at 12,057.40.
SBI, HCL Tech, Tata Steel, IndusInd Bank and Hindalco – trading between 1.87 per cent and 5.17 per cent higher – rose the most among 48 gainers in the Nifty basket of 50 shares.
Infosys, Reliance Industries, SBI and HDFC Bank were the biggest contributors to the gain in Sensex. The four scrips accounted for more than 200 points in its rise.
The Supreme Court was due to hear a batch of petitions later in the day on whether borrowers should be made to bear interest on interest for delayed loan repayments on account of COVID-19. Also, a deadline given to banks and other financial institutions to pay the difference in compound interest and simple interest on repayments due during March-August ends on Thursday.
Last month, the government told the top court it will waive certain interest levies on loans below ₹ 2 crore under a relief plan. The court had asked the government to implement the scheme, which would bring relief to millions of borrowers, at the earliest.
Equity markets elsewhere in Asia soared to three-month highs, and bonds continued a rally, as investors wagered the likely prospect of US policy gridlock would greatly favour some industries while putting a restraining hand on government borrowing.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.3 per cent to its highest since February, 2018. Japan’s Nikkei 225 benchmark rose 1.1 per cent to a nine-month peak. The E-Mini S&P 500 futures edged 0.1 per cent higher, following sharp gains overnight, but EUROSTOXX 50 futures eased 0.3 per cent.
The risk of a prolonged contested election remained, though the count was progressing in an orderly fashion with Democratic challenger Joe Biden narrowly ahead of President Donald Trump in key states.
Both President Donald Trump and Mr Biden have paths to 270 Electoral College votes as states tallied mail-in ballots. Mr Biden remained optimistic on winning while the Republican incumbent filed lawsuits and demanded recounts. Betting sites swung toward Mr Biden as the results trickled in, having earlier heavily favoured Mr Trump.
The US Presidential election will certainly impact the Bourses at least temporarily as the policy frameworks will be perceived to be at variance and hence investors may be taking calibrated and limited risks at least till the results are out.
For all your investment needs feel free to reach Goodwill.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999
