News Shots

The US Elections are inching towards a very tight close. As discussed in The Stock Market Show yesterday, the State of Nevada will be the decider. If Biden wins Nevada, he will get the 6 electoral votes form there and will win the election. The final update from Navada tells that Biden has increased his lead over Trump. So, it looks like Biden will win the election.

Meanwhile, the American Supreme Court has rejected Trump’s lawsuits for stopping the postal ballot counting.

Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest around Rs 9,555 crore or $1.3 billion in RIL’s unit Reliance Retail Ventures (RRVL) for a 2.04 per cent stake.

Largest private sector lender HDFC Bank has hired Ramesh Lakshminarayanan as its next chief information officer (CIO).

Berger Paints India Ltd reported an increase of 13.55 percent in its consolidated net profit to Rs 221.05 crore.

Dalmia Bharat reported a 544 per cent year-on-year rise in consolidated net profit at Rs 232 crore for the quarter ending September FY 21.

IndiGo, India’s biggest airline, is in talks with Pratt & Whitney and CFM International Inc. for its next batch of jet engine orders.

M.P. Birla Group’s flagship company, Birla Corporation has reported a 88.6 per cent year-on-year rise in consolidated net profit at Rs 166.62 crore.

Adani Power reported its consolidated net profit jumped manifold to Rs 2,228.05 crore in the quarter ended September 30, mainly on account of improved income.

AstraZeneca Pharma India reported an 83.48 per cent rise in its net profit at Rs 26.33 crore for the quarter ended September.

Some Major Q2 Results to be Announced Today:

  • ITC
  • Cipla
  • Vedanta
  • Tata Consumer Products
  • Ashok Leyland
  • Vedanta
  • Aditya Birla Fashion & Retail
  • BEL
  • BHEL
  • Glenmark

What to expect today?

Yesterday, as expected, NIFTY traded above 12,000 and even crossed 12,100. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty crossed 26,000 mark and closed nearly 26,400.

As discussed, it looks like Joe Biden is the next US President. The good thing here is that the markets around the globe were actually expecting a Biden win. And that is what is happening. And markets like when things happen according to their expectations.

Now the Senate also looks to be won by the Democrats, which is a good thing. If the White House, Senate and the House of Representatives are to be won by Democrats, that will be the best thing to happen.

Only worry is Trump creating issues and drama, filing lawsuits in multiple states. This can bring volatility. But as a major update, many courts rejected Trump’s lawsuits.

Again, US Markets are up. Europe is up. Asian markets are mostly up. SGX NIFTY is trading at 12,166, which is 8.5 points lower, indicating a flat opening in the Indian Market. 

NIFTY is likely to trade between 12,000 and 12,200. Do expect volatility today.

Highest Call Open Interest at 12,000, followed by 13,000. Highest Put Open Interest at 11,000, followed by 11,500. 

Foreign institutional investors (FIIs) net bought shares worth Rs 5,368.31 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,208.18 crore..

The global markets also seem to be cooling down. SGX NIFTY is slightly down. DOW Futures are down. The fear of volatility and profit booking continues.

Market to regain stability soon. 12,000 to act as a major support now. We might probably see a correction in NIFTY when it crosses it’s all time high of nearly 12,400. Do follow us on marketfeed app’s livefeed section to get real time updates about the US election. All the best for the day!