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Democrat Joe Biden to be the next US President. He currently has 264 electoral votes against the 214 electoral votes of Donald Trump. Joe Biden is currently leading at Nevada and when he ends up winning Nevada, he will have 270 electoral votes and that is enough to win the election.

The global markets are soaring high after the clear indication of a winner. NASDAQ is nearly 4% up! SGX NIFTY is above 12,000, indicating a huge gap up opening in NIFTY and NIFTY crossing 12,000!

But, as we saw yesterday, Trump is appealing to the Supreme Court and trying to do all he can to stop Biden from entering the White House. Trump’s lawyers filed multiple lawsuits yesterday to stop counting of the votes in multiple states.

We have to remember a single tweet from Trump brought NIFTY down by 150 points yesterday. So, even if NIFTY is flying high today, anything can happen anytime (volatility) because Trump may do anything.

In a major relief for the entire film industry, the Maharashtra government gave permission to reopen cinema halls in the state starting November 5. Inox Leisure has started opening multiplex units in Punjab, Tamil Nadu and Maharashtra.

Jubilant Life Sciences’s board approved raising Rs 100 crore via NCDs. Company’s arm to acquire 25% stake in USA’s Sofie Biosciences for $25 million.

Hindustan Petroleum Corporation Limited’s board has approved the proposal to buy back 10 crore shares, or 6.56 per cent equity stake, at Rs 250 per share. In another update, HPCL also posted 290 per cent year-on-year rise in net profit at Rs 2975.83 crore for the quarter ended September 30.

Adani Enterprises reported a consolidated profit of Rs 435.73 crore for the second quarter ended September. The Gautam Adani-led company had clocked a consolidated loss of Rs 10.06 crore in the corresponding quarter a year ago.

Adani Green Energy reported over 82 per cent decline in its consolidated net profit to Rs 17.57 crore in September quarter mainly due to higher expenses.

Steel Authority of India has reported a 21 per cent year-on-year growth in steel sales at 1.34 million tonnes during October.

Adani Gas Ltd announced the acquisition of city gas licences for Ludhiana, Jalandhar and Kutch (East) from Jay Madhok Energy for an undisclosed sum of money.

Jindal Power Ltd, a subsidiary of Jindal Steel & Power, on Wednesday emerged as highest bidder for a large coal block in Chhattisgarh, pipping Adani Enterprises and Hindalco Industries.

Some Major Q2 Results to be Announced Today:

  • Berger Paints
  • Aditya Birla Capital
  • Adani Power
  • Adani Transmission
  • Godrej Consumer Products

What to expect today?

Yesterday, exactly as expected, volatility hit the market. A single tweet from Trump took NIFTY down by 150 points within 30 minutes. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty was also highly volatile. It tried to cross 26,000 but failed and ended the day at 25,771.

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.

2 things of concern after the Biden win are:

  1. The Senate is probably to be won by Republicans.
  2. Trump creating a fuss about “postal ballots” and claiming illegitimacy.

US Markets are up. Europe is up. Asian markets are up. In fact, all are up 2-3%. SGX NIFTY is trading at 12,070, which is 162.5 points higher, indicating a huge gap up opening in the Indian Market. 

NIFTY is likely to trade between 11,900 and 12,100. Do expect huge volatility today.

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

Foreign institutional investors (FIIs) net bought shares worth Rs 146.22 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 8.13 crore.

Stay safe from volatility. Do follow us on marketfeed app’s livefeed section to get real time updates about the US election. All the best for the day!

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