News Shots

In the US, President Donald Trump and Democratic nominee Joe Biden faced off for the last time in a debate before the Nov. 3 election. Many accusations were exchanged yet nothing detrimental to the markets have come out from the debate.

Biden blames Trump for such high COVID cases in the US. “Anyone responsible for 200K deaths does not deserve to be a President” was a strong statement from Biden. He also asked Trump to bring transparency to his international bank accounts and tax filings. Trump, in return, claimed that the US’s response to the virus was effective and a vaccine is expected to be out by this year end.

A positive thing to note is, House Speaker Nancy Pelosi hinted at the finalization of an economic stimulus package. Pelosi tweeted saying, “Deal is just about there”.

Tech Mahindra’s US subsidiary will acquire 6.03 per cent stake in US-based VitalTech Holdings, Inc for $3 million.

Radhakishan Damani bought 0.52% stake in Cochin Shipyard. The share jumped 10%.

Ashok Leyland strengthened its product lineup by introducing a new “BOSS” range of BS6 compliant trucks.

Ambuja Cements reported a 50.51 per cent rise in consolidated net profit at Rs 803.50 crore for September quarter 2020.

HDFC Asset Management Company reported a 8 percent decline in profit after tax (PAT) at Rs 338.06 crore.

Asian Paints’ net profits were flat year-on-year (YoY) at Rs 830.37 crore. Consolidated revenue from operations increased 5.93 per cent YoY to Rs 5,350.23 crore.

Hexaware Technologies posted a 11.4 per cent fall in consolidated net profit at Rs 162.6 crore for September 2020 quarter.

Reliance Power posted an over two-fold rise in its consolidated net profit at Rs 105.67 crore in the September 2020 quarter.

L&T Finance Holdings reported a 52 per cent jump in consolidated net profit at Rs 265 crore in the September 2020 quarter, boosted by a strong demand revival in rural and renewable energy sectors, despite a fall in revenue.

Crompton Greaves Consumer Electricals reported a 27.77 per cent increase in consolidated net profit at Rs 141.68 crore for the quarter ended September 2020.

SBI Cards and Payment Services reported a 46% drop in net profit in the quarter ended September 2020 to Rs 206 crore. NPAs have increased.

Some Major Q2 Results Announcements Today:

  • Nestle India
  • YES Bank
  • TechM
  • JSW Steel
  • ICICI Lombard
  • IDBI Bank
  • Aarti Drugs

What to expect today?

Yesterday, NIFTY consolidated again. It traded within a tight range of 11,820 to 11,940. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, though showed a lot of bullishness when the market opened, ended with a negative 0.6% gain. 

NIFTY has established 12,000 as a strong resistance and 11,800 as a strong support. These are the levels to watch out for in the coming days.

Reliance has fallen yesterday as well. Keep watching Reliance. A short covering rally is just around the corner. 

Trump’s remark of a vaccine to be ready by the year end and Nancy Pelosi’s hint of stimulus to be launched soon are positives for the markets.

US Markets climbed up gradually from the red and closed in green. Europe is mixed. Asian markets are also mostly up. SGX NIFTY is trading at 11,909, which is 16.5 points higher, indicating a gap up opening in the Indian Market. 

NIFTY is likely to trade between 11,800 and 12,000. There is support at 11,880 and 11,850 and resistance at 11,950 and 12,000.

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

Foreign institutional investors (FIIs) net bought shares worth Rs 1,118.46 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,019.87 crore

As we move closer to the US elections, we need to be prepared for volatility. The last hope for stimulus announcements is this week. Else, it’ll be announced only after the elections. All the best for the day!