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NSE Intra-day chart (09 November 2020)
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Market Commentary 10 November 2020
Benchmarks to make positive start following Asian peers


Continuing their northward movement for the sixth straight day, Indian equity markets gained over one and half percent to settle at record closing high levels on Monday, taking cues from their global peers which rose following Joe Biden's victory in the US presidential election. Hectic buying activity which took place during second half of trade mainly drove the markets higher, with frontline gauges ending above their crucial 42,550 (Sensex) and 12,450 (Nifty) mark. Both the indices made gap-up opening and traded in fine-fettle for whole day, as traders got encouragement with PHD Chamber of Commerce and Industry's President Sanjay Aggarwal's statement that the economy is going to attain its fastest growth trajectory from the next financial year 2021-22 onwards. He said Percolation of more and more economic reforms at the ground level with effective implementation would be crucial to attain the potential trajectory of $5 trillion in the next 6 financial years by FY 2026-27 (GDP at current prices; considering the exchange rate between 74-75). Traders also drew some comfort with Dinesh Khara, Chairman, State Bank of India's statement that the Indian economy is expected to be on normal course by early next fiscal even while the investment demand from corporate might take some time to pick up. Key indices extended their gains in late afternoon session, taking support from private report stated that eleven manufacturing value chains in India have strong potential to operate in international markets, boosting India's power and providing long-term employment and skill pathways to several Indians. With relevant reforms and complementary actions by manufacturing companies, it is estimated that these 11 manufacturing value chains can generate about $320 billion more in gross value added within the next seven years. Sentiments remained up-beat with report that NITI Aayog member Ramesh Chand hailed the three recently enacted agriculture-related legislations by the Centre saying if implemented in the right spirit, they will take Indian agriculture to new heights and usher in the transformation of the rural economy. Additional support came with Finance Minister Nirmala Sitharaman's statement that increased digitisation will help in making better assessment of the country's economic growth and nudged tax practitioners to suggest their clients to shift towards digital modes of payments. Finally, the BSE Sensex rose 704.37 points or 1.68% to 42,597.43, while the CNX Nifty was up by 197.50 points or 1.61% to 12,461.05.


The US markets ended mostly higher on Monday following upbeat results from a phase 3 study of the coronavirus vaccine being developed by Pfizer (PFE) and BioNTech (BNTX). Pfizer and BioNTech said an interim analysis of the results found the vaccine candidate to be more than 90 percent effective in preventing COVID-19 in participants without evidence of prior infection. Pfizer Chairman and CEO Dr. Albert Bourla said today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent COVID-19. The companies said they plan to submit the vaccine for regulatory approval in the US and Europe soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November. The vaccine reports added to positive sentiment generated in reaction to the weekend's news that Democratic candidate Joe Biden's is projected to win the presidential election. Besides, several major reports organizations called the race for Biden on Saturday after projecting the former Vice President will win Pennsylvania and its 20 electoral votes. The apparent victory for Biden potentially sets up a divided government, with control of the Senate likely to be decided by two run-off elections in Georgia. However, President Donald Trump has refused to concede the race, alleging widespread voter fraud and launching legal challenges in several key states.


Crude oil futures ended sharply higher on Monday as positive reports about a potential coronavirus vaccine. Pfizer Inc. and BioNTech SE announced that the first set of results from the phase 3 COVID-19 vaccine trial provides initial evidence of the vaccine's ability to prevent COVID-19. Democrat Joe Biden's victory in the US presidential election also lifted optimism about positive developments in international trade. Meanwhile, Market was also reacting positively to reported comments by Saudi Arabia that OPEC+ will likely alter oil output to balance the market. Crude oil futures for December gained $3.15 or 8.5% percent to settle at $40.29 a barrel on the New York Mercantile Exchange. January Brent crude declined 3.10 or 8 percent to settle at $42.55 a barrel on London's Intercontinental Exchange.


Indian rupee depreciated against dollar on Monday, on account of sustained dollar demand from importers and banks. Sentiments were fragile despite report that foreign portfolio investors (FPI) have put in a net Rs 8,381 crore into Indian markets in first five trading sessions of November, with participants growing more confident in view of resumption of business activities and better than expected quarterly numbers, among others. Market participants took a note of report that Former Reserve Bank Governor Bimal Jalan has opined against a fresh fiscal stimulus to boost pandemic-hit economy saying it is more important to spend the amount already committed by the government than to increase the fiscal deficit target again. On the global front, Sterling edged up in early London trading on Monday after reaching a nine-week high versus the dollar overnight, as Democrat Joe Biden's victory in the U.S. presidential elections saw global markets at new highs and riskier currencies gaining. Finally, the rupee ended at 74.15, 7 paise weaker from its previous close of 74.08 on Friday.   


The FIIs as per Monday's data were net buyer in both equity and debt segment. In equity segment, the gross buying was of Rs 9472.50 crore against gross selling of Rs 4588.51 crore, while in the debt segment, the gross purchase was of Rs 1246.43 crore with gross sales of Rs 982.55 crore. Besides, in the hybrid segment, the gross buying was of Rs 1.36 crore against gross selling of Rs 38.94 crore.  


The US markets ended mostly in green on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage COVID-19 vaccine trial. Asian markets are trading higher on Tuesday as investors reacted to the positive developments overnight on the coronavirus vaccine front. Indian markets ended at record high levels Monday helped by strong global cues after the US presidential election outcome and sustained foreign capital inflow into the domestic market. Today, the start of session is likely to be optimistic tracking gains in global markets. Traders will be getting encouragement with report that Pfizer Inc's said its experimental COVID-19 vaccine was more than 90 percent effective based on initial trial results, and they have so far found no serious safety concerns, priming it for possible speedy regulatory approvals. Sentiments may get some boost with SBI Research report stating that a number of green shoots are visible in the economy five months after easing restrictions. It also said assuming that India escapes a second wave, the pandemic will subside by February 2021. Some support will come with oil minister Dharmendra Pradhan's statement that India has invited global firms to invest in its strategic petroleum reserves (SPRs) as the nation's energy consumption growth would be fastest among large economies in coming decades. Besides, market participants will track today's counting of votes for the Bihar assembly election, with most pollsters predicting a landslide victory for the five-party Grand Alliance led by the young RJD leader Tejashwi Yadav. Meanwhile, the department of revenue said India extended the anti-dumping duty on imports of carbon black used in rubber applications from China and Russia till December 31, 2020. There will be some buzz in insurance industry stocks with report that the Life insurance industry with public and private life insurance companies put together grew by 32 percent, collecting a total premium of Rs 22,776 crore. textile stocks will be in focus as the Cotton Association of India (CAI) projected the total production of cotton at 356 lakh bales for the crop year 2020-21, which is 4 lakh bales less than the year ago period. There will be some reaction in power stocks with the power ministry's statement that it has mandated all electricity distribution utilities or discoms to comply with the Energy Conservation (EC) Act, 2001, which would reduce energy losses and bring in more transparency in the sector.


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  • Cipla is looking at sustaining growth through the pandemic and has decided certain priorities for the coming quarters, including digital adoption and profitable growth. 
  • Tata Motors is aiming to have the widest portfolio of SUVs in the domestic market. 
  • M&M has conducted mega delivery of 500 All-New Thars across the country, between November 7 and November 8, 2020. 
  • Eicher Motors' motorcycle arm -- Royal Enfield is planning to launch at least 28 new models in the next seven years.
News Analysis

Ahluwalia Contracts (India) has secured new order aggregating to Rs 530.32 crore approximately for construction of Mumbai Metro Rail project of MMRDA- Mandale Depot at Mumbai. The total order inflow during the FY 2020-21 stands at Rs 1243....

Zydus Wellness is expecting to continue its growth momentum gathered post easing of lockdown and grow the business on the back of new launches and demand recovery in the second half of the current financial year. Zydus Wellness, which owns a...

Asian Energy Services has received a Letter of Award (LOA) from Oil India (OIL) for 2D Seismic Data Acquisition of 570 LKM covering parts of North Cachar Hills (NC Hills) under the National Seismic Program (NSP) valued at approximately Rs 40...

Sharika Enterprises has received the LOI from TP Central Odisha Distribution (TPCODL) for Supply of 11KV Auto-Reclosures & Sectionalisers with Allied Services, amounting Rs 8,42,45,920.64 including Taxes.

Sharika Ente...