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Benchmarks trade sideway; breadth strong

·4-min read

Key equity indices were trading sideways with decent gains with the Nifty hovering near 12,800 mark. At 18:58 IST, the barometer index, the S&P BSE Sensex, was up 253.37 points or 0.58% at 43,696.23. The Nifty 50 index added 78.05 points or 0.61% at 12,799.

The S&P BSE Sensex hit a record high of 43,830.93 in initial trade today while Nifty hit a record high of 12,828.70.

In broader market, The S&P BSE Mid-Cap index rose 0.82% while the S&P BSE Small-Cap index was up 0.92%.

The market breadth was strong. On the BSE, 1782 shares rose and 507 shares fell. A total of 118 shares were unchanged.

The domestic market is open today for a special one-hour Muhurat trading session on the occasion of Diwali. The session also marks the beginning of Samvat 2077 -- the Hindu calendar year that starts on Diwali.

The exchanges will remain closed on Monday, 16 November 2020 on the occasion of Diwali Balipratipada.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 5,34,79,378 with 13,04,682 deaths. India reported 4,80,719 active cases of COVID-19 infection and 1,29,188 deaths while 81,63,572 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index rose 0.86% to 2,703.95, rising for second trading session. The index has added 2.54% in two days.

NALCO (up 1.73%), Jindal Steel & Power (up 1.42%), Steel Authority of India (up 1.28%), Coal India (up 0.91%), Vedanta (up 0.56%), Hindustan Zinc (up 0.53%), NMDC (up 0.49%) and Hindalco Industries (up 0.28%) were top gainers in metal index.

Tata Steel gained 1.75%. The steel maker reported 49.58% decline in consolidated net profit to Rs 1,665.07 crore on 7.4% increase in net sales to Rs 36,475.66 crore in Q2 FY21 over Q2 FY20. On a consolidated basis, the company's steel production declined by 3.2% to 6.73 million tonnes and steel deliveries improved 13.3% to 7.40 million tonnes in Q2 September 2020 over Q2 September 2019. EBITDA rose by 59.7% to Rs 6,217 crore in Q2 FY21 from Rs 3,893 crore in Q2 FY20. EBITDA per ton improved by 40.8% to Rs 8,396 in the second quarter from Rs 5,963 in the same period last year.

Tata Steel said that all major sites in India operating close to full capacity utilization. The company's India business reported 23.4% fall in net profit from continuing operations to Rs 2,606 crore despite a 14.2% increase in turnover to Rs 23,067 crore in Q2 September 2020 over Q2 September 2019.

The company's India business reported 2% increase in steel production to 4.59 million tonnes while the deliveries jumped by 22.3% to 5.05 million tonnes in Q2 FY21 over Q2 FY20. EBITDA from India operations surged by 49.4% YoY to Rs.6,025 crore in Q2 FY21, driven by higher volumes, improved realizations and cost efficiencies.

The company said that the free cash flow generated during the quarter was Rs.7,832 crore. It further said that the company is committed to deleveraging of $1 billion annually and has reduced net debt by Rs 8,197 crore during the quarter.

Global Markets:

U.S. stock indexes closed sharply higher Friday, notching a pair of fresh records, as Wall Street wrapped up a week framed by optimism over the prospects of vaccines and treatments for COVID-19 and yet gloom over a spike in the viral outbreak in the U.S. and Europe.

The Dow Jones Industrial Average closed up 399.64 points, or 1.4%, to reach 29,479.81, and briefly traded higher than its February 12 closing record at 29,551.42. Meanwhile, the S&P 500 index gained 48.14 points to close at 3,585.15, for a gain of 1.4%, a fresh record. The Nasdaq Composite Index climbed 119.70 points, a gain of 1%, ending at 11,829.29.



Source: Capitalmarket.com