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Shares reverse trend; breadth turns negative

·4-min read

The Sensex reversed gains and traded with small losses in mid-morning trade. The Nifty turned flat after briefly slipping in the negative terrain. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 96.92 points or 0.22% at 43,180.29. The Nifty 50 index was up 3.3 points or 0.03% at 12,636.95.

Profit booking emerged after the Sensex jumped 9.25% and the Nifty climbed 8.49% in the past seven consecutive sessions. The Sensex hit a record high of 43,708.47 while the Nifty hit a record high of 12,769.75 in morning trade today.

In the broader market, the S&P BSE Mid-Cap index was up 0.11% while the S&P BSE Small-Cap index fell 0.11%.

The market breadth turned negative. On the BSE, 1157 shares rose and 1199 shares rose. A total of 164 shares were unchanged.

Bihar election result:

The National Democratic Alliance (NDA) is all set to form the next government in Bihar after defeating the Tejashwi Yadav-led Mahagathbandhan in the assembly elections. The NDA won 125 seats, clearing the majority mark in the 243-member Assembly. The Mahagathbandhan or the Grand Alliance won 110 seats.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 5,13,77,200 with 12,70,171 deaths.

India reported 4,94,657 active cases of COVID-19 infection and 1,27,571 deaths while 80,13,783 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Realty index declined 0.81% to 233.15, snapping its three day winning streak. The index gained 4.68% in past three days.

Brigade Enterprises (down 4.53%), Phoenix Mills (down 1.7%), Oberoi Realty (down 1.07%), Omaxe (down 0.8%), Prestige Estates (down 0.78%) and Indiabulls Real Estate (down 0.52%) were top losers in realty segment.

Stocks in Spotlight:

Raymond fell 1.32% to Rs 282.35 after the company reported a consolidated net loss of Rs 136.59 crore in Q2 September 2020 compared with net profit of Rs 86.24 crore in Q2 September 2019. On a consolidated basis, net sales tumbled 64.2% to Rs 674.21 crore in Q2 September 2020 over Q2 September 2019. Pre-tax loss stood at Rs 216.75 crore in Q2 September 2020 as against a pre-tax profit of Rs 75.52 crore in Q2 September 2019. The company reported negative EBITDA of Rs 52 crore in Q2 FY21 as against a positive EBITDA of Rs 237 crore in Q2 FY20. The Q2 result was declared after market hours yesterday, 10 November 2020.

Aarti Industries fell 2.16% to Rs 1059.30 after consolidated net profit fell 5.5% to Rs 143.50 crore on 18.7% jump in net sales to Rs 1,172.64 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) fell 3.1% to Rs 177.16 crore in Q2 September 2020 as against Rs 182.89 crore in Q2 September 2019. The board declared an interim dividend of Rs 1.50 (30%) per equity share of Rs 5 each for the FY 2020-21.

KPIT Technologies jumped 5.08% to Rs 99.30 after the company announced signing of a large-scale order with BMW Group. The combined powertrain coordination unit is designed to power the next generation power electronics architecture of BMW Battery Electric Vehicles (BEV's) and involves software development, integration, and maintenance. The integrated charger unit is an onboard charger that is combined with the vehicle control unit.

Global Markets:

Asian stocks were trading higher on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy.

In US, the Dow Jones Industrial Average rose on Tuesday, building on its sharp gains from the previous session as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued. However, the S&P 500 and Nasdaq Composite struggled amid a sharp decline in major tech names.