Wednesday Stock Market Update: Amid US Election result uncertainty, Indian Markets boom today

Stock Markets Today at a Glance:

Amid volatility of the outcome of US elections, Indian stock markets today rose around 0.8% with key support from Pharma & IT sector stocks. Nifty grew by 95 points and closed at 11908.5, while Sensex rose by 355 points to settle at 40616.14.

Sector-wise, Nifty Realty, Metal and Fin service indexes plunged, while all other indexes were in green. India VIX also reduced by 4.29% to settle at 23.2 level. In broader markets, mid-cap & small-cap underperform the benchmark indexes.

Top Gainers/Losers of Today Stock Market:

IndusInd Bank, Sun Pharma, Divi’s Labs, Reliance and CIPLA were among the top gainers in today’s share market session. On the other hand, UPL, Axis Bank, HDFC, ICICI Bank and Hindalco took the most beatings in today’s session.

DII/FII Data:

DII divested Rs.8.13 crore, while FII invested Rs.146.22 crore.

SBI reports massive jump in Q2 Profit:

Leading PSU, State Bank of India (SBI) reported 51.9% jump in its Q2 net profit to Rs.4574.16 crore. The bank had reported a net profit of Rs.3011.75 crore in same quarter last year. Total income is also up by 3.42% to Rs.75341.8 crore.

Bank’s Net Interest Income (NII) for Q2 rose by 14.56% to Rs.28181 crore, while Net Interest Margin (NIM) stood at 3.34%. Gross & Net NPA of the bank for Q2 stood at 5.28% & 1.59% respectively. Bank’s share price grew by 0.37% to close at Rs.205.5.

Jyothy Labs Q2: Net Profit up by 12.2%:

FMCG firm Jyothy Labs on Wednesday reported a 12.2% increase in consolidated net profit at Rs.60.13 crore for the quarter ended September 30, 2020. The company had posted a net profit of Rs.53.59 crore in the year-ago quarter. Its total income during the quarter under review stood at Rs.508.51 crore, up 5.86%, compared with Rs.480.32 crore in the same period last year.

Ahead of its Q2 results, stock price of Jyothy went up by 0.53% to Rs.131.6.

Quick Bytes:

• Gland Pharma IPO will get open for subscription from November 9. Price band set at Rs.1490-1500. Company will raise Rs.6500 crore through this offer.
• US Stocks settled 2% higher in overnight trade.
• India’s exports declined 5.4% to $24.82 billion in October, Trade deficit narrowed to $8.78 billion as against $11.76 billion in last month. Imports also fell 11.56% to $33.6 billion.
• Q2 Results Today: State Bank of India, Lupin, HPCL, Adani Enterprises, Adani Green Energy, Apollo Tyres, Asahi India Glass, Balrampur Chini Mills, BASF India, Gati, Godrej Agrovet, Greenply Industries, Happiest Minds Technologies, Hikal, Indian Hotels, JK Lakshmi Cement, Jubilant Life Sciences, Jyothy Labs, Kalpataru Power Transmission, KEC International, Nelco, Nilkamal, Pidilite Industries, Praj Industries, SRF, Thermax and United Spirits

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