Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended the prevailing momentum and gained nearly one and a half percent, tracking firm global markets. The news of the COVID-19 vaccine with high efficiency raised hopes of faster than expected recovery in the global economy boosted the sentiment. On the domestic front, buoyancy continued in the banking and financial majors which gradually pushed the index as the session progressed. Consequently, the Nifty ended at 12,631 levels, up by 1.4%. However, the broader market traded subdued and ended down in the range of 0.1- 0.5%.

Nifty is not showing any sign of slowing down and may take a breather around 12,800. Needless to say, the recent surge was largely driven by banking and financials while others are contributing selectively. Traders should align their positions accordingly and use dips to accumulate stocks that are participating in the rally.

Nov 10, 2020 4:14 PM

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

We almost hit 12,650 on the Nifty; if we are able to sustain the levels of 12,650-12,700, the index can move to 13,000 levels. Hence 12,700 might pose a resistance and some profit booking can be considered at these levels and thereafter a buy on dips strategy can be used to enter the Nifty on any dip or correction.

Nov 10, 2020 3:53 PM

Stock Market Highlights | Here are some highlights from today's session:

Market Surges To Record High For 2nd Straight Day; Financials Top Gainers

Market Gains For Seven Consecutive Session For 2nd Time In A Month

Sensex & Nifty Gain Over 1% Each & Nifty Bank Nearly 4%

Midcap Index Continues To Underperform Sensex & Nifty

Underperformance In Midcap Index Keeps Mkt Breadth In Favour Of Declines

Nifty Bank Up Nearly 20%, Sensex & Nifty 9% Each In Last Seven Sessions

Nifty Climbs 170 Points To 12,631 & Sensex 680 Points To 43,278

Nifty Bank Surges 1,072 Points To 28,606 & Midcap Index 51 Points To 18,008

7 Of Top 10 Nifty Gainers Are Financials; Bajaj Fin & IndusInd Top Gainers

IT Shrs Slip After A Sell-off In Stay-at-home Stocks Globally; Nifty IT Down 4%

Pharma Stocks Under Pressure As Well; Cipla & Divi’s Lab Top Losers

M&M Closes With A Minor Gain Of 1% After Better Operational Results

Hindalco Sees Profit Booking Following A Q2 Earnings, Stock Down Over 1%

Aviation Stocks Follow The Global Trend; IndiGo Surges 9% & SpiceJet 3%

Nov 10, 2020 3:47 PM

Closing Bell | The Indian equity benchmark indices, Sensex and Nifty rallied for the seventh consecutive day to end at record levels on Tuesday led by gains in banking stocks amid strong global cues. Sensex surged 680.22 points or 1.60 percent to 43,277.65 while the Nifty settled at 12,631.10, up 170.05 points or 1.36 percent. Nifty Bank surges 1,072 points to 28,606 and Midcap Index 51 points to 18,008.

Nov 10, 2020 3:46 PM

Play real estate rebound through cement, steel: Motilal Oswal's Agrawal

Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services expects a greed rally to get underway now that a vaccine for COVID appears to be in sight.Get latest Economy online at cnbctv18.com

Nov 10, 2020 3:16 PM

CLSA on Prestige Estates

Prestige Estates signed a term sheet with Blackstone for the sale of certain offices, and retail and hospitality projects valued at an EV of Rs 91.6 billion (in-line with our valuation estimate of Rs 93.6 billion). Proceeds from the divestment could be used to fund growth and also lower its high leverage (currently net debt-to-equity of 1.5x), a key investor concern. We expect gearing to fall from 1.5x to <1x and for interest coverage to improve from 1.5x to c.5x. A stronger balance sheet may lead to a stock rerating. Accordingly, we maintain our Rs 315 target price and Buy rating.

Nov 10, 2020 2:56 PM

Nov 10, 2020 2:35 PM

GAIL India Q2FY21 | The company’s net profit rose 16.5 percent to Rs 1,240 crore from Rs 1,064 crore while revenue fell 24.4 percent to Rs 13,643 crore from Rs 18,040 crore, YoY. EBITDA decreased 14.4 percent to Rs 1,338 crore from Rs 1,536 crore while EBITDA margin expanded by 110 bps to 9.8 percent from 8.7 percent, YoY.

Nov 10, 2020 2:24 PM

Hindalco Industries Q2FY21 | The company’s standalone net profit jumped to Rs 198 crore from Rs 78 crore while revenue fell 4.5 percent to Rs 9,518 crore from Rs 9,965 crore, YoY. Standalone EBITDA was up 7.6 percent to Rs 852 crore as against Rs 792 crore while EBITDA margin increased to 8.9 percent from 7.9 percent, YoY. The company reported one-time gain at Rs 88 crore as against loss of Rs 31 crore, YoY.

Nov 10, 2020 2:19 PM

Keshav Lahoti Associate Equity Analyst, Angel Broking Ltd

Multiplex stocks PVR, Inox Leisure has corrected ~40% due to disruption brought in the business by Covid-19. Because of fear brought on by the pandemic, people are hesitant to go to theatres to watch movies and the Central Government has also imposed extra restriction on the industry such as occupancy is capped at 50%. Few state governments have not given permission for the theatre industry to start their operation.

Yesterday with Pfizer's announcing their Covid-19 vaccine is showing signs of 90% effectiveness is positive for the industry. If an effective vaccine comes to the country, the Government will reduce restrictions on occupancy, food & beverages so companies will be able report better revenue and profitability. With this announcement, there is a possibility of Covid-19 vaccine in the near future, so investors will relook at multiplex stocks from an investment point of view. We are bullish on PVR and Inox Leisure as they are gaining market share and even after Covid-19 disruption yet long term fundamentals are intact for the company.

Nov 10, 2020 2:10 PM

Nov 10, 2020 2:00 PM

TTK Prestige Q2FY21 | Consolidated net profit fell 18.3 percent to Rs 65.6 crore from Rs 80.3 crore while revenue rose 5.6 percent to Rs 687.9 crore from Rs 651.7 crore, YoY. Consolidated EBITDA rose 6.9 percent to Rs 141.9 crore from Rs 132.8 crore and EBITDA margin was at 20.6 percent as against 20.4 percent, , YoY.

Nov 10, 2020 1:48 PM

HDFC Securities on Berger Paints

While Berger Paints marginally outperformed the market leader Asian Paints in topline growth in 2Q, the latter continues to lead in both topline recovery and margin delivery in 1H. Given the immateriality in relative performance, Berger’s steep premium over Asian Paints (75x Sept-22 P/E vs APNT’s 61x) seems unjustified. While we revise our EPS estimates by 3% each for FY22/23 to account for marginally quicker pick-up in revenue, we maintain our Sell recommendation with a DCF-based target price of Rs 490/share (implying 56x Sep-22 P/E).

Nov 10, 2020 1:34 PM

Nov 10, 2020 1:20 PM

Motherson Sumi Q2FY21 | The company’s net profit in Q2FY21 fell 12.2 percent to Rs 337.6 crore from Rs 384.6 crore while revenue declined 2 percent to Rs 14,957.2 crore from Rs 15,259.7 crore, YoY. EBITDA decreased 15.2 percent to Rs 1,391.8 crore while EBITDA margin contracted by 140 bps to 9.3 percent, YoY.

Nov 10, 2020 1:07 PM

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