Morning update for 10th November 2020

Indices at 10:30 am

▲ Nifty 12,536 (+0.6%)     ▲ Sensex 42,881 (+0.7%) 

▲ Nifty Midcap 100 18,007 (+0.3%)     ▲Nifty Smallcap 100 5,899 (+0.4%)

Stocks in the news

Covid vaccine update

• US pharma giant Pfizer’s announcement that the Covid-19 vaccine is 90% effective in Phase 3 trial has brought cheer to the markets world over. It’s Indian arm Pfizer Limited is up 7.5% today.
• The announcement has generated investor interest in some pandemic-affected sectors viz. aviation, hospitality, entertainment, etc.
• Indigo (+5.5%), Indian Hotels (+9.5%) and PVR (+6.4%) are seeing gains today.

JK Cement

• For Q2, consolidated revenues rose 24% on a year-on-year basis to ₹1,634 crore.
• The company’s net profits nearly tripled to ₹222 crore due to cost controls and higher other income.
• The stock gained 3.2% for the day and is up 6.2% in this month.

Engineers India

• State-owned engineering and technical services company Engineers India has announced that it will consider a buyback of shares on November 12, along with its Q2 results.
• The stock is up 5.5% today.

NAV cut-off timings

• SEBI has restored the cut-off timing for buying and selling of mutual fund units to 3:00 pm from Monday. In April 2020, the cut-off time was truncated to 1:00 pm for MF schemes owing to the pandemic. 

Global markets

• Key Asian markets are trading in the green today, as the Japanese Nikkei 225 (+0.1%), China’s SSE Composite (+0.1%) and Hong Kong’s Hang Seng (+0.7%) are up. 

Events today

Earnings expected from GAIL, Hindalco, and M&M

Fact of the day

$420 billion – that’s the approximate value of gold held by the US Treasury as of June 2020. The Indian government has gold reserves worth $34 billion.

Source: Business Insider

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Disclosures and Disclaimer

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.