3rd November, 2020 Morning Brief

Market will open with a gap up continuing yesterday's firmness led by banking sector.

Asian markets opened higher ahead of today's Presidential elections in the U.S. Benchmark indices in Australia and South Korea are rising while those in Japan are shut on account of a holiday.

The Dow and S&P closed higher on Monday with the Nasdaq posting slimmer gains on the eve of the U.S. presidential election, as investors girded for what could be big market swings this week.

The Dow Jones Industrial Average rose 423.45 points, or 1.6%, to 26,925.05, the S&P 500 gained 40.28 points, or 1.23%, to 3,310.24 and the Nasdaq Composite added 46.02 points, or 0.42%, to 10,957.61.

Futures on the Dow Jones are currently trading 130 points higher. 

Oil prices gained nearly 3% on Monday, rebounding from several day of losses

India's October factory growth at decade high.

RBI increases trading hours for rupee and bond markets. 

🎯 News & Impact 🎯 

🎯 NTPC Q2FY21 :

Revenue up 8.4% to Rs 24,677.1 crore. 

Net profit up 7.4% to Rs 3,504.8 crore. 

Ebitda up 13.2% to Rs 7,183.3 crore. 

Ebitda margin at 29.1% from 27.9%.

Announces buyback of 2% of the total equity worth of Rs. 2275.7.

🎯 Sterlite Tech :

To acquire 100% stake in Italy’s Optotec for 29 million euros. The target company belongs to the optical telecommunications industry. The transaction is expected to be completed by end of the calendar year 2020.

🎯 Delta Corp :

Casino operations to resume in Goa with immediate effect, in accordance with guidelines prescribed by the government.

🎯 ICICI Lombard : Competition Commission of India approves acquisition of general insurance business of Bharti Axa.

Positive for the stock. 

🎯 Supreme Petrochem : To establish a new line for production of polystyrene which may enhance the production capacity by 80,000 TPA.

🎯 Hindalco : Bloomberg News reports that the company has emerged as the preferred bidder for Chakla coal block in the first round of commercial coal mining auctions.

🎯 NCC : Gets orders worth Rs 833 crore from mining division of Coal India's arm.

🎯 Adani Enterprises : Commenced Lucknow International Airport operations.