5 Reasons Why Sensex Zoomed 500 Points Today

Tue, 3 Nov Closing

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Indian share markets continued their momentum throughout the day today and ended on a strong note.

At the closing bell, the BSE Sensex stood higher by 504 points (up 1.3%).

The NSE Nifty closed higher by 144 points (up 1.2%).

ICICI Bank and Hindalco were among the top gainers today.

The SGX Nifty was trading at 11,816, up by 135 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.4%.

On the sectoral front, gains were largely seen in the banking sector and finance sector.

Realty stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a strong note today. As of the most recent closing prices, the Hang Seng ended up by 2% and the Shanghai Composite gained 1.4%. The Nikkei rose 1.4%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 94 points (up 0.9%), while Dow Futures are trading up by 358 points (up 1.3%).

The rupee is trading at 74.40 against the US$.

Gold prices are trading up by 0.2% at Rs 51,160 per 10 grams.

Here are Top 5 Factors Why Indian Stock Markets Rallied Today

Positive Global Markets: Indian share markets rose in sync with major Asian peers as investor sentiment got a boost by strong factory output data from major economies.

Improving Economic Activity: US manufacturing activity accelerated more than expected in October, with new orders jumping to their highest in nearly 17 years, while Chinese factory activity expanded the fastest in a decade and eurozone manufacturing also sped up.

US-Fed Meet: The Federal Open Market Committee (FOMC) will begin its two-day meeting on interest rate policy on Wednesday, with policymakers expected to reaffirm its commitment to support the pandemic-struck economy and keep interest rates unchanged.

Banking and Finance Stocks Rally: Gains in banking and financial heavyweights such as ICICI Bank, HDFC twins, Axis Bank, SBI and Bajaj Finance lifted benchmarks indices.

Q2 Earnings: So far, September quarter earnings have been along expected lines and have even beaten market expectations in some cases.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of the stock markets, Senior Research Analyst at Equitymaster, Apurva Sheth shares a chart that you must see before the US Presidential elections, in his latest video for Fast Profits Daily.

In the video below, Apurva talks about how short-term traders have withdrawn money from the stock market recently in anticipation of the result. However, smart traders are not too worried. They have seen this before and have a handy blueprint for this situation.

So, what is this blue print?

Tune in here to find out more:

In news from the automobile sector, in a major boost to the adoption of electric vehicles in the state, the Tamil Nadu government has passed an order for 100% exemption of motor vehicle tax for battery-operated vehicles (BOVs).

Earlier, the state government had issued orders for a 50% concessional rate of lifetime tax in respect of battery-operated two-wheelers and four-wheelers of non-transport vehicles. However, a request was made for a 100% exemption by the Transport Commissioner.

The government said that after careful examination it has decided to grant a full tax exemption for all BOVs.

All BOVs, both transport and non-transport (EVs), are exempted from payment of motor vehicle tax under the Act from November 3, 2020 to December 31, 2022, said the government order dated November 2.

Note that the Tamil Nadu government has been making several efforts to emerge as an attractive centre for electric mobility. Last year, it launched a separate policy for EVs, paving the way for fresh investments by several players into EV manufacturing and associated areas.

In March this year, the state government announced it would also plan a futuristic EV charging station using solar power at a government campus.

That apart, Chinese manufacturer BYD is planning to invest around Rs 28 billion in the state to make EV components and batteries. Ather Energy, leader in the e-scooter market, is also planning to invest in a facility near Chennai.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

Moving on to stock specific news...

Havells India was among the top buzzing stocks today.

Havells India share price regained the Rs 500-billion market valuation, after the company's stock rallied 6% to hit a record high of Rs 827.65 today.

Shares of the consumer electronics company have gained as much as 8% in the past three trading sessions after it reported a strong 80% year-on-year (YoY) growth in its standalone net profit at Rs 3.3 billion in September quarter (Q2FY21).

Net revenue grew 10% YoY at Rs 24.5 billion.

The company said the effective price and cost management enabled contribution margin improvements, especially in ECD and Lighting.

Apart from Havells India, market participants were also tracking Shipping Corporation share price.

Reports state that board of directors of the company in its meeting scheduled to be held on November 6 may also discuss a way forward for the proposed disinvestment in lines with the various directions received from the competent authorities regarding probable Demerger/Hiving off of non-core assets.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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