Sensex Opens Higher; Infosys & Sun Pharma Surge Over 4%

Wed, 4 Nov 09:30 am

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Asian stock markets are higher today as results from the US presidential election showed an agonizingly close race with no clear winner yet in sight.

Tokyo's Nikkei index opened more than 2% higher, tracking gains in US markets a day earlier, as polls began closing in the US presidential vote.

The Hang Seng is trading on a flat note while the Shanghai Composite is trading up by 0.2%.

US stock markets surged overnight, with the Dow Jones Industrial Average ending 2.1% higher, while the Nasdaq added 1.9%.

Back home, Indian share markets have opened the day on a positive note.

Indian share markets are likely to remain volatile today as results of the 59th US presidential election start to trickle in. According to reports, Democratic candidate Joe Biden was racing ahead in 131 electoral seats while Republican Donald Trump was leading in 92 seats as of 8:15 am.

Investors had initially wagered that a possible Democratic sweep by Joe Biden could ease political risk while promising a huge boost to fiscal stimulus.

But the mood quickly sobered on signs President Donald Trump could well snatch Florida and was much closer in other major battleground states than polls had predicted.

The BSE Sensex is trading up by 209 points. The NSE Nifty is trading up by 53 points.

Infosys is among the top gainers today. Power Grid, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.5%.

Sectoral indices are trading mixed with stocks in the IT sector and healthcare sector witnessing most of the buying interest. Banking stocks are witnessing selling pressure.

Speaking of stock markets, Rakesh Jhunjhunwala, one of India's most famous investors, recently made Rs 5 billion investment in Tata Motors.

In his latest video, co-head of Research at Equitymaster, Rahul Shah discusses Rakesh Jhunjhunwala's Tata Motors Bet from a value investing perspective.

Is there enough margin of safety in the current valuations or the run up in recent months has made it a risky bet?

Tune in to the video to find out more:

Moving on, the rupee is trading at 74.80 against the US$.

Gold prices are trading down by 0.4% at Rs 51,404 per 10 grams.

Gold retreated in Asian trade today as the dollar strengthened after early voting results showed a close contest between President Donald Trump and Democratic rival Joe Biden in the US Presidential election.

Spot gold was down 0.4% at US$ 1,901.72 per ounce at the time of writing, having fallen as much as 1% earlier in the session.

US gold futures were 0.4% lower at US$ 1,902.20.

In the previous session, gold prices were steady as a jump in riskier assets offset the impact of strict lockdowns across Europe and with wary markets awaiting results of the US presidential election.

In recent weeks, domestic gold prices have remained in a narrow range, after losing momentum since hitting record high of Rs 56,200 per 10 gram in August.

Yet, gold prices are up about 30% so far this year in Indian markets. Most of these gains are seen as gold is seen as an inflation hedge amid unprecedented pandemic-driven stimulus across the world.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, visit our YouTube Playlist on gold investing.

Moving on to stock specific news...

PVR is among the top buzzing stocks today.

Multiplex operator PVR on Tuesday reported a consolidated net loss of Rs 1,840 million in the second quarter of fiscal year 2020-21 as against a net profit of Rs 480 million in the corresponding period of last year.

The loss was on account of hit to business due to coronavirus induced restrictions during the quarter.

Consolidated revenue from operations fell significantly to Rs 404 million as against Rs 9,730 million in the year ago period.

The company said that Covid-19 situation across the country continued to adversely affect the operations resulting in almost no operating revenue for the quarter and six months ended September 30.

Under unlock 5 guidelines, the government allowed cinemas to restart operations from October 13 onwards with capacity restrictions. While several states have allowed cinemas to start operations, permission is still awaited from others in this respect.

PVR share price has opened the day up by 5.8%.

Moving on, in latest developments from the IPO space, Hyderabad-based Gland Pharma is set to launch the country's largest initial public offering (IPO) by a pharmaceutical company next week.

Till now, the biggest IPO in the pharma sector was from Eris Lifesciences, which raised Rs 17.4 billion in 2017.

Gland Pharma has received the market regulator's approval to launch its Rs 60 billion IPO.

The company will become the first big Indian company with a Chinese parent to go for public listing.

The IPO comprises of fresh issue of shares worth up to Rs 12.5 billion and an offer for sale (OFS) of a little over 340 million shares.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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