Factors Behind the Stock Market Rally, September Quarter Results, and Top Buzzing Stocks Today

Fri, 6 Nov Pre-Open

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

At the closing bell yesterday, the BSE Sensex stood higher by 724 points (up 1.8%). With yesterday's gain, the BSE Sensex wiped off all the losses of this calendar and its year-to-date return turned positive.

The NSE Nifty closed higher by 212 points (up 1.8%).

SBI and Tata Steel were among the top gainers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 1.7%.

On the sectoral front, gains were largely seen in the metal sector, oil & gas sector and banking sector.

Gold prices were trading up by 1.2% at Rs 51,425 per 10 grams at the time of closing stock market hours yesterday.

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

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about an important aspect about the stock market which has not received enough attention, in his latest video for Fast Profits Daily.

In the video below, Vijay shares how most small investors and traders are worried about the volatility in the market while big money is taking the markets higher.

So, why is big money behaving differently?

Tune in here to find out more:

Top Stocks in Focus Today

Adani Gas will be among the top buzzing stocks today.

Adani Gas has signed a definitive agreement for the acquisition of three geographical areas (GAs) namely Ludhiana, Jalandhar and Kutch (East).

All 3 GAs have a high volume potential in terms of demand of over 6.5 Million Metric Standard Cubic Meter Per Day (MMSCMD) over a period 10 Years. The GA's are under Phase 1 of the Bharat Mala Pariyojana by NHAI which will further boost the development and volume growth of the company.

This acquisition offers gains to more than 1 million households, more than seven lakh CNG vehicles and a large number of industrial and commercial customers.

Shares of multiplex operators PVR and Inox Leisure will also be in focus as the Maharashtra government permitted cinema halls to operate.

The state government on Wednesday permitted theatres including single-screen, multiplex and drama halls to re-open from Thursday, adding that they could function outside containment zones only.

Reports state that this will benefit multiplex companies as box office revenue from Maharashtra state constitutes around 30% of total revenue for Hindi films.

PVR share price rallied 10% to Rs 1,226 yesterday, while Inox Leisure share price gained 6% to Rs 279 on the BSE.

Top Factors Why Indian Stock Markets Rallied Yesterday

Improving Service Sector Activity: Activity in India's dominant services industry expanded for the first time in eight months in October as demand surged. The Nikkei/IHS Markit Services PMI climbed to 54.1 in October from September's 49.8.

Firm Global Cues: Indian share markets edged higher tracking gains in global peers yesterday. Japan's Nikkei rose 1.7% to a nine-month high. US stock markets surged overnight with technology and healthcare stocks leading the charge.

US Fed Meet: The Federal Open Market Committee's (FOMC) is scheduled to come out with its policy decisions, most likely reaffirming their commitment to support the pandemic-struck economy and keep interest rates unchanged.

Foreign Inflows: Foreign portfolio investors (FPIs) have been net buyers so far since October. After pumping in Rs 218.3 billion in October, FPIs have invested Rs 31.9 billion in November so far, NSDL data showed.

Banking and IT Stocks Rally: IT and banking heavyweights including Infosys, TCS, SBI, HDFC Bank and HCL Tech were among the top contributors yesterday.

IT stocks rose yesterday as the dollar strengthened against its global peers. Meanwhile, banking stocks witnessed buying interest after strong Q2 results by SBI.

In-line Q2 Results: 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!

Q2FY21 Results: Two-Fold Jump in HPCL Profits; Pidilite Industries Profit Rises 9.6% YoY

Hindustan Petroleum Corporation (HPCL) reported a two-fold jump in its September quarter net profit on the back of a surge in refining margins and inventory gains.

Net profit was Rs 24.8 billion compared to Rs 10.5 billion a year back, HPCL Chairman and Managing Director Mukesh Kumar Surana told reporters on a call.

"The significant improvement in the profitability in spite of challenges including lockdown due to Covid-19 pandemic was a result of strategic planning in refinery and marketing operation, containing the contraction to less than the industry, efficient inventory management and effective production placement," he said.

The firm earned US$ 5.11 on turning every barrel of crude oil into fuel in the second quarter of 2020-21 fiscal year as compared to a gross refining margin of US$ 2.83 a barrel.

The company also announced that its board has approved proposal to buyback up to 100 million shares, representing 6.6% of paid-up equity capital of the company, at Rs 250 per share.

The buyback price represents a 33.9% premium over HPCL's current share price.

The buyback would not involve the participation of the fuel retailer's parent company ONGC.

Pidilite Industries reported a 9.6% increase in its consolidated net profit at Rs 3.6 billion for the September quarter.

The company, a leading manufacturer of adhesives, sealants and construction chemicals posted a profit of Rs 3.2 billion in the same period a year ago. This increase in profitability was aided by benign input costs as well as strong cost optimization measures.

Its revenue from operations rose 4.1% at Rs 18.8 billion during the quarter under review, as against Rs 18 billion in the year-ago period, it said in a regulatory filing.

The company's profit after tax (PAT) also grew by 10% to Rs 3.5 billion over the same quarter last year due to tax reversal in the prior year with a reduction in the corporate tax rate. On a like to like basis, PAT grew by 34%.

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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