5 Reasons Why Sensex and Nifty Closed at Record High Levels Today

Mon, 9 Nov Closing

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Indian share markets closed at record high levels today.

Benchmark indices continued their momentum seen in morning trades and ended strong on back of positive global cues.

At the closing bell, the BSE Sensex stood higher by 704 points (up 1.7%).

The NSE Nifty closed higher by 197 points (up 1.6%).

Divi's Laboratories and Bharti Airtel were among the top gainers today.

The SGX Nifty was trading at 12,486, up by 220 points, at the time of writing.

The BSE Mid Cap index ended up by 1%. The BSE Small Cap index ended up by 0.6%.

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

Asian stock markets ended on a positive note today. As of the most recent closing prices, the Hang Seng ended up by 1.2% and the Shanghai Composite ended up 1.9%. The Nikkei surged and ended up by 2.1%.

The rupee is trading at 74.13 against the US$.

Gold prices are trading up by 0.6% at Rs 52,453 per 10 grams.

Gold prices in domestic markets moved higher today as the precious metal extended recent gains in the global market. Globally, gold prices edged higher supported by a weak dollar and hopes of more US stimulus amid optimism about the outlook under a Joe Biden presidency.

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

Here are Top 5 Factors Why Indian Stock Markets Rallied Today

Joe Biden Wins US Presidential Election: Democratic candidate Joseph Biden won the 2020 United States presidential election after the state of Pennsylvania was called in his favour. Market participants are of the view that the Indian market is set to gain from Biden's Presidency.

As per experts, Biden's victory is most likely to be a favourable outcome for markets as it will instill confidence amongst investors by reducing policy uncertainty.

Strong Global Cues: Indian stock markets rose in sync with its major global peers as market participants cheered Biden's victory on expectations of stimulus and less regulatory reforms.

Foreign Inflows: Foreign institutional investors are seen having a bullish view on the Indian stock markets as they have pumped in Rs 133.9 billion into the Indian market in the month of November so far.

Improving Macroeconomic Data: Signs of improvement on the macroeconomic front also boosted stock market sentiment. Positive macroeconomic data on core sector growth, rebound in GST revenues, and robust power demand is driving economic recovery.

Strong Q2FY21 Earnings: Indian stock markets are also seen rising on the back of favorable September quarter result announcements from most companies.

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, India's #1 trader Vijay Bhambwani talks about what happens to stock markets under the Joe Biden presidency, in one of his latest videos for Fast Profits Daily.

In the video below, Vijay also dissects Joe Biden's policies and how India will be affected by them.

Tune in here to find out more:

Also, speaking of the current stock market scenario, note that Indian share markets have climbed back to their highest levels since the pandemic began.

The Sensex is trading above the 42,000-mark. Meanwhile, the Nifty is trading above the psychological 12,000-mark.

The smallcap index is up more than 70% since 23 March.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

As you can see, every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to stock specific news...

Divis Laboratories was among the top buzzing stocks today.

Divi's Laboratories share price zoomed to an all-time high of Rs 3,438 today after the pharmaceutical major posted a robust set of Q2 numbers.

Divi's Laboratories on Saturday posted a 45.6% year-on-year (YoY) growth in consolidated net profit at Rs 5.2 billion for the quarter ended September 30.

Revenue from operations increased 21% YoY to Rs 17.4 billion for the quarter.

The company said that it expects to complete the ongoing capex programs by end of the financial year.

The company is taking up a new capex for an aggregate amount of Rs 4 billion for meeting new business opportunities in the custom synthesis projects.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Apart from Divi's Laboratories, Lupin share price was also in focus today as the company said the US health regulator has issued 13 observations after inspection of its subsidiary's Somerset facility in New Jersey.

In a regulatory filing, Lupin said the inspection by US Food and Drug Administration (USFDA) commenced on September 10, 2020, and concluded on November 5, 2020.

The company said it is confident of addressing these observations and will work closely with the agency to address their concerns.

Lupin said it does not believe that this will have an impact on disruption of supplies or the existing revenues from operations of this facility.

The facility contributes less than 5% of the company's global revenues.

In news from the IPO space...

Hyderabad-based Gland Pharma launched its maiden initial public offer (IPO) today to raise around Rs 65 billion.

The IPO, however, had a lackluster start as the issue attracted just 2% bids in the first few hours of the bidding process.

The price band for the offer has been fixed at Rs 1,490-1,500 per share. The issue will close on 11 November.

The IPO, India's largest IPO in the pharma sector, comprises a fresh issue aggregating up to Rs 12.5 billion and an offer for sale of up to 34.9 million shares.

While China's Fosun Pharma Industrial Pte is offering to sell 19 million equity shares, Gland Celsus Bio Chemicals is planning to sell 10 million shares.

The other two shareholders Empower Discretionary Trust and Nilay Discretionary Trust are offloading 3.6 million and 1.8 million shares, respectively.

The company plans to utilize the fresh issue proceeds for funding incremental working capital requirements, capital expenditure requirements and for general corporate purposes.

The previous largest IPO in pharma space was Rs 17.4 billion raised by Eris Lifesciences in 2017 while Alkem Laboratories and Laurus Labs raised about Rs 13.5 billion each in 2015 and 2016, respectively.

So far in India, only 14 companies have raised over Rs 60 billion through IPOs.

So far in 2020, 11 companies have raised Rs 184.8 billion through IPOs of which SBI Cards and Payment Services alone has raised Rs 103.5 billion.

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

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the stock market.

You can check the same here: My View on the IPO Market

And 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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