Stock Market Today: Global Markets Rally Nifty Log Best Day In Over Two Months; Adani Group Stocks Rally

• Europe: PPI — 3:30 p.m. IST 

• Europe: ECB President Christine Lagarde will speak in Frankfurt — 7:30 p.m. IST

• US: Energy Information Administration Weekly Crude Oil Inventory Report — 9:00 p.m. 

At 3:27 p.m. futures contract of Dow Jones rose 2.7% to 43,539.00, that of S&P 500 was 2.2% higher at 5,945.25, and Nasdaq 100 was 1.9% higher at 20,718.00.

The NSE Nifty 50 and BSE Sensex ended with over 1% gain tracking a rise in Infosys Ltd. and Tata Consultancy Services Ltd. Markets across Asia, Europe amid ongoing US election vote count. Infosys Ltd. and Tata Consultancy Services Ltd. and overall technology stocks contributed to the benchmark indices' rally.

The Nifty 50 ended 273.05 points or 1.13% higher at 24,486.35, and the Sensex ended 901.50 points or 1.13% higher at 80,378.13.

Unofficial vote count of US election showed that the Republican presidential candidate Donald Trump is likely to win the access to Oval office, against Democratic candidate Kamala Harris.

During the session, the Nifty 50 rose 1.34% to 24,537.1, and the Sensex rose 1.38% to 80,569.73. In terms of intraday gain, the Nifty recorded the best session since Sept 20, and Sensex since Oct 28.

It was the day for IT stocks. After a knee-jerk reaction in the opening trade, a one-way up-move was seen across the board and Nifty50 advanced by 270.75 points to settle trade at 24,484.05, said Aditya Gaggar, director, Progressive Shares. All the sectors ended the day in green with IT and Realty being the top gainers. Mid and Smallcaps soared over 2% and outperformed the Benchmark Index. The Index is on the verge of giving a breakout from a Descending Broadening Wedge formation and in the case of a successful breakout, the approximate target comes to 25,130 while on the flip side, the support level is moved higher to 24,300, Gaggar added.

Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and HCLTech Ltd. share prices added to the benchmark index.

Titan Co. Ltd., HDFC Bank Ltd., SBI Life Insurance Co. Ltd., Hindustan Unilever Ltd., and Trent Ltd. limited gains in the index.

Besides, Adani Group shares rallied on Wednesday to as much as 13% during the trade.

On NSE, 12 sectoral indices ended higher with the Nifty IT index rising the most. The NSE Nifty Bank ended with least gains.

Broader indices outperformed. BSE Midcap rose 2.28% and BSE Smallcap closed 1.96% higher.

All 21 sectoral indices on BSE closed higher with BSE Focused IT rising the most.

Market breadth was skewed in the favour of buyers. As many as 3,013 stocks rose, 961 fell, and 89 remained unchanged on the BSE.

Rupee closed 17 paise lower at 84.28 against the US dollar. It closed at 84.11 on Tuesday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex ended at the highest level in over two weeks.

• The Nifty 50 recorded the best intraday jump since Sept 20. The Sensex logged the best intraday gain since Oct 28.

• The Nifty 50 and Sensex rallied as markets across Asia, Europe gained amid ongoing US election vote count.

• Infosys Ltd., Tata Consultancy Services Ltd. and Reliance Industries Ltd were top leaders in the Nifty 50 index.

• HDFC Bank Ltd., Titan Co. Ltd. and SBI Life Insurance Co. were top losers in the benchmark index.

• The NSE Nifty IT jumped the most in over three months with 4.16% intraday rise. The index ended 3.99% higher at 42,039.50.

• The Nifty was the best gainer, while the NSE Nifty Finance was the worst performing sector.

• The NSE Nifty Midcap 150 ended 2.09% higher at 21,298.50

• The NSE Smallcap 250 ended 1.88% higher at 18,027.15.

The NSE Nifty IT index rose 4.16% to 42,104.65. Infosys Ltd. and Tata Consultancy Services Ltd. share prices contributed the most to the Nifty IT index. It was trading 3.97% higher at 42,029.35 as of 3:06 p.m.

• Revenue down 4.7% at Rs 1,713 crore versus Rs 1,797 crore.

• Ebitda down 4.8% at Rs 231 crore versus Rs 242 crore.

• Margin at 13.5% versus 13.5%.

• Net profit down 7.8% at Rs 83.3 crore versus Rs 90.3 crore.

The Euro slumped over 2% and touched the lowest level in over four months against the US dollar on Wednesday. The currency declined 2.08% to 1.070 a dollar, the lowest level since June 28. As of 2:31 p.m., the Euro was trading 1.41% down at 1.0776 a dollar as of 2:27 p.m.

The Pound sterling declined 1.50% to 1.2847 a dollar, the lowest level since Oct 31. The UK currency was trading 0.94% down at 1.2919 a dollar as 2:27 a.m. IST

Most markets across Europe surged Wednesday as market participants closely monitor the probable outcome of the US election. The early vote count showed the likelihood of Donald Trump's win.

• Revenue down 7.2% at Rs 541 crore versus Rs 582 crore.

• Ebitda down 23% at Rs 106 crore versus Rs 138 crore.

• Margin at 19.6% versus 23.7%

• Net profit down 25% at Rs 82.5 crore versus Rs 110 crore.

Sterling Tools Ltd. partnered with GLVAC to manufacture advance high voltage DC contactors and relays in India for electric and hybrid Vehicles, it said in an exchange filing.

• Margin at 21% versus 17.9%.

• Ebitda down 4.6% at Rs 203 crore versus Rs 213 crore.

• Revenue down 18.7% at Rs 967 crore versus Rs 1,189 crore.

• Net profit down 4.8% at Rs 97.2 crore versus Rs 102 crore.

RRP Semiconductors Ltd. received order worth Rs 440 crore from telecrown Infratech for silicon solar cells, it said in an exchange filing.

Cyient DLM Ltd. partnered with Honeywell Aerospace Tech to provide aircraft cooling technology, it said in an exchange filing.

As of 12:45 p.m., the Dow Jones Industrial Average was trading 1.95% higher at 43,206.00. The S&P 500 future was 1.82% higher at 5,918.00.

The Nasdaq 100 future was trading 1.76% higher at 20,697.00.

• Net Profit rose 72.1% to Rs 18.1 crore vs Rs 10.5 crore

• Margin at 6% vs 3.6%

• Ebitda rose 58.2% to Rs 42.3 crore vs Rs 26.7 crore

• Revenue fell 5.4% to Rs 706 crore vs Rs 746 crore

For latest updates on second quarter earning releases click here

Thaai Casting Ltd. received orders worth Rs 154 crore for supply of automative and non-automative products, it said in an exchange filing.

The rupee weakened to a record low of 84.25 against the US dollar. The domestic currency depreciated by 15 paise during the day. The unit hits a record low for the third consecutive session, according to data on Bloomberg.

The dollar index rose 1.74% during the day to 105.22; Bloomberg dollar index hits a one-year high. This weighed on the Asian currencies with the Japanese Yen, and Thai Bhat leading losses.

The IPO was subscribed 0.31 times as of 12:00 p.m. on Wednesday.

• Qualified institutional buyers: Nil.

• Non-institutional investors: 0.12 times, or 12%.

• Retail investors: 1.68 times.

• Portion reserved for employees: 2.02 times.

Gold spot and future prices erased gains from early trade as a rise in the dollar index and US treasury yields weighed on the commodity. The dollar index and the yield on the benchmark 10–year US Treasury note are hovering around four–month high as early vote counts are projecting Donald Trump's win for the presidential election.

A rise in US dollar makes the bullion expensive for other currency–holder countries, subsequently weighs on its demand. A rise in US treasury yields, considered a safe–haven asset, reduces charm of Gold.

The Bloomberg spot Gold was trading 0.31% down at $2,735.44 an ounce as of 11:48 a.m., according to data on Bloomberg.

The December future contract of Gold was trading 0.24% down at $2,743.60 an ounce as of 11:37 a.m.

The IPO was subscribed 0.04 times as of 10:54 a.m. on Wednesday.

• Qualified institutional buyers: Nil.

• Non-institutional investors: 0.02 times or 2%.

• Retail investors: 0.20 times or 20%.

• Portion reserved for employees: 0.30 times or 30%.

The dollar index surged 1.71% to 105.19, the highest level since July 9. The dollar index rose past 105.00 for first time since July, according to data on Bloomberg

The index closed at 103.42 on Tuesday.

Swan Energy Ltd. and arms have no assets or business ops in Myanmar. The company has no association or affiliation with Asia Sun Trading. Its operation remain focused on our core sectors, aligned with compliances, it said in an exchange filing.

Swan Energy clarified on reports stating association with Asia Sun Trading.

Hindustan Zinc Ltd.'s share price was down as much as 8.14% after the Ministry of Mines announced on Tuesday that it planned to offload up to 2.5% stake in the company via offer for sale.

The NSE Nifty IT rose as much as 3.11% to 41,679.90, the highest level since Oct 30. It was trading 2.78% higher at 41,546.05.

Mazagon Dock Shipbuilders share price rose 3.10% to Rs 4,327.95 apiece. The stock price extended gains for a second day.

Dr. Reddy's Laboratories Ltd. share price rose over 3% after most brokerages hiked target price after the company reported earnings on expected lines.

Rupee weakened to a record low of 84.20 against the US dollar. The domestic currency depreciated by 10 paise during the day.

The unit hits record low for the third consecutive session. It closed at 84.10 on Tuesday, according to data on Bloomberg

The NSE India Volatility Index jumped 28.70% to 20.75 shortly after open on Wednesday. The index slumped from the day's high and was trading 3.91% down at 15.50 as of 09:42 a.m.

Shares of Titan Co. fell over 3% on Wednesday as multiple brokerages released a split outlook on the watch and jewellery maker post their financial information reveal for the second quarter of the ongoing financial year.

The NSE Nifty 50 and BSE Sensex opened higher as Infosys Ltd. and HDFC Bank share prices rose. Indian benchmark indices also gained support from rise in Asia–Pacific and US before the results of US elections.

As of 09:17 a.m., the Nifty 50 was trading 24.80 points or 0.10% higher at 24,238.10, and the Sensex was 110.77 points or 0.14% higher at 79,587.41.

The trend reversal levels will be placed at 24,000 levels which is the round number and average of the previous two days volatility ahead of the election verdict outcome. The relative strength has crossed the average line from the lower range and witnessed a sharp bounce from its oversold levels and sustenance above the averages will be positive. The highest call open interest is at 24,500 strikes while the downside the highest put OI is at 24,000 for the weekly expiry, said Vikas Jain, head, research at Reliance Securities. 

ICICI Bank Ltd., Infosys Ltd., HDFC Bank Ltd., HCLTech Ltd., and Bajaj Finance Ltd. added to the Nifty 50 index.

Titan Co. Ltd., Bharti Airtel Ltd., Tata Motors Ltd., Hindustan Unilever Ltd., and Tata Steel Ltd. limited gains to the index.

At open, 10 sectors advanced, one declined, and one remained flat out of 12. The NSE Nifty Realty advanced the most and the NSE Nifty Metal declined the most.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.75% and 0.68% higher, respectively.

Out of 21 sectors complied by the BSE, 18 sectors advanced and three declined. The BSE Realty rose the most, while the BSE Metal declined the most.

Market breadth was skewed in favour of buyers. Around 2,252 stocks advanced, 648 stocks declined, and 116 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was 0.39% higher at 24,308.75, and the BSE Sensex was 0.37% higher at 79,771.82

The yield on the 10-year bond advanced 3 basis points higher to 6.86%. It closed at 6.83% on Tuesday, according to data on Bloomberg.

Rupee weakened by 6 paise to a record low of 84.16 against the US dollar. The currency opened at 14.15 on Wednesday. It closed at 84.10 on Tuesday, according to data on Bloomberg

• Maintains Equal Weight. The target price is at Rs 1,375 , which implied a 16% downside

• Strong revenue momentum continues

• Revenue and adjusted Ebitda better than estimates

• Adjusted Ebitda margin was steady sequentially

• Valuation is expensive, however, good performance to support stock

US Treasury yields jumped on Wednesday as early vote count shows chances of Donald Trump's winning US elections. Market participants have bet that the second Trump administration could bolster the debt market and the US currency because of tarrif hikes and low tax.

The yield on benchmark 10–year US Treasury note rose 4.13% to 4.45%, touching the highest level since July 2. This is the highest intraday gain since Feb 2 for the 10–year US Treasury note.

The yield on benchmark 10–year US Treasury note was trading at 4.31% as of 8:44 a.m.

Here, the world has chances with Trump with felony charges potentially becoming the president. Presidents need the budgets from congress to implement their policies, said Seth R. Freeman, managing director B. Riley

Either of the administrations (Democratic and Republican) is expected to focus on China. Chinese economy is doing poorly right now, Riley said in an interview to NDTV Profit

Indian exporters could see the impact of potentially higher tariffs levied, Riley.

The Japanese yen declined over 1% against the greenback as the dollar index inched towards three–month high it touched in late October. The dollar index rose because of the volatility regarding the US election, which pressured currencies across Asia–Pacific region.

The dollar index, which measures the strength of the US unit against six major currencies, rose 1.32% to 104.62 so far Wednesday. The index was trading 1.26% higher at 104.72 as of 08:07 a.m..

The Japanese yen was trading 1.54% higher at 153.96 a dollar as of 08:18, according to data on Bloomberg.

The South Korean won and Thai Baht declined 1.02% and 0.95% against the greenback, respectively.

Oil future prices declined in Asian trade on Wednesday as worries rose about the commodity's supply outlook after hurricane Rafael started gaining strength towards Gulf of Mexico.

The January future of the brent crude was trading 0.47% higher at $75.26 a barrel as of 7:45 a.m.

• Asset quality takes centre stage as a few banks disappoint

• ICICI Bank, HDFC Bank & Federal Bank surprised positively

• Credit costs were 10% higher than Citi Estimates

• Treasury gains were better than expected

• Prefer: ICICI Bank, HDFC Bank & Federal Bank

• Rates buy with target of Rs. 3,650, which implied an upside of 12.9%

• Cut in margin guidance, but growth outlook remains robust

• Q2FY25 EBITDA below expectations due to miss on margins

• Strong growth in jewellery in Q2, festive in Q3 has also been good

• Studded mix drops but studded growth was healthy

• Management stated lab grown diamonds not impacting their business

Asian share indices gained on Wednesday, tracking overnight moves on Wall Street ahead of the outcome of the US elections.

The Nikkei 225 and S&P ASX 200 were trading 0.84% and 1.24% higher respectively, as of 07:13 a.m.

US stocks gained in Tuesday's session as traders remained on the edge to see who wins the presidential race. Results are still being counted which is projecting Donald Trump is leading so far.

The Dow Jones Industrial Average ended 1.02% higher, and the S&P 500 ended 1.23% higher. The Nasdaq Composite ended 1.43% higher.

Catch live updates on US election with NDTV Profit here.

The GIFT Nifty was trading near 24,400 in early trade on Wednesday. Dr. Reddy's Laboratories Ltd., GAIL (India) Ltd., Mankind Pharma Ltd. share prices are likely to react due to earnings and news flows.

The GIFT Nifty was trading 0.47% or 115.00 points higher at 24,384.50 as of 06:30 a.m.

The NSE Nifty 50 and BSE Sensex had their best session since Sept. 20 on Tuesday. The benchmark indices started recovery during the latter half of the trade.

The NSE Nifty 50 ended 0.91%, or 217.95 points, higher at 24,213.30, and Sensex ended 0.88%, or 694.39 points, higher at 79,476.63. Intraday, both Nifty and Sensex fell as much as 0.6% each.

The nervousness around the US presidential election outcome persists as it can result in major global policy shifts, Motilal Oswal Financial Services' Wealth Management and Research Head Siddhartha Khemka said.

The market's recovery in the final hour was fueled by short covering ahead of the US election results and after sharp fall yesterday. Motilal Oswal Financial Services expects markets to remain volatile on the back of global factors with stock specific action as index heavy weights announce quarterly results during the next few days.