The Indian equity market rallied for the second straight session. Also, increased buying by foreign funds and domestic financial institutions supported trading sentiment. The outcome of the 2016 U.S presidential elections, which will be held today, will have a bearing on global stocks. The frontrunner for the Presidential election is Hillary Clinton from the Democratic Party who is closely followed by Republican Party candidate, Donald Trump.
Nifty closed with a gain of 47 points at 8,543, while BSE Sensex ended with a gain of 132 points at 27,591.
Among other Asian markets, Hong Kong’s Hang Seng was up 0.47% and Japan’s Nikkei closed lower, however, Shanghai Composite Index gained 0.47%.
European stocks were mixed on Tuesday. The FTSE 100 and CAC 40 were marginally up, while DAX is trading in red.
Adani Enterprises climbed 3% after the company announced its plans to form a joint venture with Elbit Incorporated to manufacture unmanned aerial vehicles. The company will hold 51% stake in the joint venture, while the Israel-based firm will own the rest. The new venture will be called Adani-Elbit Advanced Systems India Limited.
Ashok Leyland soared 2.3% after the company posted a net profit of Rs 294 crore for the quarter ended September 30, 2016 as compared to Rs 172 crore for the quarter ended September 30, 2015.
Bharat Forge Ltd slipped 1% after the company posted a net profit after tax of Rs 127 crore for the quarter ended September 30, 2016 as compared to Rs 172 crore for the quarter ended September 30, 2015.
ICICI Bank gained 1.6% on the BSE. The bank reported net profit of Rs 3,102 crore for the quarter ended September 30, 2016 against Rs 3,030 crore in the corresponding quarter a year ago.
Mindtree Ltd zoomed 3% to Rs 442 after a huge block deal. Around 3.65 million or 2.18% stake of the company changed hands in a block deal.
Manali Petrochemical tanked 11.7% to Rs 36 after the company said its net profit fell 37% to Rs 10.39 crore in the September quarter against Rs 16.6 crore a year ago. Its total income fell 18% to Rs 154 crore.
Future Retail dropped 3.7%. Future Retail said it has agreed to buy the retail business of Hyderabad-based Heritage Foods Ltd, promoted by the family members of Andhra Pradesh chief minister N. Chandrababu Naidu, in an all-stock deal. Heritage Foods closed lower by 1.4% on the BSE.
The rupee was trading marginally up by nine paise at 66.65 per US dollar.
Out of 1,500 stocks traded on the NSE, 835 declined and 609 advanced today.
Top 5 Nifty Gainers: There are no gainers currently.
Top 5 Nifty Losers: BHEL (-7.72%), Adani Ports & Sez (-6.50%), ICICI Bank (-5.88%), Hero MotoCorp (-5.70%) and Bajaj Auto (-5.39%)
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