Domestic shares advanced for the second consecutive session on Monday, tracking positive global cues. The Nifty reclaimed 11,200 mark. All the sectoral indices on NSE ended in the green. Banks and auto shares were in demand.

The barometer index, the S&P BSE Sensex, jumped 592.97 points or 1.59% at 37,981.63. The Nifty 50 index surged 177.30 points or 1.60% at 11,227.55. The 50-unit index has risen 3.91% in two sessions.

The broader market outperformed the main stock indices. The BSE Mid-Cap index advanced 2.68% and the BSE Small-Cap index rallied 2.54%.

Buyers outpaced sellers. On the BSE, 1928 shares rose and 756 shares fell. A total of 164 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 32,994,213 with 996,682 deaths. India reported 9,62,640 active cases of COVID-19 infection and 95,542 deaths while 50,16,520 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

RBI Meet:

The Reserve Bank of India announced that the Monetary Policy Committee (MPC) meeting scheduled during September 29, 30 and October 1 2020 has been rescheduled. The dates of the MPC's meeting will be announced shortly.

In last meeting, the six-member MPC kept repo rate untouched at 4%; and reverse repo rate at 3.35% while maintaining the accommodative stance.

Economy:

President Ram Nath Kovind on Sunday gave assent to three farm bills recently passed by the parliament. The bills are Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 and the Essential Commodities (Amendment) bill, 2020. The act is aimed at transforming agriculture in the country and raising farmers' income.

The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 permits the electronic trading of farmers' produce and allows setting up of transaction platforms for facilitating direct online buying and selling of farm products.

The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 provides for a farming agreement prior to the production or rearing of any farm produce. A guaranteed price to be paid for the purchase of farming produce will be mentioned in such agreements.

The Essential Commodities (Amendment) Act, 2020 allows the central government to regulate the supply of certain food items only under extraordinary circumstances such as war and famine.

Meanwhile, National Cooperative Development Corporation (NCDC) has sanctioned the first installment funds of Rs 19,444 crore to Chhattisgarh, Haryana and Telangana for Kharif paddy procurement under minimum support price operations. Chhattisgarh gets the highest amount to the tune of Rs 9,000 crore. Telangana has been sanctioned Rs 5,500 crore and Haryana Rs 5,444 crore.

The Agriculture Ministry said this proactive step by NCDC during the COVID pandemic will give the much needed financial support to farmers of these three states who account for nearly 75% of production of paddy in the country.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.059% as compared with 6.038% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.79, compared with its close of 73.6125 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 1 cent at $41.93 a barrel. The contract fell 2 cents, or 0.05% to settle at $41.92 a barrel in the previous trading session.

Foreign Markets:

US Dow Jones futures 30 were up 353 points, indicating a strong opening in the US stock market today.

European shares were trading higher while most Asian indices advanced on Monday.

China's industrial profits rose 19.1% in August, the country's National Bureau of Statistics announced over the weekend. Chinese economic data has been watched by investors for signs of the country's continued recovery from the coronavirus pandemic.

In Europe, Bank of England policymaker Silvana Tenreyro has reportedly said that the central bank's investigation into whether negative interest rates could help the British economic recovery has yielded “encouraging” results.

Investors will focus on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.

In US, stock indexes closed higher after a choppy session Friday, as tech shares clawed back some of their big September declines. The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56.

Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. Novavax shares jumped nearly 11% after the company said Thursday it has started a final-stage study of its experimental COVID-19 vaccine in the U.K.

Cruise operators also contributed to Friday's gains. Carnival Corp, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively.

Meanwhile, House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend.

Buzzing Segments:

The Nifty Bank index rose 3.26% to 21,665.50. The index has jumped 5.91% in two sessions.

Among private lenders, IndusInd Bank (up 7.85%), Axis Bank (up 5.83%), Bandhan Bank (up 5.83%), ICICI Bank (up 4.13%), Kotak Mahindra Bank (up 2.37%) and HDFC Bank (up 0.96%) advanced.

Among PSU banks, Bank of India (up 4.47%), Canara Bank (up 4.42%), Bank of Baroda (up 4.21%), Punjab National Bank (up 3.79%), IDBI Bank (up 3.24%), State Bank of India (up 2.8%) and Union Bank of India (up 2.27%) climbed.

State-run banks rallied on hopes that the government may infuse some capital into the sector as early as the coming quarter.

The Nifty Auto index rose 3.04% to 7,902.55. The index climbed 6.52% in two sessions.

TVS Motor Company (up 5.49%), Tata Motors (up 4.32%), Mahindra & Mahindra (up 3.77%), Maruti Suzuki India (up 3.25%) and Hero MotoCorp (up 2.95%) spurted.

Escorts surged 7.70%. The company has been informed by Escorts Kubota India (EKI) that they have started the commercial production of Kubota Tractors from 25 September 2020. Escorts Kubota India (EKI) is a 60:40 Joint Venture between Kubota Corporation, Japan and Escorts.

Stocks in Spotlight:

PVR (up 12.03%) and Inox Leisure (up 6.23%) rallied after West Bengal allowed cinema halls to reopen from 1 October.

Reliance Industries (RIL) rose 0.64% after the company said its retail business subsidiary, Reliance Retail Ventures, received the subscription amount of Rs 7,500 crore from Silver Lake for acquisition of 1.75% stake.

Tata Steel rose 2.57%. The steel major, on September 25, 2020, has acquired 34.92 lakh shares of Tata Metaliks pursuant to conversion of Warrants issued at a price of Rs 642 per warrant aggregating to Rs 224.21 crore.

Lupin gained 0.79%. The drug major on Monday (28 September) announced the launch of Atorvastatin Calcium tablets having received an approval from the United States Food and Drug Administration (US FDA) earlier. Atorvastatin Calcium tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg, is the generic equivalent of Lipitor tablets, 10 mg, 20 mg, 40 mg and 80 mg, of Pfizer Inc., and indicated to lower cholesterol in blood for adults and children over 10 years of age.

Deepak Fertilisers & Petrochemicals Corporation spurted 2.28% after the company said that its securities issue committee will meet on or after 30 September 2020 to consider allotting FCCBs worth to $15 million to IFC. Last year, the company's securities issue committee approved the terms and conditions for issue of FCCBs aggregating to $30 million in two equal tranches to IFC and also disclosing the allotment of 30 (thirty) FCCBs having a par value of $500,000 each, being the first tranche, to IFC, for an aggregate amount of $15 million.

Gulf Oil Lubricants India (GOLIL) jumped 4.3% to Rs 663.9 after the company announced a strategic lubricants partnership with S-Oil Corporation of South Korea. S-Oil Corporation is one of the leading oil refining and lubricant manufacturing companies in Asia. Under the partnership, GOLIL will exclusively manufacture and market S-Oil's entire range of lubricants under the brand 'S-Oil Seven' for the Indian market.

Premier Explosives hit an upper circuit of 5% at Rs 117.75 after the company said it received arms licence for making all types of warheads and fuses in Telangana. The licence, which is valid for life time, enables the company to enter into new business area in defence explosives like warheads (blasts, fragmentation, shaped charge) and all types of fuses (electronic, mechanical).

The domestic equity benchmarks surged on Friday amid value buying after a recent selloff. The Nifty managed to regain the 11,000 mark as banks and IT shares bounced.

The barometer index, the S&P BSE Sensex, jumped 835.06 points or 2.28% at 37,388.66. The Nifty 50 index surged 244.70 points or 2.26% at 11,050.25. The 50-unit index tumbled 6.89% in the previous six sessions.

In the broader market, the S&P BSE Mid-Cap index rose 2.90% while the S&P BSE Small-Cap index gained 2.31%.

Buyers outpaced sellers. On the BSE, 1988 shares rose and 660 shares fell. A total of 170 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 3,22,34,685 with 9,83,042 deaths. India reported 9,70,116 active cases of COVID-19 infection and 92,290 deaths while 47,56,164 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The Central Government has suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months. In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Government has extended the suspension of sections 7, 9 and 10 of the IBC for a further period of three months, the Finance Ministry stated. Extension of suspension of sections 7,9,10 of the IBC reinforces the Government's commitment to protecting businesses. It also gives companies breathing time to recover from financial stress, according to the Finance Ministry.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.6125 compared with its previous closing 73.8975.

The yield on 10-year benchmark federal paper fell to 6.040% compared with previous closing of 5.992% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement fell 0.62% to Rs 49,595.

In the commodities market, Brent crude for November 2020 settlement slipped 4 cents to $41.90 a barrel. The contract gained 0.40% or 17 cents to settle at $41.94 in the previous trading sessions on Tuesday.

Global Markets:

The US Dow Jones Futures were down 205 points, indicating a negative start on the Wall Street today.

European stocks declined while Asian stocks ended mixed on Friday. Rising coronavirus cases continue to weigh on investor sentiment as the number of reports surge in Europe. The number of daily reported coronavirus cases in the U.K. has jumped by a quarter in the past day.

U.K. Finance Minister Rishi Sunak on Thursday announced a new emergency package of measures to contain unemployment, replacing the country's furlough scheme which is due to expire next month.

U.S. stocks ended positive in choppy trade on Thursday, led by a dogged comeback in the technology sector, having initially sold off on higher-than-expected unemployment claims.

Investors remained uncertain about Washington's ability to pass a stimulus package after Fed officials indicated they expected more fiscal support. Consequently, the fears of a delayed global economic recovery from the novel coronavirus pandemic resurfaced.

Jobless claims in the US rose 4,000 to 870,000 (from 866,000 last week), the Labor Department said Thursday, reflecting that slightly more Americans applied for state unemployment benefits in the week ended Sept. 19 than in the prior week.

Sales in US of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006. New home sales occurred at a seasonally adjusted, annual rate of 1.011 million (vs 0.965 million in July and up 43% YoY)

As per reports, US lawmakers, which include Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi are looking to iron out differences on a fresh round of stimulus to boost the economy. The Democrats could announce a $2.4 trillion stimulus package as early as next week.

Buzzing Indian Segments:

The Nifty Bank index rose 2.57% to 20,982.35. It slumped 3.41% in the previous session.

IDFC First Bank (up 8.52%), IndusInd Bank (up 4.97%), RBL Bank (up 4.63%), Bank of Baroda (up 4.52%), Federal Bank (up 4.37%), Bandhan Bank (up 4.08%), ICICI Bank (up 3.78%), Punjab National Bank (up 3.57%), State Bank of India (up 3.26%), Axis Bank (up 3.12%), HDFC Bank (up 1.37%) and Kotak Mahindra Bank (up 0.28%) climbed.

The Nifty IT index jumped 3.46% to 19,629.35. The index tanked 4.50% in the past two sessions.

Happiest Minds Technologies (up 7.78%), HCL Technologies (up 5.01%), Persistent Systems (up 4.06%), TCS (up 3.89%), Infosys (up 3.66%), Wipro (up 3.05%) and Tech Mahindra (up 3.01%) soared.

Stocks in News:

Vodafone Idea surged 13.60% to Rs 10.36 on reports UK telecom major Vodafone Group Plc on Friday won an international arbitration against the Indian government over retrospective tax demand of roughly Rs 20,000 crore.

Cipla surged 5.10%. The drug major announced that it has received final approval for its abbreviated new drug application (ANDA) for Dimethyl Fumarate DR capsules 120mg, 240mg and 120mg/240 mg starter pak from the United States Food and Drug Administration (US FDA). The drug is indicated for the treatment of relapsing forms of multiple sclerosis (MS), to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults.

Mahindra & Mahindra (M&M) added 3.01%. M&M after market hours on Thursday announced that it converted 480 compulsorily convertible preference shares of Sampo Rosenlew Oy, Finland, into 1,440 equity shares and exercised a call option to acquire 633 equity shares from the owners of Sampo. Accordingly, the voting rights of the company in Sampo would increased from 49.14% to upto 74.97%, and Sampo would become a subsidiary of M&M.

GMR Infrastructure surged 11.08%. The company announced signing of definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding (GSPHL) of its entire 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL). As part of the proposed transfer of stake of KSEZ, the 100% equity stake of Kakinada Gateway Port (KGPL) held by KSEZ would also be transferred to Aurobindo Realty. Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2610 crore.

Cadila Healthcare rose 2.54%. Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to market Dimethyl Fumarate delayed-release capsules, (US RLD: Tecfidera) in the strengths of 120 mg and 240 mg. The USFDA granted approval following entry of judgment in favor of Zydus Cadila and other ANDA applicants by the United States District Court for the District of Delaware, holding that the only unexpired patent covering Tecfidera is invalid. Dimethyl Fumarate delayed-release capsules are indicated for the treatment of patients with relapsing forms of multiple sclerosis and will be manufactured at the group's manufacturing facility at the SEZ, Matoda.

HUDCO gained 5.23% after the company said it has achieved loan sanctions of Rs 2607.12 crore and loan releases of Rs 3277.04 crore, as on 31 August 2020, for the financial year 2020-21.

Granules India jumped 4.20% after the company said it received US drug regulator's approval of Naproxen Sodium and Diphenhydramine Hydrochloride tablets, 220 mg/25 mg (OTC). The drug is generic equivalent of Aleve PM tablets of Bayer HealthCare LLC. It is used for relief of occasional sleeplessness associated with minor aches and pains and to help you fall asleep and stay asleep.

According to media reports, global private equity firms Blackstone, KKR and Bain Capital have expressed interest in acquiring a controlling stake in Granules India. Offering a clarification on the same, Granules said: “we do not confirm or deny the information contained in the news article.”

Vakrangee hit an upper circuit of 10% at Rs 27.10 after the Reserve Bank of India (RBI) granted the company in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU). The company said it can now directly handle payment and aggregation of payment services relating to bills under the scope of the Bharat Bill Payment System (BBPS).

The benchmark indices crashed on Thursday, extending losses to the sixth day amid a global selloff. The trading was volatile due to the F&O expiry today.

The barometer index, the S&P BSE Sensex, crashed 1,114.82 points or 2.96% to 36,553.60. The Nifty 50 index slumped 326.30 points or 2.93% to 10,805.55. The 50-unit index has fallen 6.89% in six sessions.

TCS (down 5.50%), Infosys (down 4.34%), ICICI Bank (down 4.52%), HDFC Bank (down 1.68%) and Reliance Industries (down 2.17%) dragged the benchmarks lower.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 12.32% to 23.57.

Firmness in U.S. dollar also put pressure on domestic shares. The US Dollar Index (DXY), which tracks the greenback versus a basket of foreign currencies, was trading above the 94 mark.

Sentiment in the global market took a hit after US Federal Reserve Vice Chairman Richard Clarida told the media on Wednesday that the U.S. economy remains in a deep hole of joblessness and weak demand, and called for more fiscal stimulus. Clarida added that the central bank will not raise interest rates until it sees 2% inflation for at least a few months and full employment is reached.

Concurrently, rising COVID-19 infections in Europe and uncertainties over U.S. presidential elections also worried investors.

Sellers outnumbered buyers. On the BSE, 625 shares rose and 2025 shares fell. A total of 162 shares were unchanged.

In the broader market, the BSE Mid-Cap index dropped 2.14% and the BSE Small-Cap index lost 2.28%.

The mid-cap index has corrected 7.41% in four sessions while the small-cap index has fallen 8.18% in six sessions.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 31,870,904 with 976,311 deaths. India reported 9,66,382 active cases of COVID-19 infection and 91,149 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 5.997% as compared with 5.990% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.8975, compared with its close of 73.5750 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 2 cents at $41.79 a barrel. The contract rose 5 cents, or 0.12% to settle at $41.77 a barrel in the previous trading session.

Foreign Markets:

European markets were mixed while Asian shares tumbled on Thursday as investors' hopes for economic recovery falter amid a second wave of coronavirus cases.

The U.K. reported 6,178 cases, up by 1,252 since Tuesday, as the country grapples with a COVID-19 surge.

South Korea's Kospi dropped 2.59% after tensions on the Korean Peninsula resurfaced. A South Korean official has been shot dead and burned by North Korean troops, said the South's defence ministry which condemned the brutal act.

The US stock market finished volatile session steep lower on Wednesday, 23 September 2020, as risk-off selling triggered after data showing a cooling of U.S. business activity and Federal Reserve officials highlighted the need for Congress to agree on a new round of stimulus to support the economic recovery.

Investors were disappointed that Washington lawmakers haven't reached an agreement on more stimulus and uneasy over speculation that the US presidential election could drag on due to slow vote counts or legal challenges.

Federal Reserve Chair Jerome Powell said on Wednesday that the central bank was not planning any major changes to its Main Street Lending Program, while saying that both the Fed and Congress need to stay with it in working to bolster the economic recovery.

US composite business activity index slipped to 54.4 in September from 54.6 in the previous month, IHS Markit said Wednesday. The flash services purchasing managers index inched down to 54.6 from 55 in August. The flash manufacturing index rose to 53.5 in September from 53.1 in the prior month. This is a 20-month high. Any reading above the 50 neutral mark indicates improving conditions.

Stocks in Spotlight:

Panacea Biotec hit an upper circuit of 5% at Rs 196.80 after the company announced successful completion of its Phase I/II study to evaluate the safety and immunogenicity of its vaccine, DengiAll, a single-dose live-attenuated tetravalent vaccine.

Zydus Wellness surged 4.97% to Rs 1804 after the company launched its qualified institutional placement (QIP) on Wednesday and set the floor price at Rs 1,775.85 per equity share for the issue. The pharmaceutical company's finance and administration committee is scheduled to meet on Monday, 28 September 2020, to consider and approve the issue price of the equity shares to be allotted to qualified institutional buyers pursuant to the QIP issue.

Shalby rose 1.22% to Rs 74.55 after the company said its board will meet on 28 September 2020 to discuss various options to reduce promoters shareholding in the company to 75% from the current 79.45%. As per Sebi regulation, promoters of the listed companies are required to bring their shareholding down to 75%.

ONGC lost 1.85% after a massive fire broke out at the company's plant in Surat (Gujarat) in the early hours on Thursday. A fire was observed in the Hazira Gas processing plant in the morning today. Fire has been brought under control. There is no casualty or injury to any person, ONGC said in a tweet. Fire at Hazira Plant has been completely extinguished. Efforts are being made to resume normal operations at the earliest, it added.

Tata Chemicals fell 4.74%. On Wednesday (23 September), Tata Sons bought 22.10 lakh equity shares (0.87% equity) of Tata Chemicals at Rs 287.58 per share via bulk deal on the NSE. As of 30 June 2020, Tata Sons held 28.51% stake in the company.

IIFL Securities slipped 2.75%. The company said it has agreed to acquire an additional 6.25% stake in Trendlyne from one of the existing investor. Post-acquisition, IIFL Securities shall hold 20.55% of the share capital of Trendlyne on fully diluted basis, it added. Pursuant to this Giskard Datatech (Trendlyne) shall become an associate of the company.

Ircon International fell 2.92%. The company said that it has secured works of total 9 Road Over Bridges (ROBs) valuing more than Rs 400 crore from Ministry of Railways, Government of India. The scope of work is to provide project management consultancy (PMC) services for construction of ROBs in lieu of existing Level Crossings. The period of completion is 24 months from the date of signing of MoU with Zonal Railways, the company said. The work has been awarded by the Ministry of Railways through a competitive bidding among PSUs, it added

Datamatics Global Services hit a lower circuit of 5% at Rs 74.10. The company announced expansion of distribution agreement with Ingram Micro for META region (Middle East, Turkey and Africa) for its Intelligent Automation (IA) products.

Havells India fell 0.74%. The company said it launched 25 new models of direct cool, frost free and side by side refrigerators. It plans to launch additional 25 models of refrigerators and a new range of dishwashers by Diwali 2020.

Domestic equity benchmarks ended with small losses after a volatile session on Wednesday. The Nifty regained 11,100 mark after falling below that level in intraday. The indices were volatile ahead of the monthly F&O expiry tomorrow.

The barometer index, the S&P BSE Sensex, fell 65.66 points or 0.17% at 37,668.42. The Nifty 50 index lost 21.80 points or 0.20% at 11,131.85. The 50-unit index has fallen 4.07% in five sessions.

After opening in the green, the key indices pared gains in afternoon trade. The barometers tumbled to the day's low in mid-afternoon trade. However, value buying in the last hour helped the benchmarks end the day with minor cuts.

In the broader market, the S&P BSE Mid-Cap index slipped 0.33% while the S&P BSE Small-Cap index shed 0.07%.

The mid-cap index has corrected 5.38% in three sessions while the small-cap index has fallen 6.04% in five sessions.

The market breadth was negative. On the BSE, 1218 shares rose and 1415 shares fell. A total of 163 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 31,605,656 with 970,934 deaths. India reported 968,377 active cases of COVID-19 infection and 90,020 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

India-China Conflict:

The Indian and Chinese Senior Commanders held the 6th round of military commander-level meeting on Monday. The two sides had agreed to earnestly implement the important consensus reached by the leaders of the two countries, strengthen communication on the ground, avoid misunderstandings and misjudgments, stop sending more troops to the frontline, refrain from unilaterally changing the situation on the ground, and avoid taking any actions that may complicate the situation. The two sides also agreed to hold the 7th round of military commander-level meeting as soon as possible, take practical measures to properly solve problems on the ground, and jointly safeguard peace and tranquility in the border area.

Monsoon Session:

Rajya Sabha was today adjourned sine die eight days ahead of the scheduled time of the Monsoon Session in view of the COVID-19 pandemic. The Monsoon Session which had begun on 14th of this month was scheduled to end on 1st of next month. The Lok Sabha will assemble at 6 pm and it is expected that the Lower House will also adjourn sine die today itself.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 5.991% as compared with 6.010% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 73.5750, compared with its close of 73.5850 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 20 cents at $41.92 a barrel. The contract rose 28 cents, or 0.68% to settle at $41.72 a barrel in the previous trading session.

Foreign Markets:

The Dow Jones Futures 30 were trading 194 points higher, indicating a positive start in US markets today.

European markets advanced while most Asian markets ended higher on Wednesday as investors react to recent comments from Federal Reserve Chairman Jerome Powell.

In a prepared testimony, the Federal Reserve Chairman Jerome Powell reportedly said the central bank remains committed to supporting the economy through its tools for as long as it takes. He also noted that many economic indicators show marked improvement, though the path forward continues to be highly uncertain.

In Europe, U.K. Prime Minister Boris Johnson announced new restrictions that are likely to last six months and told people to work from home, if possible. The announcement comes after a surge in coronavirus cases in the country, with a further 4,368 daily cases reported on Monday.

The US stock market finished higher on Tuesday, 22 September 2020, with two of the three major averages snapping four days of losing streak, as the recent market pullbacks triggered a bargain buying opportunity for growth companies in the US. However, market gains capped as a likely delay in new fiscal stimulus by the United States Congress and concerns about faster economic recovery after an increase in the number of coronavirus cases.

Seven of the 11 major S&P 500 sector indexes closed higher, led by information technology and consumer discretionary. Shares of megacap technology stocks — which have suffered brunt of declines in September — all closed in positive territory on Tuesday. Microsoft Corp, Apple Inc, Alphabet Inc, and Facebook Inc all rose more than 1.6%. They had carried the brunt of recent declines.

US existing home sales jumped 2.4% to an annual rate of 6.000 million in August after skyrocketing by 24.7% to a rate of 5.860 million in July, according to a report released by the National Association of Realtors on Tuesday. With the sharp increase, existing home sales reached their highest level since December of 2006.

Chicago Federal Reserve Bank President Charles Evans, in remarks at a forum, reportedly warned that it's important for Congress to pass more spending or risk a downward economic spiral.

Buzzing Indian Segment:

The Nifty Pharma index fell 1.61% to 11,685.90. The index advanced 0.66% yesterday.

Cadila Healthcare (down 2.38%), Lupin (down 2.31%), Aurobindo Pharma (down 2.23%), Alkem Laboratories (down 2.15%), Divi's Labs (down 1.99%), Cipla (down 1.45%), Dr Reddy's Labs (down 1.45%), GlaxoSmithKline Pharmaceuticals (down 0.97%) and Wockhardt (down 0.75%) declined.

Sun Pharmaceutical Industries slipped 1.51%. The company said that its wholly-owned Japanese subsidiary has launched ILUMYA Subcutaneous Injection 100 mg syringe in Japan for the treatment of plaque psoriasis in adult patients who have an inadequate response to conventional therapies.

Telecom stocks:

Bharti Airtel (down 7.89%) and Vodafone Idea (down 10.05%) slumped after rival Reliance Jio Infocomm announced new tariff plans for postpaid customers.

Reliance Jio has announced five postpaid plus tariff plans. The most affordable of the new postpaid plans is Rs 399, which offers unlimited voice calls and SMS messages, 75GB data per billing cycle, rollover of unused data of up to 200GB, and complimentary subscriptions to Netflix, Amazon Prime and Disney+ Hotstar. Alongside these, users will also get access to JioSaavn, JioCinema and JioTV.

The second plan is priced at Rs 599 and offers the same entertainment, calling and SMS perks. However, it offers 100GB in one billing cycle, and will get you one additional SIM card under the JioPostpaid Plus family plan. The other three plans are priced at Rs 799, Rs 999 and Rs 1,499 respectively.

Vodafone Idea's entry level plan also starts at Rs 399 but provides only 40 GB data. Bharti Airtel's entry level plan for postpaid users starts at Rs 499 which is 20% higher than Jio's new plan.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.83% after the company announced on Wednesday that global investment firm KKR will invest Rs 5,550 crore into Reliance Retail Ventures (RRVL), a subsidiary of the company. This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. KKR's investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis. This marks the second investment by KKR in a subsidiary of RIL, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.

Sequent Scientific jumped 4.90% after the company said it entered into definitive agreement with Dr. Huseyin Aydin for the acquisition of 40% stake in Provet for $17.10 million. Sequent will acquire the stake through its Ireland-based wholly-owned subsidiary, Alivira Animal Health. The transaction is expected to be completed on or before 31 October 2020.

Hexaware Technologies rose 1.61% at Rs 468.05 after the company in a newspaper advertisement announced that the promoter HT Global Holdings has accepted the discovered price of Rs 475 per share, as the final price for the delisting offer.

Central Bank of India fell 4.07% to Rs 16.5. The state-run bank launched its qualified institutional placement (QIP) of shares on Tuesday (22 September 2020). The floor price has been set at 16.18 per equity share for the QIP, which is a 5.93% discount to Tuesday's closing price. The bank's capital-raising committee will meet on 25 September to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers.

Indian Oil Corporation shed 0.20%. The board of Indian Oil Corporation (IOCL) approved implementation of petrochemical and lube integration project at the company's Gujarat refinery at an estimated cost of Rs 17,825 crore.

Tech Mahindra fell 0.96%. The IT services provider's wholly-owned subsidiary Tech Mahindra (Americas) has sold its stake in Altiostar Networks for $45 million to Rakuten's US subsidiary. Further, Tech Mahindra and Rakuten Mobile Inc have reached an agreement in which Tech Mahindra has been appointed as a preferred partner for global go-to-market opportunities for the Rakuten Communications Platform (RCP).

Majesco hit an upper circuit of 5% at Rs 803.55. On Tuesday, 22 September 2020, Unifi Wealth Management bought 2.06 lakh equity shares (0.71% equity) of Majesco at Rs 779.05 per share via bulk deal on the NSE.

Repco Home Finance jumped 4.83% to Rs 164.85. On Tuesday, 22 September 2020, Fidelity Funds - Asian Smaller Companies Pool bought 4.20 lakh equity shares (0.67% equity) of Repco Home Finance at Rs 150.33 per share via bulk deals on the NSE. As of 30 June 2020, Fidelity Funds - Asian Smaller Companies Pool held 1.52% stake in Repco Home Finance.

Shares of two Shapoorji Pallonji Group were in demand after the group on Tuesday said it is willing to exit its decades-old position in Tata Sons.

The Shapoorji Pallonji (SP) Group, the largest minority shareholder with 18.37% stake in Tata Sons, on Tuesday said it is “time to separate from Tata” to end a relationship that has spanned over 70 years. Tata Sons is the holding company of Tata Group. According to reports, the market value of SP Group's stake in the listed entities of Tata Group is estimated to be around Rs 1,48,000 crore going by the market capitalization of all listed Tata Group firms.

Consequently, Sterling & Wilson Solar (up 20%) and Forbes & Company (up of 5%) rallied.

The benchmark indices extended losses for the fourth session on Tuesday. Investors sentiment was dented as rising coronavirus cases led to the possibility of fresh lockdowns in some European countries, which could further slowdown the pace of global economic recovery.

The barometer index, the S&P BSE Sensex, tumbled 300.06 points or 0.79% at 37,734.08. The Nifty 50 index lost 96.90 points or 0.86% at 11,153.65. The 50-unit index has fallen 3.89% in four sessions.

Among index majors, Reliance Industries and HDFC fell 1.95% each while Larsen & Toubro declined 2.82%.

The broader market witnessed steep sell-off. The BSE Mid-Cap index declined 1.70% and the BSE Small-Cap index lost 1.61%.

The mid-cap index has corrected 5.07% in two sessions while the small-cap index has fallen 5.97% in four sessions.

Sellers outweighed buyers. On the BSE, 748 shares rose and 1879 shares fell. A total of 164 shares were unchanged.

Economy:

The government on Monday hiked the minimum support prices (MSPs) for all mandated Rabi crops for marketing season 2021-22. The highest increase in MSP has been announced for lentil (Rs 300 per quintal) followed by gram and rapeseed & mustard (Rs 225 per quintal each) and safflower (Rs 112 per quintal). For barley and wheat, an increase of Rs 75 per quintal and Rs 50 per quintal respectively has been announced.

The move came a day after Parliament approved two agriculture sector-reform bills which have been bitterly opposed by the opposition parties over doubts that the new legislations might end MSP-based procurement by the government.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 3,13,22,314 with 9,64,765 deaths. India reported 9,75,861 active cases of COVID-19 infection and 88,935 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.010% as compared with 6.016% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.585, compared with its close of 73.3850 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 50 cents at $41.94 a barrel. The contract fell $1.71, or 3.96% to settle at $41.44 a barrel in the previous trading session.

Foreign Markets:

European markets advanced while most Asian shares declined on Tuesday as concerns over coronavirus induced lockdowns resurfaced.

Shares of HSBC and Standard Chartered continued to see drops on Tuesday, following sharp declines on Monday on the back of reports that they allegedly moved large sums of suspicious funds.

European countries are likely to impose more restrictions on public life in the coming days. France reported 10,569 new cases Sunday while the U.K., reported almost 4,000 new cases. Italy saw close to 1,000 new infections and Germany reported 1,345 new cases Sunday, and a further 922 cases Monday.

The US stocks declined for fourth straight session on Monday, 21 September 2020, with the major averages finished deeply into negative territory, amid concerns over potential worsening of the coronavirus pandemic. Meanwhile, uncertainty on further U.S. fiscal stimulus and tensions between the U.S. and China nudged investors away from risk assets.

In addition to coronavirus news, the death of Supreme Court Justice Ruth Bader Ginsburg also appeared to be weighing on the markets as it is feared a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.

Shares of banks and financials declined after a report found that a number of global banks moved allegedly illicit funds.

Buzzing Indian Index:

The Nifty Bank index slipped 1.07% to 21,139.10. The index has declined 6.35% in four sessions.

Bandhan Bank (down 3.5%), IndusInd Bank (down 2.79%), Axis Bank (down 2.59%), IDFC First Bank (down 2.55%), Kotak Mahindra Bank (down 1.41%), HDFC Bank (down 1.21%), Bank of Baroda (down 1.17%), RBL Bank (down 1.15%) and Federal Bank (down 1.11%) declined. ICICI Bank, however, rose 1.04%.

SBI rose 0.19%. The state-run lender on Monday said it has raised Rs 7,000 crore by issuing Basel III compliant bonds.

Punjab National Bank (PNB) skid 1.79%. The financial regulator of Kazakhstan has revoked the license of Tengri Bank on account of failure to observe prudential standards and other mandatory norms and limits. PNB holds 41.64% stake in the lender.

Banks stocks came under heavy selling pressure amid media reports that almost all Indian banks were involved in a number of suspicious transactions between 2010 and 2017. The International Consortium of Investigative Journalism (ICIJ) obtained a top-secret Suspicious Activity Reports (SARs) prepared by Treasury Department's Financial Crimes Enforcement Network (FinCEN), which mentions these transactions.

Reports suggested that between 2010 and 2017, a number of Indian banks (public, private and foreign) helped facilitate transactions red-flagged by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud. Indian banks reportedly received $482,181,226 from outside the country and transferred from India $406,278,962. These transactions were red flagged to the US authorities.

Separately, the media reported that Indian public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year.

Stocks in Spotlight:

GMM Pfaudler hit a lower circuit of 10% at Rs 4717 after the company kicked off an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The OFS floor price is at steep discount of 33.22% compared to GMM's Monday closing price of Rs 5241.10 per share.

Through the OFS, the company's promoters proposes to sell over 25.71 lakh equity shares and additional 15.21 lakh equity shares in the case of oversubscription. The promoters held 1.09 crore shares or 75% stake in the company as on 30 June 2020.

As on 15:30 IST, the OFS received subscription for 27,58,133 shares or 119.18% against the base non-retail offer size of 23.14 lakh shares.

TCS rose 2.39% after the IT major announced the expansion of its partnership with Morrisons, a supermarket chain in the UK, through a five-year contract for application management services, data services and cybersecurity services.

Aarti Drugs rose 2.02% to Rs 2900.55 after the company said its board has fixed 1 October 2020 as the record date to determine the eligible shareholders entitled to receive bonus shares. The company will issue three bonus equity shares for each share held (3:1).

HSIL jumped 8.96% to Rs 77.80 after the company's board approved a proposal to buyback shares worth up to Rs 70 crore at a maximum buyback price of Rs 105 per equity share.

Sun Pharma Advanced Research Company (SPARC) rose 2.31% after the company said it licensed commercialization rights of Elepsiatm XR to US-based Tripoint Therapeutics. The drug is indicated as adjunctive therapy for the treatment of partial onset seizures in patients 12 years of age and older.

Under terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15% to 50% on net sales. Tripoint will be responsible for all US regulatory submissions and payment of annual PDUFA fees for Elepsia XR 1000 mg and Elepsia XR 1500 mg. The initial term of the agreement shall be 5 years and may be further extended as per mutual agreement between the parties.

Jindal Steel & Power (JSPL) fell 2.99%, following reports that Deutsche Bank Trust Company Americas filed Suspicious Activity Reports on fund transfers by the company for two consecutive years. The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen). According to reports, SARs showed that JSPL received $2.48 million in 2015 and $16.8 million in 2016. During the period, the company sent money to firms based in Mauritius, Germany, and the UK and received funds from firms in Dubai and Switzerland.

Alkyl Amines Chemicals tumbled 3.46% after the company's chief financial officer (CFO) Rahul Mehta tendered his resignation on 21 September 2020. “He has been relieved from his duties with effect from the said date,” the company said.

Deepak Nitrite added 4.36% to Rs 848.50. On Monday (21 September), Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series of V I E I F bought 12,02,981 equity shares (0.88% stake) of Deepak Nitrite at Rs 839.18 each via bulk deal on the NSE. Earlier on 18 September 2020, the Vanguard fund bought 10,81,688 shares (0.79%) in the chemicals maker at Rs 861.54 each via bulk deal on the NSE.

Blue Dart Express rose 2.47% after the company announced general price increase from 1 January 2021.

Domestic shares tumbled across the board on Monday as dismal global cues and rising COVID-19 cases triggered profit selling. The barometer index, the S&P BSE Sensex, fell 811.68 points or 2.09% at 38,034.14. The Nifty 50 index lost 254.40 points or 2.21% at 11,250.55.

The broader market underperformed the benchmarks. The BSE Mid-Cap index declined 3.43% and the BSE Small-Cap index lost 3.61%.

Sellers outpaced buyers. On the BSE, 595 shares rose and 2165 shares fell. A total of 178 shares were unchanged.

F&O Market:

The Nifty September 2020 futures were at 11,226.10, a premium of 3.9 points compared with the Nifty's spot closing of 11,222.20.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 13.02% at 22.655.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 31,028,757 with 9,60,698 deaths. India reported 10,03,299 active cases of COVID-19 infection and 87,882 deaths while 43,96,399 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India-China standoff:

In Ladakh Region, India and China are engaging in Commander level Talks for the 6th time at Moldo, in Chinese side of Line of Actual Control. The Core Commanders are sitting across the table after a gap of one and half month to discuss the border situation. This is a significant development as far as the talks between India and China to arrive into certain implementable decisions to restore the peace and tranquility in the region.

Economy:

India Inc's business sentiment has improved during July-September quarter as the government gradually unlocked the economy and business activity resumed, according to the CII's business outlook survey. The latest CII Business Confidence Index has surged to the level of 50.3 in July-September 2020, bouncing back from its lowest reading of 41 recorded in April-June 2020, the industry chamber said in a statement.

Parliament passes two farm bills:

Parliament passed two bills aimed at transforming agriculture in the country and raising farmers' incomes. The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 and The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 which were passed by Lok Sabha on 17 September 2020, were passed by the Rajya Sabha on 20 September.

The new legislation will create an ecosystem where the farmers and traders will enjoy freedom of choice of sale and purchase of agri-produce. It will also promote barrier-free inter-state and intra-state trade and commerce outside the physical premises of markets notified under State Agricultural Produce Marketing legislations. The farmers will not be charged any cess or levy for sale of their produce and will not have to bear transport costs.

The Bill also proposes an electronic trading in transaction platform for ensuring a seamless trade electronically. In addition to mandis, farmers will get freedom to do trading at farmgate, cold storage, warehouse, processing units, etc. Farmers will be able to engage in direct marketing thereby eliminating intermediaries resulting in full realization of price. Farmers in Punjab, Haryana and several others states have been protesting against the new legislations ever since the bills cleared Lok Sabha earlier last week.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.015% as compared with 6.014% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 73.3850, compared with its close of 73.4550 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement fell 97 cents at $42.18 a barrel. The contract fell 15 cents, or 0.35% to settle at $43.15 a barrel in the previous trading session.

Foreign Markets:

The US Dow Future slumped 524 points on Monday, indicating a weak start to Wall Street today.

Shares in Europe and Asia tumbled on Monday. Meanwhile, Hong Kong-listed shares of HSBC and Standard Chartered and slipped 2% to 5% today following reports that they allegedly moved large sums of suspicious funds. The moves came after the banks — among several global lenders — were identified in media reports as having allegedly moved suspicious funds over a period of nearly two decades, according to media reports.

The US stocks declined for third straight session on Friday, 18 September 2020, with the major averages finished firmly into negative territory, on rising tensions between the world's two largest economies after Trump administration announcement to ban Chinese-owned apps TikTok and WeChat from US app stores starting late on Sunday.

Meanwhile, selloff also fuelled amid renewed concerns about the economic outlook following the Federal Reserve's monetary policy announcement on Wednesday. While the Fed indicated it plans to leave interest rates at near-zero levels for years to come, traders seem skeptical that will be enough to support the economy.

US consumer sentiment index climbed to 78.9 in September from 74.1 in August, the University of Michigan released a report on Friday. The index reached its highest level since March but is still well below the pre-pandemic reading of 101.0 seen in February.

Buzzing Segments:

The Nifty Bank index fell 3.36% to 21,290.10 after Financial Crimes Enforcement Network (FinCEN) leaks reportedly said almost all Indian banks could be part of suspicious transactions.

IndusInd Bank (down 8.67%), RBL Bank (down 6.39%), IDFC First Bank (down 5.31%), ICICI Bank (down 5.15%), Bank of Baroda (down 4.88%), Axis Bank (down 4.52%) and Federal Bank (down 4.14%) tumbled.

The media reported that between 2010 and 2017, a number of Indian banks (public, private and foreign) helped facilitate transactions red-flagged by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud. Indian banks reportedly received $482,181,226 from outside the country and transferred from India $406,278,962. These transactions were red flagged to the US authorities.

Punjab National Bank fell 5.98%. The Financial Regulator of Kazakhstan has revoked the license of JSC Tengri Bank, wherein Punjab National Bank has 41.64% stake, on account of failure to observe prudential standards and other mandatory norms and limits by the JSC Tengri Bank.

HDFC Bank fell 0.82%. With reference to the various media reports related to filing of class action claims by certain US law firm against the bank, HDFC Bank clarified to the bourses it was aware of a complaint filed against it and its three employees in the United States. The lawsuit, which was filed by a single small security holder who seeks to represent a class of the Bank's security holders, is based on allegations that the security holder claims caused a temporary decline in the bank's ADR stock price in July 2020. The bank denied the allegations and intends to defend itself vigorously in the lawsuit. The bank expects its response to the lawsuit to be due in early 2021.

State Bank of India fell 3.53%. The committee of directors for capital raising at its meeting held on 21 September 2020 approved allotment of 70,000 Basel III compliant non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures qualifying as Tier II capital of the bank, of face value of Rs 10 lakh each, at par, bearing a coupon of 6.24% per annum payable annually for a tenor of 10 years with call option after 5 years and on anniversary dates thereafter, aggregating to Rs 7000 crore to bond subscribers on 21 September 2020.

Bandhan Bank slumped 7.18%. The bank's collection efficiency ratio reportedly touched 80% at the end of August, and the bank expects collections to normalise by December. The ratio, which is improving on a daily basis, is likely to be over 90% in October, it reportedly added.

The Nifty Metal index tumbled 5.53% to 2,231.55. The index has lost 6.88% in three sessions.

Jindal Steel & Power (down 11.67%), Hindalco Industries (down 6.83%), SAIL (down 6.47%), JSW Steel (down 6.03%), Tata Steel (down 5.58%), NALCO (down 5.02%), NMDC (down 4.26%), Hindustan Copper (down 4.11%), Hindustan Zinc (down 3.44%) and Vedanta (down 1.75%) tumbled.

Stocks in Spotlight:

Tata Metaliks slipped 5.50%. The company on Saturday (19 September 2020) informed about the execution of a planned shutdown of one of its blast furnaces and its associated facilities at the company's Kharagpur plant for repair & maintenance including hearth profiling. The operations are expected to be back on stream in 2nd half of October 2020, it added.

Amber Enterprises India fell 3.14%. The company said that it had acquired 9,000 equity share of face value of Rs 1000 each, comprising of 20% stake, of Sidwal Refrigeration Industries. Accordingly, Sidwal Refrigeration Industries has become a wholly-owned subsidiary of Amber Enterprises India with effect from 18 September 2020.

Mangalore Refinery and Petrochemicals (MRPL) lost 2.43% after the company said its shareholders approved the proposal to raise upto Rs 5,000 crore through issue of unsecured non-convertible debentures (NCDs)/bonds.

GOCL Corporation soared 5.72% after the company said its UK subsidiary will garner about Rs 257 crore by paring stake in Quaker Houghton.

Ramco Systems rose 4.11% at Rs 393.60 after the company said it signed an agreement with CHI Aviation for delivering the full suite Ramco Aviation Software. The agreement comprises maintenance & engineering, supply chain, MRO sales, flight operations, manufacturing, and finance.

RITES fell 3.39%. The company said that it had secured a contract for railway electrification works on competition basis amounting to Rs 474.92 crore.

On Friday, 18 September 2020, RITES said its board of directors has approved buyback of 96,98,113 equity shares at Rs 265 per share, translating into the total buy back amount not exceeding Rs 257 crore. The board fixed 30 September 2020 as record date for the purpose of ascertaining the eligibility of shareholders for the buyback.

The Sensex ended with modest losses while the Nifty ended almost flat after a volatile session on Friday. Heavy selling in banks eclipsed rally in pharma shares. Worries about a resurgence in coronavirus cases across the globe spooked investors.

The barometer index, the S&P BSE Sensex lost 134.03 points or 0.34% at 38,845.82. The Nifty 50 index shed 11.15 points or 0.10% at 11,504.95.

Bharti Airtel (up 3.73%), Mahindra & Mahindra (up 2.72%) and Reliance Industries (up 0.27%) supported the indices.

The broader ended on a mixed note. The S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index slipped 0.32%.

The market breadth was negative. On the BSE, 1307 shares rose and 1433 shares fell. A total of 170 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 30,071,314 with 9,44,887 deaths. India reported 10,17,754 active cases of COVID-19 infection and 84,372 deaths while 41,12,551 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 10,000 crore on 24 September 2020. Accordingly, RBI will purchase Government securities through a multi-security auction using the multiple price method. These include 6.97% GS 2026, 6.45% GS 2029 and 6.68% GS 2031 for Rs 10000 crore. The Reserve Bank reserves the right to decide on the quantum of purchase of individual securities.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.455 compared with its previous closing 73.66.

The yield on 10-year benchmark federal paper fell to 6.016% compared with previous closing of 6.033% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement rose 0.26% to Rs 51,586.

In the commodities market, Brent crude for November 2020 settlement rose 23 cents to $43.53 a barrel. The contract rose 2.56% to settle at $43.3 in the previous trading sessions on Tuesday.

Global Markets:

Most European shares declined on Friday as investors monitored a rise in coronavirus cases across the continent.

The Bank of England (BoE) on Thursday kept its benchmark interest rate at 0.1% and it left unchanged the size of its bond-buying programme at 745 billion pounds ($966 billion). BoE hinted that it may consider cutting interest rates below zero for the first time in its history as the economy faces a surge in coronavirus infections and the risk of a no-deal Brexit.

The World Health Organization's (WHO) regional director for Europe on Thursday warned of a very serious situation unfolding in Europe. Weekly cases have now exceeded those reported when the pandemic first peaked in Europe in March, said WHO's Hans Klug.

Asian shares advanced on Friday following pledges by central bankers globally to do whatever it takes to support the economic recovery.

US stocks fell on Thursday as technology-related shares slid for a second day. Facebook and Amazon were down 3.3% and 2.3%, respectively. Netflix closed 2.8% lower. Alphabet dropped 1.7% while Apple and Microsoft were both down at least 1%. Snowflake, an IPO which captivated Wall Street on Wednesday as it doubled in its debut, was off by 10.4%.

US President Donald Trump said on late Wednesday that the U.S. could distribute a vaccine as early as October, contradicting the director of the Centers for Disease Control and Prevention, who told lawmakers earlier in the day that vaccinations would be in limited quantities this year and not widely distributed for six to nine months.

Buzzing Domestic Segments:

The Nifty Bank index fell 1.30% to 22,031.05. The index witnessed steep volatility today. It rose 0.67% at the day's high of 22,469.40 in morning trade. It slumped 2.40% at the day's low of 21,784.90 in mid-afternoon trade.

IDFC First Bank (down 2.66%), HDFC Bank (down 2.39%), Bandhan Bank (down 2.16%), Kotak Mahindra Bank (down 2.07%), Punjab National Bank (down 1.95%), RBL Bank (down 1.63%), Federal Bank (down 1.52%), State Bank of India (down 1.48%), Bank of Baroda (down 0.99%) and IndusInd Bank (down 0.66%) declined.

ICICI Bank (up 0.27%) and Axis Bank (up 0.1%) bucked trend.

The Nifty Pharma index jumped 4.98% to 12,320.90. The index has risen 9.68% in four sessions.

Divi's Laboratories (up 4.24%), Glenmark Pharmaceutical (up 3.31%), Wockhardt (up 3.14%), Sun Pharmaceutical Industries (up 2.23%), Aurobindo Pharma (up 2.14%), Alkem Labs (up 0.63%),Ipca Laboratories (up 0.63%) and Abbott India (up 0.48%) jumped.

Dr. Reddy's Laboratories soared 10.36%. The drug major announced settlement of U.S. Revlimid (lenalidomide) capsules patent litigation with Celgene. In settlement of all outstanding claims in the litigation, Celgene has agreed to provide Dr. Reddy's with a license to sell volume-limited amounts of generic lenalidomide capsules in the U.S. beginning on a confidential date after March 2022 subject to regulatory approval. The agreed-upon percentages are confidential. Dr. Reddy's is also licensed to sell generic lenalidomide capsules in the U.S. without volume limitation beginning on 31 January 2026. Revlimid is a trademark of Celgene, a wholly owned subsidiary of Bristol Myers Squibb.

Lupin rallied 4.58% while Cipla jumped 7.29%. Perrigo Company, the Dublin-based maker of over-the-counter and generic health products, already halted production and distribution of the aerosols. These actions are being taken out of an abundance of caution as a result of complaints that some units may not dispense due to clogging. Perrigo's generic albuterol sulfate inhalation aerosol was developed in partnership with and manufactured by Catalent Pharma Solutions.

Cadila Healthcare jumped 3.79% after the company received final approval from the US Food and Drug Administration (USFDA) to market Potassium Chloride extended-release tablets in the strengths of 750 mg and 1500 mg. The medication is a mineral supplement used to treat or prevent low amounts of potassium in the blood and will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad.

Stocks in Spotlight:

Hindalco Industries rose 2.16% while Hindustan Copper (HCL) fell 2.01%. Hindalco Industries on Thursday signed an agreement to procure copper concentrate from state-owned Hindustan Copper. HCL is the only producer of copper concentrate in India. Under this MoU, Hindalco will use about 60% of copper concentrate produced by Hindustan Copper. This partnership is a major step towards import substitution and reducing the nation's dependence on imported copper concentrate.

Hindustan Zinc fell 1.16% after the company proposed to raise Rs 4000 crore by offering debentures in one or more tranche. The company proposes to offer rated, unsecured, redeemable, non-cumulative, non-convertible debentures aggregating upto Rs 4,000 crore in one or more tranches.

Sterling and Wilson Solar (SWSL) fell 1.83%. The company announced that it has signed an order of 106.71 MW worth about Rs 462 crore in Chile. The order has been received from a global independent power producer (IPP), work for which is expected to begin in Q4 FY 2021. SWSL has a strong presence in the region with one project of 93.3 MW in Argentina and three projects of 588 MW under construction in Chile.

Domestic benchmark indices snapped a two-day rising streak on Thursday, tracking weak global cues. The S&P BSE Sensex lost 323 points or 0.82% at 38,979.85. The Nifty 50 index fell 88.45 points or 0.76% at 11,516.10. Both the indices rose 1.4% in the previous two sessions.

Index pivotals Reliance Industries (down 1.05%) and TCS (down 1.70%) dragged the indices lower. Infosys (up 0.96%) and HCL Technologies (up 2.36%) supported the benchmarks.

Global shares declined after the US Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans.

The broader corrected after rising for three sessions. The BSE Mid-Cap index fell 0.24% and the BSE Small-Cap index lost 0.53%.

In the past three sessions, the midcap index and the smallcap index jumped 2.63% and 5.99%, respectively. The broader market was in demand after the Sebi on 11 September issued a circular mandating multi cap funds to allocate least 25% of their portfolios in large-, mid- and small-caps each by February 2021.

Buyers outpaced sellers. On the BSE, 1153 shares rose and 1574 shares fell. A total of 169 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,763,811 with 9,39,456 deaths. India reported 10,09,976 active cases of COVID-19 infection and 83,198 deaths while 40,25,079 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

The government said that the country's recovery rate among the COVID-19 patients has reached to 78.64%. During the last 24 hours, more than 82 thousand COVID patients have been recovered.

Health and Family Welfare Minister Dr. Harsh Vardhan on Thursday expressed hope that COVID-19 vaccine would be available in the country by early next year. He informed that three vaccine candidates have reached the clinical trial stage of Phase one, two and three.

Economy:

India's commerce and industry minister Piyush Goyal on Wednesday said the government is working on setting up a single window system for clearances and approvals of industry. In a written reply to the Lok Sabha, Goyal said the cell is being planned as a one-stop digital platform to obtain all requisite central and state clearances and approvals to start business operations in the country. Goyal said the investment clearance cell will be a national portal that integrates the existing clearance systems of various ministries and departments of the government and of states without disrupting the existing IT portals of ministries.

Meanwhile, Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020. The Bill proposes amendments to the Banking Regulation Act, 1949. With this new Bill, the central government aims to bring cooperative banks under the supervision of the Reserve Bank of India (RBI).

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.033% as compared with 5.992% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.66, compared with its close of 73.52 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement fell 10 cents at $42.12 a barrel. The contract rose $1.69, or 4.17% to settle at $42.22 a barrel in the previous trading session.

Foreign Markets:

The US Dow Jones futures were down 279 points, indicating a weak opening in the US stocks later today.

Shares in Europe and Asia declined on Thursday as investors react to overnight developments from the US Federal Reserve.

However, Singapore's STI Index rose 1.98% today. Growth in Singapore's non-oil domestic exports (Nodx) reportedly picked up last month, with shipments increasing 7.7% year on year, mainly driven by non-electronic goods, according to data from Enterprise Singapore (ESG) released on 17 September 2020. Month on month and seasonally adjusted, Nodx in August rose 15.6%, higher than the 14.1% gain in July.

The Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.

In US, the S&P 500 and Nasdaq Composite ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period. The Dow Jones Industrial Average eked out a small gain.

The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46%, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25%, to 11,050.47.

The Federal Reserve on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the U.S. central bank's 2% target. The new economic projections showed policymakers now see the economy shrinking 3.7% this year, far less than the 6.5% decline they forecast in June. They see unemployment, which registered 8.4% in August, dropping to 7.6% by the end of the year. The recovery “is here, and it's well along,” Powell said.

New Listing:

Shares of Happiest Minds Technologies closed at Rs 371 on BSE, a premium of 123.49% over the initial public offer (IPO) price of Rs 166.

The stock debuted at Rs 351, a premium of 111.45% to the IPO price. The stock hit a high of Rs 395 and low of Rs 351 in intraday. On BSE, 1.09 crore shares were traded on the counter.

The IPO of Happiest Minds Technologies received bids for 351.18 crore shares as against 2.32 crore shares on offer. The issue was subscribed 150.98 times. The issue was open between 7th and 9th September 2020. The price band for the IPO was set at Rs 165-166 per share.

Buzzing Domestic Segment:

The Nifty Bank fell 1.09% to 22,327.30. It rose 2.14% in the previous two sessions.

ICICI Bank (down 1.56%), Kotak Mahindra Bank (down 1.46%), State Bank of India (down 1.39%), HDFC Bank (down 0.94%), IndusInd Bank (down 0.76%), Axis Bank (down 0.7%) and Bandhan Bank (down 0.05%) declined.

Stocks in Spotlight:

Dr Reddy Laboratories rose 4.21% after the drug major announced the launch of over-the-counter Olopatadine Hydrochloride Ophthalmic Solution in the US market. The solution is indicated for the temporary relief of itchy eyes due to pollen, ragweed, grass, animal hair and dander. It is also indicated for the temporary relief of red eyes. The Pataday brand had US sales of approximately $31 million since the launch in March 2020 according to IRi.

Larsen & Toubro fell 1.70%. L&T on Thursday said its metallurgical and material handling arm secured a 'significant' order from Northern Coalfields, a subsidiary of Coal India (CIL). The order is for a coal processing and load out package to be installed at the Dudhichua Mines located in Uttar Pradesh. As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1000 and 2500 crore.

Ashok Leyland slipped 0.70%. The company on Thursday said it received a large order from a logistics start-up company, Procure Box. The start-up has placed an order of 1400 intermediate commercial vehicles for its fuel distribution business across 750 districts, in the country. The order encompasses the Ashok Leyland product - the Ecomet - and will be executed in the next 5-6 months.

IRCON International rose 4.38% after the company said it secured orders worth about Rs 1900 crore for railway electrification works from the Ministry of Railways, Government of India. The tenure for execution of the projects varies from 15 to 20 months from the date of signing of agreement with the zonal railways.

Ramco Systems hit an upper circuit of 5% at Rs 360.05 after the company said it won an order from European dairy company, Arla, for modernizing and transforming its multi-country payroll operation.

PTC India Financial Services (PFS) rose 3.71% after the company said that the Income Tax Department has processed its refund of Rs 115.57 crore for the assessment year 2019-20 (financial year 2018-19). PFS said it may utilize the refund amount in financing sustainable environmental friendly infrastructure projects related to green energy, water sewage treatment plan, electric vehicle charging station etc.

HSIL jumped 7.52%. The company's board will consider share buyback on 21 September 2020.

Domestic equity indices extended gains for second straight day on Wednesday. Global cues were mixed ahead of the US Federal Reserve's policy outcome later in the day.

The barometer index, the S&P BSE Sensex added 258.50 points or 0.66% at 39,302.85. The Nifty 50 index gained 82.75 points or 0.72% at 11,604.55. Both the indices have risen 1.4% in two sessions.

The broader market advanced for third trading session after the Sebi on 11 September issued a circular mandating multi cap funds to allocate least 25% of their portfolios in large-, mid- and small-caps each by February 2021.

The BSE Mid-Cap index rose 0.21% and the BSE Small-Cap index gained 0.44%. In three sessions, the midcap index and the smallcap index have added 2.63% and 5.99%, respectively.

Buyers outpaced sellers. On the BSE, 1417 shares rose and 1316 shares fell. A total of 204 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,479,686 with 9,33,542 deaths. India reported 9,95,933 active cases of COVID-19 infection and 82,066 deaths while 39,42,360 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's exports slipped 12.66% to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data released on 15 September 2020. The country's imports too declined 26% to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 5.995% as compared with 6.029% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 73.52, compared with its close of 73.6450 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 93 cents at $41.46 a barrel. The contract rose 92 cents, or 2.32% to settle at $40.53 a barrel in the previous trading session.

Foreign Markets:

The US Dow Jones Futures 30 were trading 142 points higher, indicating a good start in US markets today. European shares were trading lower while Asian stocks ended mixed on Wednesday.

Investors await the outcome of a two-day meeting of the U.S. Federal Reserve's Federal Open Market Committee (FOMC). The FOMC will also provide its quarterly update on its estimates for GDP, unemployment and inflation and could provide clearer guidance on what it will take to raise rates in the future. The Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.

Yoshihide Suga was elected as Japan's prime minister on Wednesday, becoming the country's first new leader in nearly eight years.

Meanwhile, provisional trade statistics from Japan's Ministry of Finance released Wednesday showed the country's exports in August falling 14.8% as compared to a year ago.

US stocks closed mostly higher on Tuesday, 15 September 2020, with broader Nasdaq and S&P 500 both closing firmly in positive territory, on the hope the Federal Reserve would stick with its accommodative policy as the central bank's two-day meeting got underway. The Dow gave back early gains to end the session nearly unchanged due to weakness in Apple (AAPL), Caterpillar (CAT), JPMorgan Chase (JPM) and Travelers (TRV).

Meanwhile, U.S. industrial production slowed by much more than expected in August. The Fed said industrial production climbed by 0.4% in August after soaring by an upwardly revised 3.5% in July.

A separate report from the Labor Department showed another notable increase in U.S. import prices in the month of August, with prices jumping by much more than expected.

Shares of Apple pulled back well off their early highs, edging up by just 0.2% after the company wrapped up an event to showcase new products. The tech giant launched a new Apple Watch and a bundle for its services, such as Apple Music.

Buzzing Indian Segments:

The Nifty Auto index rose 1.53% to 8,156.20. The index has risen 4.03% so far this month.

Mahindra & Mahindra (up 4.24%), Bajaj Auto (up 3.44%), Tata Motors (up 2.23%), Escorts (up 2%),TVS Motor (up 1.52%) and Ashok Leyland (up 1.28%) advanced.

The Nifty Pharma index rose 2.08% to 11,688.55. The index has risen 4.05% in two sessions.

Cadila Healthcare (up 3.69%), Lupin (up 2.72%), Strides Pharma Science (up 2.69%), Sun Pharmaceutical Industries (up 2.5%), Ipca Laboratories (up 2.39%) advanced.

Dr. Reddy's Laboratories jumped 4.24% after the drug major announced that it has partnered with Russian Direct Investment Fund (RDIF) to cooperate on clinical trials and distribution of Sputnik V vaccine in India. Upon regulatory approval in India, RDIF shall supply to Dr. Reddy's 100 million doses of the vaccine. The Sputnik V vaccine, which is based on well-studied human adenoviral vector platform with proven safety, is undergoing clinical trials for the coronavirus pandemic.

Aurobindo Pharma rose 1.66% after the drug maker announced a collaboration with the Council of Scientific and Industrial Research (CSIR) to develop vaccines against Covid-19. Apart from this collaboration, Aurobindo is already developing a vaccine for SARS COV-2 through its wholly-owned US subsidiary Auro Vaccines.

Divis Laboratories rose 1.84%. SMS Pharmaceuticals jumped 5.29%.

SMS Pharmaceuticals clarified to the bourses that it “strongly condemned” the media reports suggesting Divis Laboratories acquiring stake in SMS Pharmaceuticals or its group companies.

Separately, Divis Laboratories also denied the news report. “Neither the Company nor the promoters have any intention or plans or discussions to acquire stake in SMS Pharmaceuticals Limited or any of its group companies. The Company has always been relying on organic growth,” it said in a statement.

Stocks in Spotlight:

Realty major DLF jumped 5.08%. The media reported that the company saw sales of over Rs 250 cr in the June-August period, pointing to a revival in the luxury property space.

Vedanta rose 2.32%. A three-judge Superme Court (SC) Panel headed by Justice S Abdul Nazeer, reportedly rejected the government's petition challenging the enforcement of a Malaysian arbitral award passed in favour of Vedanta in relation to the Ravva oil and gas fields. SC held that the enforcement of this award will not go against the public policy of India, media reports said.

Sterlite Technologies jumped 3.78%. The company announced a partnership with Bharti Airtel to build a modern optical fibre network for Airtel across 10 telecom circles. This modern optical network will enable Airtel to deliver world-class customer experience through enhanced scalability, reduced latency, and improved bandwidth. The densely fiberized, future-ready network, will also form the foundation for many next-gen services such as 5G, FTTH, IoT, enterprise networks, and Industry 4.0.

National Fertilizer (NFL) spurted 4.39% after the company posted a consolidated net profit of Rs 108.31 crore in Q1 June 2020 as compared to a consolidated net loss of Rs 64.07 crore in Q1 June 2019. Consolidated net sales for Q1 June 2020 stood at Rs 2831.85 crore, rising 11.2% from Rs 2,547.04 crore in Q1 June 2019. During the quarter ended 30 June 2020, NFL's production, dispatches, sales and market collections largely remained unaffected. The company has been able to operate all its five plants at normal levels except for restriction in load for few days due to limitation of supply of bags.

SpiceJet dropped 0.56%. The low-cost air carrier reported a consolidated net loss of Rs 600.52 crore in Q1 June 2020 compared with net profit of Rs 262.89 crore in Q1 June 2019. Net sales during the quarter slumped 83.2% year-on-year (YoY) to Rs 489.60 crore, as flight operations remained suspended for most part of the quarter following the nationwide lockdown. On an EBITDA basis, loss was Rs 11 crore for the reported quarter as against profit of Rs 747.5 crore for the corresponding quarter last year. On an EBITDAR basis, the profit was Rs 13.5 crore for the reported quarter as against profit of Rs 812.1 crore for the same quarter last year.

Procter & Gamble Health fell 4.10%. The FMCG company reported 10.8% increase in net profit to Rs 48.86 crore on 13.9% fall in net sales to Rs 201.16 crore in the quarter ended 30 June 2020 compared with the same period last year. Profit before tax in the June 2020 quarter stood at Rs 55.73 crore, down by 17.4% from Rs 67.50 crore in the June 2019 quarter. Current tax expense during the quarter declined 28.9% year-on-year (YoY) to Rs 15.71 crore.

Benchmark indices ended with strong gains on Tuesday, tracking positive global cues. Banks and pharma shares rallied while auto and FMCG shares declined. The barometer index, the S&P BSE Sensex added 287.72 points or 0.74% at 39,044.35. The Nifty 50 index gained 81.75 points or 0.71% at 11,521.80.

The broader market advanced for second trading session after the Sebi on 11 September issued a circular mandating multi cap funds to allocate least 25% of their portfolios in large-, mid- and small-caps each by February 2021.

The S&P BSE Mid-Cap index gained 0.85% while the S&P BSE Small-Cap index rose 1.44%. In two sessions, the midcap index and the smallcap index have added 2.42% and 5.53%, respectively.

Buyers outpaced sellers. On the BSE, 1580 shares rose and 1166 shares fell. A total of 166 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,190,588 with 9,27,245 deaths. India reported 9,90,061 active cases of COVID-19 infection and 80,776 deaths while 38,59,399 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's retail inflation which is measured by the Consumer Price Index (CPI) eased to 6.69% in August 2020, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. The CPI for the month of July was revised to 6.73% from 6.93%.

The Scheduled commercial banks (SCBs) credit growth was steady on sequential basis to 5.5% YoY to Rs 1,02,11,730 crore as on 28 August 2020, compared with 5.5% growth a fortnight ago. The credit growth has decelerated from 10.2% at end July 2019. Aggregate deposits growth of the scheduled banks increased 10.9% YoY at Rs 1,41,76,765 crore as on 28 August 2020, compared with 11.0% growth a fortnight ago and 9.7% rise a year ago.

RBI mandates automated recognition of NPAs:

The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by 30 June 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, the central bank said banks had earlier been advised to have appropriate information technology (IT) systems in place for identification of non-performing assets (NPA) and generation of related data/returns, both for regulatory reporting and banks' own management information system (MIS) requirements. The system-based asset classification shall be an ongoing exercise for both downgradation and upgradation of accounts.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.030% as compared with 6.031% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.6450, compared with its close of 73.48 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 57 cents at $40.18 a barrel. The contract fell 22 cents, or 0.55% to settle at $39.61 a barrel in the previous trading session.

Foreign Markets:

The US Jones 30 Futures were up 192 points, indicating a positive start to equities on Wall Street today.

Shares in Europe and Asia advanced on Tuesday as investors focused on upcoming central bank meetings by the U.S. Federal Reserve, Bank of Japan and Bank of England.

Retail sales in China rose 0.5% in August from a year ago, the first positive report for the year so far, China's National Bureau of Statistics said Tuesday. Still, retail sales for the first eight months of the year were down 8.6% from a year ago, the bureau said.

China's industrial production grew 5.6% in August from a year ago while fixed-asset investment declined 0.3% for the first eight months of the year.

US stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism. Tech sentiment was lifted by news of Nvidia buying chipmaker Arm Holdings from SoftBank for $40 billion.

Meanwhile, ByteDance rejected Microsoft's bid to buy TikTok's U.S. operations. Instead, ByteDance has chosen Oracle to be TikTok's U.S. technology partner, and Oracle will take a significant stake in the business.

Sentiment was also boosted by signs of progress toward a coronavirus vaccine. AstraZeneca resumed phase three trials for its coronavirus vaccine in the U.K. following a halt due to safety concerns. However, its trials in the U.S. remains on hold as American regulators investigate the side effects flagged in the U.K. study, reports showed.

Buzzing Indian Segments:

The Nifty Bank index rose 1.65% to 22,465.65. The index bounced back after sliding as much as 0.18% in morning trade. The index tumbled 1.68% in the previous session.

IndusInd Bank (up 4.03%), IDFC First Bank (up 3.70%), RBL Bank (up 2.38%), Axis Bank (up 2.17%), Federal Bank (up 1.69%), Kotak Mahindra Bank (up 1.49%), HDFC Bank (up 1.23%),Bandhan Bank (up 0.90%), Bank of Baroda (up 0.87%) and State Bank of India (up 0.81%) advanced.

ICICI Bank rose 2.14% after the bank on Monday (14 September) said it has got exemption from paring stake in its life and non-life subsidiaries to 30% for a period of three years.

The Nifty Pharma index rose 1.93% to 11,450.50. The index fell 0.71% in the previous session.

Lupin (up 3.44%), GlaxoSmithKline Pharmaceutical (up 2.91%), Cipla (up 2.85%), Aurobindo Pharma (up 2.83%), Sun Pharmaceutical Industries (up 2.07%), Abbott India (up 1.97%), Dr Reddy's Laboratories (up 1.8%) and Cadila Healthcare (up 1.76%) rose.

Stocks in Spotlight:

Index heavyweight Reliance Industries (RIL) rose 0.68% to Rs 2317.90.

JB Chemicals & Pharmaceuticals soared 8.02% after the company's consolidated net profit surged 92.4% to Rs 119.51 crore on 17.1% increase in net sales to Rs 522.29 crore in Q1 June 2020 over Q1 June 2019. The business performance during the quarter improved due to a 18% growth in revenue coupled with an increase in other income (primarily from current investments) and a better product mix with savings in some heads of expenditure on account of the current situation due to the COVID-19 pandemic.

Radico Khaitan rose 6.93%. The company has informed the exchanges that it has fully repaid all the loans against pledged shares of the company. Hence, all the shares held in promoters' account / companies are free from any encumbrance whatsoever, the company said.

PVR fell 3.49% after the multiplex chain reported a consolidated net loss of Rs 225.62 crore in Q1 June 2020 compared with net profit of Rs 17.57 crore in Q1 June 2019. Net sales during the quarter slumped 98.6% year-on-year (YoY) to Rs 12.70 crore. Pre-tax loss stood at Rs 341.92 crore in Q1 FY21 as against a pre-tax profit of Rs 27.96 crore in Q1 FY20. “Results for quarter ended 30th June, 2020 are not comparable with results for quarter ended 30th June, 2019 as the current quarter is impacted by temporary closures of cinemas and suspension of operations,” the company said in a statement.

Steel Authority of India (SAIL) fell 0.25% after the state-run steel major posted a consolidated net loss of Rs 1226.47 crore in Q1 June 2020 compared with net profit of Rs 102.68 crore in Q1 June 2019. Consolidated net sales for Q1 June 2020 stood at Rs 9,067.52 crore, nearly 39% lower than net sales of Rs 14,820.89 crore in Q1 June 2019. SAIL posted a pre tax loss of Rs 1930.23 crore quarter ending June 2020 as against a pre-tax profit of Rs 150.46 crore in quarter ending June 2019. The result was announced after market hours yesterday, 14 September 2020.