The market extended rally for sixth straight session on Friday. The barometer index, the BSE Sensex, rose 246.32 points or 0.63% to 39,298.38, as per the provisional closing data. The Nifty 50 index rose 75.70 points or 0.65% to 11,661.85, as per the provisional closing data.

The market sentiment was boosted by foreign funds turning net buyers of Indian stocks in the past few sessions. Traders awaited fresh cues on potential trade deal between the US and China. Meanwhile, the Reserve Bank of India (RBI) will today, 18 October 2019, announce the minutes of its fourth bi-monthly monetary policy review meeting held on 4 October 2019.

The market breadth was strong. On the BSE, 1603 shares rose and 930 shares fell. A total of 174 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 35 stocks advancing and 15 stocks declining.

Buying was wide spread. The S&P BSE Mid-Cap index was up 1.78% and the S&P BSE Small-Cap index was up 1.65%.

Reliance Industries (RIL) rose 1.49% to Rs 1417, ahead of its Q2 results today. RIL has become the first Indian company to cross Rs 9 trillion market capitalization after its shares hit its 52-week high of Rs 1428 in intraday today.

Bharat Heavy Electricals (Bhel) soared 21.21% to Rs 54 on reports the government may consider bringing down its stake in Bhel to 26% from 63.17% now.

Zee Entertainment Enterprises fell 5.52% to Rs 250.10. The company's consolidated net profit rose 6.87% to Rs 413.23 crore on 7.4% rise in net sales to Rs 2122.01 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 17 October 2019.

Larsen & Toubro rose 1.60% to Rs 1447. L&T informed about the acquisition of 81.90 lakh shares, aggregating to 2.551% of the shareholding, of its subsidiary L&T Infrastructure Development Projects for a cash consideration of Rs 47.997 crore.

Larsen & Toubro Infotech added 6.38% to Rs 1594.50. On consolidated basis, the net profit rose 1.2% to Rs 360.1 crore in Q2 September 2019 as against Q1 June 2019. The company's total income rose 3.03% to Rs 2664.40 crore on QoQ basis. In a separate announcement, the company approved 100% acquisition of PowerupCloud Technologies. This acquisition will help LTI strengthen its cloud services capabilities through a combination of right leadership, assets and ecosystem connects.

TVS Motor Company rose 5.07% to Rs 459.30, extending yesterday's 6.26% gain. The firm's consolidated net profit rose 15.09% to Rs 256.88 crore on a 9.17% decline in total income to Rs 4,966.88 crore in Q2 September 2019 compared with Q2 September 2018. The result was announced during market hours yesterday, 17 October 2019.

ARSS Infrastructure Projects hit an upper circuit limit of 5% at Rs 24.05. The construction company informed during market hours today, 18 October 2019, that it has secured a work order of Rs 76.15 crore for construction of handling platforms, railway track, truck parking area, buildings and other ancillary facilities for IFFCO at MMLP Paradip, Odisha. The contract was awarded in favor of the company's joint venture named ARSS-BDPL (JV) by Container Corporation of India on 17 October 2019.

K.P.R. Mill surged 6.95% to Rs 607. The apparel manufacturer informed Sebi has allowed it to proceed with the buyback offer. On 11 July 2019, K.P.R. Mill had cancelled the buyback proposal because of the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019.

Indoco Remedies rose 5.06% to Rs 151.65. The drug maker informed during market hours today, 18 October 2019 that its clinical research organisation, AnaCipher, located at Hyderabad successfully cleared the United States Food and Drug Administration (USFDA) inspection with zero 483s. The inspection was held from 14 October to 18 October, 2019.

Overseas, most Asian shares ended lower while most shares in Europe declined on Friday after China posted its weakest growth in nearly three decades.

China Gross domestic product (GDP) expanded 6% in third quarter ended September 2019, compared with 6.2% in the second quarter, official figures showed on Friday. The Chinese economy grew at 6.6% in 2018. However, the Industrial Production rose 5.8% year-on-year in September, after growth of 4.4% in August. Meanwhile, consumer spending, as represented by Retail Sales, rose 7.8% year-on-year in September.

On the US-China trade front, White House economic adviser Larry Kudlow's commented that he sees momentum to finalize the initial phase of a U.S.-China trade deal outlined last week, adding it may be signed at the APEC forum next month.

Yesterday, Britain and the European Union agreed to a draft Brexit deal. At a news conference with Prime Minister Boris Johnson, European Commission President Jean-Claude Juncker said the deal meant there would be no need for a further delay to Britain's departure and negotiations on the future relationship between Britain and the EU would begin as soon as the deal was approved by the UK and European parliaments.

Meanwhile, French automobile major Renault cut its full-year revenue and profit forecast amid a broad-based slump in auto sales as China's poor growth stirs fear among investors.

The US stock market finished session near records high on Thursday as risk sentiments boosted up by better than expected corporate earnings reports from U.S. companies such as Netflix and Morgan Stanley and optimism from a Brexit draft agreement.

US industrial production fell by 0.4% in September after climbing by an upwardly revised 0.8% in August, the Federal Reserve released a report on Thursday.

Key benchmark indices rallied on Thursday, supported by banks, auto and FMCG stocks. Sentiment got a boost after European Union (EU) and UK negotiators reached a draft agreement on a new Brexit deal.

The barometer index, the BSE Sensex, rose 453.07 points or 1.17% to 39,052.06, as per the provisional closing data. The Nifty 50 index rose 122.35 points or 1.07% to 11,586.35, as per the provisional closing data.

The market breadth was strong. On the BSE, 1432 shares rose and 1055 shares fell. A total of 193 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 35 stocks advancing and 15 stocks declining.

Buying was wide spread. The S&P BSE Mid-Cap index was up 1.77% and the S&P BSE Smallcap index was up 0.89%.

The Nifty 50 index opened lower and traded in narrow range near flat line for most part of the session. The 50-unit index jumped in early afternoon trade amid strong buying supported. The Nifty continued advanced in mid-afternoon trade and touched the intraday high of 11,599.

Overseas, European markets were in the green following the news of Brexit deal. European Commission President Jean-Claude Juncker said the deal was a fair and balanced one. British Prime Minister Boris Johnson now goes to Brussels for a two-day summit with EU leaders. The prospective deal will need approval from British lawmakers in parliament at the weekend.

Asian shares ended mixed as investors remained cautious over global growth outlook.

US stocks fell on Wednesday as weak US economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports.

US President Donald Trump on Wednesday reportedly said Washington was in talks with some new people in Europe about trade issues and he hoped the discussions would be successful, as Italy's president urged Trump to avoid counterproductive tariffs.

Meanwhile, US and Chinese trade negotiators are reportedly working on nailing down a Phase 1 trade deal text for their presidents to sign next month. US Treasury Secretary Steven Mnuchin was quoted as saying that he was prepared to travel to Beijing for more meetings if necessary.

Back home, the Nifty Bank index surged 1.68% and closed near the crucial 30,000 mark.

Among private sector banks, Yes Bank (up 16.04%), RBL Bank (up 11.57%), IndusInd Bank (up 4.72%), Axis Bank (up 2.05%), ICICI Bank (up 1.4%), AU Small Finance Bank (up 0.45%), HDFC Bank (up 0.39%) and Kotak Mahindra Bank (up 0.1%) advanced.

Among PSU banks, Bank of India (up 4.51%), Canara Bank (up 3.83%), State Bank of India (up 3.36%), Union Bank of India (up 3.28%), Punjab National Bank (up 2.88%), Oriental Bank of Commerce (up 2.64%), Bank of Baroda (up 1.72%), and Allahabad Bank (up 1.22%) and Syndicate Bank (up 0.83%) advanced.

Force Motors was down 0.87%, reversing early gains after weak Q2 outcome. On consolidated basis, company's net profit dropped 89.41% to Rs 4.21 crore in Q2 September 2019 over Q2 September 2018. The company's revenue from operation dropped 14.08% to Rs 755.15 crore on YoY basis.

PVR was up 0.64%. On consolidated basis, net profit jumped 34.7% higher to Rs 47.67 crore in Q2 September 2019 over Q2 September 2018. Total income rose 37.05% to Rs 979.40 crore on YoY basis.

MindTree was down 2.06% after the company announced its Q2 figures after trading hours yesterday, 16 October 2019. Consolidated net profit jumped 45.63% to Rs 135 crore on a 4.19% rise in total income to Rs 1,934 crore in Q2 September 2019 compared with Q1 June 2019.

Hathway Cable & Datacom advanced 2.88%. On a consolidated basis, the cable broadband service provider reported a net loss of Rs 3.99 crore in Q2 September 2019 as against a net loss of Rs 73.23 crore in Q2 September 2018. Net sales rose 13% to Rs 442.11 crore in Q2 September 2019 over Q2 September 2018

Shares of PNB Housing Finance rallied 8.23% to Rs 411.40 after the company issued Q2 business update after trading hours yesterday, 16 October 2019. During Q2 September 2019, the company disbursed loans amounting to Rs 4,970 crore. The retail disbursements during the quarter stood at Rs 4,718 crore and corporate disbursements were Rs 252 crore. The asset under management (AUM) of the company was worth Rs 89,471 crore and loan asset amounted to Rs 74,353 crore as on 30 September 2019. The gross non-performing assets (NPA) stood at 0.73% of the AUM as on 30 September 2019. At loan asset level, the gross NPA is 0.84%. During Q2 September 2019, the firm securitized loans amounting to Rs 3,580 crore through direct assignment route. During Q2 September 2019, the company raised $175 million through ECB route. It also raised non-convertible debentures (NCDs) worth Rs 500 crore.

National Aluminium Company (Nalco) lost 2.88%. Nalco said that short supply of coal has severely impacted aluminium production of the company and also the cost of power, as the power purchased from the grid is costly as compared to the power produced by it at its CPP. The announcement was made after market hours yesterday, 16 October 2019.

Edelweiss Financial Services rose 4.88% to Rs 86.35. The Competition Commission of India (CCI) has approved Kora Master Fund LP investment of up to 10% ($75 million) in Edelweiss Securities. The notification relates to a proposed investment by Kora in Edelweiss Securities (ESL) and Edelweiss Global Investment Advisory Business (EGIA) subsidiaries of up to rupee equivalent to $75 million, as set out in the share subscription agreement. Kora is a foreign portfolio investor (FPI) registered with the Securities Exchange Board of India (Sebi). Its principal activity is that of investment holding and related activities.

Zuari Agro Chemicals dropped 3.17% after the company informed that the NPK Plant has been shut down due to non availability of raw material. The announcement was made after market hours yesterday, 16 October 2019.

Key benchmark indices ended with decent gains on Wednesday, tracking positive Asian cues and decent Q2 earnings. The key barometers advanced for fourth straight session even though the market breadth was titled in favour of sellers.

The barometer index, the BSE Sensex, rose 92.9 points or 0.24% to 38,598.99, as per the provisional closing data. The Nifty 50 index rose 43.25 points or 0.38% to 11,471.55, as per the provisional closing data.

On the BSE, 1148 shares rose and 1321 shares fell. A total of 198 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 30 stocks advancing and 20 stocks declining.

The broader market was mixed. The S&P BSE Mid-Cap index was down 0.14%, but the S&P BSE Smallcap index was up 0.21%.

The Nifty 50 index opened higher and extended gains to hit an intraday high of 11,480 in morning trade. The index pared gains and traded below the day's opening in mid-morning session. The 50-unit index firmed up once again in afternoon session before giving up profits and hitting the day's low in mid-afternoon session. Buying in last half hour of the trade pushed the Nifty above 11,450 mark.

MindTree (up 2.36%) and Hathway Cable & Datacom (up 4.87%) ahead of Q2 earnings today.

Bajaj Auto was up by 0.35% after the two-wheeler company launched a Bajaj Chetak Chick, which is the first ever all-electric scooter of the company and would be sold under its Urbanite brand that will solely sell electric vehicles (EVs).

Shares of Bajaj Consumer Care were locked in an upper circuit of 20% at Rs 234.65 on bargain hunting after a recent steep slide. Shares of Bajaj Consumer have slumped 19.41% in two trading sessions to end at Rs 195.55 yesterday, from a recent closing high of Rs 242.65 on Friday, 11 October 2019.

Bajaj Consumer Care's promoter, Bajaj Resources, sold 3.22 crore shares, representing 22% stake, of Bajaj Consumer Care at an average price of Rs 194.56 on Tuesday, 15 October 2019. Fund houses like Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Steinberg India Emerging Opportunities Fund, were among the buyers of shares.

ONGC rose 2.41% to 142.1. ONGC Videsh, a wholly-owned subsidiary of ONGC, recorded discoveries of oil in its onshore exploration block CPO-5, Colombia in the Llanos basin and major gas in the deep offshore exploration block BM-SEAL4, Brazil in the Sergipe Alagoas Basin. The announcement was made after trading hours yesterday, 15 October 2019.

Bharat Electronics (BEL) reported that President of India, acting through Ministry of Defense, Government of India sold 1.61 crore shares of the company through off market. The Government sold its shares to ICICI Prudential Asset Management Company under Further Fund Offer of Bharat 22 ETF launched by the AMC. Post disposal of shares, Government's stake in the company reduced from 55.93% to 55.27%. Shares of BEL were trading 1.45% higher at Rs 112.05

IT major Wipro rose 1.58%. The company's consolidated net profit rose 6.91% to Rs 2552.70 crore on a 1.98% rise in total income to Rs 15875.40 crore in Q2 September 2019 compared with Q1 June 2019. The result was announced after trading hours yesterday, 15 October 2019.

ACC gained 1.74%. The company's consolidated net profit rose 44.68% to Rs 302.53 crore on a 3.28% rise in total income to Rs 3582.16 crore in Q3 September 2019 compared with Q3 September 2018. The result was announced after trading hours yesterday, 15 October 2019.

SBI Life Insurance surged 3.76%. On standalone basis, the company's net profit declined 48.2% to Rs 129.84 crore while total income rose 32.1% to Rs 12889.78 crore in Q2 September 2019 over Q2 September 2018.

New Business Premium (NBP) jumped 40% to Rs 7,820 crore in the first half of the year ending March 2020 (H1 FY2020) over Rs 5,570 in H1 FY2019. The company said it attained leadership position in Individual NBP amongst private life insurers with a growth of 30% and market share of 22.3%.

Multi Commodity Exchange of India (MCX) jumped 8.13% after consolidated net profit surged 99.69% to Rs 71.75 crore on a 54.96% rise in total income to Rs 144.53 crore in Q2 September 2019 compared with Q2 September 2018. The result was announced after trading hours yesterday, 15 October 2019.

Karnataka Bank fell 1.77% to Rs 69.35 after the bank reported Q2 earnings after market hours yesterday, 15 October 2019. Karnataka Bank's net profit fell 5.3% to Rs 105.91 crore on a 17.2% increase in total income to Rs 1938.40 crore in Q2 September 2019 over Q2 September 2018. Gross non-performing assets (NPAs) stood at Rs 2594.27 crore as on 30 September 2019 as against Rs 2437.53 crore as on 30 June 2019 and Rs 2371.62 crore as on 30 September 2018. The ratio of gross NPAs to gross advances stood at 4.78% as on 30 September 2019 as against 4.55% as on 30 June 2019 and 4.66% as on 30 September 2018

Federal Bank fell 2.96% to Rs 82 after the bank announced its Q2 results during market hours today, 16 October 2019. Federal Bank's net profit rose 56.63% to Rs 416.7 crore on a 19.02% increase in total income to Rs 3675.17 crore in Q2 September 2019 over Q2 September 2018. The bank's gross non-performing assets (NPAs) stood at Rs 3612.11 crore as on 30 September 2019 as against Rs 3394.69 crore as on 30 June 2019 and Rs 3184.53 crore as on 30 September 2018. The ratio of gross NPAs to net advances stood at 3.07% as on 30 September 2019 as against 2.99% as on 30 June 2019 and 3.11% as on 30 September 2018.

DB Corp jumped 4.57% to Rs 153.2. On consolidated basis, the company's consolidated net profit soared 63.61% to Rs 75.57 crore on a 9.17% decline in net sales to Rs 533.56 crore in Q2 September 2019 compared with Q2 September 2018. Total income fell 9.17% to Rs 533.56 crore in Q2 September 2019 over Q2 September 2018. The company's Advertising Revenue stood at Rs. 367 crore in Q2 September 2019 as against Rs. 413.2 crore in Q2 2018. The board has also declared an interim dividend of Rs 6.5 per equity share.

Aditya Birla Money jumped 8.03% to Rs 37. The company reported a 23.15% rise in net profit to Rs 2.90 crore in Q2 September 2019 as against Q2 September 2018. Total income decreased 8.63% to Rs 40.27 crore in Q2 September 2019 over Q2 2018.

On the macro front, India's trade deficit narrowed 27.4% to seven month low of $10.86 billion in September 2019 from $14.95 billion in September 2018. Oil imports declined 18.3% to $8.98 billion, while the non-oil imports dipped 12.3% to $27.91 billion in September 2019 over September 2018. The share of oil imports in total imports was 24.3% in September 2019, compared with 25.7% in September 2018.

The International Monetary Fund (IMF) has reduced India's growth forecast for FY20 by 90 basis points to 6.1%, down from the 7% estimated in July. Meanwhile, the growth forecast for FY21, which stood at 7.2% in July, was slashed by 20 bps to 7%. The downward revision in India's growth forecast by the IMF reflects a weaker-than-expected outlook for domestic demand. Monetary policy easing and the recent corporate tax rate cuts are to support growth with a lag, the IMF said. Government programs to support rural consumption will also aid growth, it added.

Overseas, most European stocks edged lower Wednesday as investors looked for cues on the likelihood of an imminent Brexit deal between the U.K. and the EU.

Asian shares ended higher. South Korea's central bank cut its interest rate for the second time in three months on Wednesday, following its first cut in July.

US stocks gained on Tuesday on strong US corporate results and a possible deal to avoid a disorderly British exit from the European Union.

Key benchmark indices ended with strong gains on Tuesday, tracking positive global sentiments triggered by China confirming phase-one trade deal with the US. Geng Shuang, spokesman of China's Foreign Ministry, reportedly said US statement on partial trade deal is accurate and there is no difference with the US on the trade agreement.

Key barometers were upbeat throughout the day with metal, auto and banking stocks in demand.

The barometer index, the BSE Sensex, rose 291.62 points or 0.76% to 38,506.09, as per the provisional closing data. The Nifty 50 index rose 87.15 points or 0.77% to 11,428.30, as per the provisional closing data.

The market breadth favored the sellers. On the BSE, 1113 shares rose and 1354 shares fell. A total of 190 shares remain unchanged. In Nifty 50 index, the market breadth was strong with 41 stocks advancing and 9 stocks declining.

The broader market was mixed. The S&P BSE Mid-Cap index was up 0.72%, but the S&P BSE Smallcap index was down 0.11%.

The Nifty 50 index opened higher and crossed the 11,400 mark in mid-morning trade. The index touched the day's high of 11,460 in mid-afternoon trade. The Nifty trimmed gains in the last half hour of trade, but it still managed to close above its 100 day simple moving average placed at 11,408.22.

The Nifty Metal index was up 1.55% to Rs 2396.75, rising for third straight trading session.

Among metal stocks, Hindustan Copper (up 5.10%), Vedanta (up 3.79%), Jindal Steel & Power (up 3.47%), NMDC (up 3.21%), National Aluminium Company (up 2.60%), Steel Authority of India (up 2.60%), Tata Metaliks (up 2.53%), Hindalco Industries (up 1.91%), Tata Steel (up 1.49%) and Hindustan Zinc (up 0.29%) edged higher.

The Nifty Auto index rose 2.18%, rising for third straight trading session. Among auto stocks. Eicher Motors (up 4.73%), TVS Motor Company (up 3.05%), Escorts (up 2.87%), Hero MotoCorp (up 2.62%), Mahindra & Mahindra (up 2.48%), Maruti Suzuki India (up 2.35%), Ashok Leyland (up 1.92%) and Bajaj Auto (up 1.75%) advanced.

FMCG major Hindustan Unilever (HUL) gained 2.5%. On a consolidated basis reported 22.73% rise in net profit to Rs 1814 crore on a 5.2% increase in total income to Rs 10229 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 14 October 2019.

Shares of IRCTC were down 2.46% at Rs 710.65 amid profit booking after a stellar debut yesterday, 14 October 2019. The stock was listed at Rs 644 on BSE, a premium of 101.25% to the IPO price of Rs 320. It closed at Rs 728.60 on BSE, a premium of 127.69% over the IPO price.

Indiabulls Housing Finance lost 4.5%. The company announced after market hours yesterday, 14 October 2019, that it will consult Sebi about its eligibility to buyback shares given the regulations on the ideal capital structure.

Adani Transmission surged 6.49%. The company has signed share purchase agreement with REC Transmission Projects Company on 14 October 2019 for acquisition of its entire stake in WRSS XXI (A) Transco (WRSSTL). WRSSTL Project consists of approximately 272 ckt kms of 765kV line and 3000 MVA transformation capacity. The announcement was made after market hours yesterday, 14 October 2019.

GTPL Hathway fell 9.52% to Rs 77.5 after the company announced its result for Q2 September 2019 after trading hours yesterday, 14 October 2019. On a consolidated basis, the broadband service provider's net profit rose 97.2% to Rs 28.87 crore on a 94.9% increase in net sales to Rs 608.99 crore in Q2 September 2019 over Q2 September 2018.

Delta Corp was down 0.44% to Rs 170 after the company reported weak Q2 earnings. On standalone basis, the company's net profit dropped 29.3% to Rs 44.92 crore in Q2 September 2019 as compared to Q2 September 2018. Net sales dropped 0.8% in Q2 September 2019 over Q2 September 2018.

TV18 Broadcast was trading 0.46% lower after the company announced its Q2 September 2019 results during market hours today, 15 October 2019. On a consolidated basis, TV18 Broadcast's net profit rose 41.4% to Rs 23.60 crore on a 5.94% decline in revenue from operations to Rs 1127.13 crore in Q2 September 2019 over Q2 September 2018.

Shares of Coal India were trading 0.5% higher at Rs 191.05. Government of lndia through Ministry of Coal has sold 1.28 crore shares of Coal India. The Government owned 69.26% in Coal india before the disposal. Post sale, the Government now owns 69.05% stake in Coal India.

On the domestic front, the general consumer price index (CPI) inflation rose to 3.99% in September 2019, compared with 3.28% in August 2019. The corresponding provisional inflation rate for rural area was 3.24% and urban area 4.78% in September 2019 as against 2.25% and 4.49% in August 2019. The core CPI inflation eased to 3.99% in September 2019 compared with 4.20% in August 2019. The cumulative CPI inflation has declined to 3.27% in April-September FY2020 compared with 4.32% in April-September FY2019.

The Reserve Bank of India (RBI) aims to achieve the medium-term target for CPI inflation of 4% within a band of +/-2%, while supporting growth. RBI on 4 October reduced repo rate by 25 basis points (bps) to 5.15%. It was the fifth straight rate cut from the RBI, resulting in an overall decline of 135 bps or 1.35 percentage point in the key lending rate. The next meeting of the MPC is scheduled during 3-5 December 2019.

The Wholesale Price Index (WPI)-based inflation, base year 2011-12, dipped further down to 39-months low of 0.3% in September 2019 from 1.1% in August 2019. The WPI based inflation has been moderating consistently for last five straight months from 3.2% in April 2019. The data was unveiled during trading hours on Monday, 14 October 2019

Overseas, European shares advanced. European Union negotiator Michel Barnier reportedly said a Brexit deal between the bloc and the U.K. is still possible this week.

Asian markets ended mixed on Tuesday, following the previous day's rally, as new doubts emerged overnight about the US-China partial trade deal. China wants another round of talks before signing what U.S. President Donald Trump last week called a very substantial phase one deal between the two countries.

As part of the phase one deal on Friday, the U.S. postponed a planned tariff increase on $250 billion in Chinese imports from 25% to 30%, originally set to take effect Tuesday, in exchange for Chinese promises to buy $40 to $50 billion in American agricultural products annually though that would be double the $24 billion China bought in 2017.

U.S. Treasury Secretary Steven Mnuchin reportedly expects the mid-December round of tariffs to take effect if no deal is reached between the countries.

US stocks edged lower on Monday as investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday.

Key benchmark indices ended with decent gains on Monday. Selling pressure in last hour of the trade wiped most of the intraday gains. Weakness in index pivotal Infosys put pressure on bourses.

The barometer index, the BSE Sensex, rose 87.39 points or 0.23% to 38,214.47, as per the provisional closing data. The Nifty 50 index rose 24.75 points or 0.22% to 11,329.80, as per the provisional closing data.

The market breadth was negative. On the BSE, 1223 shares rose and 1281 shares fell. A total of 230 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 36 stocks advancing and 14 stocks declining.

The S&P BSE Small-Cap index rose 0.12%. The S&P BSE Mid-Cap index was up 0.44%.

The Nifty 50 index opened higher but reversed gains in early trade. Buying resumed in morning trade and pushed Nifty above 11,350 level. The 50-unit index faced a stiff resistance at 11,375 during mid-morning trade. The index remained range bound and traded sideways before a break out in afternoon trade. The Nifty 50 index briefly crossed its 100-day moving average in mid afternoon session. Profit booking in last hour of the day drag Nifty lower to settle below 11,350 mark.

On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 0.33% (provisional) for September 2019 (over September 2018) compared with 1.08% (provisional) in the previous month and 5.22% during the corresponding month of the previous year. The data was unveiled during trading hours today, 14 October 2019.

India's industrial production (IIP) declined 1.1% in August 2019, while snapping consistent growth for last 25 straight months. Also, the pace of decline in industrial production was highest in August 2019 for 2011-12 base year data. As per the revised data for industrial production of July 2019, the growth is higher at 4.6% compared with 4.3% growth reported provisionally. The data was announced after market hours on Friday, 11 October 2019.

India's growth rate is projected to fall to 6% in this fiscal year, the World Bank said in its latest edition of the South Asia Economic Focus. In 2018-19, the growth rate of the country stood at 6.9%. However, the World Bank said the country was expected to gradually recover to 6.9% in 2021 and 7.2% in 2022 as it assumed that the monetary stance would remain accommodative, given benign price dynamics.

Moody's Investors Service on Thursday, 10 October 2019, cut India's gross domestic product (GDP) growth forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation. It expects growth to pick up to 6.6% in FY21 and around 7% over the medium term.

FMCG major Hindustan Unilever (HUL) was up 0.24% ahead of its Q2 September 2019 result today.

Shares of IRCTC made a sensational debut on the bourses today, 14 October 2019. The stock was trading at Rs 725.4 at 15:24 IST on BSE, premium of 126.69% over the initial public offer (IPO) price of Rs 320. The stock debuted at Rs 644, premium of 101.25% to the IPO price. So far the stock hit a high of Rs 743.8 and low of Rs 625. The IPO which was subscribed 112 times had opened for subscription on 30 September 2019 and closed on 3 October 2019. The price band for IPO was Rs 315 to Rs 320 per share.

IT major, Infosys witnessed profit booking. The stock fell 3.49% after surging 4.19% in Friday's session. On a consolidated basis, Infosys' net profit rose 4.55% to Rs 3,971 crore on a 3.78% increase in total revenue from operations to Rs 22,629 crore in Q2 September 2019 over Q1 June 2019. The company's operating margin stood at 21.7% in Q2 September 2019 as against 20.5% in Q1 June 2019. The firm increased lower end of FY 2020 revenue guidance. Revised guidance is 9%-10% in constant currency. It maintained FY 2020 operating margin guidance range of 21%-23%.

Telecom stocks advanced. Vodafone Idea (up 5.5%), Bharti Airtel (up 2.76%) advanced.

Reliance Industries, which owns Reliance Jio, was up 0.41%.

The department of telecommunications is in the process of reforming the spectrum pricing architecture and expects to see good competition among operators, Telecom Minister Ravi Shanker Prasad said on Monday. This will come as a relief to operators which have sought lower spectrum prices amid falling revenue of the sector. The auction will be India's first for 5G airwaves.

Sentiment in the telecom sector was also upbeat after Reliance Jio said last week that it will start charging for calls made to rival networks at 6 paise a minute.

Bank of Baroda dropped 3.36%. Bank of Baroda has entered into binding transaction documents with BNP Paribas Asset Management Asia in relation to merger of Baroda Asset Management India with BNP Paribas Asset Management India and merger of BNP Paribas Trustee India with Baroda Trustee India. The announcement was made after market hours on Friday, 11 October 2019.

Avenue Supermarts fell 0.71%. On a consolidated basis, Avenue Supermarts' net profit rose 47.49% to Rs 323 crore on 22.44% increase in total revenue to Rs 5991 crore in Q2 September 2019 over Q2 September 2018. The result was announced on Saturday, 12 October 2019. Consolidated EBITDA rose 33.25% to Rs 517 crore during the period under review. EBITDA margin improved to 8.6% in Q2 September 2019 from 7.9% in Q2 September 2018.

Adani Gas surged 9.41% to Rs 150.65 after the company signed definitive agreements with French multinational oil integrated company, Total. The definitive agreement will deepen their existing partnership as the companies will work together in exploring synergies in gas distribution, fuel retail and LNG.

Total S.A. will purchase 37.4% shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2% shares, with an intention to acquire control of Adani Gas, subject to applicable regulations and purchase the residual shares from Adani Family. Accordingly, Total Holdings SAS will acquire up to 27.71 crore shares of Adani Gas, representing 25.2% of the voting share capital, at the price of Rs 149.63 per share, payable in cash. The partnership and equity support from the partners will help Adani Gas accelerate project executions in all its new geographical areas.

Pharma major, Cadila Healthcare rose 1.05%. The company announced that it has received no observations from USFDA on its Active Pharmaceutical Ingredients (API) manufacturing facility at Dabhasa.

Bajaj Consumer Care slipped 6.22%. On a consolidated basis, Bajaj Consumer Care's net profit rose 11.2% to Rs 56.03 crore on a 3.2% increase in net sales to Rs 214.22 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours on Friday, 11 October 2019.

Birlasoft advanced 7.49% after the company signed $240 million multi‐year agreement to deliver IT‐as‐a‐ Service (ITaaS) to US-based Invacare. Birlasoft will build a new analytics platform and move the Invacare data centre to the cloud. The company will also implement a new product lifecycle management system and Invacare customers will benefit from a new ecommerce portal to access products, spares and supplies.

Sun Pharmaceutical Industries rose 2.43% to Rs 395.7 after the drug major announced the launch CEQUA solution for the treatment of dry eye disease in the U.S. CEQUA (cyclosporine ophthalmic solution) has been approved by USFDA and offers the highest concentration of cyclosporine for ophthalmic use. CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye), an inflammatory disease that afflicts more than 16 million people in the US.

Indiabulls Housing Finance tumbled 7.07% to Rs 195.1 after the Moody's Investors Service downgraded the corporate family rating (CFR) and the foreign-currency senior secured rating of the company to B2 from Ba2. In addition, Moody's has downgraded Indiabulls' foreign and local currency senior secured MTN program ratings to (P) B2 from (P) Ba2. The outlook on all ratings, where applicable, remains negative. The downgrade is driven by Indiabulls' ongoing challenging access to funding. Governance considerations were also a key driver of this rating action.

DLF surged 6.05% to Rs 154.35 after media reports suggested that the real estate developer clocked bookings of 376 residential apartments for Rs 700 crore in its project in New Gurugram. As per reports, the bookings were registered on the first day earlier this week, in the second phase of its premium Ultima project, which has a total of 504 apartments. Nearly three years back, the real estate firm had said that it will construct and complete its residential projects before selling, given the tepid sentiment among homebuyers to risk buying into under-construction projects, the reports added.

Overseas, European stocks fell Monday as the UK and the European Union are still divided on customs arrangements as they look to hammer out a deal for Britain's departure before the 31 October deadline.

Asian shares edged higher on Monday as investor sentiment improved following last week's high-level trade negotiations between the United States and China. Markets in Japan were shut for a public holiday.

The US agreed to postpone an increase in tariffs from 25% to 30% on at least $250 billion of Chinese goods, which had been scheduled for Tuesday. However, customs data showed that China's import and export figures were worse than expected in September, with exports falling 3.2% on the year in US dollar terms, while imports declined 8.5%.

Meanwhile, US Federal Reserve announced that it would buy $60 billion of Treasury bills every month at least into the second-quarter, starting from next week. The central bank also said it would conduct overnight repurchase agreements at least through January of next year in order to reduce pressures in funding markets.

Equity barometers ended with modest gains on Friday amid positive global cues fueled by hopes of a trade deal between the US and China. The barometer index, the BSE Sensex, rose 246.68 points or 0.65% to 38,127.08, as per the provisional closing data. The Nifty 50 index rose 66.7 points or 0.59% to 11,301.25, as per the provisional closing data.

Domestic investors awaited domestic factory output data for August and Infosys Q2 earnings scheduled to be released later in the day.

The market breadth was negative. On the BSE, 1107 shares rose and 1357 shares fell. A total of 193 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 35 stocks advancing and 15 stocks declining.

The broader market lagged benchmarks. The S&P BSE Small-Cap index rose 0.38%. The S&P BSE Mid-Cap index was up 0.24%.

After a gap up opening, the Nifty 50 index surged over 1% in morning trade. The trend sharply reversed in mid-morning trade with the Nifty briefly slipping into negative terrain below 11,200 mark. The 50-unit index recovered and traded with decent gains for most part of the session. Buying resumed in mid-afternoon trade, pushing the Nifty once again above its 200-day moving average.

Meanwhile, Chinese President Xi Jinping has touched down in Chennai for a two-day informal summit with Prime Minister Narendra Modi and received a grand cultural welcome with traditional dance performances at the airport. After landing in Chennai, Modi expressed the wish that the summit will further strengthen ties between India and China.

Index pivotal Tata Consultancy Services (TCS) declined 0.82%. The IT major reported 1.09% fall in consolidated net profit to Rs 8,042 crore on 1.23% rise in total income to Rs 40,338 crore in Q2 September 2019 over Q1 June 2019. The result was announced after market hours yesterday, 10 October 2019. The company's board declared a second interim dividend of Rs 5 and a special dividend of Rs 40 per equity share of the company. The record date for the dividend is Friday, 18 October 2019.

Most auto stocks advanced. Tata Motors (up 3.81%), TVS Motors Company (up 2.26%), Maruti Suzuki India (up 1.28%), SML Isuzu (up 1.01%), Eicher Motors (up 0.69%) and Ashok Leyland (up 0.15%) edged higher.

Society of Indian Automobile Manufacturers (SIAM) released sales data for the month of September 2019. Passenger vehicle sales declined for 11th straight month, falling 23.7% to 223,317 units in September 2019 over September 2018. Sales of medium & heavy commercial vehicles were also disappointing. It declined 62.11% to 14,855 units in September 2019 over September 2018.

Shares of state-run oil marketing companies sank after crude oil prices firmed up in the international commodity market. Indian Oil Corporation (down 3.21%), Hindustan Petroleum Corporation (HPCL) (down 1%) and Bharat Petroleum Corporation (down 0.48%) all tumbled.

In the commodities market, Brent crude for December 2019 settlement was up $1.02 at $60.12 a barrel. The contract rose 1.34% to settle at $59.1 a barrel during the previous trading session.

Crude oil prices flared up amid reports of an explosion in an Iranian tanker that has set the National Iranian Oil Company-owned vessel on fire near the Saudi port city of Jeddah. The explosion is said to have caused heavy damages to the vessel and oil is spilling into the Red Sea. The report further added that the reason for the explosion is still under investigation but reports suggested that it may be a terrorist attack.

Bandhan Bank jumped 15% while Gruh Finance surged 10.8%. The National Company Law Tribunal (NCLT) recently cleared the scheme of amalgamation between Kolkata-based Bandhan Bank and Ahmedabad-based Gruh Finance. Thursday, 17 October 2019 has been fixed as the record date following the effectiveness of scheme for determining shareholders of the merged entity. Meanwhile, the MSCI has reportedly included Bandhan bank to MSCI India large cap index. The combined free float market capitalisation of Bandhan Bank will increase to above $2.5 billion after its merger with Gruh Finance, which made it eligible for large cap index.

Tata Steel gained 3.06%. Tata Steel India's Q2 sales volume increased by 5% QoQ on provisional basis primarily with better volumes at Tata Steel BSL. During the quarter, lower volumes to Automotive segment were compensated by higher exports while deliveries in Branded Products & Retail segment and Industrial Product & Projects segment were maintained. Tata Steel India's Crude Steel production was flat on QoQ basis. The announcement was made after market hours yesterday, 10 October 2019.

IndusInd Bank continued to slide lower after tumbling 6.15% in previous session. The private sector bank was down 0.4% to Rs 1224. The stock hit an intraday low of Rs 1212 which is also a 52-week low for the counter. The bank announced its Q2 September 2019 result yesterday. Net profit jumped 50.33% to Rs 1383.37 crore in Q2 2019 as against Q2 2018. Total income rose 31.40% to Rs 8877.02 crore in Q2 September 2019 over Q2 September 2018.

G.M.Breweries was up 1.16% after announcing a decent Q2 September 2019 result yesterday. Net profit rose 2.2% to Rs 19.85 crore on an 8.7% increase in net sales to Rs 121.40 crore in Q2 September 2019 over Q2 September 2018.

Indiabulls Real Estate was locked in an upper circuit of 5% at Rs 43.40. The board of directors of Indiabulls Real Estate approved a proposal to buyback upto 5 crore fully paid-up equity shares, or 11% equity, at Rs 100 each. The total buyback size is Rs 500 crore.

Indiabulls Ventures was up 4.52% at Rs 104.1. The board of directors of Indiabulls Ventures approved a proposal to buyback upto 6.66 crore fully paid-up equity shares, or 12.61% equity, at Rs 150 each. The total buyback size is Rs 1,000 crore.

Shares of IRCTC will debut on the bourses on Monday, 14 October 2019. The IPO was subscribed 112 times.

Overseas, shares in Europe and Asia edged higher on Friday as high-level U.S.-China trade talks progressed into a second day and optimism grew that a truce can be achieved.

US stocks rose on Thursday on hopes that top-level US-China trade talks would yield at least a partial deal, while a jump in Apple's shares also boosted the market.

US President Donald Trump said trade talks between US and Chinese officials on Thursday went very well and the two sides had a very, very good negotiation.

The market declined on Thursday, dragged by selling in banks and auto stocks. Investors were cautious ahead of earnings reports from major IT services companies. A bout of volatility was observed amid weekly index options expiry on NSE.

The barometer index, the BSE Sensex, fell 297.55 points or 0.78% to 37,880.40, as per the provisional closing data. The Nifty 50 index fell 78.75 points or 0.7% to 11,234.55, as per the provisional closing data.

The market breadth was weak. On the BSE, 884 shares rose and 1562 shares fell. A total of 183 shares remain unchanged. In Nifty 50 index, the market breadth was weak with 15 stocks advancing and 35 stocks declining.

The broader market was negative. The S&P BSE Small-Cap index fell 0.57%. The S&P BSE Mid-Cap index was down 0.87%.

The Nifty 50 index opened lower and traded in a range till morning trade. Selling pressure intensified in mid-morning session as Nifty gave up its crucial support of 200 DMA. The index hit fresh intraday low in afternoon trade. Buying in the last hour of trading session pushed the Nifty above 11,200 mark.

Moody's Investors Service on Thursday cut India's gross domestic product (GDP) growth forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation. It expects growth to pick up to 6.6% in FY21 and around 7% over the medium term.

The Bank Nifty tumbled 2.68%, erasing previous session's sharp gains.

Among private sector banks, RBL Bank (down 6.68%), Yes Bank (down 5.21%), ICICI Bank (down 3.3%), Axis Bank (down 2.4%), HDFC Bank (down 2.39%), Kotak Mahindra Bank (down 2.06%), Federal Bank (down 1.86%) and City Union Bank (down 0.88%) tumbled.

IndusInd Bank tumbled 6.37% to Rs 1226.05 after the bank announced its Q2 September 2019 result today. Net profit jumped 50.33% to Rs 1383.37 crore in Q2 2019 as against Q2 2018. Total income rose 31.40% to Rs 8877.02 crore in Q2 September 2019 over Q2 September 2018.

Among PSU banks, Bank of Baroda (down 3.51%), Punjab National Bank (down 3.42%), Canara Bank (down 3.23%), Bank of India (down 2.76%), Indian Bank (down 2.76%), State Bank of India (down 2.66%), Central Bank of India (down 1.73%), Punjab & Sind Bank (down 1.69%), Syndicate Bank (down 1.56%), UCO Bank (down 1.28%) and Andhra Bank (down 1.22%) tumbled.

Union Bank of India fell 4.11%. Union Bank of India said that the Committee of Directors for raising of capital funds has approved preferential issue of new equity shares at issue price to be determined to the Government of India (President of India), for an amount aggregating up to Rs 11,768 crore (including premium). The announcement was made after market hours yesterday, 9 October 2019.

Bank of Maharashtra dropped 4.17%. The Reserve Bank of India (RBI) has intimated about its inability to accede to the request made by Bank of Maharashtra for setting-off Rs 7360.29 crore accumulated losses against the balance lying in Share Premium account and Revenue Reserve account of bank. The announcement was made after market hours yesterday, 9 October 2019.

Shares of two telecom firms advanced after rival Reliance Jio Infocomm started charging for voice calls made to subscribers of other telcos. Shares of Vodafone Idea rose 5.82% to Rs 6.18, while shares of Bharti Airtel rose 4.61% to Rs 375.80.

Telecom shares surged amid hopes that the price hike could possibly herald an end in India's bruising telecom price war unleashed by the entry of Reliance Jio. Forced by regulatory uncertainty, Mukesh Ambani's unlisted telecom firm Reliance Jio Infocomm on Wednesday announced that it will charge customers 6 paise per minute for voice calls made to rival phone networks, but will compensate them by giving free data of equal value.

Shares of Indiabulls Housing Finance tanked 18.23% while shares of Lakshmi Vilas Bank were locked in a lower circuit of 5% at Rs 25.65 after RBI informed that the application for voluntary amalgamation of the Indiabulls Housing Finance with Lakshmi Vilas Bank can't be allowed.

Debt ridden DHFL was locked in a lower circuit of 10% at Rs 23.45 on reports that Edelweiss Asset Management has approached the Bombay High Court to recover its dues of around Rs 70 crore from DHFL.

Larsen & Toubro announced that it has won 'significant' contracts for its Power Transmission and Material Handling businesses. The company has secured an order for Engineering, Procurement and Construction of a 400kV overhead transmission line between the towns of Chimuara and Alto Molocue in Zambezia Province, Mozambique. In the United Arab Emirates, the business has secured an order for the design, supply and construction of a 220kV substation project from one of the government utilities. In Metallurgy and Material Handling Business, the company has secured Engineering, Procurement and Construction (EPC) order from NTPC for coal sizing and transportation through high capacity long distance pipe conveyors for Kerandari, a coal mining project in the Hazaribagh district of Jharkhand. Shares of Larsen & Toubro were trading 0.11% lower at Rs 1425.20.

Century Textiles & Industries fell 4.67% to Rs 881.40. Shares of Century Textiles & Industries will turn ex-date on Friday, 11 October 2019, for the proposed de-merger. The company will hive off its cement division and merge it with UltraTech Cement. Century Textiles shareholders will get one share of UltraTech Cement for every eight held.

Torrent Pharmaceuticals rose 1.39%. The company announced that its Indrad facility in Gujarat received a warning letter from the US drug regulator. The company announced that it received a warning letter dated 8 October 2019 from the US Food & Drug Administration (USFDA) for its Indrad facility in Gujarat. This action follows the earlier intimation received from USFDA in August 2019, wherein the agency had classified its inspection as 'Official Action Indicated' (OAI). The company said it will engage with the agency to resolve this issue at the earliest. The company is also committed to maintaining the highest standards of compliances and quality manufacturing across all its facilities.

On the NSE, 178 stocks hit their 52-week low today, which includes names like Indiabulls Ventures (down 9.13%), The New India Assurance Company (down 4.06%), Himachal Futuristic Communications (down 3.98%), PNB Housing Finance (down 3.09%), Arvind (down 2.93%), Kridhan Infra (down 2.88%), Nath Bio-Genes (India) (down 2.88%), Sharda Motor Industries (down 1.96%), Aurobindo Pharma (down 1.77%), Nava Bharat Ventures (down 1.75%) and Schneider Electric Infrastructure (down 1.36%).

Overseas, shares in Europe and Asia were mixed on Thursday. Media reports suggested that China has lowered expectations for significant progress from this week's trade talks with the United States, even as President Donald Trump on Wednesday expressed fresh optimism.

Top US and Chinese trade and economic officials will meet in Washington on Thursday and Friday to try to end a trade war that is slowing the global economy. Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are due to take part.

Meanwhile, in Europe the latest reports from Germany states how exports have fallen sharply for the month of August 2019. Fears engulf the market sentiments as downtrend in European manufacturing sector may push the economy towards recession.

US stocks gained on Wednesday on hopes of progress in US-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week.

Most Federal Reserve policymakers supported the need for an interest rate cut in September, minutes of the central bank's last policy meeting showed, but they remained divided on the path ahead for monetary policy. The readout of the meeting, released on Wednesday, also showed that the Fed agreed it would soon need to discuss increasing the size of its balance sheet following ructions in short-term money markets.

Key equity benchmarks ended with robust gains on Wednesday, due to bargain hunting. The rally were supported by firmness in banking and financial shares. The Nifty crossed its 200-day simple moving average placed at 11,266.70.

The barometer index, the BSE Sensex, rose 645.97 points or 1.72% to 38,177.95, as per the provisional closing data. The Nifty 50 index rose 186.90 points or 1.68% to 11,313.30, as per the provisional closing data.

Investors lapped up shares after key indices tumbled in past six trading sessions. The Sensex shed 3.74% while the Nifty tumbled 3.86% in six straight trading sessions till Monday, 7 October 2019, from recent closing high on 26 September 2019. Domestic stock market was shut on Tuesday, 8 October 2019 on account of Dussehra.

Sentiment also improved after the government on Wednesday hiked the dearness allowance (DA) by 5%. Union minister Prakash Javadekar said that the DA has been increased from 12% to 17%. The move will benefit at least 50 lakh government employees and 65 lakh pensioners. The hike will be effective from July. The cost to the exchequer will be Rs 16,000 crore.

The market breadth turned positive in late trade. On the BSE, 1271 shares rose and 1248 shares fell. A total of 179 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 38 stocks advancing and 12 stocks declining.

The S&P BSE Small-Cap index rose 0.66%. The S&P BSE Mid-Cap index was up 1.38%.

The Nifty 50 index opened higher, but reversed gains in early trade. The index hit fresh intraday low in morning trade. The index took off from the day's low as buying emerged at lower levels. The Nifty advanced as the session progressed and crossed its 200-day simple moving average in afternoon trade.

Index pivotal, TCS (down 1.6%) will announce its Q2 results tomorrow. IT major, Infosys (down 0.93%) will announce its Q2 results on Friday, 11 October 2019.

The Nifty Bank index was in spotlight for most part of the session. The index rallied 1,000 points, or 3.67%. The index posted gains for second consecutive session.

Private sector banks were in demand. IndusInd Bank (up 5.4%), ICICI Bank (up 5.21%), Kotak Mahindra Bank (up 3.97%), HDFC Bank (up 3.36%), Axis Bank (up 2.22%), RBL Bank (up 1.9%) and Federal Bank (up 1.12%) advanced.

PSU banks were trading higher. Bank of Baroda (up 4.48%), Bank of India (up 3.62%), Union Bank of India (up 2.92%), Canara Bank (up 2.65%), UCO Bank (up 2.56%), Punjab National Bank (up 2.1%), Punjab & Sind Bank (up 0.85%), IDBI Bank (up 0.84%), Corporation Bank (up 0.71%) and Syndicate Bank (up 0.59%) edged higher.

State Bank of India (SBI) advanced 3.21% on reports that SBI slashed its MCLR by 10 basis points, bringing it down to 8.05% from 8.15% with effect from 10 October 2019. SBI is set to reduce savings account deposit rate from 3.5% to 3.25% from 1 November 2019. For 1-2 year deposits, SBI cut the retain term deposit and bulk deposit rate by 10-30 basis points effective from 10 October 2019, on account of tackling inadequate liquidity.

The Nifty Pharma index was up 1.08% at 7,225.90, ending its 6 day losing streak. The index shed 9.02% in 6 trading days from its previous closing high of 7857.30 on 26 September 2019.

Cipla (up 3.6%), Dr Reddy's Laboratories (up 1.97%), GlaxoSmithKline Pharmaceuticals (up 1.42%) and Sun Pharmaceuticals (up 1%) advanced from the pharma pack.

Glenmark Pharmaceuticals rose 1.29% after the company announced that it has been granted a tentative approval by the United States Food & Drug Administration (USFDA) for Dimethyl Fumarate delayed‐release capsules.

Aurobindo Pharma rose 3.38% to Rs 469.40 after the company clarified that the United States Food and Drug Administration (USFDA) conducted a current good manufacturing practice (cGMP) inspection at Unit 7 manufacturing facility from September 19-27, 2019. The inspection ended with 7 observations. The company said that none of the observations are related to data integrity. The company is confident of addressing these issues within the stipulated timeline.

Cadila Healthcare surged 3.57% to Rs 236.35 after the company received a final approval from the USFDA for Colesevelam Hydrochloride Tablets. The drug is used to lower cholesterol in people with high levels of cholesterol in the blood. Lowering cholesterol decreases the risk of heart disease and helps prevent strokes and heart attacks. Tablets will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.

Lupin edged 1.94% higher after the pharmaceutical company received Good Manufacturing Practice (GMP) Certificate from the Pharmaceutical and Medical Devices Agency (PMDA), Japan for the company's Mandideep API facility (Unit II). The GMP Certificate was issued after an inspection was conducted by PMDA from 14 May 2019 to 17 May 2019. The inspection was concluded with no critical or major observations.

Adani Green Energy (up 4.63%), Affle (India) (up 11.87%), Berger Paints India (up 3.53%), Indiamart Intermesh (up 15.89%), Religare Enterprises (up 4.98%), Siemens (up 4.57%) and Whirlpool of India (up 2.98%) hit 52-week highs.

Titan Company lost 2.32% after the company in its Q2 update said the jewellery division witnessed a sharp fall in sales after a sudden surge in gold prices dented the consumer demand from mid-June. While retail sales declined in July, between August & September the retail growth was 15% YOY over the same period in the previous financial year possible due to an enhanced level of promotions & schemes. Weak consumer sentiments led to moderation in growth rate of the watches division to 7% for the quarter and 13% for the half year. The eye wear division witnessed robust growth of 28% for the quarter, partly aided by the participation in Essilor's offer of 'Buy One Get One'.

Tata Motors rose 2.89%. Tata Motors said that Jaguar Land Rover (JLR) retail sales for the quarter ending 30 September 2019 were 128,953 vehicles, down 0.7% compared to the same period a year ago. Jaguar retail sales for the quarter were 37,323 vehicles, down 11% year-on-year and Land Rover retails were 91 ,630 vehicles, up 4.2% year-on-year. The announcement was made after market hours on Monday, 7 October 2019.

Meanwhile, India has slipped 10 places to the 68th rank on an annual global competitiveness index, according to a latest update. The annual Global Competitiveness Index is compiled by Geneva-based World Economic Forum (WEF). The WEF said that India ranks high in terms of macroeconomic stability and market size though its financial sector is relatively deep and stable despite the high delinquency rate, which contributes to weakening the soundness of its banking system.

Further, the International Monetary Fund (IMF)'s managing director, Kristalina Georgieva, said that the global economy is now in a synchronized slowdown. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year, she noted. Georgieva pointed out that the widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade. She said the World Economic Outlook to be released next week will show downward revisions for 2019 and 2020.

Overseas, European markets advanced while most Asian markets declined as the United States and China's ever-expanding dispute over trade and foreign policy showed little sign of coming to an end.

US stocks ended down sharply on Tuesday as news that the United States has imposed visa restrictions on Chinese officials overshadowed comments by Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts.

Meanwhile, high-level US-China trade negotiations will resume this week in Washington, the White House announced on 7 October 2019, a hopeful sign after a summer of deteriorating relations. Beijing's top trade envoy Liu He will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin beginning on Thursday, the White House said in a statement.

Lower-level talks have been underway since last month. The talks will focus on key areas where the Americans have made far reaching demands since last year: intellectual property rights, the forced transfer of proprietary technologies, agriculture and enforcement, the statement said.

Key equity benchmarks extended losses for sixth straight trading session on Monday, dragged by selling pressure in pharmaceuticals, auto and PSU banks stocks. Negative global cues spoiled investors sentiment.

Domestic stock markets will remain closed on Tuesday, 8 October 2019 on account of Dussehra.

The barometer index, the BSE Sensex, fell 141.33 points or 0.38% to 37,531.98, as per the provisional closing data. The Nifty 50 index fell 48.35 points or 0.43% to 11,126.40, as per the provisional closing data.

The market breadth was tilted in favour of sellers. On the BSE, 896 shares rose and 1,627 shares fell. A total of 228 shares remain unchanged. In Nifty 50 index, 18 stocks advanced and 32 stocks declined.

The broader market was under pressure. The S&P BSE Small-Cap index fell 0.75%. The S&P BSE Mid-Cap index fell 0.24%.

After opening higher, the Nifty 50 index reversed gains in early trade. Buying emerged at lower levels and pushed the index to fresh intraday high in morning trade. The 50-unit index traded in narrow range with modest gains for most part of the session. Sudden selling pressure in late trade dragged the index below 11,200 mark.

On the NSE, 187 stocks hit their 52-week low today, which includes names like Edelweiss Financial Services (down 7.27%), Piramal Enterprises (down 7.14%), Bharat Heavy Electricals (down 6.97%), PNB Housing Finance (down 4.35%), Somany Ceramics (down 3.10%), CCL Products (India) (down 2.43%), Ambuja Cements (down 2.24%) and Grasim Industries (down 0.94%).

Yes Bank gained 8.19% to Rs 45.60 on reports that the bank is in talks with three top technology companies, including Microsoft Corp., to induct one of them as a strategic shareholder. According to reports, Yes Bank could sell as much as 15% through a fresh equity issuance. The plan is part of the bank's strategy to get fresh capital infusion and augment its digital ambitions.

The bank, however, clarified during trading hours today that it was not aware of the source, which resulted in the above mentioned news item and as a matter of policy, the bank would not like to comment on such article.

Index pivotal HDFC Bank rose 0.15%. The bank said its advances rose 19% to approximately Rs 897000 crore as of 30 September 2019 as compared to Rs 750800 crore as of 30 September 2018 (Rs 829700 crore as of 30 June 2019). The bank's deposits rose 22% to approximately Rs 1021500 crore as of 30 September 2019 as compared to Rs 833400 crore as of 30 September 2018 (Rs 954600 crore as of 30 June 2019). The bank's CASA ratio stood at around 39.2% as of 30 September 2019, as compared to 42% as of 30 September 2018 and 39.7% as of 30 June 2019. During the quarter ended 30 September 2019, the bank purchased loans aggregating Rs 7160 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.

Bajaj Finance fell 0.1% to Rs 3900.35. The company said its assets under management (AUM) rose 38.25% at approximately Rs 135,500 crore as of 30 September 2019 as compared to Rs 98,013 crore as of 30 September 2018. Customer franchise as of 30 September 2019 stood at approximately 38.7 MM as compared to 30.1 MM as of 30 September 2018. During the quarter, the company acquired 1.9 MM new customers. New loans booked during Q2 FY20 were 6.5 MM as compared to 5.3 MM in Q2 FY19. During the quarter, the company has entered into facility agreement with various banks toavail ECB loans of $575 million in one or more tranches. The company has not yet drawn any amount from these facilities.

Pharmaceutical stocks witnessed selling pressure. Piramal Enterprises (down 6.74%), Wockhardt (down 3.09%), Cipla (down 2.28%), IPCA Laboratories (down 2.1%), Cadila Healthcare (down 1.55%), Sun Pharmaceutical Industries (down 1.3%) and GlaxoSmithKline Pharmaceuticals (down 0.18%) declined. The Nifty Pharma index was down 3.49% at 7,138.75.

Aurobindo Pharma fell 16.49% to Rs 473.65. Media houses reported that the Pharma major received 7 observations for its Unit-7 facility and failed to thoroughly review unexplained discrepancies. The inspection was conducted by United States Food and Drug Administration (USFDA) from 27 September 2019 to 29 September 2019. The drug regulator further added that the control procedures were not established, lab records did not include complete data from all the tests, the responsibilities and procedures for quality control were not strictly abided by and the medical instruments and utensils were not kept cleaned at regular intervals.

Glenmark Pharmaceuticals tumbled 9.27% to Rs 286.4 after the company said it received a warning letter from the US drug regulator for its Baddi facility in Himachal Pradesh. An inspection conducted by the US Food and Drug Administration (USFDA) between 15 to 20 April 2019 at Glenmark Pharmaceuticals' Baddi facility in Himachal Pradesh, India. The inspection was classified as 'Official Action Indicated' vide a letter by USFDA. The USFDA has now issued a 'warning letter' to the Baddi facility. The company said it is committed to work along with USFDA to implement all the necessary corrective actions required to address the concerns raised in the letter & is in the process of preparing a detailed response to USFDA within 15 working days.

Lupin fell 3.07%. The drug major announced the launch of Mycophenolate Mofetil Capsules USP, 250 mg. Lupin's alliance partner Concord Biotech (Concord) had received an approval from the United States Food and Drug Administration (USFDA) earlier. The announcement was made after market hours on Friday, 4 October 2019.

Dr Reddy's Laboratories was down 0.26%. Dr Reddy's Laboratories informed that the company has received the Establishment Inspection Report (EIR) from US FDA, for the its API manufacturing plant 2 at Bollaram, Hyderabad, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI). The announcement was made on Saturday, 5 October 2019.

Ashok Leyland fell 5.51%. The automobile giant said it will observe non-working days ranging from 2-15 days in October 2019 to align production. Auto ancillary major, Bosch fell 1.83% to Rs 13,036 after the company said it will observe no production days for upto 10 days per month per plant during the third quarter of the financial year 2019-2020. In order to align production with sales requirements, Bosch at its various plants belonging to powertrain solutions division, will continue to observe ''no production days'' ranging upto ten days per month per plant during the third quarter of the financial year 2019-2020. The announcement was made after trading hours on Friday, 4 October 2019.

BEML fell 0.54% to Rs 936.30. The company said it bagged further orders in Metro from M/s Delhi Metro Rail Corporation (DMRC) for 'RS15' - design, manufacture, supply, testing and Commissioning of 80 units Broad Gauge Intermediate Cars compatible with existing 'RS1' type trains for conversion of 6-car train set to 8-car train set valuing Rs 729 crore approx. The announcement was made after market hours on Friday, 4 October 2019.

State-run BPCL slumped 4.71% to Rs 490.95 as the scrip witnessed profit booking for second consecutive session. A government panel of secretaries on Monday, 30 September 2019, reportedly proposed to privatise BPCL. The proposal for the strategic sale, or privatisation, will now be taken up by the Union cabinet. Apart from the cabinet clearance, the sale of BPCL needs to be approved by both the Lok Sabha and Rajya Sabha as the company was formed by an act of Parliament. As on 30 June 2019, the government held a 54.16% stake in BPCL. The privatization of BPCL will help the government in meeting at least a third of its Rs 1.05-lakh-crore divestment target.

Overseas, European markets were trading lower while most Asian markets closed negative on Monday. Investors awaited a fresh round of US-China trade negotiations set to begin later this week.

Principal-level trade negotiations between the United States and China are reportedly set to begin on Thursday in Washington. Tariffs on $250 billion worth of Chinese goods are scheduled to rise to 30% on 15 October 2019. Both countries have slapped tariffs on billions of dollars worth of each other's goods, which has roiled global markets, created uncertainty and dampened economic growth outlooks around the world.

US markets rallied on Friday after data showed the U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. U.S. jobs data released Friday showed moderate growth as the jobless rate in September fell to a 50-year low while nonfarm payrolls rose by 136,000 in September.

Key barometers extended losses for fifth consecutive session on Friday, dragged by selling pressure in banks and metal stocks. The Nifty ended below the 200-day simple moving average (DMA) placed at 11,262.

The barometer index, the S&P BSE Sensex, fell 433.56 points or 1.14% to 37,673.31, as per the provisional closing data. The Nifty 50 index fell 150.15 points or 1.33% to 11,163.85, as per the provisional closing data.

The market breadth was weak. On the BSE, 976 shares rose and 1,638 shares fell. A total of 251 shares remain unchanged. In Nifty 50 index, 11 stocks advanced and 39 stocks declined.

The broader market was under pressure. The S&P BSE Small-Cap index fell 0.79%. The S&P BSE Mid-Cap index fell 0.94%.

Market sentiment was dented after the Reserve Bank of India (RBI) cut its FY20 GDP growth rate forecast sharply to 6.1% from 6.9%. Investors were also cautious ahead of US jobs numbers later today for clues on whether the US central bank will cut rates this month.

The Monetary Policy Committee (MPC) of RBI on Friday slashed the repo rate, the rate at which it lends to banks, by 25 basis points. The repo rate now stands at 5.15%. The MPC also decided to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.

Meanwhile, the IHS Markit India Services Business Activity Index contracted for the first time in three months. The headline figure fell from 52.4 in August to 48.7 in September, its lowest mark since February 2018.

The Nifty opened higher, but pared gains as the session progressed. It slipped into negative terrain in early afternoon trade after the RBI policy outcome. Selling gathered pace in the afternoon trade, dragging the 50-unit index below 11,200-mark. The index ended near the day's low amid strong selling pressure.

The Nifty Bank index erased early gains and fell over 2%. The S&P BSE Bankex was down 2.54% at 31,272.77.

The Nifty Bank index extended its losing streak for fifth consecutive session. The index has now shed 7.55% in five consecutive trading sessions from its recent closing high of 30002.60 on 26 September 2019.

Among private sector banks, Federal Bank (down 3.49%), ICICI Bank (down 2.82%), Kotak Mahindra Bank (down 2.76%), HDFC Bank (down 2.4%), Axis Bank (down 1.68%), RBL Bank (down 1.51%) and Yes Bank (down 0.12%) tumbled.

Among PSU Banks, Bank of India (down 2.75%), Union Bank of India (down 2.14%), State Bank of India (down 2.02%), Bank of Baroda (down 1.98%), Punjab National Bank (down 1.86%), IDBI Bank (down 1.3%), Indian Bank (down 1.2%), Canara Bank (down 0.91%) and Allahabad Bank (down 0.73%) tumbled.

UCO Bank jumped 7.83%. The bank said that the board of directors of the bank approved the proposal for the issue of equity shares on preferential basis to Government of India against capital infusion of Rs 2130 crore. The announcement was made after market hours yesterday, 3 October 2019.

HDFC ended almost flat at Rs 1974.50. HDFC issued business update for the quarter ended on 30 September 2019. HDFC said that profit on sale of investments rose 83% Rs 1,632 crore in Q2 September 2019 compared with Rs 891 crore in Q2 September 2019. Profit included profit on sale of part stake of equity shares in Gruh Finance. HDFC's stake in Gruh Finance stood at 38.2%. Income from dividend stood at Rs 1,074 crore in Q2 September 2019 versus Rs 6 crore in Q2 September 2019. The dividend from HDFC Bank was Rs 865 crore while that from Gruh Finance was Rs 70 crore. HDFC said that it will announce Q2 September 2019 results on 4 November 2019.

Marico was down 1.69% to Rs 377.65. Shares of the company lost 4.17% in three trading sessions from its recent closing high of Rs 394.10 on 30 September 2019. On Tuesday, 1 October 2019, Marico announced that demand and consumer sentiments weakened during the quarter, which manifested in slowing category growths in the firm. Further, the tobacco giant added that, 'liquidity challenges have led to some correction in trade inventories and exerted pressure on channel partners investments and returns'. In the traditional channel, both rural and urban faced distress during the quarter.

The Indian Hotels Company (IHCL) rose 0.52%. Anheuser Busch InBev (AB InBev) signed an agreement with IHCL to launch a premium chain of microbreweries within its marquee hotels across key locations in India. This collaboration is worth Rs 150 crore with plans to open 15 microbreweries over the next five years. The announcement was made after market hours yesterday, 3 October 2019.

National Fertilizers surged 2.49% after the company said its fertilizer sales jumped 25% to 27 lakh MT in April-September 2019 over April-September 2018.

Overseas, most European stocks were trading higher while most Asian stocks declined on Friday as investors turned cautious ahead of a key US job report that could help determine whether the Federal Reserve cuts interest rates further.

Investors await U.S. nonfarm payrolls data for September, expected to be released later on Friday.

US stocks rose on Thursday after data showing US services-sector activity at a three-year low fuelled expectations that the Federal Reserve would cut interest rates to stem a wider economic downturn.

The Institute for Supply Management's index of the health U.S. services sector came in 52.6%, in September, down from 56.4% in August.

Key benchmark indices extended losses for fourth consecutive session on Thursday, dragged by weak global markets. Metal shares tumbled on fears of weak global growth. Yes Bank bounced after management clarified that the bank was on a firm financial footing.

The barometer index, the S&P BSE Sensex, fell 198.54 points or 0.52% to 38,106.87, as per the provisional closing data. The Nifty 50 index fell 46.80 points or 0.41% to 11,313.10, as per the provisional closing data.

On the BSE, the market breadth was weak. 964 shares rose and 1,528 shares fell. A total of 159 shares remain unchanged. In Nifty 50 index, 19 stocks advanced and 31 stocks declined.

The S&P BSE Small-Cap index fell 0.38%. The S&P BSE Mid-Cap index fell 0.3%.

The Nifty opened lower and an hit the day's low of 11,257 in early trade. The index received strong buying support at 200-day simple moving average (DMA) placed at 11,259. The 50-unit index rebounded from the day's low and regained 11,300 mark in morning trade. Selling pressure in afternoon trade dragged the index once again below 11,300. Decent buying support in the last hour of the trade pushed the Nifty above 11,300-mark.

Selling was triggered by weakness in other Asian stocks after the United States said it would slap tariffs on European goods. The US on Wednesday said it would enact 10% tariff on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.

Further, worries about the US economy also rattled investors. The Institute of Supply Management showed America's manufacturing sector contracted for a second month in a row in September. The disappointing data in the US mounted Wednesday, when private payrolls for September undercut expectations. The report also sharply revised the August numbers down.

Domestic stock market was shut yesterday, 2 October 2019, on account of Mahatma Gandhi Jayanti.

Yes Bank surged 22.81% to Rs 39.30. The bank clarified that the material drop in its share prices on 1 October 2019 was primarily on account of the forced sale of 10 crores equity shares (3.92% equity) triggered by an invocation of pledge on the equity shares of a large stakeholder. Further, the bank confirmed that its financial and operating metrics remain intrinsically sound and stable with liquidity position well in excess of regulatory requirements.

Metals stocks were under pressure. Vedanta (down 4.66%), Hindustan Copper (down 4.57%), Hindalco Industries (down 3.8%), Tata Steel (down 3.3%), National Aluminium Company (down 2.84%), Steel Authority of India (down 2.02%), Hindustan Zinc (down 1.8%) and Jindal Steel & Power (down 1.54%) slumped. The S&P BSE Metal index was down 3% at 8,658.30.

MOIL fell 1.76% to Rs 137. The firm announced a 5% reduction in prices of Ferro grade, Silico manganese grade (smgr 30% & smgr 25%) fines and chemical grade. The prices are effective from 1 September 2019.

NMDC rose 1.19%. The company announced that the iron ore production for the month of September 2019 declined 30.2% to 1.64 million tonne as against 2.35 million tonnes in September 2018. The offtake for iron ore also declined 18.4% to 1.91 million tonne in September 2019 as compared to 2.34 million in September 2018.

State-run Coal India fell 3.81%. The coal production for the month of September 2019 declined 23.5% to 30.77 million tonne as compared to 40.25 million tonne in September 2018. The offtake declined 20% to 35.18 million tonne in September 2019 as against 43.98 million tonne in September 2018.

InterGlobe Aviation fell 2.5% to Rs 1824.05 after one of the main promoters Rahul Bhatia moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal. InterGlobe Enterprises and Rahul Bhatia, as claimants have submitted a Request for Arbitration dated 1 October 2019 to the London Court of International Arbitration under the shareholders agreement dated 23 April 2015 (as amendedon 17 September 2015) executed between the IGE Group, Rakesh Gangwal, The Chinkerpoo Family Trust, Shobha Gangwal (together with Gangwal and The Chinkerpoo Family Trust) and InterGlobe Aviation (the company). The IGE Group and the RG Group are promoters of the company. The company has been named as a respondent as it is a party to the shareholders agreement. This dispute relates to claims of the IGE Group against the RG Group regarding compliance with the shareholders agreement and the articles of association of the company and damages. Under the request for arbitration, no relief has been sought against the company. The company has been named as a necessary and proper party to the arbitration. However, presently, no monetary claim, including any compensation or penalty, has been sought against the company.

Biocon advanced 4.75%. The firm announced that the launch of Semglee, the first insulin glargine, in collaboration with Mylan.N.V. Semglee will be available in Australia under Pharmaceutical Benefits Scheme (PBS). Insulin glargine helps in controlling the blood sugar levels of those patients with diabetes. It is indicated for the treatment of type 1 diabetes mellitus in adults.

Eicher Motors rose 2.69%. The company's motorcycles sales fell 17% to 59500 units in September 2019 as compared to September 2018.

Hero MotoCorp declined 0.99%. The two-wheeler major sold 6.12 lakh units of motorcycles and scooters in September 2019. With this, the company registered a growth of 12.6% over August 2019 when it had sold 5.43 lakh units. The announcement was made after market hours on Tuesday, 1 October 2019.

M&M was up 0.99% at Rs 562.1 after the company formed a joint venture with Ford Motor Company after buying a 51% stake in the Indian unit of the US auto major.

TVS Motor Company lost 3.16% after total sales fell 25.48% to to 3.15 lakh units in September 2019 over September 2018.

Shares of PSU OMCs advanced after crude oil prices declined in the international commodity market. BPCL (up 7.81%), HPCL (up 4.45%) and Indian Oil Corporation (up 2.6%) advanced.

In the commodities market, Brent crude for December 2019 settlement was down 20 cents at $57.49 a barrel. The contract fell $1.20 or 2.04% to settle at $57.69 a barrel in the previous trading session.

The initial public offer (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed 63.53 times on the last day of bidding. As of 15:15 IST, the issue received bids for 128.07 crore shares. The IPO will close today, 3 October 2019. The price band for the issue has been fixed at Rs 315 to Rs 320 per share. The minimum order quantity is for 40 equity shares and in multiples thereof.

The government launched the fourth installment of Bharat-22 Exchange Traded Fund (ETF) on Thursday, which is expected to help the exchequer garner up to Rs 8,000 crore from investors. The issue will open for anchor investors on Thursday and for other institutional and retail investors, the next day. The investors would get a 3% discount over the issue price. Proceeds from the ETF will help the government meet its disinvestment target of Rs 1.05 lakh crore for the current financial year. The central public sector enterprises that are part of the Bharat-22 ETF include ONGC, IOC, BPCL, Coal India, Nalco, Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVN, GAIL, PGCIL, NLC India, Axis Bank, ITC and L&T. Among public sector banks SBI, Indian Bank and Bank of Baroda figure in the Bharat-22 index.

On the macro front, the total gross GST revenue collected in September 2019 is Rs 91916 crore. The revenue during September 2019 has declined by 2.67% in comparison to the revenue during September 2018. During April-September 2019 vis-à-vis 2018, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.90%.

Overseas, shares in Europe and Asia declined on Thursday after the United States said it will impose tariffs on $7.5 billion of goods from the European Union. Markets in China and South Korea are closed on Thursday for holidays.

US stocks dropped on Wednesday with data showing slower job creation adding to concerns about a weakening manufacturing sector as President's Trump's trade policies take their toll.

A private-sector employment report from Automatic Data Processing showed that a modest 135,000 jobs were created in September, and the average monthly job growth for the past three months also fell to 145,000 from 214,000 for the same time period last year.

Key benchmarks tumbled on Tuesday amid selling in banks and financial stocks. The euphoria over the recent corporate tax cut was overshadowed by deepening woes in the financial sector. Crisis at Punjab and Maharashtra Co-operative Bank (PMC) and fraud allegations against Indiabulls Housing Finance (IHFL) spoiled investors' risk appetite.

The barometer index, the S&P BSE Sensex, fell 361.92 points or 0.94% to 38,305.41, as per the provisional closing data. The Nifty 50 index fell 114.55 points or 1% to 11,359.90, as per the provisional closing data.

On the BSE, the market breadth was weak. 698 shares rose and 1784 shares fell. A total of 147 shares remain unchanged. In Nifty 50 index, 11 stocks advanced and 39 stocks declined.

The S&P BSE Small-Cap index fell 1.61%. The S&P BSE Mid-Cap index fell 1.54%.

The Nifty opened higher, but soon reversed gains and broke the crucial 11,500 level in morning trade. The 50-unit index staged a recovery in mid-morning trade and regained the 11,500-mark. Fresh selling pressure in afternoon session dragged the Nifty below 11,300 level. The index received a support at its 200-day simple moving average (DMA) placed at 11,254.89. Buying in the final hour of the trade pushed the index above 11,350 level. The Nifty, however, failed to cross its 100 DMA placed at 11,407.23.

Domestic stock markets will remain closed on Wednesday, 2 October 2019 on account of Mahatma Gandhi Jayanti.

The initial public offer (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) was oversubscribed on the second day of bidding. As of 15:30 IST, the issue received bids for 5.09 crore shares and it was subscribed 253%. The IPO of 2.01 crore equity shares will close on Thursday, 3 October 2019. The price band for the issue has been fixed at Rs 315 to Rs 320 per share. The minimum order quantity is for 40 equity shares and in multiples thereof.

Banking stocks posted heavy losses. The S&P BSE Bankex was down 1.31% at 32,456.99. The Nifty Bank index was down 1.28% at 28,730.75.

PSU bank stocks witnessed heavy selling. UCO Bank (down 6.92%), Indian Bank (down 4.71%), Punjab National Bank (down 4.68%), State Bank of India (down 4.34%), United Bank of India (down 3.95%), IDBI Bank (down 3.47%), Bank of Baroda (down 3.33%), Corporation Bank (down 3.31%), Allahabad Bank (down 2.96%), Union Bank of India (down 2.94%), Punjab & Sind Bank (down 2.61%), Bank of India (down 2.54%), Syndicate Bank (down 2.41%), Canara Bank (down 2.17%) and Andhra Bank (down 2.05%) tumbled.

The Nifty PSU Bank index was down 3.87% at 2,205.30.

Private sector banking stocks logged heavy losses. RBL Bank (down 8.84%), IndusInd Bank (down 5.18%), Federal Bank (down 3.21%), City Union Bank (down 2.82%), ICICI Bank (down 1.64%) and Axis Bank (down 0.96%) declined.

The Nifty Private Bank index was down 1.32% at 16,038.15.

Shares of Yes Bank tanked 21.37% to Rs 32.55 after the company's Promoter & Promoter Group sold 2.16% stake in the company. As per the Bank's exchange filing, YES Capital (India), Morgan Credits and Rana Kapoor have together sold 5.52 crore shares, or 2.16% stake in Yes Bank via open markets on 26 and 27 September 2019. Prior to the stake sale, the Promoter & Promoter Group held 6.89% stake in Yes Bank. After the stake sale, the Promoter & Promoter Group held 4.72% stake in the Bank. Yes Bank has crashed 44.07% in five trading session from a recent closing high of Rs 56.05 on 24 September 2019.

Shares of Indiabulls Group companies continued to decline for second consecutive session. The shares took a beating after the Delhi High Court admitted petitions to probe Indiabulls Housing. Indiabulls Housing Finance informed after market hours on Friday, 27 September 2019, that the public interest litigation (PIL) filed by Citizens Whistle Blower Forum came up for hearing before the Delhi High Court on Friday, when the Court was informed that the averments made in the petition are a pack of lies motivated by vested interest and has been filed without any research even on publicly available records of the company. The High Court has listed the matter for 13 December 2019 to allow respondent company to place on record relevant documents in support of its rebuttal to the allegations contained in the PIL.

Indiabulls Housing Finance (down 0.78%), Indiabulls Integrated Services (down 4.97%), Indiabulls Real Estate (down 4.9%) and Indiabulls Ventures (down 9.98%) slumped.

Auto stocks were in spotlight after announcing September 2019 sales. The S&P BSE Auto was down 0.12% at 16,741.17.

Bajaj Auto slipped 1.31% to Rs 2903.5. Bajaj Auto reported a 20% decline in auto sales to 4.02 lakh units in September 2019 from 5.02 lakh units September 2018. In the domestic market, the auto maker sold 2.15 lakh units in September 2019 against 3.11 lakh units in September 2018, witnessing a fall of 31% in auto sales. The company exported 1.86 lakh units in September 2019 against 1.90 lakh units in September 2018, registering a contraction of 2%.

Mahindra & Mahindra advanced 1.61% to Rs 556.05. M&M announced its total auto sales fell 21% to 43,343 units in September 2019 as against 55,022 units in September 2018. The company added that its total domestic sales declined by 21% to 40,692 units while its total exports fell by 29% to 2,651 units in September 2019 over September 2018. The announcement was made during market hours today, 1 October 2019. The company's total auto sales rose by 20.11% to 43,343 units in September 2019 as against 36,085 units in August 2019. M&M's Farm Equipment Sector (FES) said that the total tractor sales contracted by 2% to 37,011 units in September 2019 as against 37,581 units in September 2018. The domestic tractor sales stood at 36,046 units while tractor exports dropped 41% to 965 units in September 2019 over September 2018.

SML Isuzu declined 3.36%. The company reported a 39.4% decline in sales at 614 units in the month of September 2019 as compared to 1014 units in September 2018.

Escorts gained 4.85% to Rs 609.2. Escorts' domestic tractor sales rose 1.2% to 10,521 units in September 2019 as against 10,396 units in September 2018. The company's tractor exports grew 51.1% to 334 units in September 2019 as against 221 units in September 2018.

Ashok Leyland was down 3.56% to Rs 66.30 after total vehicle sales fell 55% to 8780 units in September 2019 against 19374 units September 2018. Total domestic sales fell 57% to 7851 units while the domestic M&HCV sales declined by 69% to 4035 units in September 2019 over September 2018. Total vehicle sales fell by 5.80% to 8780 units in September 2019 as against 9231 units in August 2019.

Maruti Suzuki India was up 1.04% after total auto sales fell 24.4% to 122,640 units in September 2019 over September 2018. Total domestic sales fell 26.7% to 112,500 units in September 2019 as against 153,550 units in September 2018. Total exports fell 17.8% to 7,188 units in September 2019 as against 8740 units in September 2018.

National Peroxide lost 4.41%. National Peroxide said that the company's plant located at Kalyan, Maharashtra, has been temporarily shutdown from 30 September 2019 for carrying out expansion of production capacity from 95,000 MT per annum to 150,000 MT per annum for an approximate period of 90 days. The announcement was made after market hours yesterday, 30 September 2019.

On domestic macro front, the headline seasonally adjusted IHS Markit India Manufacturing PMI was at 51.4 in September, unchanged from August and thereby posting its joint-lowest reading since May 2018. The figure still showed an improvement in the health of the sector, although one that was historically subdued.

The index of Eight Core Industries carrying 40.27% weight of items included in the Index of Industrial Production (IIP) has declined by 0.5% in August 2019 as compared to the index of August 2018. The index of Eight Core Industries has moved up 2.4% in April to August 2019-20.

India's current account deficit (CAD) at $14.3 billion (2% of GDP) in Q1 of 2019-20 narrowed from $15.8 billion (2.3% of GDP) in Q1 of 2018-19, but was higher than $4.6 billion (0.7% of GDP) in the preceding quarter. The CAD contracted on a year-on-year (y-o-y) basis, primarily on account of higher invisible receipts at $31.9 billion as compared with $29.9 billion a year ago.

The fiscal deficit of central government declined 6.3% to Rs 553840 crore in April-August 2019-20 over April-August 2018-19. The fiscal deficit as a percentage of full year estimate stood at 78.7% in April-August 2019-20 compared with 94.7% touched in the corresponding period of last year.

India's external debt was placed at $557.4 billion end-June 2019, recording an increase of $14.1 billion over its level at end-March 2019.

Overseas, European stocks declined after a weak set of economic numbers out of the euro zone. The final reading of Purchasing Managers Index (PMI) manufacturing data for the euro zone in September came in at 45.7, 0.1 higher than the flash estimate but still hitting its lowest level since October 2012. Final new orders came in at 43.4, again better than the flash estimate but also the lowest since October 2012. Germany led the bloc's weakness, its PMI coming in at 41.7.

Most Asian stocks ended higher on Tuesday on hopes that China and the United States could work towards reaching a deal on trade. Chinese markets will be shut for a week from Tuesday to mark 70 years since the founding of the People's Republic of China.

US stocks rose on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the US-China trade war.

The market declined for second straight trading session on Monday, dragged by weakness in financial stocks. Negative cues from other Asian indices also put pressure on the bourses.

The barometer index, the S&P BSE Sensex, fell 155.24 points or 0.4% to 38,667.33, as per the provisional closing data. The Nifty 50 index fell 34.05 points or 0.3% to 11,478.35, as per the provisional closing data.

On the BSE, 788 shares rose and 1705 shares fell. A total of 157 shares remain unchanged. In Nifty 50 index, 24 stocks advanced and 26 stocks declined.

In the broader markets, the S&P BSE Small-Cap index fell 1.21%. The S&P BSE Mid-Cap index fell 1.13%.

The Nifty saw a gap-down opening and extended losses as the session progressed. The index hit fresh intraday low of 11,390.80 in early afternoon trade. Buying emerged at lower levels, pushing the Nifty above 11,500 mark in the mid-afternoon trade. After some volatility, it finally managed to close above 11,450 level.

On the domestic macro front, India's infrastructure output data for August will be unveiled after market hours on today, 30 September 2019.

The initial public offer (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) opened for bidding today. As of 15:15 IST, the issue received bids for 1.28 crore shares and it was subscribed 64%.

The IPO of 2.01 crore equity shares will close on Thursday, 3 October 2019. The price band for the issue has been fixed at Rs 315 to Rs 320 per share. The minimum order quantity is for 40 equity shares and in multiples thereof. IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. Additionally IRCTC along with Balmer Lawrie & Company and Ashok Travels & Tours, are the three entities permitted by the Government of India to offer air ticketing service to different ministries at both the Central and State Government level.

Bank stocks witnessed selling pressure. The S&P BSE Bankex was down 2.53% at 32,927.37. The Bank Nifty index was down 2.53% at 29,120.30

Private sector bank stocks tumbled. Yes Bank (down 14.75%), RBL Bank (down 10.43%), IndusInd Bank (down 7.69%), ICICI Bank (down 3.53%), Axis Bank (down 2.33%) and HDFC Bank (down 1.06%) declined.

PSU Banks witnessed heavy selling. Union Bank of India (down 5.81%), Syndicate Bank (down 5.06%), Bank of India (down 4.92%), Canara Bank (down 3.77%), State Bank of India (down 3.54%), Allahabad Bank (down 3.21%), Bank of Baroda (down 2.42%), Oriental Bank of Commerce (down 2.27%) and Punjab National Bank (down 1.75%) sank.

Shares of IT companies bucked weak market trend. Oracle Financial Services Software (up 5.03%), HCL Technologies (up 3.73%), Infosys (up 3.11%), Mphasis (up 2.44%), TCS (up 2.07%), Zensar Technologies (up 1.72%), Tech Mahindra (up 1.27%), Wipro (up 1.18%) and Hexaware Technologies (up 0.77%) advanced. The BSE IT index was up 2.35% at 15,671.57. The Nifty IT index was up 1.92% at 15,529.65.

Shares of Indiabulls Group companies tumbled after the Delhi High Court admitted petitions to probe Indiabulls Housing. Indiabulls Integrated Services (down 4.98%), Indiabulls Real Estate (down 9.91%), Indiabulls Ventures (down 19.98%) and Indiabulls Housing Finance (down 33.43%) slumped.

Indiabulls Housing Finance informed after market hours on Friday, 27 September 2019, that the public interest litigation (PIL) filed by Citizens Whistle Blower Forum came up for hearing before the Delhi High Court on Friday, when the Court was informed that the averments made in the petition are a pack of lies motivated by vested interest and has been filed without any research even on publicly available records of the company. The High Court has listed the matter for 13 December 2019 to allow respondent company to place on record relevant documents in support of its rebuttal to the allegations contained in the PIL.

Cipla lost 3.22% after the company informed that the United States Food and Drug Administration (USFDA) conducted a cGMP inspection at our Goa manufacturing facility from 16 to 27 September 2019. The inspection ended with 12 observations, none of which are related to data integrity. The company will respond to the agency within the stipulated timeline. The announcement was made on Saturday, 28 September 2019.

Tata Power Company was up 0.72% to Rs 62.55. Tata Power Company said its wholly-owned subsidiary Tata Power Solar Systems has won bid of one of the largest floating solar plants in the world worth approx. Rs 343 crore to be installed at NTPC Kayamkulam in Kerala. The announcement was made after market hours on Friday, 27 September 2019.

Kajaria Ceramics was down 0.5%. Kajaria Ceramics announced after market hours on Friday, 28 September 2019, that its wholly-owned subsidiary, Kajaria Tiles, started commercial production of tiles on 29 September 2019 at its manufacturing facility situated near Srikalahasti, Andhra Pradesh. The capacity of the said manufacturing facility of KTPL will be 5 million square metres (MSM) tiles per annum.

Reliance Nippon Life Asset Management was down 1%. Nippon Life Insurance Company of Japan completed the acquisition of 75% stake in Reliance Nippon Life Asset Management. With this latest acquisition, Nippon Life's total gross investment for Reliance Nipoon Life Asset Management stake is now over Rs 7,800 crore.

Shares of HDIL slumped 4.91%. The managing director of the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC), Joy Thomas, has reportedly admitted to the RBI that the bank's actual exposure to HDIL is over Rs 6,500 crore, or a staggering 73% of its entire assets of Rs 8,880 crore. As per regulations, single entity exposure limit for banks is 15% of their capital fund. For group companies, the exposure limit is 20%. Thus, PMC's exposure to HDIL is almost four-times of what RBI mandates.

Kalpataru Power Transmission rose 3.39% to Rs 489.65 after the company said it secured new orders worth about Rs 775 crore in T&D business from government and private clients. Kalpataru Power Transmission (KPTL) and its international subsidiary have secured new orders/notification of award of approximately Rs 775 crore in T&D business from government and private clients. The announcement was made during trading hours today, 30 September 2019.

Asian Paints fell 1.20% to Rs 1,755 after a global research firm reportedly downgraded the stock to 'equalweight' from 'overweight' with a target price of Rs 1,820 per share. The brokerage reportedly said that Asian Paints is a long-term player and expects it to yield a balanced risk-reward ratio at the current market price.

Overseas, most shares in Europe and Asia edged lower on Monday. China's factory activity shrank for the fifth straight month in September. The official Purchasing Managers' Index (PMI) was at 49.8 in September, slightly higher than 49.5 in August, data from the National Bureau of Statistics (NBS) showed.

In Eurozone, British PM Boris Johnson, on Sunday, 29 September 2019, said that he would not step down even if he fails to secure a deal to leave the European Union (EU). He also added that, only his Conservative Party would be able to deliver a Brexit on the stated 31 October 2019.

On the data front, the euro zone's jobless rate fell to its lowest level in more than 11 years during August. The EU's statistics agency said on Monday that the unemployment rate fell to 7.4% from 7.5% in July, hitting its lowest since May 2008.

A final estimate of UK second quarter GDP (gross domestic product) showed the British economy contracting by 0.2%.

US stocks fell on Friday after reports that the Trump administration was considering delisting Chinese companies from US stock exchanges, raising worries about a further escalation in the US-China trade war.

The market ended with modest losses on Friday, tracking weakness in other Asian indices. Selling was broad based with pharmaceutical and metal stocks under pressure. The Nifty, however, managed to end above 11,500 mark.

The barometer index, the S&P BSE Sensex, fell 167.17 points or 0.43% to 38,822.57, as per the provisional closing data. The Nifty 50 index fell 58.8 points or 0.51% to 11,512.40, as per the provisional closing data.

On the BSE, 982 shares rose and 1544 shares fell. A total of 150 shares remain unchanged. In Nifty 50 index, 11 stocks advanced and 39 stocks declined.

In the broader markets, the S&P BSE Small-Cap index fell 0.93%. The S&P BSE Mid-Cap index fell 0.71%.

The Nifty opened higher and hit an intraday high of 11,593 level in morning trade. The index quickly reversed its trend and tumbled in mid-morning trade. It bounced back once again in the afternoon trade, but the gain proved to be short lived. The index once again reversed its trend and hit fresh intraday low in mid-afternoon trade. The index managed to hold 11,500 mark and end above that level.

Finance Minister Nirmala Sitharaman after meeting with private banks, microfinance institutions (MFIs) and non-banking finance companies (NBFCs) yesterday, 26 September 2019, asserted that the economy will revive in second half of the financial year as consumption takes off and banks raise their lending. FM said there are no complaints of liquidity shortage in the system and near unanimity that most microfinance institutions in rural India are seeing strong credit demand. Private sector banks will be setting up stalls in loan fairs next to their state-owned peers as they have voluntarily agreed to participate in the government's credit outreach program, FM said.

Index pivotals, Reliance Industries (RIL) (up 0.82%) and HDFC Bank (up 0.37%) bucked weak market trend.

FMCG major Nestle India (down 1.48%) replaced Indiabulls Housing Finance (down 6.16%) in the Nifty 50 index today. The indices are reconstructed twice every year.

Yes Bank was down 4.31% at Rs 48.45. The bank informed that its step-down, Yes Capital (India) (YCPL) has sold 1.82% stake to pay off the outstanding debt balance of the bank. The proceeds of the sale is going to be utilized to prepay the entire outstanding debt balance of non-convertible debentures (NCDs) held in YCPL, subscribed by various schemes of Franklin Templeton Asset Management (India) (FT). The announcement was made after trading hours yesterday, 26 September 2019. On September 2017, YCPL placed rated, zero coupon NCDs worth Rs 630 crore with FT. These funds were utilized by YCPL towards growth capital for new-age start-up ventures. On 26 September 2019, Yes Capital (India) sold 4.56 crore equity shares for Rs 51.94 per share.

Lakshmi Vilas Bank (LVB) was locked in a lower circuit of 5% at Rs 36.55 after the Economic Offences Wing of the Delhi Police registered a case against the bank alleging misappropriation of Religare Finvest's fixed deposits held in the bank.

Auto major Tata Motors fell 3.78% to Rs 119.8 after Jaguar Land Rover's CEO Ralf Speth told the media that JLR plans to close its U.K. factories for a week in November to guard against disruption to supply chains from a possible no-deal Brexit. Anticipation of Brexit has compounded the problems facing UK carmakers. Sudden delays at the border would damage the vital supply chains across the English Channel.

ITC gained 0.92% to Rs 254.50 after a global brokerage reportedly maintained an overweight call on the stock and raise target price to Rs 370 from Rs 360 per share. According to reports, the brokerage cited that ITC is one of the biggest beneficiaries of corporate tax cut, adding that increased pricing flexibility would strengthen long-term growth. However, it does not expect ITC to raise prices in the cigarette portfolio in FY2020.

Maruti Suzuki India was down by 1.31%. The company announced a price reduction of select models by Rs 5,000 on 25 September 2019. The company has reduced the ex-showroom price of Baleno RS by Rs 100,000.

Solara Active Pharma Sciences was down 3.17% after the company received request for information from USFDA and EDQM regarding N-nitrosodimethylamine (NDMA) content in Ranitidine Hydrochloride drug substance. The company further stated that it has temporarily suspended production and distribution of Ranitidine Hydrochloride drug substance.

Strides Pharma Science slumped 7.41% to Rs 304.25 after the company suspended sales of ranitidine tablets in the US market until such time it has clarity of next steps as would be indicated by the USFDA. On 25 September 2019, Strides Pharma received an information request from the US drug regulator to provide test data related to NDMA impurities in ranitidine tablets.

Meanwhile, the Indian Meteorological Department (IMD) stated in a latest update that for the country as a whole, cumulative rainfall during this year's southwest monsoon season upto 25th September, 2019 is above Long Period Average or LPA by 6%. In coming week, large excess rainfall likely over Bihar and adjoining areas of east Uttar Pradesh, Jharkhand and Gangetic west Bengal, above normal rainfall over Punjab, Madhya Pradesh, interior Maharashtra, north Odisha, Gujarat, Mizoram, Tripura, Kerala and Lakshadweep. Near normal rainfall likely over the rest of the country, outside Andaman & Nicobar islands, Arunachal Pradesh and south Andhra Pradesh where the cumulative weekly rainfall is likely to be below normal.

Overseas, European markets were trading higher while Asian markets declined on Friday as investors watch for developments on the U.S.-China trade front. Trade negotiations between the U.S. and China are reportedly set to resume on 10 Oct in Washington, D.C.

China's industrial profits for August dropped 2% from a year earlier, according to the country's National Bureau of Statistics. That followed a 2.6% gain in July and a 3.1% in June.

US stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept uncertainty high, while trade comments from China's top diplomat helped to limit losses.

The market ended with strong gains on Thursday, supported by easing crude oil prices and positive news on the US-China trade war front. Banks and metal shares were in demand. The Nifty ended above 11,550 mark.

Positive domestic economic data also triggered buying. Around 14.24 lakh jobs were created in July, higher than 12.49 lakh in the previous month, according to a latest payroll data from Employees' State Insurance Corporation (ESIC). Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19, National Statistical Office (NSO) said in a report.

The barometer index, the S&P BSE Sensex, rose 396.22 points or 1.03% to 38,989.74, as per the provisional closing data. The Nifty 50 index rose 139.80 points or 1.22% to 11,573.30, as per the provisional closing data.

On the BSE, 1211 shares rose and 1177 shares fell. A total of 168 shares remain unchanged. In Nifty 50 index, 41 stocks advanced and 9 stocks declined.

In the broader markets, the S&P BSE Small-Cap index rose 0.42%. The S&P BSE Mid-Cap index rose 0.92%.

After a gap-up opening, the Nifty hit its intraday high of 11,610 in morning trade. The index failed to hold 11,600 mark and it pared gains in afternoon trade. It firmed up once again in mid-afternoon trade and settled near the day's high.

Among key index pivotal, Reliance Industries (up 1.02%), HDFC Bank (up 1.05%) and HDFC (up 0.41%) contributed to barometers' up move.

Banks stocks rebounded after correcting in the past two trading sessions. The S&P BSE Bankex was up 1.59% at 33,907.96. The Nifty Bank index was up 1.46% at 30,017.

Among private sector bank stocks, IndusInd Bank (up 2.89%), AU Small Finance Bank (up 1.72%), Kotak Mahindra Bank (up 1.47%), Axis Bank (up 0.68%).

ICICI Bank rose 4.05% to Rs 452.05. It hit a record high of Rs 458.45 in intraday today.

The Nifty Private Bank index was up 1.60% at 16,841.45.

PSU banks witnessed strong buying. Bank of Baroda (up 2.40%), Bank of India (up 2.03%), Allahabad Bank (up 1%), State Bank of India (up 0.48%) and Canara Bank (up 0.39%).

The Nifty PSU Bank index was up 0.84% at 2,400.75.

Shares of most public sector oil marketing companies (PSU OMCs) gained as Brent crude oil price declined. Oil continued to correct amid media reported that Saudi Arabia was ahead of schedule in restoring its output capacity.

Hindustan Petroleum Corporation (up 6.69%), Bharat Petroleum Corporation (up 3.35%) and Indian Oil Corporation (up 2.42%).

In the commodities market, Brent crude futures for November 2019 settlement were trading at $62.61 a barrel. The contract declined 1.13% to settle at $62.39 a barrel in the previous trading session.

Meanwhile, a foreign brokerage has upgraded HPCL, IOC to 'buy' and has maintained 'Neutral' on BPCL as it sees higher refining margin and range-bound crude prices in the medium-term.

Shares of insurance companies were in demand. ICICI Prudential Life Insurance Company (up 3.80%), General Insurance Corporation of India (up 3.48%), SBI Life Insurance Company (up 2.68%), HDFC Life Insurance Company (up 2.46%), and ICICI Lombard General Insurance Company (up 1.8%).

Jubilant Foodworks was down 3.5% to Rs 1379.8 after a foreign brokerage firm downgraded the company from Neutral status to Underperform. The foreign brokerage firm has also reduced the target price to Rs 1200.

Sterlite Technologies (STL) advanced 3.14%. Sterlite Global Venture (Mauritius), a wholly owned subsidiary of Sterlite Technologies (STL), has entered into definitive agreements to acquire a 100% stake in Impact Data Solutions Group. The Group, made up of Impact Data Solutions Limited, UK and its affiliate company, provides network infrastructure solutions to hyper-scale data centres and colocation providers. As part of the transaction, STL has acquired 80% of the shares of the group in the first tranche and the balance 20% will be acquired over the next few years on an earn out model. The announcement was made after market hours yesterday, 25 September 2019.

The Anup Engineering surged 8.35% to Rs 444.25. Abakkus Emerging Opportunities Fund acquired 1 lakh shares of the company on the BSE and another 1.05 lakh shares on the NSE. Both the transactions were struck at Rs 410 per share yesterday, 25 September 2019.

Varun Beverages rose 1.99% to Rs 630.15 after RJ Corp sold 27 lakh shares or 1.48% equity at Rs 630.01 each on BSE. As of 30 June 2019, RJ Corp held 30.56% stake in Varun Beverages.

Cipla rose 0.91%. The drug major announced the launch of Daptomycin for injection, 500mg/vial, single-dose vial, AP-rated generic equivalent of Cubicin for Injection in the United States. According to IQVIA (IMS Health), Cubicin for Injection (daptomycin for injection) had U.S. sales of approximately $606 million for the 12-month period ending June 2019. The product is available for shipping immediately. The announcement was made after market hours yesterday, 25 September 2019.

GlaxoSmithKline Pharmaceuticals dropped 1.42%. The drug maker said that the company has been contacted by regulatory authorities regarding the detection of genotoxic nitrosamine NOMA in ranitidine products. Based on the information received from regulatory authorities, GSK made the decision to suspend the release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets. The announcement was made after market hours yesterday, 25 September 2019.

Cadila Healthcare declined 1.46%. The firm reported that Zydus Cadila has received final approval from the USFDA to market Clobetasol Propionate Lotion, 0.05%. The medication used to treat a variety of skin conditions like eczema, psoriasis, dermatitis,allergies and rash will be manufactured at Ahemdabad, Gujarat.

Dr Reddy's Laboratories was down 0.02%. Media reports suggested that the drug major has won an approval from a Chinese pharmaceutical giant, which also happens to be the world's second largest pharma market, to export a key drug for treating schizophrenia and bipolar disorders in China.

Prime Minister Narendra Modi, in his keynote address at the Bloomberg Global Business Forum in New York on Wednesday, urged the global investors and businesses to invest in India to avail the golden opportunity arising out of its huge market, its huge infrastructure ecosystem and a growing startup ecosystem.

Modi said his government is working towards improving the business environment in the country. He also said that India is planning to invest $1.3 trillion in modern infrastructure as well as lakhs of crores on social infrastructure.

Among other highlights, Modi said corporate tax rate cuts are just the beginning of reform and a lot is yet to come. Climate change is a huge concern and India can become a model for the world to follow. The key to making India a $5 trillion economy is to linking its rules and laws to global standards. The government is working towards making sure that India utilises its demographic capital. Even with automation, there are ways to create jobs. Disaster resilience will soon become a huge market, he added.

Overseas, European shares traded higher while Asian stocks ended mixed on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets.

US stocks rose on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.

Trump reportedly said at the United Nations in New York on Wednesday that a deal between the U.S. and China could come sooner than expected. The two largest economies of the world have attempted to find a deal to end their protracted trade dispute which has lasted for more than a year and rattled financial markets globally.

The market corrected sharply on Wednesday, amid broad based selling pressure. Banks, auto and metals tumbled while most IT shares sailed through the tide. The barometer index, the S&P BSE Sensex, fell 503.62 points or 1.29% to 38,593.52, as per the provisional closing data. The Nifty 50 index fell 148 points or 1.28% to 11,440.20, as per the provisional closing data.

Selling was triggered by the Asian Development Bank (ADB) on Wednesday slashing its growth forecast for India for fiscal 2019-20 to 6.5% from 7% projected in July, following weaker growth in the first quarter due to a slowdown in consumption and investment activities that hit manufacturing and service sectors. It, however, maintained India's 7.2% growth projection for next year, supported by proactive policy interventions.

US political developments and tougher tones from the Washington and Beijing on trade deal also spoiled investors sentiment.

The market breadth was quite weak. On the BSE, 761 shares rose and 1757 shares fell. A total of 127 shares remain unchanged. In Nifty 50 index, 13 stocks advanced and 37 stocks declined.

In the broader markets, the S&P BSE Small-Cap index fell 1.50%. The S&P BSE Mid-Cap index fell 1.76%.

The Nifty opened lower and slipped below 11,550 in morning trade. The 50-unit index hovered around 11,500 and took a support at 11,460 levels. The index extended losses in afternoon session and descended towards 11,430. The Nifty managed to regain 11,440 mark in closing trade.

Among index pivotal, HDFC twins posted significant losses. HDFC tumbled 2.87% while HDFC Bank declined 1.28%.

Power Grid Corporation (up 4.7%), NTPC (up 1.78%), Indian Oil Corporation (up 1.66%) were major gainers for the day.

Tata Motors (down 6.26%), and Eicher Motors (down 4.57%) were major losers for the day.

Banking stocks continued their yesterday's decline after posting sizeable gains recently. The Nifty Bank index shed 3.16% in two sessions from its recent closing high of 30566.20 on Monday, 23 September 2019.

Among private sector banks, RBL Bank (down 4.83%), Yes Bank (down 4.19%), AU Small Finance Bank (down 3.29%), Axis Bank (down 1.36%), ICICI Bank (down 1.28%), Kotak Mahindra Bank (down 0.96%) and IndusInd Bank (down 0.85%) tumbled. The Nifty Private Bank index was down 1.29%.

Among PSU banks, Union Bank of India (down 6.01%), Bank of India (down 6.02%), Canara Bank (down 5.78%), Bank of Baroda (down 5.9%), Punjab National Bank (down 4.31%), Allahabad Bank (down 3.39%), Oriental Bank of Commerce (down 2.97%) and Syndicate Bank (down 2.83%) tumbled.

State Bank of India was down 7.62%. A foreign brokerage firm downgraded the stock to Equal-weight from Overweight and maintained price target at Rs 330.

The S&P BSE Bankex was down 1.96% at 33,379.53. The Bank Nifty index was down 1.98% at 29,585.55.

Auto stocks witnessed heavy selling. Tata Motors (down 6.08%), Ashok Leyland (down 5.85%), TVS Motors Company (down 4.36%), Eicher Motors (down 4.32%), Mahindra and Mahindra (down 4.07%), Hero MotoCorp (down 1.92%) and Bajaj Auto (down 0.4%) tumbled.

The S&P BSE Auto index declined 3.7% to 16,754.80.

Maruti Suzuki India was down 2.82% to Rs 6811.75. The company cut prices on select model by Rs 5000. The models include Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross. The price cut will be effective from 25 September 2019 across the country. The company further stated that the price cut around the festive season will help boost customer sentiment and revive the market to create demand.

Kaveri Seed Company declined 1.32% to Rs 540.15. The company's board has approved buyback of equity shares of up to 28 lakh shares, representing 4.44% of equity shares aggregating to Rs 196 crore on proportionate basis though tender offer route. The buyback price is set at Rs 700 per share. The promoters intend to participate in the proposed share buyback. The announcement was made after market hours yesterday, 24 September 2019.

Bosch dropped 3.73%. Bosch said that the company's board approved in principle the sale and transfer of the Packaging Machinery Business (PA-IN) to a subsidiary (which is being incorporated) of Robert Bosch Packaging Technology GmbH, which in turn is a subsidiary of Robert Bosch GmbH, its holding company. The board has approved the sale of PA-IN business as a going concern and on a slump sale basis for a lump sum consideration of Rs 144.6 crore. The announcement was made after market hours yesterday, 24 September 2019.

63 Moons Technologies was locked in a lower circuit of 5% at Rs 130.75. The Supreme Court has not issued a stay in the Special Leave Petition (SLP) filed by Maharashtra Government and others, challenging the Bombay High Court order quashing attachment of assets of 63 moons technologies under the Maharashtra Protection of Investors Deposits (MPID) Act. The Supreme Court has asked to maintain status quo till the final hearing. Maharashtra Government had sought for stay on the Bombay High Court order, which the Supreme Court has refused. The next hearing in the matter is scheduled for 27 November 2019.

Morepen Laboratories was locked in a lower circuit of 20% at Rs 17.4 after Securities Exchange Board of India (SEBI) prohibited the company from accessing securities market for a period of one year. The above order issued due to perpetration of rules in respect of issuance of Global Depository Receipt.

Overseas, shares in Europe and Asia slipped as traders monitored U.S. political developments. Market focus was largely attuned to news of a bid from Democrats in the U.S. House of Representatives to impeach President Donald Trump.

On the trade front, President Trump told the United Nations General Assembly on Tuesday that he would not accept a 'bad deal' in trade negotiations, while China's top diplomat said Beijing would not be threatened or allow interference in its affairs.

Back in Europe, Brexit uncertainty continues to spook markets. The U.K. Supreme Court has declared the suspension of the British parliament as unlawful, ahead of Brexit, which is stated to take place on 31 October 2019. The British Court has announced British PM Boris Johnson's decision to prologue parliament as illegal.

US stocks fell in volatile trade on Tuesday, as a push for the impeachment of Trump gained momentum among Democrats in the US Congress.

Lawmakers launched an impeachment inquiry into President Donald Trump. U.S. House Speaker Nancy Pelosi announced the inquiry after meeting with key leaders in the House committee and the Democratic leadership team. Tuesday's announcement came after reports about a phone call earlier this year between Trump and Ukraine's leader, Volodymyr Zelensky. The U.S. president allegedly pressured Zelensky to investigate Democratic presidential hopeful Joe Biden's family. Trump said on Tuesday he would release the full transcript of the controversial call.

Benchmark indices posted tiny losses on Tuesday after surging in previous two sessions. Banks and metal stocks witnessed correction after recent rally. IT stocks bounced after steep losses in the past two sessions.

The barometer index, the S&P BSE Sensex, rose 7.11 points or 0.02% to 39,097.14, as per the provisional closing data. The Nifty 50 index fell 12 points or 0.1% to 11,588.20, as per the provisional closing data.

The market breadth was negative. On the BSE, 1183 shares rose and 1365 shares fell. A total of 148 shares remain unchanged. In Nifty 50 index, 22 stocks advanced and 28 stocks declined.

The S&P BSE Small-Cap index rose 0.17%. The S&P BSE Mid-Cap index fell 0.51%.

The Nifty jumped in early trade, but profit booking dragged the index lower in morning trade. It hit the day's low of 11,539.20 in early afternoon trade. The 50-unit index struggled to regain momentum and traded below 11,600 for most part of the session. The Nifty firmed up in late trade and ended a tad below 11,600 mark.

Finance Minister Nirmala Sitharaman on Friday, 20 September, slashed corporate tax rate to 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%. The government will give MAT relief for those opting to continue paying surcharge and cess at 22%. MAT has been reduced to 15% from 18.5% for companies who continue to avail exemptions and incentives. The step has significant positive implications for corporates' profitability, broader economy and market valuations.

IT stocks gained after witnessing selling pressure in last two sessions. The Nifty IT index declined 3.1% in two trading sessions from its previous closing high of 15,522.45 on Thursday, 19 September 2019.

Tata Elxsi (up 6.5%), Hexaware Technologies (up 4.65%), Infosys (up 3.71%), Tech Mahindra (up 3.18%), TCS (up 1.51%), NIIT Technologies (up 1.44%), HCL Technologies (up 1.36%) and Zensar Technologies (up 0.4%) were top gainers in IT segment.

IT major Wipro rose 0.29% to Rs 240.70. The IT major has launched the first phase of noomis, online platform of Febraban, to help financial services organisations to collaborate and share information. Febraban is an industry association that represents the financial services sector in Brazil. It also organizes CIAB, an information technology trade show for financial services in Latin America. The announcement was made after market hours yesterday, 23 September 2019.

The S&P BSE IT index was up 2.23% at 15,402.96. The Nifty IT index was up 1.98% at 15,338.90.

The S&P BSE Metal tumbled 1.7% and the S&P BSE Bankex fell 1.25% amid profit selling.

Reliance Industries rose 3.29% on media reports that a foreign brokerage house maintained its 'overweight' call with a target price of Rs 1,469 per share today, 24 September 2019. The firm has stated that investor's confidence is increasing the firm's earnings; while lower taxes and cheaper gas feed costs would lower the outlook risk.

Maruti Suzuki India rose 1.79% to Rs 7022.9 after the company's chairman R.C. Bhargava told the media on Monday, 23 September 2019, that the firm expects higher car sales in September. The company's chairman R.C. Bhargava was quoted by the media on Monday, 23 September 2019, that Maruti Suzuki India expects sales of its cars in September to be higher than the previous month as the uncertainty around the goods and services tax (GST) rate cut is over. Bhargava told the media that the booking levels have gone up substantially compared to last month, and the expectation is that the 29th and 30th of September will probably witness very high retail sales, he reportedly added. The festive season in India that typically starts in end-September and lasts till October usually sees an uptick in auto sales.

Retail major, Trent was up 1.47% after the company informed that it has acquired 51% share in Booker India for a sum of Rs 22 crore. Booker India operates in 6 stores and the acquisition will help Trent in business expansion.

Shares of Trent hit an intraday high of Rs 523.20 which is also a 52-week high for the counter.

Multi Commodity Exchange of India (MCX) surged 5.82% to Rs 991.50 after a foreign brokerage firm reportedly upgraded the stock to 'overweight' from 'equal-weight' with a price target of Rs 1260 in the next 12 months. The stock hit an intraday of Rs 1030.50 which is also a 52-week high for the counter.

Manappuram Finance gained 1.83%. The board of directors of Manappuram Finance approved the issuance of the Private Placement of Rated, Secured, Redeemable Non-Convertible Debentures having face value of Rs 10 lakh each for the amount of Rs 215 crore with an option to retain over subscription up to Rs 250 crore aggregating to Rs 465 crore. The announcement was made after market hours yesterday, 23 September 2019.

Biocon was trading 0.38% lower at Rs 224.55. The company announced that its subsidiary, Biocon Biologics, has acquired R&D capital assets from Pfizer Healthcare India, The biologics research facility is located at TICEL Bio Park in Chennai. The facility will have a research and innovation centre, a well equipped cell line development and drug substance process development bioreactors. The facility is expected to be operational in few months.

Thomas Cook (India) fell 2.51% to Rs 149.80, extending yesterday's 1.82% decline. Media reported that the Ministry of Corporate Affairs (MCA) is probing Thomas Cook (India) in relation to a 'suspicious' money transaction with a Delhi-based forex trader, Aarush Forex. The ministry's Western Regional Director has commenced inspection of the world's oldest travel firm. The company, however, clarified that the media reports are factually incorrect. The company said that it has not received intimation from the Ministry of Corporate Affairs and have no existing relationship with Aarush Forex. Investors also panicked after UK travel giant Thomas Cook declared for bankruptcy. Following the news, Thomas Cook (India) clarified to the bourses that it is a completely separate entity from Thomas Cook UK post acquisition in 2012 by Canada based Fairfax Financial Holdings. The media updates on Thomas Cook UK have no correlation and hence no impact on Thomas Cook India.

Overseas, shares in Europe and Asia edged higher as traders monitor the latest U.S.-China trade developments. US Treasury Secretary Steven Mnuchin reportedly said US-China trade talks will resume in early October.

U.S. stocks closed mixed, but largely unchanged Monday after investors weighed downbeat data on eurozone manufacturing activity.

In eurozone, manufacturing activity contracted more sharply in September, posting its worst reading in nearly seven years. The flash eurozone manufacturing purchasing managers index (PMI) fell to 45.6 in September, down from 47 in August.

Domestic stock market added to the historic gains made on Friday after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates. The surprise decision by the government is seen boosting corporate earnings significantly.

The barometer index, the S&P BSE Sensex, rose 1075.41 points or 2.83% to 39,090.03, as per the provisional closing data. The Nifty 50 index rose 329.20 points or 2.92% to 11,603.40, as per the provisional closing data.

The market breadth favoured the bulls. On the BSE, 1630 shares rose and 978 shares fell. A total of 186 shares remain unchanged. The S&P BSE Small-Cap index rose 2.73%. The S&P BSE Mid-Cap index rose 3.08%.

The Nifty saw gap-up opening near 11,542 amid strong sentiment. The 50-unit index pared gains in morning trade, but picked up steam once again and hit fresh intraday high above 11,680 in the afternoon trade. Profit booking at higher levels pulled the index lower, but Nifty managed to close above 11,600 mark.

Sitharaman on Friday, 20 September, slashed corporate tax rate to 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%. The government will give MAT relief for those opting to continue paying surcharge and cess at 22%. MAT has been reduced to 15% from 18.5% for companies who continue to avail exemptions and incentives. The step has significant positive implications for corporates' profitability, broader economy and market valuations.

Shares of hotel and hospitality companies advanced after reduction in the rate of Goods and Services Tax (GST) on hotel accommodation service. Taj GVK Hotels & Resorts (up 19.98%), Lemon Tree Hotels (up 11.71%), EIH (up 8.17%), Indian Hotels Company (up 7.93%), Oriental Hotels (up 4.55%) and Hotel Leela Venture (up 2.56%) surged higher.

The GST Council on Friday, 20 September 2019, decided to lower GST rates on hotel tariff and outdoor catering, giving a boost to the hospitality sector. On the hotel tariffs front, daily room tariff beyond Rs 7,500 per day will attract GST at the rate of 18% as against existing 28%. Room tariff between Rs 1,000 and Rs 7,500 will continue to attract 12% GST. There will be no GST on room tariff up to Rs 1,000. The GST Council has also decided to slash the rate on outdoor catering to 5% from 18%. However, no input tax credit (ITC) will be available to them.

Bank stocks surged. Among private banks, ICICI Bank (up 7.68%), IndusInd Bank (up 7.18%), Kotak Mahindra Bank (up 7.06%), Axis Bank (up 6.19%), AU Small Finance Bank (up 5.41%), HDFC Bank (up 5.32%) and RBL Bank (up 4.45%) surged higher. The Nifty Private Bank index was up 5.99% at 17,011.55.

Among PSU banks, Bank of India (up 4.52%), State Bank of India (up 3.65%), Allahabad Bank (up 2.76%), Syndicate Bank (up 2.17%), Punjab National Bank (up 1.98%), Oriental Bank of Commerce (up 1.31%) and Bank of Baroda (up 0.9%) and surged. The Nifty PSU Bank index was up 2.39% at 2,583.20.

The S&P BSE Bankex was up 5.8% at 34,517.55. The Nifty Bank index was up 5.36% at 30,039.40.

Banks, which are at the top end of the tax bracket, are expected to be the immediate beneficiaries of the corporate tax cut.

As on 31 March 2019, State Bank of India paid a hefty corporate tax of 46.36% while Bank of Baroda paid 37.90%.

Among private sector banks, HDFC Bank paid corporate tax of 34.54%, Kotak Mahindra Bank paid 34.13%, IndusInd Bank paid 33.72% and Axis Bank paid 32.94% in the year that ended in March 2019.

Engineering and construction major Larsen & Toubro (L&T) advanced 8.11% after the company reported that the smart world and communication (SW&C) and power transmission & distribution (PT&D) businesses of L&T Construction jointly commenced executing one of the largest communication network in India for Telangana Fibre Grid Corporation. The order falls under significant category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. The announcement was made during market hours today, 23 September 2019.

Petronet LNG lost 5.7%. The firm reported that it has signed a Non-binding Memorandum of Understanding (MOU) with Tellurian Inc. on 21 September 2019 at Houston, USA wherein the company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment. The announcement was made yesterday, 22 September 2019.

Reliance Capital slumped 7.18% to Rs 29.10 after credit rating agency, CARE ratings downgraded the company's ratings on long term debt program and market linked debentures to CARE D based on the delay in payment of interest by one day.

Biocon fell 1.25%. The biotech firm said it received eight observations from the US drug regulator.

Dr Reddy's Laboratories fell 1.86% to Rs 2776 after media reports suggested that the company has halted worldwide supply of Ranitidine until the outcome of a US FDA investigation becomes available. Ranitidine is an over-the-counter (OTC) and prescription drug which decreases the amount of acid created by the stomach.

On the political front, Prime Minister Narendra Modi and US President Donald Trump exchanged warm words of friendship in Texas at a rare mass rally for a foreign leader. Around 50,000 people gathered on Sunday, 22 September 2019, in Houston for the Howdy, Modi! event, which was billed as one of the largest ever receptions of a foreign leader in the US.

In his speech, Modi said India has a true friend in the White House, describing Trump as warm, friendly, accessible, energetic and full of wit. Meanwhile, Trump used his speech to heap praise on Modi, who he said was doing a truly exceptional job for India and its people.

Overseas, European stocks declined as investors reacted to weaker-than-expected economic data and the collapse of one of the world's most well-known British tour operator Thomas Cook.

Surveys of purchasing managers from France, Germany, and the euro zone came in weaker than expected. German private sector activity shrank for the first time in six-and-a-half years in September, as a manufacturing recession deepened unexpectedly and growth in the service sector lost momentum.

Asian shares ended mixed on Monday amid hopes of an interim Sino-US tariff deal after the two countries described their talks as productive and constructive.

U.S. stocks closed lower Friday, as investors looked beyond a litany of central-bank decisions of the past week and focused on the state of China-U.S. trade talks.

Domestic shares surged on Friday after the government slashed the corporate tax rate to boost economic growth. The rally was led by banks, auto and metal stocks. The Nifty closed above 11,200 level for the first time since 26 July 2019.

Investors are keenly awaiting outcome of the 37th meeting of the Goods and Services Tax (GST) Council, which was scheduled to take place in Goa today.

The barometer index, the S&P BSE Sensex, rose 1921.15 points or 5.32% to 38,014.62, as per the provisional closing data. The Nifty 50 index rose 569.40 points or 5.32% to 11,274.20, as per the provisional closing data.

The market breadth favoured the bulls. On the BSE, 1862 shares rose and 730 shares fell. A total of 144 shares remain unchanged. The S&P BSE Small-Cap index rose 6.28%. The S&P BSE Mid-Cap index rose 3.94%.

In a press conference held in Goa today, the Finance Minister Nirmala Sitharaman announced a slew of measures in order to reduce the prevailing taxation rates in the country. The FM said that the new corporate tax rate will be 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%, the FM added.

FM also announced that effective tax for new companies shall be 17.01%, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.

FM further added that the Government will give MAT relief for those opting to continue paying surcharge and cess at 22%. MAT has been reduced to 15% from 18.5% for companies who continue to avail exemptions and incentives.

The government has also decided to not levy enhanced surcharge introduced in Budget on capital gain arising from sale of equity shares in a company liable for securities transaction tax (STT). To stabilise flow of funds into the capital market, enhanced surcharge under Finance (No.2) Act, 2019 will not apply on capital gains arising on sale of equity share in a company or a unit of an equity oriented fund or a unit of a business trust liable for STT. Higher surcharge will also not apply on capital gains on sale of security including derivatives held by foreign portfolio investors (FPIs). Listed companies that have announced buyback before 5 July 2019, tax on buyback of shares will not be charged.

Total revenue foregone for the reduction of taxes and other reliefs is estimated to be at Rs 1.45 lakh crore per year.

The government has decided to expand the scope of spending 2% profits on corporate social responsibility (CSR) to allow spending on incubators or research grants to institutes engaged in promoting science research.

Private sector banks rallied. RBL Bank (up 15.91%), IndusInd Bank (up 10.65%), HDFC Bank (up 8.73%), ICICI Bank (up 7.28%), Kotak Mahindra Bank (up 5.89%) and Yes Bank (up 2.95%) advanced.

The Nifty Private Bank index soared 8.27% at 16,050.75.

Axis Bank soared 6.65%. The bank informed about opening of the qualified institutions placement of equity shares of face value of Rs 2 each to qualified institutional buyers (QIB). The floor price in respect of the issue is Rs 661.50 per equity share. The announcement was made after market hours yesterday, 19 September 2019.

PSU Bank stocks posted strong gains. State Bank of India (up 10.20%), Oriental Bank of Commerce (up 9.08%), Bank of India (up 8.29%), Union Bank of India (up 6.76%), Bank of Baroda (up 6.03%), Punjab National Bank (up 5.81%), Syndicate Bank (up 3.93%) and Allahabad Bank (up 2.31%) advanced.

The Nifty PSU Bank index surged 6.94% at 2,522.85.

Auto stocks witnessed strong buying support. Ashok Leyland (up 20.05%), Eicher Motors (up 13.53%), TVS Motors Company (up 13.05%), Hero MotoCorp (up 12.41%), Maruti Suzuki India (up 10.64%), Mahindra and Mahindra (up 10.13%), Tata Motors (up 7.97%) and Bajaj Auto (up 6.63%) advanced. The S&P BSE Auto was up 9.73% at 17,060.81.

Metal stocks traded higher. Steel Authority of India (up 8.63%), Vedanta (up 7.92%), Jindal Steel & Power (up 7.87%), Tata Steel (up 7.32%), National Aluminium Company (up 4.7%), Hindustan Copper (up 4.53%), NMDC (up 3.21%), Hindustan Zinc (up 3.33%) and Hindalco Industries (up 2.99%) advanced.

The S&P BSE Metal was up 5.86% at 9,317.86.

IT shares lagged the broader rally as rupee edged higher against the greenback. Infosys (down 1.57%), TCS (down 1.53%) and Tech Mahindra (down 0.54%) declined.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.07, compared with its close of 71.34 during the previous trading session.

Zee Entertainment Enterprises (ZEE) tumbled 2.77% to Rs 300.25 today. Media reports suggested that a Delhi High Court-appointed arbitrator asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in ZEE till next month in an ongoing dispute with Indiabulls Housing Finance over default in repayment of loans worth Rs 200 crore. Reports further added that promoters of the Essel Group, which owns ZEE, had entered into an agreement with mutual funds, getting time till 30 September to repay debt. This agreement prevented the funds from selling the shares held as collateral.

Overseas, most European stocks declined Friday. In UK, investors keenly await the ruling from the Supreme Court judgement to be released sometime next week, to understand the potential outcome for Brexit. The British Supreme Court's 11- membered judge's panel have also been tasked to adjudicate whether the government had acted lawfully in suspending the Parliament on being challenged by the opposition parties.

The Eurozone Consumer Confidence data for the month of September will be available at about 3:00 PM London time.

Asian stocks ended higher on Friday as economic stimulus around the world eased fears of economic deceleration. On the trade front, Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute.

U.S. stocks closed near unchanged Thursday, giving up early gains scored following better-than-expected housing and manufacturing data a day after the second interest rate cut of 2019 by the Federal Reserve.

The market declined sharply on Thursday, with banking and IT stocks leading the decline. Banks stocks tumbled due of weekly expiry of Bank Nifty options. Continuous selling by foreign portfolio investors hurt trading sentiment.

The US Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The Fed, however, appeared divided on further action for the year.

The Bank of Japan (BoJ) kept monetary policy steady on Thursday. In an expected move, the BoJ maintained its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%.

Back home, the barometer index, the S&P BSE Sensex, fell 470.41 points or 1.29% to 36,093.47, as per the provisional closing data. The Nifty 50 index fell 143.90 points or 1.33% to 10,696.75, as per the provisional closing data.

The Nifty slipped below 10,800 level in morning trade and extended losses as the session progressed. The index slipped below 10,700 in afternoon trade. A minor bargain hunting in the final half hour of trade pushed the Nifty above 10,700 mark.

The market breadth was weak. On the BSE, 730 shares rose and 1777 shares fell. A total of 121 shares remain unchanged. The S&P BSE Small-Cap index fell 1.48%. The S&P BSE Mid-Cap index fell 1.15%.

Among index pivotals, Reliance Industries (down 2.28%) and TCS (down 1.98%) declined.

Tata Motors (up 1.97%), UPL (up 0.98%) and Bharti Airtel (up 0.77%) bucked weak market trend.

Yes Bank (down 15.21%), Tata Steel (down 3.7%), IndusInd Bank (down 3.49%) and ICICI Bank (down 2.93%) were top losers for the day.

Zee Entertainment Enterprises (ZEE) fell 7.84% to Rs 310.50 on media reports that a Delhi High Court-appointed arbitrator asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in ZEE till next month in an ongoing dispute with Indiabulls Housing Finance over default in repayment of loans worth Rs 200 crore.

Reports further added that promoters of the Essel Group, which owns ZEE, had entered into an agreement with mutual funds, getting time till 30 September to repay debt. This agreement prevented the funds from selling the shares held as collateral.

Nalco rose 0.79% to Rs 44.90 after the company announced a record 115% dividend payout amounting to Rs 1,072.73 crore for 2018-19. National Aluminium Company (Nalco) declared a record dividend payout of Rs 1072.73 crore, an increase from 114% in 2017-18 to 115% in 2018-19, which works out to Rs 5.75 per equity share of Rs 5 each. This is the highest dividend payout since the inception of the company in 1981. Dividend including the applicable dividend distribution tax works out to a payout of 74.65% of the PAT against 98.81% of previous financial year.

Drug major Lupin was down 2.3% after the company received a warning letter from the USFDA for its Mandideep (Unit-1) facility. The company assured that there are no pending approvals on Mandideep facility and thus the warning letter will not have an impact on existing revenues and operations of the facility. Furthermore, the company assured that it is working on resolving the issues raised by USFDA at the earliest.

State-run NTPC fell 0.65%. Media reports surfaced that NTPC plans to build the world's largest single-location solar plant of 5,000 MW capacity with an investment of about Rs 25,000 crore in Gujarat's Kutch district by 2024. The plant will have a 32000 MW of renewable capacity by 2024.

IIFL Wealth Management hit an upper circuit limit of 5% at Rs 1260 on the BSE after listing on bourses today, 19 September 2019. The stock opened at Rs 1200 per share, which is also its intraday low. The counter clocked volume of 36,000 shares. IIFL Wealth Management, the demerged entity of IIFL Finance (formerly known as IIFL Holdings), is the first standalone wealth management company to list in India. In March 2019, the National Company Law Tribunal (NCLT) approved the demerger of the IIFL Group. As per demerger scheme, the owner of seven shares of IIFL Finance were eligible to receive seven shares of IIFL Finance, seven shares of IIFL Securities and one share of IIFL Wealth once the spin-off companies got listed.

Reliance Nippon Life Asset Management was down 1.01% while Reliance Capital was down 3.28%. Reliance Capital clarified that no pledged shares of Reliance Nippon Life Asset Management have been invoked. Furthermore, the company also assured that borrowings covered under the pledged Reliance Nippon Life Asset Management shares are matched by cash amounting to approximate Rs 1600 crore lying in escrow under tripartite agreements signed between the parties.

Gruh Finance was down 1.35% while Bandhan Bank was up 0.46%. Gruh Finance announced that National Company Law Tribunal, Ahmedabad bench passed and sanctioned the amalgamation of Gruh Finance with Bandhan Bank. The company further stated that the approval of scheme is now pending with National Company Law Tribunal, Kolkata Bench. The Scheme will become effective upon the filing of the orders passed by both Benches.

NMDC declined 3.23% on reports that the company reduced lumps and fine prices by Rs 200 per tonne each. According to media reports, the state-owned iron ore mining company cut price of lumps by Rs 200 per tonne to Rs 2,700 per tonne. It reduced price of fines by Rs 200 per tonne to Rs 2,460 per tonne.

Overseas, European markets advanced as investors keenly look forward to Bank of England's (BoE) policy meeting, which is expected to hold discussions on interest rates, ahead of Britain's exit from the European Union.

Asian markets closed mixed on Thursday, after the US Federal Reserve signalled a doubt over further easings, while the Bank of Japan also held off from offering more stimulus as some had expected.

U.S. stocks ended mixed Wednesday. The Fed announced it would cut the benchmark federal funds rate a quarter percentage point to a range of 1.75% to 2% on Wednesday, but said in an accompanying statement that sustained expansion of economic activity, strong labor market conditions, and inflation near the committee's symmetric 2% objective are the most likely outcomes.

The Fed also released a survey of Fed Board members and regional Fed bank presidents, which showed that the median respondent believes the Fed funds rate would be at present levels through the end of 2020.