The broader market extended gains for second trading session. The S&P BSE Mid-Cap index was up 1.76% while the S&P BSE Small-Cap index was up 2.09%.
The market breadth was strong. On the BSE, 1753 shares rose and 551 shares fell. A total of 135 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,080.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,070.63 crore in the Indian equity market on 25 September, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 32,994,213 with 996,682 deaths. India reported 9,62,640 active cases of COVID-19 infection and 95,542 deaths while 50,16,520 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
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President Ram Nath Kovind on Sunday gave assent to three farm bills recently passed by the parliament. The bills are Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 and the Essential Commodities (Amendment) bill, 2020. The act is aimed at transforming agriculture in the country and raising farmers' income.
The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 permits the electronic trading of farmers' produce and allows setting up of transaction platforms for facilitating direct online buying and selling of farm products.
The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 provides for a farming agreement prior to the production or rearing of any farm produce. A guaranteed price to be paid for the purchase of farming produce will be mentioned in such agreements.
The Essential Commodities (Amendment) Act, 2020 allows the central government to regulate the supply of certain food items only under extraordinary circumstances such as war and famine.
Meanwhile, National Cooperative Development Corporation (NCDC) has sanctioned the first installment funds of Rs 19,444 crore to Chhattisgarh, Haryana and Telangana for Kharif paddy procurement under minimum support price operations. Chhattisgarh gets the highest amount to the tune of Rs 9,000 crore. Telangana has been sanctioned Rs 5,500 crore and Haryana Rs 5,444 crore.
The Agriculture Ministry said this proactive step by NCDC during the COVID pandemic will give the much needed financial support to farmers of these three states who account for nearly 75% of production of paddy in the country.
Buzzing Index:
The Nifty Auto index added 2.52% to 7,862.50. The index has gained 6% in two sessions.
Tata Motors (up 4.79%), TVS Motor Company (up 3.45%), Maruti Suzuki India (up 3.01%), Eicher Motors (up 2.71%) and Mahindra & Mahindra (up 1.83%) and Hero MotoCorp (up 1.1%) advanced.
Global Markets:
Asian stocks were trading higher. China's industrial profits rose 19.1% in August, the country's National Bureau of Statistics announced over the weekend. Chinese economic data has been watched by investors for signs of the country's continued recovery from the coronavirus pandemic.
Investors will focus on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.
In US, stock indexes closed higher after a choppy session Friday, as tech shares clawed back some of their big September declines. The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56.
Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. Novavax shares jumped nearly 11% after the company said Thursday it has started a final-stage study of its experimental COVID-19 vaccine in the U.K.
Cruise operators also contributed to Friday's gains. Carnival Corp, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively.
Meanwhile, House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend.
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