At 11:29 IST, the barometer index, the S&P BSE Sensex, fell 20.2 points or 0.05% at 37,961.83. The Nifty 50 index was down 8.45 points or 0.07% at 11,219.55.
Bharti Airtel (down 2.20%), Axis Bank (down 2.08%), ICICI Bank (down 1.98%) and ITC (down 1.7%) put pressure on the indices.
Selling was broad based. The S&P BSE Mid-Cap index was down 0.31% while the S&P BSE Small-Cap index slipped 0.33%.
The market breadth was negative. On the BSE, 894 shares rose and 1292 shares fell. A total of 145 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 28 September, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 33,353,615 with 10,01,646 deaths. India reported 9,47,576 active cases of COVID-19 infection and 96,318 deaths while 51,01,397 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Unlock 5.0:
The media reported that restaurants, bars and eatery outlets in Maharashtra will be allowed to re-start operations from the first week of October. Hotels, bars and restaurants have been surviving on home deliveries due to the covid-19 lockdown.
Economy:
Ratings agency ICRA after market hours on Monday revised its forecast for the contraction in the gross domestic product (GDP) for FY 2020-21 to -11% from -9.5% as fresh Covid-19 infections remaining elevated at the end of the second quarter. The rating agency however retained its earlier forecast of a 12.4% contraction in GDP in the second quarter
Buzzing Segment:
Shares of defence stocks were in demand after the Defence Acquisition Council (DAC) approved proposals for capital acquisition of various equipment required by the Indian Armed Forces at an approximate cost of Rs 2,290 crore. These include procurement from domestic industry as well as foreign vendors. Under the buy Indian category, the DAC approved procurement of Static HF Tans-receiver sets and Smart Anti Airfield Weapon.
Premier Explosives (up 5%), Bharat Dynamics (up 2.47%), Astra Microwave Products (up 1.43%) and Hindustan Aeronautics (up 0.84%) advanced.
Global Markets:
Asian stocks were trading higher on Tuesday. Logistics firm ZTO Express soared in its Hong Kong debut. The firm is the latest U.S.-listed Chinese company to debut in the city.
Investors will remain cautious ahead of the first U.S. presidential debate set to take place later on Tuesday, and as lawmakers continue sporadic efforts to cobble together additional economic stimulus. U.S. consumer confidence and home price data is also due on Tuesday.
In US, Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
U.S. House of Representatives Speaker Nancy Pelosi reportedly said that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue, suggesting a possible progress to end the stalemate.
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