As per the provisional closing data, the barometer index, the S&P BSE Sensex, declined 410.28 points or 0.68% to close at 59,667.60. The Nifty 50 index ended 106.5 points or 0.6% lower at 17,748.60.
The sell off was wide spread. The S&P BSE Mid-Cap index was down 0.71% while the S&P BSE Small-Cap index fell 0.62%.
The market breadth was negative. On the BSE, 1512 shares rose and 1743 shares fell. A total of 170 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 232,316,272 with 4,756,251 deaths. India reported 292,206 active cases of COVID-19 infection and 447,373 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
In the last 24 hours, India reported 18,795 new cases. The country posted less than 20,000 cases after 201 days. Active cases account for less than 1% of total cases, currently at 0.87%; Lowest since March 2020. India's Active caseload stands at 2,92,206; lowest in 192 days.
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Stocks in Spotlight:
Gujarat State Fertilizers & Chemicals (GSFC) jumped 3.27% after the Central Board of Indirect Taxes and Customs (CBIC) proposed anti-dumping duty for caprolactam. GSFC had filed an application before the designated authority in accordance with Customs Tariff Act, 1975 for initiation of anti-dumping investigation concerning imports of "caprolactam" originating in or exported from European Union, Korea RP, Russia and Thailand. The authority, on the basis of prima facie evidence submitted by GSFC, initiated the investigation and recommended an anti-dumping duty.
Paisalo Digital gained 1.43% after the State Bank of India signed a service level agreement with the company for engagement as National Business Correspondent of the bank. Business correspondents are retail agents engaged by banks for providing banking services at various locations. They enable a bank to expand its outreach and offer range of banking services at low cost, as against setting up a brick and mortar branch which may not be viable in all cases.
Websol Energy System jumped 8.34% after its solar module received MNRE approval. he approval has been granted under the list of "Approved Module Manufacturer (ALMM) issued by the Government of India". The company has also received approval of its module from Bureau of Indian Standards (BIS) and IEC 61215.
Bharat Heavy Electricals (BHEL) surged 6.85% after the company won an order from Goa Shipyard for supplying upgraded super rapid gun mount (SRGM).
Anupam Rasayan India added nearly 1% after the company announced the signing of a Letter of Intent (LoI) worth Rs 145 crore with existing long-term European multinational customer. The European multinational firm is one of the top ten multinational company across the globe, the company said. The LoI is for supplying a new life science related active ingredient. The company will enter into a long-term contract for next three years to supply this life science related speciality chemical product.
Whirlpool of India rose 0.9% after the company said it entered into agreements to acquire majority stake of Elica PB India. Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018. It will now acquire an additional 38% equity interest for $57 million to bring its total equity ownership to about 87%.
NTPC rose 3.58% to Rs 131.5 after the company won 1.9 gigawatt (GW) in the auction of CPSU Scheme-II, Tranche-III of 5 GW.
Sun Pharmaceutical Industries gained 3.4%. The drug company announced the launch of a novel formulation in cough management - Chericof 12 (dextromethorphan hydrobromide 30 mg and chlorpheniramine maleate 4 mg) in India. All cough syrups generally give relief for 6-8 hours, and hence a patient has to take it three to four times a day. Frequent dosing often leads to patient inconvenience and non-adherence to follow the regimen, which may compromise the efficacy of the medication.
Global Markets:
Shares in Europe declined while most Asian stocks closed lower on Tuesday, as global investors monitored a spike in U.S. bond yields and Chinese growth concerns.
China is in the grip of a power crunch as a shortage of coal supplies, toughening emissions standards and strong demand from manufacturers and industry have pushed coal prices to record highs and triggered widespread curbs on usage.
Meanwhile, investors are still waiting to find out what will happen to troubled Chinese conglomerate Evergrande and its enormous mountain of debt.
European markets continued to digest the fallout of the German election on Tuesday after the vote on Sunday resulted in more uncertainty for the country. The center-left Social Democratic Party (SPD) gained the largest share of the vote with 25.7% by a slim margin, with Angela Merkel's right-leaning bloc of the Christian Democratic Union and Christian Social Union gaining 24.1% of the vote.
On the data front, German consumer morale for October has brightened unexpectedly, according to the GfK institute's consumer sentiment index, published Tuesday. The survey of around 2,000 Germans climbed to 0.3 points from a revised -1.1 points for September.
US stocks closed mixed Friday as the market fell back under pressure amid concerns relating to China, COVID-19 and U.S. politics.
Eyes will also be on U.S. fiscal policy with the House of Representatives due to vote on a $1 trillion infrastructure bill this week, while a September 30 deadline on funding federal agencies could force the second partial government shutdown in three years.
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