Local stocks opened on a strong note on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 452.66 points or 1.19% at 38,520.59. The Nifty 50 index was up 125.80 points or 1.16% at 11,373.35.
The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 1.06%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1233 shares rose and 329 shares fell. A total of 69 shares were unchanged.
The Ministry of Home Affairs (MHA), on September 30, announced the Unlock 5.0 guidelines, further relaxing curbs on activities outside of containment zones. Under this set of guidelines, cinemas, theatres, multiplexes have been permitted to open with 50% seating from October 15.
The output for India's eight core industries contracted for the sixth straight month, dropping 8.5% in August 2020, government data released on Wednesday showed.
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Reliance Industries (RIL) rose 0.77%. RIL and Reliance Retail Ventures (RRVL) announced that co-investors of Silver Lake will invest an additional Rs 1,875 crore into RRVL, a subsidiary of RIL. This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13% equity stake in RRVL on a fully diluted basis. This latest investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.
Lupin rose 0.69%. Natco Pharma gained 1.03%. Lupin announced yesterday the launch of Lapatinib Tablets, 250 mg, after Lupin's alliance partner Natco Pharma received final approval for its ANDA from the United States Food and Drug Administration (U.S. FDA). Lapatinib Tablets, 250 mg, are the generic equivalent of Tykerb Tablets, 250 mg, of Novartis Pharmaceutical Corporation.
Bank of Baroda advanced 2.44%. The bank's wholly owned nonfunctional subsidiary at UK viz. BOB (UK) has been dissolved at Company House, UK with effect from 22nd September 2020. As on date, Bank has a wholesale branch and a wholly owned retail subsidiary viz. Bank of Baroda (UK) in UK.
Neuland Laboratories gained 2.09%. The company has raised the first commercial invoice from Block 4 of its Unit III, situated at Gaddapotharam, Jinnaram Mandai, Sanga Reddy District, on September 29, 2020. Unit III is a multi-product facility and has five production blocks for advance intermediates and API manufacturing.
KEC International rose 2.13% after the company bagged fresh orders worth Rs 1033 crore across its various business.
Global Markets:
Overseas, Asian equities are trading higher tracking overnight gains in U.S. stocks. Markets in China, Hong Kong, South Korea and Taiwan are closed on Thursday for holidays. Japan's Tokyo Stock Exchange suspended trading on Thursday due to a technical issue.
On the economic data front, the headline large manufacturers index in the Bank of Japan's quarterly tankan business sentiment survey came in at minus 27. Still, that was better than the minus 34 reading in June.
In US, stocks climbed in volatile trading on Wednesday amid rising hopes for further coronavirus stimulus.
Stocks cut gains in the final hour of trading after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal. The pair will continue talks as they try to craft a fifth package that could pass both chambers of Congress. The market soared earlier in the session after Mnuchin said lawmakers were giving the bill a serious try.
Meanwhile, Moderna's experimental Covid-19 vaccine appears safe and shows signs of working in older adults, according to study results published in the New England Journal of Medicine. However, as per reports Moderna's vaccine won't be ready before the November election.
Sentiment was helped by better-than-expected economic data. ADP's monthly private-sector jobs count showed growth of 749,000 in September. Meanwhile, pending home sales soared 8.8% in August, marking its highest pace on record, according to the National Association of Realtors survey.
The US economy plunged at a record rate in the spring. The Commerce Department reported Wednesday that the gross domestic product, the economy's total output of goods and services, fell at a rate of 31.4% in the April-June quarter, only slightly changed from the 31.7% drop estimated one month ago.
Back home, key equity indices ended with small gains after a volatile trading session. The barometer index, the S&P BSE Sensex, climbed 94.71 points or 0.25% at 38,067.93. The index fell 145.11 points at the day's low of 37,828.11 in morning trade. It jumped 263.12 points at the day's high of 38,236.34 in mid-afternoon trade.
Foreign portfolio investors (FPIs) sold shares worth Rs 712.48 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 409.47 crore in the Indian equity market on 30 September, provisional data showed.
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