At 12:26 IST, the barometer index, the S&P BSE Sensex, surged 521.33 points or 1.31% at 40,400.63. The Nifty 50 index rallied 142.4 points or 1.21% at 11,881.05.
In the broader market, the S&P BSE Mid-Cap index was up 0.27% while the S&P BSE Small-Cap index rose 0.2%. Both these indices underperformed the Sensex.
The market breadth was positive. On the BSE, 1266 shares rose and 1186 shares fell. A total of 146 shares were unchanged.
COVID-19 Update:
India reported 902,425 active cases of COVID-19 infection and 105,526 deaths while 5,827,704 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 36,077,017 with 1,054,674 deaths.
Derivatives:
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.41% to 20.545. The Nifty October 2020 futures were trading at 11,878.05, almost at par with the spot at 11,878.10.
The Nifty option chain for 8 October 2020 expiry showed maximum call open interest (OI) of 75.70 lakh contracts at the 11,900 strike price. Maximum put OI of 79.60 lakh contracts was seen at 11,800 strike price.
The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 20 lakh contracts at the 12,000 strike price. Maximum Put OI of 34.82 lakh contracts was seen at 10,500 strike price.
Buzzing Index:
The Nifty Auto index slipped 0.32% to 8,143.70. The index had surged 3.31% in the past four days.
Eicher Motors (down 2.49%), Ashok Leyland (down 1.44%), Bajaj Auto Ltd (down 0.42%), Tata Motors (down 0.39%) and TVS Motor Company (down 0.28%) were major losers.
The auto body FADA said that vehicle registrations in September continued to grow by 11.45% on month on month basis but fell by 10.24% on year on year.
It further added with social distancing as the new normal, the government's push to open urban areas and easing of vehicle financing, entry level passenger vehicles saw good demand. Tractor sales in rural India continues its positive run as Kharif sowing witnessed record progress of area covered till date.
Stocks in Spotlight:
PVR was up 0.46%. Credit ratings agency CRISIL had reaffirmed its rating on the long-term bank facilities and non-convertible debentures of the multiplex chain operator at 'CRISIL AA'. The ratings agency had removed the ratings from 'Rating Watch with Negative Implications' and assigned 'Negative' outlook on the same. CRISIL has also assigned its 'CRISIL PP-MLD AAr/Negative' rating to Rs 50 crore long-term principal protected market linked debentures (MLDs) of PVR.
Titan Company fell 1.31% to Rs 1,236.75 after the company and Montblanc mutually agreed to end their joint venture partnership in India. In accordance with the joint venture agreement, the partnership will end in December 2020. The decision enables Montblanc to become a wholly owned subsidiary in the country.
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