At 11:26 IST, the barometer index, the S&P BSE Sensex, added 178.70 points or 0.47% at 38,242.05. The Nifty 50 index was up 67.3 points or 0.6% at 11,314.10.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 0.83% while the S&P BSE Small-Cap index rallied 1.1%.
The market breadth was strong. On the BSE, 1588 shares rose and 807 shares fell. A total of 154 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,881,858 with 7,74,053 deaths. India reported 6,73,166 active cases of COVID-19 infection and 51,797 deaths while 19,77,779 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
Also Read
The Nifty Metal index gained 0.83% to 2,484.80. The index has gained 5.5% in four days.
National Aluminium Company (up 2.24%), Steel Authority of India (up 1.41%), Hindustan Zinc (up 1.28%), Hindalco Industries (up 0.91%), Coal India (up 0.63%), Tata Steel (up 0.48%), JSW Steel (up 0.48%) and Jindal Steel & Power (up 0.29%) were top gainers in metal space.
Stocks in Spotlight:
Ashok Leyland (up 3.27%), Aurobindo Pharma (down 0.23%), Bata India (up 0.68%), BHEL (up 1.35%), Glenmark Pharmaceuticals (down 1.6%), Vodafone Idea (up 0.01%), Jindal Steel & Power (up 0.4%), Manappurram Finance (up 0.39%), SAIL (up 1.28%), Sun TV Network (down 0.48%) and Vedanta (down 0.63%) are banned from trading in NSE's F&O segment after the securities crossed 95% of market wide position limit.
Bandhan Bank rose 2.17% to Rs 293.55 after the Reserve Bank of India (RBI) removed regulatory restrictions after bank complied with promoter shareholding norms. As per the restriction imposed by RBI in September 2018, Bandhan Bank was required to take prior approval from the central bank for opening of a new branch. The remuneration of the MD & CEO of the bank was also frozen. The restriction was imposed as the bank's promoters failed to comply with licensing requirements of reducing their stake in the bank.
Triveni Engineering & Industries rose 1.53% to Rs 76.10 after the company's board approved a proposal to buyback shares worth up to Rs 64.99 crore at a price not exceeding Rs 105 per share. The company is planning to buyback upto 61,90,000 equity shares (representing 2.50% equity) at Rs 105 per equity share for an aggregate amount not exceeding Rs 64.99 crore. As on 30 June 2020, promoter held 68.35% in the company.
Global Markets:
Most Asian markets were trading higher on Tuesday. Investors continued to watch developments in US-China tensions. US President Donald Trump's administration announced Monday a further tightening of restrictions on Huawei, aimed at limiting the Chinese telecommunications giant's access to commercially available chips.
In US, the S&P 500 rose slightly on Monday to start the week, but fell short of a record closing high once again amid declining trading volumes and lingering concerns over a US coronavirus stimulus bill and simmering US-China tensions. The Nasdaq Composite hit an all-time high. The Dow Jones index, however, was weighed down by losses to financial and industrial stocks.
Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package. Democrats have proposed to send more than $900 billion to states and municipalities in one bill. A counteroffer from the GOP did not include any additional aid for states and local governments.
The National Associated of Home Builders noted that its housing market index climbed to 78 in August, up from 72 in July. The New York Federal Reserve Bank's Empire State Manufacturing index fell to 3.7 in August, down from 17.2 in the previous month.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content