Equity barometers further extended gains and hit the day's high in mid-morning trade. IT shares witnessed value buying after declining in the past three sessions.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 232.87 points or 0.58% at 40,664.47. The Nifty 50 index added 53.70 points or 0.45% at 11,926.75.
In the broader market, the S&P BSE Mid-Cap index gained 0.26% while the S&P BSE Small-Cap index rose 0.30%.
The market breadth was positive. On the BSE, 1186 shares rose and 1043 shares fell. A total of 146 shares were unchanged.
Coronavirus Update:
India reported 748,538 active cases of COVID-19 infection and 115,197 deaths while 6,733,328 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 40,344,310 with 1,117,539 deaths, according to data from Johns Hopkins University.
Buzzing Index:
The Nifty IT index rose 1.35% to 21,680.20. The index had lost 4.89% in the past four sessions.
HCL Tech (up 3.97%), MindTree (up 2.08%), Tech Mahindra (up 1.92%), Coforge (up 1.37%), TCS (up 1.34%), Mphasis (up 1.13%), Wipro (up 1.08%) and Infosys (up 1.07%) advanced.
Larsen & Toubro Infotech declined 1.63%, ahead of its quarter earnings release today.
Stocks in Spotlight:
Tata Metaliks added 3.49% to Rs 576.10 after company's net profit soared 250.57% to Rs 82 crore on 1.6% rise in net sales to Rs 519.63 crore in Q2 September 2020 over Q2 September 2019.
Bank of Baroda fell 1.83% to Rs 42.80. The state-run bank on Monday (19 October) said that its capital raising committee will meet on 23 October 2020 to consider raising funds through issue of debt instruments.
Mangalore Refinery & Petrochemicals (MRPL) rose 2.49% to Rs 26.75. The company's board yesterday approved the acquisition of 1,24,66,53,746 equity shares of ONGC Mangalore Petrochemicals (OMPL) from ONGC, an existing shareholder of OMPL. Such acquisition is subject to customary consents and approvals, MRPL said. MRPL held 51.0017% of the paid-up equity of OMPL, which has been increased to 99.9998% pursuant to the acquisition of equity shares from ONGC, it said.
Sunteck Realty slipped 1.42% to Rs 269.85. The real estate company said it entered into an agreement to acquire approximately 50-acre land parcel in Vasind (Thane district). The project will offer approximately 2.6 million square feet. Envisaged as a one of the large residential development under 'Sunteck World' brand in Thane District, the project will have a revenue potential of Rs 1,250 crore spanning over next 4-5 years.
Global Markets:
Most Asian shares declined on Tuesday as the stalemate over the fresh US fiscal stimulus continued on weigh on investor sentiment. Concurrently, record daily coronavirus infections in Europe ignited concerns about more severe lockdowns in the region.
China's latest one-year and five-year loan prime rates (LPRs) were left unchanged on Tuesday. At present, the one-year LPR sits at 3.85% while the five-year rate is at 4.65%
The US stock market finished session mostly lower on Monday, 19 October 2020, as risk sentiments undermined due to opposition to a sizable pandemic aid package hardened in the Republican-controlled US Senate.
President Donald Trump, who is trailing far behind his challenger Joe Biden in the polls, has proposed a US$1.8 trillion package and indicated he would go higher, while Democrats in the House of Representatives have approved a US$2.2 trillion measure. However, Senate Majority Leader Mitch McConnell has repeatedly signaled he would not support a massive package.
A National Association of Home Builders survey released on Monday showed record optimism in the industry but investors were nonetheless focused on the dwindling time Congress and White House have to agree on a spending package to boost the coronavirus-ravaged US economy.
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