The key equity indices reversed early losses and traded with decent gains in morning trade. The Nifty hovered near the 17,600 mark. Auto shares witnessed value buying after declining in the past three sessions.
At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 140.3 points or 0.24% to 59,145.57. The Nifty 50 index added 33.70 points or 0.19% to 17,595.70.
In the broader market, the S&P BSE Mid-Cap index rose 1.01% while the S&P BSE Small-Cap index gained 1.08%.
The market breadth was strong. On the BSE, 2060 shares rose and 776 shares fell. A total of 151 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 229,513,803 with 4,707,676 deaths. India reported 309,575 active cases of COVID-19 infection and 445,385 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 82,58,76,656 COVID-19 vaccine doses have been administered in the country so far, with over 75.39 lakh doses being given yesterday, according to the Co-WIN dashboard.
Buzzing Index:
The Nifty Auto index rose 1.02% to 10,259.85. The index declined 1.89% in the past three sessions.
Tata Motors (up 3%), Ashok Leyland (up 1.46%), Mahindra & Mahindra (up 0.79%), Maruti Suzuki (up 0.57%), Bajaj Auto (up 0.45%), TVS Motor Company (up 0.35%), Eicher Motors (up 0.30%) and Bharat Forge (up 0.27%) advanced while Hero MotoCorp (down 0.59%) declined.
Stocks in Spotlight:
Mphasis announced that its wholly owned subsidiary, Mphasis Corporation, USA, has acquired Blink Interactive, Inc, a Washington corporation, consequent to signing a definitive agreement regarding the acquisition. The acquisition entails a total consideration of up to $94 million, including earnouts.
Blink Interactive provides design consultancy services around User Experience (UX), User research-based software product design and strategy, and Customer Experience (CX) design for marquee brands.
Zee Entertainment Enterprises (ZEEL) jumped 22.82% at Rs 314. The company said its board approved merger between the firm and Sony Pictures Networks India (SPNI). The board of ZEEL present and voting in its board meeting held on 21 September 2021, unanimously provided an in-principle approval for the merger between SPNI & ZEEL.
Speaking on the development, R. Gopalan, chairman, ZEEL said, "The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes. As per legal and regulatory guidelines, at the required stage, the proposal will be presented to the esteem ed shareholders of ZEEL for their approval."
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