At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 12.1 points or 0.03% at 37,985.22. The Nifty 50 index rose 6.3 points or 0.06% at 11,228.05.
The broader market traded in line with benchmarks. The S&P BSE Mid-Cap index was up 0.2% while the S&P BSE Small-Cap index was up 0.15%.
The market breadth was positive. On the BSE, 1048 shares rose and 968 shares fell. A total of 95 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 29 September, provisional data showed.
COVID-19 Update:
India reported 9,40,441 active cases of COVID-19 infection and 97,497 deaths while 51,87,825 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 33,560,877 with 10,06,564 deaths.
US Presidential Elections:
US President Donald Trump and Joe Biden, the Democratic nominee, wrapped up their first presidential debate Tuesday night with heated exchanges over health care, the coronavirus and the future of the Supreme Court. Two more debates between the presidential candidates are scheduled to take place on 15 October and 22 October 2020. The US Presidential election is scheduled on Tuesday, 3 November 2020.
The Dow Jones Futures 30 were trading 219 points lower, indicating a weak start in US markets today.
Buzzing Segment:
Most chemical stocks were in demand after Union Minister of Chemicals & Fertilizers D.V. Sadananda Gowda said specialty chemicals offers huge growth potential for local manufacturers.
Gowda while addressing a webinar on Specialty Chemical Organized by Department of Chemicals & Petrochemicals and FICCI said Specialty Chemicals is one of the areas where huge potential for growth lies. The past couple of decades have seen a significant shift in the manufacturing of chemicals, particularly the specialty chemicals from EU and North America, to Asia. The Indian Chemical and Petrochemical industry have huge potential to play a significant role by 2025, the sector can alone contribute $300 billion to the GDP as compared to $ 160 billion at present. Gowda added that India is looking forward to incentivize manufacturers, through Production Linked Incentives (PLIs) and development of State of Art infrastructure facilities, to set up entire value chain of drug production in upcoming three bulk drug parks in India.
Fairchem Speciality (up 2%), Galaxy Surfactant (up 1.85%), SRF (up 0.82%), Deepak Nitrite (up 0.76%), Sudarshan Chemical (up 0.54%), Rossari Biotech (up 0.5%) and Neogen Chemical (up 0.4%) advanced.
Stocks in Spotlight:
IRCON International gained 0.88% to Rs 80.20 after the company bagged work orders worth approximately Rs 2300 crore from the Ministry of Railways. At the company's 44th annual general meeting (AGM) held yesterday, S.K. Chaudhary, chairman and managing director of IRCON International, said that the company had an order book of Rs 30,263 crore as of Q1 FY21.
Welspun Corp was locked in 5% upper circuit at Rs 113.70 after the company received multiple orders of approximately 147 KMT valuing close to Rs 1,400 crore. In a regulatory filing after-market hours yesterday, Welspun Corp said these orders would be executed from India and will help boost the mill utilization for India facilities. The inflow of orders is not only from the domestic O&G and water business but also from exports, the company said.
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