At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 60.86 points or 0.16% at 39,146.64. The Nifty 50 index was up 28 points or 0.25% at 11,563.70.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index was up 0.57% while the S&P BSE Small-Cap index rose 1.01%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1360 shares rose and 772 shares fell. A total of 109 shares were unchanged.
The Sebi's new margin rules came into effect from 1 September 2020. As per the new rule, it is mandatory for brokers to collect margins from investors upfront for any purchase or sale of shares. Failing to do so will attract a penalty.
Foreign portfolio investors (FPIs) bought shares worth Rs 990.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 657.48 crore in the Indian equity market on 2 September, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 25,938,122 with 861,679 deaths. India reported 8,15,538 active cases of COVID-19 infection and 67,376 deaths while 29,70,492 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Meanwhile, India continued to report one of the lowest COVID Case Fatality Rates (CFR) when compared to several other countries. While the global CFR stands at 3.3% as on date, the comparative figure for India is 1.76%, an official update noted today. The deaths per million population in India is one of the lowest in the world. While the global average is 110 deaths /million population, India is reporting 48 deaths /million population. The comparative figure for Brazil and the UK is 12 and 13 times higher, respectively.
Buzzing Index:
The Nifty Auto index gained 1.2% to 8,073, rising for third consecutive trading session. The index has gained nearly 3% in three days.
Motherson Sumi (up 2.94%), Ashok Leyland (up 2.41%), Tata Motors (up 1.56%), Mahindra & Mahindra (up 1.42%), Eicher Motors (up 1.38%), Maruti Suzuki (up 1.31%), TVS Motor Company (up 1.2%) and Hero MotoCorp (up 1%) were top gainers in auto segment.
Stocks in Spotlight:
Coal India fell 0.55%. The company's consolidated net profit tumbled 55.1% to Rs 2,079.60 crore on 26.8% decline in net sales to Rs 17,007.10 crore in Q1 FY21 over Q1 FY20. Coal India's raw coal production declined 11.6% to 121.04 million tonne in Q1 June 2020 over Q1 June 2019. Coal offtake tumbled 21.55% to 120.42 million tonne during the period under review. The average realization declined 6.6% to Rs 1,415.49 per ton in Q1 June 2020 from Rs 1,515.50 per ton in Q1 June 2019.
IndusInd Bank fell 0.36%. The bank said it has approved the allotment of 4.76 crore shares at Rs 524 per share on a preferential basis, for an aggregate consideration of Rs 2495.79 crore. The investors include Route One Offshore Master Fund, Route One Fund I, L.P. ICICI Prudential Life Insurance Company, Tata Investment Corporation and AIA Company.
Engineers India gained 2.12% after the company bagged Rs 448-crore order from GAIL (India) for the execution of PDH/PP project at Usar, Maharashtra. The project involves setting up of PDH and PP plant at Usar and pipeline from Usar to Uran and storage facilities at Uran. The project is to be completed within 48 months.
Sterlite Technologies fell 0.03%. The company on Wednesday (2 September) said its chief financial officer Anupam Jindal has resigned from the company and will be relieved from his duties from 11 September 2020. The company said it is in the process of appointing a new CFO and the same will be intimated to the exchanges in due course.
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