Domestic equity barometers further extended gains and hit fresh intraday high in early afternoon trade. The Nifty briefly reclaimed the 11,000 mark. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 666.74 points or 1.82% at 37,220.34. The Nifty 50 index was up 189.40 points or 1.75% at 10,994.95.
In the broader market, the S&P BSE Mid-Cap index gained 1.76% while the S&P BSE Small-Cap index rose 1.72%.
The market breadth was strong. On the BSE, 1710 shares rose and 653 shares fell. A total of 160 shares were unchanged.
Economy:
The Central Government has suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months. In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Government has extended the suspension of sections 7, 9 and 10 of the IBC for a further period of three months, the Finance Ministry stated. Extension of suspension of sections 7,9,10 of the IBC reinforces the Government's commitment to protecting businesses. It also gives companies breathing time to recover from financial stress, according to the Finance Ministry.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 32,230,923 with 982,969 deaths. India reported 970,116 active cases of COVID-19 infection and 92,290 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's Ina VIX, a gauge of market's expectation of volatility over the near term, slumped 7.90% to 21.6525. The Nifty September 2020 futures were trading at 10,995, at a premium of 0.05 points compared with the spot at 10,994.95.
The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 13.07 lakh contracts at the 11,000 strike price. Maximum Put OI of 30.88 lakh contracts was seen at 10,500 strike price.
Stocks in Spotlight:
HUDCO rose 1.80% to Rs 31.15 after the company said it has achieved loan sanctions of Rs 2607.12 crore and loan releases of Rs 3277.04 crore, as on 31 August 2020, for the financial year 2020-21.
Granules India jumped 4.42% to Rs 376.55 after the company said it received US drug regulator's approval of Naproxen Sodium and Diphenhydramine Hydrochloride tablets, 220 mg/25 mg (OTC). The drug is generic equivalent of Aleve PM tablets of Bayer HealthCare LLC. It is used for relief of occasional sleeplessness associated with minor aches and pains and to help you fall asleep and stay asleep.
According to media reports, global private equity firms Blackstone, KKR and Bain Capital have expressed interest in acquiring a controlling stake in Granules India.
TCS added 4.52% to Rs 2437 after the IT major said that it will build the technology infrastructure for US and Canada-based women's fashion retail chain, maurices. The IT company will help maurices strategize, create and operationalize the new scalable, secure and future-proof architecture for the underlying IT infrastructure, security layer, and a new application stack, as well as remediate its technical debt. In addition, TCS will help maurices build a brand-new data analytics platform with extensive reporting features. The project will also involve a refreshed, upgraded ecommerce platform that will facilitate quicker business decisions and faster go-to-market responses to industry or fashion trends.
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