In the broader market, the S&P BSE Mid-Cap index was down 0.6% while the S&P BSE Small-Cap index fell 0.27%.
The market breadth was negative. On the BSE, 919 shares rose and 1338 shares fell. A total of 158 shares were unchanged.
COVID-19 Update:
India reported 907,883 active cases of COVID-19 infection and 104,555 deaths while 5,774,693 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 35,731,494 with 1,048,714 deaths.
Buzzing Index:
The Nifty Realty index declined 1.44% to 218.65 on profit booking. The index added 4.7% in the past three sessions.
Brigade Enterprises (down 2.93%), Phoenix Mills (down 2.55%), DLF (down 2.43%), Sobha (down 2.02%), Indiabulls Real Estate (down 1.64%), Oberoi Realty (down 1.26%) and Prestige Estates Projects (down 0.19%) were top losers in realty segment.
Sunteck Realty rose 2.71% after the realty firm said that its pre-sales soared 96% to Rs 200 crore in Q2 September 2020 as against Rs 102 crore in Q2 September 2019. Pre-sales jumped 98% in Q2 September 2020 from Rs 101 crore in Q1 June 2020. Collections dropped 24% to Rs 141 crore in Q2 September 2020 as against Rs 185 crore in Q2 September 2019. However, it surged 117% from Rs 65 crore in Q1 June 2020. Following the resumption of operations post the lockdown in Mumbai, Sunteck Realty continued its sales momentum as well as various other marketing initiatives for the ready-to-move-in and nearing-ready inventory. As the construction activity inched towards pre-COVID levels, the company remains focused on accelerating the progress across the portfolio to offset the time lost on account of the ongoing pandemic.
Stocks in Spotlight:
Reliance Industries gained 3.72% after the company announced that a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into Reliance Retail Ventures. This investment values RRVL at a pre-money equity value of ₹ 4.285 lakh crore. ADIA's investment will translate into a 1.20% equity stake in RRVL on a fully diluted basis. With this investment, RRVL has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.
Bajaj Finance declined 4.53%. The NBFC said that its deposit book increased 22.5% to Rs 21,600 crore in Q2 September 2020 compared with Rs 17,633 crore in Q2 September 2019. Customer franchise as of 30 September 2020 stood at 44.1 million, up by 13.95% from 38.7 million as of 30 September 2019. During the quarter, the company acquired 1.2 million new customers. New loans booked during Q2 FY21, however, declined by 44.6% to 3.6 million as compared to 6.5 million in Q2 FY20. Assets under management (AUM) stood at approximately Rs 137,300 crore at the end of the September 2020 quarter as compared to Rs 135,533 crore reported in the same period last year, registering a year-on-year growth of 1.3%.
Global Markets:
Asian markets were mixed on Wednesday as the investors reacted to President Trump's decision to halt stimulus talks until after the November election.
The US stocks declined on Tuesday after President Donald Trump instructed White House officials to halt negotiations on further coronavirus stimulus, sparking a sharp reversal in the major market benchmarks.
U.S. Federal Reserve Chairman Jerome Powell on Tuesday called for continued aggressive fiscal and monetary stimulus for an economic recovery he said still has a long way to go.
The US trade deficit rose in August to the highest level in 14 years. The Commerce Department reported Tuesday that the gap between the goods and services the United States sells and what it buys abroad climbed 5.9% in August to $67.1 billion, highest since August 2006. Exports rose 2.2% to $171.9 billion on a surge in shipments of soybeans. Imports rose 3.2% to $239 billion led by purchases of crude oil, cars and auto parts.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
