The equity benchmarks continued to trade with decent gains in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 271.70 points or 0.67% at 40,781.19. The Nifty 50 index added 57.80 points or 0.49% at 11,972.00.
The Nifty briefly crossed the psychological 12,000 mark in morning trade.
In the broader market, the S&P BSE Mid-Cap index shed 0.43% while the S&P BSE Small-Cap index lost 0.08%. Both these indices underperformed the Sensex.
The market breadth was negative. On the BSE, 984 shares rose and 1138 shares fell. A total of 142 shares were unchanged.
Mumbai Power Outage:
Mumbai faced a power outage on Monday morning. The Brihanmumbai Electric Supply and Transport (BEST) Electricity, twitted that the electric supply in Mumbai was interrupted due to TATA's incoming electric supply failure.
Economic data:
On the macro front, India's industrial production data for August and CPI inflation for September will release today, 12 October 2020.
Coronavirus Update:
India reported 861,853 active cases of COVID-19 infection and 109,150 deaths while 6,149,535 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 37,404,289 with 1,075,848 deaths, according to data from Johns Hopkins University.
Buzzing Index:
The Nifty PSU Bank index rose 0.43% to 1,339.15. The index has added 4.3% in three sessions.
Among the index constituents, SBI (up 2.12%), Union Bank of India (up 1.41%) and Indian Overseas Bank (up 1.08%) advanced while Bank Of Baroda (down 1.47%), Indian Bank (down 0.83%) and Canara Bank (down 0.81%) declined.
Earnings Today:
IT major Wipro was up 0.39% ahead of its its second quarter earnings today.
GNA Axles (down 0.94%) and Shalby (up 3.97%) will also announce quarterly earnings today.
Stocks in news:
Shilpa Medicare slumped 7.65% to Rs 503.10 after the company announced that its Jadcherla facility in Telangana received a warning letter on 9 October 2020 from the US drug regulator. The company said that it will be engaging with the agency and is fully committed in resolving this issue at the earliest. It believes that the warning letter will have minimum impact of disruption of supplies and the existing revenues from operations of this facility.
GTPL Hathway jumped 5.97% to Rs 123.30 after the company posted a 58.94% rise in consolidated net profit to Rs 45.30 crore in Q2 September 2020 from Rs 28.50 crore registered in Q2 September 2019. Total income stood at Rs 584.70 crore in Q2 September 2020, registering a 6.75% decline from Rs 627.05 crore recorded in Q2 September 2019. The company's CATV subscription revenue rose 3% year on year (YoY) to Rs 267.7 crore. Broadband revenue stood at Rs 67 crore, rising 68% YoY.
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