Benchmarks trade at day's high; RBI defers MPC meeting

Key indices continued hovering near the day's in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, soared 568.73 points or 1.54% at 37,962.09. The Nifty 50 index rallied 163.15 points or 1.48% at 11,213.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 2.49% while the S&P BSE Small-Cap index surged 2.42%.

The market breadth was strong. On the BSE, 1886 shares rose and 702 shares fell. A total of 179 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,080.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,070.63 crore in the Indian equity market on 25 September, provisional data showed.

RBI MPC:

The Reserve Bank of India announced that the Monetary Policy Committee (MPC) meeting scheduled during September 29, 30 and October 1 2020 has been rescheduled. The dates of the MPC's meeting will be announced shortly.

In last meeting, the six-member MPC kept repo rate untouched at 4%; and reverse repo rate at 3.35% while maintaining the accommodative stance.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.81 compared with its previous closing 73.6125.

The yield on 10-year benchmark federal paper rose to 6.06% compared with previous closing of 6.038% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement fell 0.37% to Rs 49,475.

In the commodities market, Brent crude for November 2020 settlement fell 24 cents to $41.68 a barrel. The contract lost 0.36% to settle at $41.79 in the previous trading session.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 32,994,213 with 996,682 deaths. India reported 9,62,640 active cases of COVID-19 infection and 95,542 deaths while 50,16,520 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Stocks in Spotlight:

Lupin gained 1.04%. The drug major on Monday (28 September) announced the launch of Atorvastatin Calcium tablets having received an approval from the United States Food and Drug Administration (US FDA) earlier. Atorvastatin Calcium tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg, is the generic equivalent of Lipitor tablets, 10 mg, 20 mg, 40 mg and 80 mg, of Pfizer Inc., and indicated to lower cholesterol in blood for adults and children over 10 years of age.

Coffee Day Enterprise clarified that there is no negotiation or events taking place regarding its sale of vending machine business to Tata Consumer Products (TCPL). Coffee Day Enterprises added that the news article would not have any material impact on the company. Separately, TCPL clarified to the bourses on 25 September 2020 that the news reports are speculative in nature. The company said it does not comment on speculative news reports. It added that evaluates various opportunities on an ongoing basis. If and when any definitive decision is made by the company or any agreement is entered into which qualifies as a disclosable event, the same will be disclosed. There is currently no event/information that requires such disclosure, it said.

Last week, the media reported that TCPL is looking to bid for Coffee Day Enterprises' vending machine business. The company's board has approved exploring the acquisition of the business, which Coffee Day is valuing at Rs 2,000 crore, reports added.

Shares of Tata Consumer Products were down 0.59% at Rs 506.65 on BSE.

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