Benchmarks trade near day's high

The market barometers traded with strong gains in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 520.63 points or 1.36% at 38,714.55. The Nifty 50 index added 131 points or 1.16% at 11,409.

In the broader market today, the S&P BSE Mid-Cap index gained 0.39% while the S&P BSE Small-Cap index rose 1%. Both these indices lagged the Sensex.

The market breadth was strong. On the BSE, 1669 shares rose and 912 shares fell. A total of 170 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 959.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 263.97 crore in the Indian equity market on 9 September, provisional data showed.

Buzzing Index:

The Nifty Media index rose 1.46% to 1,646.55. The index has added 2.65% in two sessions.

Hathway Cable (up 4.86%), TV18 Broadcast (up 4.06%), Dish TV India (up 3.61%), Sun TV Network (up 3.52%), Inox Leisure (up 3.03%) and Jagran Prakashan (up 1.44%) edged higher.

Stocks in Spotlight:

Index major Reliance Industries (RIL) added 6.93% to Rs 2311.10, leading the benchmark indices higher. The scrip gained 8.45% to hit a fresh record high of Rs 2343.90 in intraday trade today. The stock extended gains for second day after the company yesterday informed about the sale of 1.75% stake in Reliance Retail to Silver Lake for a consideration of Rs 7,500 crore.

State Bank of India (SBI) added 0.64% to Rs 196.15 after the state-run lender said it sold Rs 4,000 crore of the Basel-compliant Additional Tier 1 (AT1) bonds at a coupon of 7.74%. This is the lowest pricing ever offered on such debt, issued by any bank since the country started implementing the stringent Basel lll capital rules in 2013. As the aggregate bids were in excess of Rs 6,000 crore, the bank exercised the full green shoe option of Rs 3,000 crore over and above the base issue size of Rs 1,000 crore, SBI said in a statement after trading hours on Wednesday (9 September).

Control Print spurted 5.92% to Rs 237. Yesterday, India Max Investment Fund bought 1.62 lakh equity shares (0.99% stake) of Control Print at Rs 217.96 per share via bulk deal on the NSE. Concurrently, Grovsnor Investment Fund sold 0.99% stake of the company at Rs 217.96 per share via bulk deal on the NSE.

Natco Pharma rose 2.15% to Rs 778. The drug maker will purchase equity shares in Time Cap Overseas, Mauritius, a subsidiary of the company, from the other shareholder Venkatachari Madhusudhan who holds 6.10% shares of the company. This amounts to 72,710 equity shares of $10 face value amounting to $7,27,100.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.46 compared with its previous closing 73.55.

The yield on 10-year benchmark federal paper rose to 6.053% compared with previous closing of 5.989% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement gained 0.08% to Rs 51,443.

In the commodities market, Brent crude for November 2020 settlement shed 36 cents to $40.43 a barrel. The contract rose 2.53% or $1.01 to settle at $40.79 in the previous trading sessions on Tuesday.

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