Nifty crosses 11,250; TCS rises 3%

Key equity indices firmed up once again in mid-afternoon trade with the Nifty crossing 11,250 mark. IT and metal shares were in demand.

At 14:29 IST, the barometer index, the S&P BSE Sensex, rose 152.44 points or 0.4% at 38,134.83. The Nifty 50 index was up 46.2 points or 0.41% at 11,273.55.

TCS (up 3%), Reliance Industries (up 1.43%) and HDFC (up 1.74%) pushed the indices higher.

The broader market underperformed. The S&P BSE Mid-Cap index was up 0.06% while the S&P BSE Small-Cap index rose 0.05%.

Sellers outpaced buyers. On the BSE, 1136 shares rose and 1369 shares fell. A total of 162 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 28 September, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 33,353,615 with 10,01,646 deaths. India reported 9,47,576 active cases of COVID-19 infection and 96,318 deaths while 51,01,397 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Unlock 5.0:

The media reported that restaurants, bars and eatery outlets in Maharashtra will be allowed to re-start operations from the first week of October. Hotels, bars and restaurants have been surviving on home deliveries due to the covid-19 lockdown.

Buzzing Index:

The Nifty IT index rose 1.07% to 19,995.10. The index has added 5.39% in three days.

Mindtree (up 5.45%), TCS (up 3.03%), Info Edge (up 2.81%), Wipro (up 0.77%) and Infosys (up 0.75%) were top gainers in IT space.

Stocks in Spotlight:

SBI Card rose 0.66%. SBI Card, India's largest pure play credit card issuer, and American Express, the globally integrated payments company, have entered a strategic partnership. With this partnership, SBI Card's top end products - SBI Card ELITE and SBI Card PRIME will be available on American Express' global network.

Shree Cement surged 1.69%. The board of Shree Cement has allowed setting up a clinker unit having a capacity of upto 12,000 tons per day (TPD) at Raipur in Chhattisgarh. The project will require a total investment of Rs 1,000 crore, which will be financed through internal accruals and debt. The capacity is expected to be added by the quarter ending September 2022. The existing cement capacity of the company is 40.40 million ton per annum (MTPA). During the year 2019-20 the utilization rate was 64%. The announcement was made during market hours today, 29 September 2020.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 73.86 compared with its previous closing 73.79.

The yield on 10-year benchmark federal paper fell to 6.041% compared with previous closing of 6.056% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement rose 0.37% to Rs 50,320.

In the commodities market, Brent crude for November 2020 settlement fell 17 cents to $42.26 a barrel. The contract rose 1.22% to settle at $42.43 in the previous trading session.

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