Nifty hovers above 11,650 mark; breadth negative

Equity barometers were trading near the day's high in mid-afternoon trade. At 14:22, the barometer index, the S&P BSE Sensex, advanced 371.82 points or 0.95% at 39,485.29. The Nifty 50 index gained 96.25 points or 0.83% at 11,655.50.

The broader market was positive. The S&P BSE Mid-Cap index rose 0.69%. The S&P BSE Small-Cap index fell 0.07%.

Sellers outnumbered buyers. On the BSE, 1234 shares rose and 1590 shares fell. A total of 166 shares were unchanged.

GST Council meeting outcome:

At the 41st GST Council meet on Thursday, Finance Minister Nirmala Sitharaman gave states two options to bridge the funding gap created due to economic losses caused by COVID-19. States have been demanding compensation from the government to meet the shortfall in revenue caused by lockdowns to curb spread of COVID-19. The compensation gap of Rs 2.35 lakh crores this year is due to COVID-19 as well and the shortfall in compensation due to the implementation of GST has been estimated to be Rs 97,000 crores.

In a big push for 'Make in India' for the defence sector, Finance Minister Nirmala Sitharaman yesterday announced raising the Foreign Direct Investment (FDI) limit in the defence sector under the automatic route from 49% to 74%. She also said that the import of some weapons and platforms will not be allowed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 24,454,344 with 831,615 deaths. India reported 7,42,023 active cases of COVID-19 infection and 61,529 deaths while 25,83,948 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty IT index rose 0.29% to 18,154.40. The index had shed 0.14% yesterday to end at 18,102.65.

MindTree (up 3.91%), Tech Mahindra (up 2.84%), NIIT Technologies (up 2%) and Info Edge India (up 1.89%) advanced.

Mphasis (down 1.08%), Infosys (down 0.70%), TCS (down 0.15%) and HCL Tech (down 0.01%) declined.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.185% compared with previous closing of 6.147% in the previous trading session.

The Indian rupee advanced for the fourth session on Friday. In the foreign exchange market, the partially convertible rupee edged higher to 73.3975 compared with its previous closing 73.82.

In the commodities market, Brent crude for October 2020 settlement fell 13 cents to $45.72 a barrel. The contract fell 1.2% or 55 cents to end at $ 45.64 in the previous trading session.

MCX Gold futures for 5 October 2020 settlement rose 0.61% to Rs 51,214.

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