Nifty hovers near 11,600 mark

The equity barometers continued to trade near day's high in mid-morning trade amid positive global cues. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 297.05 points or 0.76% at 39,270.75. The Nifty 50 index added 80 points or 0.70% at 11,583.35.

The broader market lagged the benchmarks. The S&P BSE Mid-Cap index gained 0.52% while the S&P BSE Small-Cap index rose 0.57%.

The market breadth is strong. On the BSE, 1392 shares rose and 897 shares fell. A total of 150 shares were unchanged.

Buzzing Index:

The Nifty FMCG index rose 0.81% to 30,355.30. The index has added 3.13% in four sessions.

Dabur India (up 1.67%), United Breweries (up 1.29%), Tata Consumer Products (up 1%), Hindustan Unilever (up 0.82%) and ITC (down 0.84%) advanced.

Marico (down 1.18%), Varun Beverages (down 0.89%), Colgate-Palmolive India (down 0.63%), Jubilant Foodworks (down 0.61%) and Procter & Gamble Hygiene (down 0.46%) declined.

Stocks in spotlight:

IndusInd Bank added 2.89% to Rs 619.15. The bank said its deposits grew by 10% to Rs 2.28 lakh crore as against Rs 2.07 lakh crore as on 30 September 2019. Its deposits stood at Rs 2.11 lakh crore as on 30 June 2020. Net advances grew 2% to Rs 2 lakh crore as on 30 September 2019 compared with Rs 1.97 lakh crore a year ago and Rs 1.98 lakh crore as on 30 June 2020. CASA ratio was at 40.4% at the end of the second quarter this fiscal compared to 41.4% as on 30 September 2019 and 40.1% as on 30 June 2020.

Sterlite Technologies shed 0.32% to Rs 154.25. The company on Monday named Mihir Modi as its chief financial officer. He will lead all financial matters of the company and work closely with the executive committee and the board of directors.

Majesco hit an upper circuit of 5% at Rs 858.95. The company said that a meeting of the board of directors of the company is scheduled to be held on 8 October 2020, to consider proposal for buyback of fully paid-up equity shares of the company.

Global Markets:

Asian markets rose across the board on Tuesday following the overnight rally on Wall Street.

The US stock market witnessed a strong session on Monday as investors grew more optimistic about President Donald Trump's health and the possibility of additional economic relief.

US President Donald Trump reportedly left Walter Reed National Military Medical Center on Monday to return to the White House, where he will continue to be treated for the coronavirus even as he looks to restart his reelection campaign.

Meanwhile, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke for an hour on Monday regarding another stimulus package but did not reach an agreement.

Investors will get another look at the job market recovery on Tuesday morning when the Labor Department releases its Job Openings and Labor Turnover Survey.

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