At 11:28 IST, the barometer index, the S&P BSE Sensex, added 533.79 points or 1.38% at 39,230.55. The Nifty 50 index rallied 148.66 points or 1.3% at 11,565.80.
The broader market traded with gains but underperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.29% while the S&P BSE Small-Cap index gained 0.61%.
The market breadth was positive. On the BSE, 1402 shares rose and 950 shares fell. A total of 169 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,632.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 259.46 crore in the Indian equity market on 1 October 2020, provisional data showed.
COVID-19 Update:
India reported 9,34,427 active cases of COVID-19 infection and 1,02,685 deaths while 55,86,703 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 3,39,76,447 with 10,14,266 deaths
New Listing:
Shares of Angel Broking were trading at Rs 286.1 at 11:14 IST on BSE, at a discount of 6.5% over the initial public offer price of Rs 306. The stock debuted at Rs 275, at a discount of 10.13% to the initial public offer (IPO) price of Rs 306 a share. So far, the stock hit a high of Rs 296.45 and low of Rs 256.60. On the BSE, 6.12 lakh shares were traded on the counter so far while on the NSE, 57.2 lakh shares were traded so far.
The issue opened for bidding on Tuesday, 22 September 2020 and closed on Thursday, 24 September 2020. The price band for the IPO was set at Rs 305-306 per share.
Buzzing Index:
The Nifty Metal index surged 2.12% to 2,309.30, rising for second trading session. The metal index added 3% in two trading days.
Tata Steel (up 4.75%), Steel Authority of India (up 3.95%), Hindustan Zinc (up 2.23%), Jindal Steel & Power (up 2.13%), Hindalco Industries (up 1.95%), National Aluminium Company (up 1.56%), JSW Steel (up 1.54%) and Coal India (up 0.94%) were top gainers in metal segment.
NMDC gained 1.39% to Rs 83.475 after the state-owned miner said its iron ore production rose 11.6% to 1.83 million tonnes (MT) in September 2020 from 1.64 MT in September 2019. The company's iron ore sales climbed 10.47% to 2.11 MT in September 2020 as against 1.91 MT in September 2019. On a month-on-month basis, NMDC's production increased nearly 13% and sales surged almost 18% in September 2020 over August 2020.
September Auto Sales:
Eicher Motors rose 1.15% to Rs 2221.80 after the company said its total motorcycles sales rose 1% to 60,041 units in September 2020 from 59,500 units in September 2019. While the sales of models with engine capacity upto 350cc rose 4% to 54,144 units, the sales of models with engine capacity exceeding 350cc declined 21% to 5,897 units in September 2020 over September 2019.
VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors, announced that its total commercial vehicles (CV) sales declined 7.3% to 3,506 units in September 2020 from 3,784 units in September 2019. Total CV sales surged by 41.54% last month from 2,477 units sold in August 2020. While total domestic sales contracted by 6.4% to 2,940 units, total exports fell by 4.3% to 510 units in September 2020 over September 2019.
Hero MotoCorp fell 0.07%. The company reported 16.9% rise in sales to 715,718 units in September 2020 from 612,204 units sold in September 2019. With the peak festival season coming up in the months of October and November, Hero MotoCorp said the company remains cautiously confident of achieving yet another benchmark in post-Covid retail sales with the help of positive consumer sentiments and continued government policy support. Operating at nearly 100% production capacity with almost all customer touchpoints open, the company remains committed to the health and safety of everyone in its ecosystem, including its customers.
Tata Motors rose 0.75%. The auto major on 1 October 2020 said its total vehicles sales rose 5.09% to 1,10,379 units in Q2 September 2020 compared with 1,05,031 units in Q2 September 2019. The auto major's total domestic sales jumped 37% to 44,444 units September 2020 over September 2019. The total domestic sales rose 13% to 1,06,888 units in Q2 September 2020 over Q2 September 2019. Total commercial vehicle (CV) sales fell 11% to 24,910 units September 2020 over September 2019. The total CV sales declined 29% to 55,487 units in Q2 September 2020 over Q2 September 2019.
VST Tillers Tractors jumped 3.1%. The tractor manufacturer recorded a 73.83% jump in power tillers sales to 2,246 units in September 2020 as against 1,292 units in September 2019. Tractor sales soared 50.07% to 1,004 units in September 2020 over 669 units in September 2019.
Global Markets:
The US Dow Jones futures were up 175 points, indicating a strong opening in the US stocks today.
Asian markets were trading higher on Monday on hopes that President Donald Trump could be discharged from hospital later in the day. Trump was admitted to hospital for treating coronavirus on Friday. The media reported that he has responded well and could return to the White House on Monday.
Meanwhile, Trump's Democratic challenger at the upcoming November presidential election, former Vice President Joe Biden, tested negative for the coronavirus.
Markets in China are closed on Monday for a holiday. Activity in Japan's services sector contracted for the eight straight month in September. The final Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to its highest in eight months, coming in at a seasonally adjusted 46.9 from 45.0 in the previous month.
In US, stocks dropped on Friday as news that U.S. President Donald Trump tested positive for COVID-19 put investors in a risk-off mood and added to mounting uncertainties surrounding the looming election.
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