The broader market was upbeat. The S&P BSE Mid-Cap index rose 1.08% while the S&P BSE Small-Cap index rallied 1.82%.
The market breadth was strong. On the BSE, 1876 shares rose and 854 shares fell. A total of 152 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 268.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 672.23 crore in the Indian equity market on 20 August, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,678,483 with 7,92,708 deaths. India reported 6,92,028 active cases of COVID-19 infection and 54,849 deaths while 21,58,946 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.126% compared with previous closing of 6% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 74.845 compared with its previous closing 75.025.
In the commodities market, Brent crude for October 2020 settlement fell 17 cents to $44.73 a barrel. The contract fell 1% to end at $ 44.9 in the previous trading session.
MCX Gold futures for 5 October 2020 settlement fell 0.74% to Rs 51,765.
Buzzing Index:
The Nifty PSU Bank index surged 2.8% to 1,497.80, resuming its winning streak after a day's pause.
Bank of Maharashtra (up 14.17%), J&K Bank (up 9.94%), UCO Bank (up 5.47%), Indian Overseas Bank (up 3.07%), Union Bank (up 2.84%), Central Bank of India (up 2.54%), Indian Bank (up 2.43%), SBI (up 2.31%) and Bank of Baroda (up 2.21%) were top gainers in PSU Bank segment.
Punjab National Bank (up 3.98%) will announce its quarterly earnings today.
Stocks in Spotlight:
Kolte Patil dropped 2.29% after the Pune based realty compared reported a consolidated net loss of Rs 27.69 crore in Q1 June 2020 as against a net profit of Rs 130.76 crore in Q1 June 2019. Revenue from operations stood at Rs 140.81 crore in Q1 June 2020, 76% lower than Rs 585.68 crore posted in Q1 June 2019.
Indian Railway Catering and Tourism Corporation (IRCTC) rose 0.51% to Rs 1353.55 after the Government of India announced plan to pare its stake in the company.
As on 30 June 2020, Government of India held 87.40% stake in IRCTC. To meet Sebi's public holding norm, the government has to lower its stake in the company to 75%. The Department for Investment and Public Asset Management (DIPAM) has issued an official Request for Proposal (RFO) inviting bids from merchant bankers for managing the sale process. "The GoI intends to disinvest a part of the paid up equity capital of IRCTC out of its shareholding through 'Offer for Sale' (OFS) method of shares by promoters through the stock exchanges as per Securities and Exchange Board of India (SEBI) Rules and Regulations," DIPAM said in a statement.
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