Benchmark indices were trading in a narrow range near day's high in afternoon trade. The barometer index, the S&P BSE Sensex, was up 315.46 points or 0.81% at 39,289.16. The Nifty 50 index gained 83.20 points or 0.72% at 11,586.55.
The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.50%. The S&P BSE Small-Cap index gained 0.51%.
Buyers outnumbered sellers. On the BSE, 1,428 shares rose and 1,036 shares fell. A total of 157 shares were unchanged. In Nifty 50 index, 32 stocks advanced while 18 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 236.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 471.56 crore in the Indian equity market on 5 October 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 3,54,83,758 with 10,44,051 deaths. India reported 9,19,023 active cases of COVID-19 infection and 1,03,569 deaths while 56,62,490 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
The Reserve Bank of India said that the next meeting of the Monetary Policy Committee (MPC) is scheduled during 7 to 9 October 2020.
The government on Monday has named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank's monetary policy committee (MPC) on Monday. The new members have been appointed for a four-year term.
The Reserve Bank of India was forced to delay the bi-monthly committee meeting set to take place from 29 September to 1 October, as it required at least four MPC members to proceed and the Indian government had failed to name replacements for three previous appointees whose tenure ended in September.
The committee, of three government nominees and three RBI members, had been scheduled to announce India's key interest rates and monetary policy for the next two months on 1 October.
Services PMI:
The seasonally adjusted India Services Business Activity Index rose for the fifth straight month in September to 49.8 from 41.8 in August. A reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
Gainers & Losers:
Mahindra & Mahindra (M&M) (up 3.64%), Adani Ports & Special Economic Zones (up 3.07%) and Asian Paints (up 2.54%) were major gainers in Nifty 50 index.
Wipro (down 2.14%), Tata Steel (down 1.49%), Hindalco Industries (down 1.31%), Coal India (down 1.22%) and TCS (down 1.22%) were major losers in Nifty 50 index.
Stocks in Spotlight:
HDFC rose 6.50% after the corporation said that its individual loan disbursements in Q2 September 2020 reached 95% of the level in the year-ago period. The corporation's individual loan business continued to witness sequential month-on-month improvement in the period July to September 2020.
IndusInd Bank rose 2.53% after the private sector lender registered a 10% increase in its deposits and a 2% rise in its net advances as on 30 September 2020 compared to the same period last year.
Tata Motors rallied 6.98% after Jaguar Land Rover (JLR) retail sales in Q2 September 2020 improved significantly from sales in the preceding quarter but continue to be impacted by COVID-19. JLR retail sales jumped 53.3% to 113,569 units in Q2 September 2020 over Q1 June 2020. The sales, however, tumbled 11.9% compared with the same period last year.
Jaguar sales jumped 45.6% while Land Rover sales climbed 56% in Q2 September 2020 over Q1 June 2020. JLR retail sales in China were particularly encouraging, up 14.6% on the prior quarter and 3.7% year-on-year. The month of September also saw sales up 28.5% year-on-year in China.
Jindal Steel & Power (JSPL) fell 0.23%. The steel major reported a 30% (year-on-year) growth in consolidated steel sales of 2.41 million tons (MT) in Q2 September 2020 as against 1.85 MT in Q2 September 2019. JSPL also reported 18% (YoY) growth in consolidated steel production with 2.35 MT in Q2FY21 compared with 1.99 MT in Q2FY20.
Britannia Industries shed 1.36%. The biscuit maker on Monday, 5 October 2020 said its board has approved issuing bonus debentures and payment of dividend to reward its shareholders. The board of Britannia Industries at its meeting held on 5 October 2020, approved issuing unsecured, non-convertible, redeemable fully paid-up debenture of the face value of Rs 29 by way of bonus to the shareholders of the company for one paid-up equity share of face value of Re 1 each, by utilising its general reserve.
The board has also approved payment of dividend of Rs 12.50 per every one fully paid up equity share of face value of Re 1 each by utilising its accumulated profits.
Global Markets:
European stocks were trading lower while Asian markets advanced 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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