Key indices are trading firm in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 297.67 points or 0.76% at 39,271.37. The Nifty 50 index was up 82.50 points or 0.72% at 11,585.85.
The S&P BSE Mid-Cap index was up 0.77%. The S&P BSE Small-Cap index was up 0.61%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1165 shares rose and 497 shares fell. A total of 82 shares were unchanged.
Stocks in news:
Tata Motors surged 5.53%. The company's wholly owned subsidiary Jaguar Land Rover said retail sales for the three-month period to 30 September 2020 significantly improved from sales in the preceding quarter but continue to be impacted by Covid-19. Retail sales for the quarter ending 30 September 2020 were 113,569 vehicles, up over 50% from sales of 74,067 in the prior quarter, while down 11.9% from pre-Covid levels a year ago.
HDFC Bank rose 1.21%. The bank's advances aggregated to approximately Rs 10,370 billion as of 30 September 2020, a growth of around 16% as compared to Rs 8,970 billion as of 30 September 2019 and a growth of around 3% as compared to Rs 10,033 billion as of 30 June 2020.
IndusInd Bank rose 0.96%. The bank's advances as on 30 September 2020, rose to Rs 2,00,242 crore from Rs 1,97,113 lakh crore while deposits increased to Rs 2,28,460 crore from Rs 2,07,193 crore, YoY. CASA Ratio was at 40.4% from 41.4%, YoY.
Sobha jumped 6.27%. Sobha said that during Q2 FY2021, the company achieved a total sales volume of 891,700 square feet valued at Rs 690 crore, with a total average realization of Rs. 7,737 per square feet. This performance was achieved despite lockdown being imposed in Bengaluru in the month of July, no new launch during the quarter, uncertain macro-economic outlook and tough real estate sector scenario.
Infibeam Avenues gained 4.96%. The company has entered into a definitive agreement with Jio Platforms and its affiliates (JPL), to license , customise, maintain and access its enterprise e-commerce software and payments platform for their business use.
Escorts rose 1.39%. The company has completed the acquisition of the 2 crore equity shares of Kubota Agricultural Machinery India from Kubota Corporation, Japan, constituting 40% of the share capital of KAI at Rs 45 per equity share for an aggregate value of Rs 90 crore.
Majesco gained 5%. Majesco 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:
Overseas, Asian stocks are trading higher with an improvement in both U.S. President Donald Trump's health and prospects for a U.S. stimulus package. China's markets remain closed for a holiday.
In US, stocks rose sharply on Monday, after President Donald Trump said he will be discharged from the hospital Monday evening, easing concerns about more political uncertainty ahead of Election Day. Investors also grew more hopeful that lawmakers would reach a compromise on a new stimulus deal.
Investor focus was likely on U.S. President Donald Trump's health, as he left the hospital to return to the White House, where he will continue being treated for the coronavirus following his positive diagnosis last week.
The US services sector, where most Americans work, grew for a fourth straight month in September. The Institute for Supply Management reported Monday that its index of services activity rose to a reading of 57.8 last month, 0.9 percentage point higher than the August reading of 56.9.
Back home, key domestic indices ended with stellar gains on Monday, continuing their uptrend for third consecutive session. The barometer index, the S&P BSE Sensex, jumped 276.65 points or 0.71% at 38,973.70. The Nifty 50 index rallied 86.40 points or 0.76% at 11,503.35.
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.
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