You are here: Home » News-CM » Equities » Market Report
Business Standard

Sensex down 392 pts; Cummins India slumps 8%

Capital Market 

The barometers traded sideways with losses in mid afternoon trade. The Nifty hovered above the 17,500 mark. PSU banks were in demand while private banks and financial shares declined.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was at 58,734.80, down 391.56 points or 0.66%. The Nifty 50 index traded 100.65 points or 0.57% lower at 17,517.50.

In the broader market, the S&P BSE Mid-Cap index was down 0.16% while the S&P BSE Small-Cap index rose 0.34%.

The market breadth was positive. On the BSE, 1693 shares rose and 1499 shares fell. A total of 168 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 233,713,190 with 4,782,640 deaths. India reported 275,224 active cases of COVID-19 infection and 448,339 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India records 26,727 new cases.

Active cases accounted for less than 1% of total cases, currently at 0.82%. Active caseload stood at 2,75,224, lowest in 196 days. The recovery rate currently stands at 97.86%, highest since March 2020. The country reported 28,246 recoveries in the last 24 hours taking total recoveries to 3,30,43,144.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 74.24 from its previous closing of 74.23.

MCX Gold futures for 5 October 2021 settlement fell 0.13% to Rs 46,265.

The yield on India's 10-year benchmark federal paper (06.10 GS 2031) rose to 6.249%, compared with 6.223% at close in the previous trading session.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 94.297.

In the commodities market, Brent crude for December 2021 settlement fell 54 cents or 0.69% to $77.77 a barrel.

Buzzing Index:

The Nifty PSU Bank index added 0.86% to 2,504.65. The index added 6% in five days.

Canara Bank (up 2.5%), Bank of India (up 1.8%), Punjab National Bank (up 1.75%), Bank of Baroda (up 1.35%), Union Bank of India (up 0.83%) and Indian Bank (up 0.64%) were top gainers in public sector bank space.

Stocks in Spotlight:

Cummins India fell 8.48% to Rs 908.10 after the Union Power Ministry urged diesel generating (DG) set users to shift to renewable energy in five years. The Union Power Ministry on Thursday issued an amendment to the Draft Electricity (Rights of Consumer) Amendment Rules, 2021. The Ministry has advised consumers using DG sets to shift to a cleaner technology, such as renewable energy with battery storage, in five years. "Consumers, who are using the Diesel Generating sets as essential back up power, shall endeavor to shift to cleaner technology such as RE with battery storage etc in five years from the date of the publication of this amendment or as per the timelines given by the State Commission for such replacement based on the reliability of supply by the distribution company in that city," the Ministry notified.

GMR Infrastructure rose 4.82% to Rs 40.20 after the airports regulator reportedly allowed GMR Hyderabad International Airport to gradually increase user development fee (UDF) from 1 April 2022. The media reported that the Airports Economic Regulatory Authority has allowed GMR Hyderabad International Airport (GHIAL), which manages Rajiv Gandhi International Airport, to gradually increase UDF on embarking domestic as well as international passengers from 1 April 2022.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 01 2021. 14:29 IST