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Sensex moves above 38,000

Capital Market 

Key indices drifted higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 173.20 points or 0.46% at 38,154.83. The Nifty 50 index was up 62 points or 0.55% at 11,289.55. The Sensex moved above the psychological 38,000 level in early trade.

The S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.69%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1061 shares rose and 487 shares fell. A total of 82 shares were unchanged.

Stocks in news:

Infosys rose 1.28%. EdgeVerve Systems, a wholly-owned subsidiary of Infosys, recently signed a partnership with Minit, a leader in process mining, to help clients accelerate process excellence. The two market leaders will jointly create a solution that will empower enterprises with superior insights for business transformation, leading to better operational efficiency and enhanced business results.

Cosmo Films rose 1.17%. The company introduced a new bi oriented polypropylene (BOPP) based coated film which is designed to slowly release a fragrance which lasts for a long time.

Symphony fell 0.21%. Symphony has introduced universal packaged air coolers for industrial and commercial application.

Anuh Pharma gained 3.56%. Anuh Pharma has received approval from WHO Geneva Prequalification for Pyrimcthamine API which is used as Anti - Malarial Durgs.

De Nora India rose 0.19%. The company said that the normal manufacturing operations and registered office of the company has resumed with effect from 28 September 2020.

Balaji Telefilms rose 0.21%. Balaji Telefilms said that the board of directors of its subsidiary Chhayabani Balaji Entertainment, has approved voluntary liquidation of Chhayabani Balaji Entertainment pursuant to Section 59 and other applicable provisions of the Insolvency and Bankruptcy Code, 2016 ('IBC, 2016').

Global Markets:

Overseas, Asian stocks are trading mixed on Tuesday, as logistics firm ZTO Express soared in its Hong Kong debut. The firm is the latest U.S.-listed Chinese company to debut in the city.

Investors will remain cautious ahead of the first U.S. presidential debate set to take place later on Tuesday, and as lawmakers continue sporadic efforts to cobble together additional economic stimulus. U.S. consumer confidence and home price data is also due on Tuesday.

In US, Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.

U.S. House of Representatives Speaker Nancy Pelosi reportedly said that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue, suggesting a possible progress to end the stalemate.

Back home, domestic shares advanced for the second consecutive session on Monday, tracking positive global cues. The barometer index, the S&P BSE Sensex, jumped 592.97 points or 1.59% at 37,981.63. The Nifty 50 index surged 177.30 points or 1.60% at 11,227.55. The 50-unit index has risen 3.91% in two sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 28 September, provisional data showed.

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

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First Published: Tue, September 29 2020. 09:31 IST