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Sensex, Nifty rally in early trade

Capital Market 

Indian stocks are trading on a strong note in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 352.98 points or 0.87% at 40,897.35. The Nifty 50 index was up 96.45 points or 0.81% at 11,993.25.

The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.6%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1111 shares rose and 390 shares fell. A total of 65 shares were unchanged.

Stocks in news:

Cipla rose 0.6%. Cipla announced that it has launched generic Nintedanib for the treatment of Idiopathic Pulmonary Fibrosis (IPF). Available as 100 mg and 150 mg capsules, it will be marketed under the brand name Nintib. This launch marks yet another milestone in Cipla's decade-long commitment to treat IPF, a rare lung disease that impacts ten in one lakh people.

Hindustan Zinc gained 2.4%. The company reported 6.78% fall in net profit to Rs 1,940 crore on 18.6% rise in total income to Rs 6,050 crore in Q2 September 2020 over Q2 September 2019. Hindustan Zinc's board of directors approved interim dividend of Rs 21.30 per equity share for the financial year 2020-21.

Indian Energy Exchange dropped 2.51% after the company reported 9.2% fall in consolidated net profit to Rs 44.33 crore on 0.01% fall in total income to Rs 78.71 crore in Q2 September 2020 over Q2 September 2019.

Mahindra CIE Automotive rose 0.78%. The company reported 0.69% fall in consolidated net profit to Rs 60.76 crore on 7.53% fall in total income to Rs 1,736.35 crore in Q3 September 2020 over Q3 September 2019.

Bombay Dyeing & Manufacturing Company fell 0.94%. The company reported consolidated net loss of Rs 90.68 crore in Q2 September 2020 as compared to net profit of Rs 89.51 crore in Q2 September 2019. Total income dropped 49.64% to Rs 283.66 crore in Q2 September 2020 over Q2 September 2019.

Brigade Enterprises slipped 0.49%. Brigade Enterprises said that its wholly owned subsidiary Mysore Projects has entered into a limited liability partnership agreement with Prestige Estates Projects in Prestige OMR Ventures in the ratio of 30% and 70% respectively.

NHPC rose 0.74%. The board of directors of NHPC has approved the proposal to initiate the process of merger / amalgamation of Lanco Teesta Hydro Power (a wholly owned subsidiary of NHPC) with NHPC.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday after renewed U.S. stimulus hopes helped Wall Street higher.

In US, Wall Street shares closed higher Tuesday on growing optimism that U.S. lawmakers are nearing a deal on a stimulus package aimed at cushioning the economic shock from the coronavirus pandemic.

The White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package on Tuesday as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party. Negotiations will continue on Wednesday, an aide to top U.S. Democrat Nancy Pelosi reportedly said.

On the coronavirus vaccine front, Moderna's CEO Stephane Bancel expects interim results from the firm's Covid-19 vaccine trial in November, reports indicated. Bancel also said that the U.S. Food and Drug Administration could issue an emergency use authorization before the end of the year.

Back home, domestic equity barometers ended with decent gains on Tuesday, rising for the third straight session. The barometer index, the S&P BSE Sensex, rose 112.77 points or 0.28% at 40,544.37. The Nifty 50 index added 23.75 points or 0.20% at 11,896.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,585.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,633.23 crore in the Indian equity market on 20 October, 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: Wed, October 21 2020. 09:27 IST
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