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Sensex, Nifty trade near day's high

Capital Market 

Key equity barometers were trading near the day's high in afternoon trade. The Nifty continued to trade above the 11,550 level. At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 136.90 points or 0.35% at 39,181.25. The Nifty 50 index added 39.15 points or 0.34% at 11,560.95.

Mahindra & Mahindra (up 4.47%), Tata Motors (up 3.13%), Bajaj Auto (up 2.92%), Hindalco (up 2.63%) and Britannia (up 2.53%) were the top Nifty gainers.

IndusInd Bank (down 1.78%), Zee Entertainment Enterprises (down 1.49%), Bharti Infratel (down 1.48%), SBI (down 1.45%) and NTPC (down 1.43%) were the top Nifty losers.

The broader market underperformed. The S&P BSE Mid-Cap index gained 0.07% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was almost even. On the BSE, 1312 shares rose and 1275 shares fell. A total of 195 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,170.89 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 895.63 crore in the Indian equity market on 15 September, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,479,686 with 9,33,542 deaths. India reported 9,95,933 active cases of COVID-19 infection and 82,066 deaths while 39,42,360 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's exports slipped 12.66% to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data released on 15 September 2020. The country's imports too declined 26% to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data.

Stocks in Spotlight:

Infosys gained 0.92% to Rs 990.90. The IT major said that it had been selected by US-based Essential Utilities as a strategic partner to drive its digital transformation. Essential is one of the largest publicly traded water, wastewater and natural gas providers in the US, serving approximately 5 million people across 10 states under the Aqua and Peoples brands.

Infosys, along with SAP, will implement SAP S/4HANA and the SAP customer relationship management and billing for utilities package in an agile operating model to enable nimble and real-time decision making while transforming digital user experience and operations for essential utilities.

Vedanta rose 2.02% to Rs 133.95. A three-judge Superme Court (SC) Panel headed by Justice S Abdul Nazeer, reportedly rejected the government's petition challenging the enforcement of a Malaysian arbitral award passed in favour of Vedanta in relation to the Ravva oil and gas fields. SC held that the enforcement of this award will not go against the public policy of India, media reports said.

Lakshmi Vilas Bank hit an upper circuit of 10% at Rs 22.35 after the private lender said that the mutual due diligence process for the proposed amalgamation of Clix Group with the bank is substantially complete. The parties are in discussions on the next steps, the bank said in a BSE filing made after market hours yesterday.

Global Markets:

European shares opened higher while Asian stocks were mixed on Wednesday as investors await the outcome of a two-day meeting of the U. S. Federal Reserve's Federal Open Market Committee (FOMC). The FOMC will also provide its quarterly update on its estimates for GDP, unemployment and inflation and could provide clearer guidance on what it will take to raise rates in the future.

Yoshihide Suga was elected as Japan's prime minister on Wednesday, becoming the country's first new leader in nearly eight years.

Meanwhile, provisional trade statistics from Japan's Ministry of Finance released Wednesday showed the country's exports in August falling 14.8% as compared to a year ago.

US stocks closed mostly higher on Tuesday, 15 September 2020, with broader Nasdaq and S&P 500 both closing firmly in positive territory, on the hope the Federal Reserve would stick with its accommodative policy as the central bank's two-day meeting got underway. The Dow gave back early gains to end the session nearly unchanged due to weakness among shares of Apple (AAPL), Caterpillar (CAT), JPMorgan Chase (JPM) and Travelers (TRV).

Meanwhile, U. S. industrial production slowed by much more than expected in August. The Fed said industrial production climbed by 0.4% in August after soaring by an upwardly revised 3.5% in July.

A separate report from the Labor Department showed another notable increase in U. S. import prices in the month of August, with prices jumping by much more than expected.

Shares of Apple pulled back well off their early highs, edging up by just 0.2% after the company wrapped up an event to showcase new products. The tech giant debuted a new Apple Watch and a bundle for its services, such as Apple Music.

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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, September 16 2020. 13:24 IST
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