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Sensex spurts above 39,000

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Trading for the week began on a strong note as the key indices surged in early trade, extending Friday's rally. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 1,004.41 points or 2.64% at 39,019.03. The Nifty 50 index was up 284.95 points or 2.53% at 11,559.15. The Sensex hit day's high above the psychological 39,000 mark.

The S&P BSE Mid-Cap index was up 2.36%. The S&P BSE Small-Cap index was up 1.77%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was very strong. On the BSE, 1181 shares rose and 323 shares fell. A total of 60 shares were unchanged.

Domestic stocks surged on Friday after the government slashed the corporate tax rate to boost economic growth. The barometer index, the S&P BSE Sensex, rose 1,921.15 points or 5.32% to 38,014.62, its highest closing level since 22 July 2019. The Nifty 50 index rose 569.40 points or 5.32% to 11,274.20, its highest closing level since 26 July 2019.

Petronet LNG lost 4.84%. Petronet LNG has signed a Non-binding Memorandum of Understanding (MOU) with Tellurian Inc. on 21 September 2019 at Houston, USA wherein the company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment. The announcement was made yesterday, 22 September 2019.

Cipla shed 0.65%. Cipla informed that following the inspection by the United States Food and Drug Administration (USFDA) at the company's API manufacturing facility in Virgonagar, Bengaluru, from 15 to 19 July 2019, it has received the Establishment Inspection Report (EIR), indicating closure of the inspection. The announcement was made yesterday, 22 September 2019.

Kansai Nerolac Paints advanced 3.57%. Kansai Nerolac Paints said that the new manufacturing unit of the company at Goindwal Sahib near Amritsar in Punjab has commenced commercial production. The announcement was made after market hours on Friday, 20 September 2019.

Alkem Laboratories rose 1.3%. Alkem Laboratories has acquired an undertaking, as a whole and on a going and running concern basis from Cachet Pharmaceuticals Private Limited, a subsidiary of the company. The announcement was made after market hours on Friday, 20 September 2019.

Biocon fell 0.61%. Biocon said that at the conclusion of the inspection the company received a Form 483 with four observations for the new DS facility, three observations for the new DP facility and one general observation. The company is confident of addressing these observations effectively through a Corrective and Preventive Action (CAPA) plan, expeditiously. The announcement was made after market hours on Friday, 20 September 2019.

GST Council in its 37th meeting held in Goa in 20 September 2019 under the Chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman took various decisions relating to changes in GST rates, ITC eligibility criteria, exemptions and clarifications on connected issues.

The GST Council has approved proposal to cut rates on hotel tariffs. Rooms with tariff Rs 7,500 and above will now be taxed at 18%. Prior to the cut, the GST rate on this category was 28%. GST on rooms with tariff between Rs 1,001 and Rs 7,500 now stands at 12%. No GST on tariffs upto Rs 1,000.

The Election Commission of India (ECI) on 21 September 2019 announced the dates for Maharashtra and Haryana Assembly elections. Polling will take place on 21 October 2019 while counting of votes will be held on 24 October 2019. The terms of the Legislative Assemblies of Haryana and Maharashtra are due to expire on 2 November 2019 and 9 November 2019 respectively. The Maharashtra assembly has 288 seats while Haryana assembly has 90 seats. The term of Maharashtra assembly ends on 9 November 2019. The term of Haryana assembly ends on 2 November 2019.

Overseas, Asian shares are trading mixed on Monday on hopes of an interim Sino-US tariff deal after the two countries described their talks as productive and constructive.

U.S. stocks closed lower Friday, as investors looked beyond a litany of central-bank decisions of the past week and focused on the state of China-U.S. trade talks.

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

First Published: Mon, September 23 2019. 09:30 IST