• Sensex   38845.82   -134.03  sensex_dwn_arr
  • Nifty   11504.95   -11.15   sensex_dwn_arr
  • Bank Nifty   22031.05   -1.30   sensex_dwn_arr
  • BSE Midcap   15047.80   0.26  sensex_up_arr
  • USDINR   73.48   -0.32   sensex_dwn_arr
End Session
Home >> Markets >> Equity >> News >> End Session Detailed News
Sensex ends above 39,000 as banks lead; broader market outperforms
(16:58, 15 Sep 2020)

Benchmark indices ended with strong gains on Tuesday, tracking positive global cues. Banks and pharma shares rallied while auto and FMCG shares declined. The barometer index, the S&P BSE Sensex added 287.72 points or 0.74% at 39,044.35. The Nifty 50 index gained 81.75 points or 0.71% at 11,521.80.

The broader market advanced for second trading session after the Sebi on 11 September issued a circular mandating multi cap funds to allocate least 25% of their portfolios in large-, mid- and small-caps each by February 2021.

The S&P BSE Mid-Cap index gained 0.85% while the S&P BSE Small-Cap index rose 1.44%. In two sessions, the midcap index and the smallcap index have added 2.42% and 5.53%, respectively.

Buyers outpaced sellers. On the BSE, 1580 shares rose and 1166 shares fell. A total of 166 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,190,588 with 9,27,245 deaths. India reported 9,90,061 active cases of COVID-19 infection and 80,776 deaths while 38,59,399 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's retail inflation which is measured by the Consumer Price Index (CPI) eased to 6.69% in August 2020, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. The CPI for the month of July was revised to 6.73% from 6.93%.

The Scheduled commercial banks (SCBs) credit growth was steady on sequential basis to 5.5% YoY to Rs 1,02,11,730 crore as on 28 August 2020, compared with 5.5% growth a fortnight ago. The credit growth has decelerated from 10.2% at end July 2019. Aggregate deposits growth of the scheduled banks increased 10.9% YoY at Rs 1,41,76,765 crore as on 28 August 2020, compared with 11.0% growth a fortnight ago and 9.7% rise a year ago.

RBI mandates automated recognition of NPAs:

The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by 30 June 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, the central bank said banks had earlier been advised to have appropriate information technology (IT) systems in place for identification of non-performing assets (NPA) and generation of related data/returns, both for regulatory reporting and banks' own management information system (MIS) requirements. The system-based asset classification shall be an ongoing exercise for both downgradation and upgradation of accounts.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.030% as compared with 6.031% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.6450, compared with its close of 73.48 during the previous trading session.

In the commodities market, Brent crude for November 2020 settlement rose 57 cents at $40.18 a barrel. The contract fell 22 cents, or 0.55% to settle at $39.61 a barrel in the previous trading session.

Foreign Markets:

The US Jones 30 Futures were up 192 points, indicating a positive start to equities on Wall Street today.

Shares in Europe and Asia advanced on Tuesday as investors focused on upcoming central bank meetings by the U.S. Federal Reserve, Bank of Japan and Bank of England.

Retail sales in China rose 0.5% in August from a year ago, the first positive report for the year so far, China's National Bureau of Statistics said Tuesday. Still, retail sales for the first eight months of the year were down 8.6% from a year ago, the bureau said.

China's industrial production grew 5.6% in August from a year ago while fixed-asset investment declined 0.3% for the first eight months of the year.

US stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism. Tech sentiment was lifted by news of Nvidia buying chipmaker Arm Holdings from SoftBank for $40 billion.

Meanwhile, ByteDance rejected Microsoft's bid to buy TikTok's U.S. operations. Instead, ByteDance has chosen Oracle to be TikTok's U.S. technology partner, and Oracle will take a significant stake in the business.

Sentiment was also boosted by signs of progress toward a coronavirus vaccine. AstraZeneca resumed phase three trials for its coronavirus vaccine in the U.K. following a halt due to safety concerns. However, its trials in the U.S. remains on hold as American regulators investigate the side effects flagged in the U.K. study, reports showed.

Buzzing Indian Segments:

The Nifty Bank index rose 1.65% to 22,465.65. The index bounced back after sliding as much as 0.18% in morning trade. The index tumbled 1.68% in the previous session.

IndusInd Bank (up 4.03%), IDFC First Bank (up 3.70%), RBL Bank (up 2.38%), Axis Bank (up 2.17%), Federal Bank (up 1.69%), Kotak Mahindra Bank (up 1.49%), HDFC Bank (up 1.23%),Bandhan Bank (up 0.90%), Bank of Baroda (up 0.87%) and State Bank of India (up 0.81%) advanced.

ICICI Bank rose 2.14% after the bank on Monday (14 September) said it has got exemption from paring stake in its life and non-life subsidiaries to 30% for a period of three years.

The Nifty Pharma index rose 1.93% to 11,450.50. The index fell 0.71% in the previous session.

Lupin (up 3.44%), GlaxoSmithKline Pharmaceutical (up 2.91%), Cipla (up 2.85%), Aurobindo Pharma (up 2.83%), Sun Pharmaceutical Industries (up 2.07%), Abbott India (up 1.97%), Dr Reddy's Laboratories (up 1.8%) and Cadila Healthcare (up 1.76%) rose.

Stocks in Spotlight:

Index heavyweight Reliance Industries (RIL) rose 0.68% to Rs 2317.90.

JB Chemicals & Pharmaceuticals soared 8.02% after the company's consolidated net profit surged 92.4% to Rs 119.51 crore on 17.1% increase in net sales to Rs 522.29 crore in Q1 June 2020 over Q1 June 2019. The business performance during the quarter improved due to a 18% growth in revenue coupled with an increase in other income (primarily from current investments) and a better product mix with savings in some heads of expenditure on account of the current situation due to the COVID-19 pandemic.

Radico Khaitan rose 6.93%. The company has informed the exchanges that it has fully repaid all the loans against pledged shares of the company. Hence, all the shares held in promoters' account / companies are free from any encumbrance whatsoever, the company said.

PVR fell 3.49% after the multiplex chain reported a consolidated net loss of Rs 225.62 crore in Q1 June 2020 compared with net profit of Rs 17.57 crore in Q1 June 2019. Net sales during the quarter slumped 98.6% year-on-year (YoY) to Rs 12.70 crore. Pre-tax loss stood at Rs 341.92 crore in Q1 FY21 as against a pre-tax profit of Rs 27.96 crore in Q1 FY20. “Results for quarter ended 30th June, 2020 are not comparable with results for quarter ended 30th June, 2019 as the current quarter is impacted by temporary closures of cinemas and suspension of operations,” the company said in a statement.

Steel Authority of India (SAIL) fell 0.25% after the state-run steel major posted a consolidated net loss of Rs 1226.47 crore in Q1 June 2020 compared with net profit of Rs 102.68 crore in Q1 June 2019. Consolidated net sales for Q1 June 2020 stood at Rs 9,067.52 crore, nearly 39% lower than net sales of Rs 14,820.89 crore in Q1 June 2019. SAIL posted a pre tax loss of Rs 1930.23 crore quarter ending June 2020 as against a pre-tax profit of Rs 150.46 crore in quarter ending June 2019. The result was announced after market hours yesterday, 14 September 2020.

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