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Budget News

  • Barometers hold firm near day's high; Europe opens higher
  • September 28,2020  13:27
  • Domestic equity benchmarks were trading near the day's high in afternoon trade. Hopes of fiscal stimulus ahead of the festival season and firm global stocks markets boosted investors' sentiment.

    At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 540.07 points or 1.44% at 37,928.73. The Nifty 50 index added 158.95 points or 1.44% at 11,209.20.

    IndusInd Bank (up 8.45%), Bajaj Finance (up 6.12%), ONGC (up 5.59%), Axis Bank (up 4.78%) and Tata Motors (up 4.68%) were the top Nifty gainers.

    TCS (down 1.02%), Infosys (down 0.70%), Wipro (down 0.57%), Hindustan Unilever (down 0.44%) and Cipla (down 0.33%) were the top Nifty losers.

    The broader market extended gains for second trading session and outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 2.21% while the S&P BSE Small-Cap index gained 2.25%.

    The market breadth was strong. On the BSE, 1856 shares rose and 672 shares fell. A total of 163 shares were unchanged.

    Foreign portfolio investors (FPIs) sold shares worth Rs 2,080.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,070.63 crore in the Indian equity market on 25 September, provisional data showed.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 32,994,213 with 996,682 deaths. India reported 9,62,640 active cases of COVID-19 infection and 95,542 deaths while 50,16,520 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    Economy:

    President Ram Nath Kovind on Sunday gave assent to three farm bills recently passed by the parliament. The bills are Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 and the Essential Commodities (Amendment) bill, 2020. The act is aimed at transforming agriculture in the country and raising farmers' income.

    The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 permits the electronic trading of farmers' produce and allows setting up of transaction platforms for facilitating direct online buying and selling of farm products.

    The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 provides for a farming agreement prior to the production or rearing of any farm produce. A guaranteed price to be paid for the purchase of farming produce will be mentioned in such agreements.

    The Essential Commodities (Amendment) Act, 2020 allows the central government to regulate the supply of certain food items only under extraordinary circumstances such as war and famine.

    Meanwhile, National Cooperative Development Corporation (NCDC) has sanctioned the first installment funds of Rs 19,444 crore to Chhattisgarh, Haryana and Telangana for Kharif paddy procurement under minimum support price operations. Chhattisgarh gets the highest amount to the tune of Rs 9,000 crore. Telangana has been sanctioned Rs 5,500 crore and Haryana Rs 5,444 crore.

    The Agriculture Ministry said this proactive step by NCDC during the COVID pandemic will give the much needed financial support to farmers of these three states who account for nearly 75% of production of paddy in the country.

    Buzzing Index:

    The Nifty Metal index rose 3.20% to 2,242.15. The index has added 6.2% in two sessions.

    Jindal Steel&Power (up 6.08%), Welspun Corp (up 4.98%), SAIL (up 4.51%), APL Apollo Tubes (up 4.50%), Hindalco Industries (up 3.80%), NALCO (up 3.30%) and Ratnamani Metals Tubes (up 3.03%) advanced.

    Stocks in Spotlight:

    Escorts surged 7.39% to Rs 1292. The company has been informed by Escorts Kubota India (EKI) that they have started the commercial production of Kubota Tractors from 25 September 2020. Escorts Kubota India (EKI) is a 60:40 Joint Venture between Kubota Corporation, Japan and Escorts.

    Reliance Industries (RIL) rose 0.72% to Rs 2217.50 after the company said its retail business subsidiary, Reliance Retail Ventures, received the subscription amount of Rs 7,500 crore from Silver Lake for acquisition of 1.75% stake.

    Tata Steel rose 3.67% 364.80. The steel major, on September 25, 2020, has acquired 34.92 lakh shares of Tata Metaliks pursuant to conversion of Warrants issued at a price of Rs 642 per warrant aggregating to Rs 224.21 crore.

    Global Markets:

    US Dow Jones futures were up 258 points, indicating a strong opening in the US stock market today.

    European shares opened higher while most Asian indices advanced on Monday.

    China's industrial profits rose 19.1% in August, the country's National Bureau of Statistics announced over the weekend. Chinese economic data has been watched by investors for signs of the country's continued recovery from the coronavirus pandemic.

    In Europe, Bank of England policymaker Silvana Tenreyro has reportedly said that the central bank's investigation into whether negative interest rates could help the British economic recovery has yielded “encouraging” results.

    Investors will focus on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.

    In US, stock indexes closed higher after a choppy session Friday, as tech shares clawed back some of their big September declines. The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56.

    Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. Novavax shares jumped nearly 11% after the company said Thursday it has started a final-stage study of its experimental COVID-19 vaccine in the U.K.

    Cruise operators also contributed to Friday's gains. Carnival Corp, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively.

    Meanwhile, House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend.

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