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Budget News

  • Nifty below 11,150; auto shares decline
  • September 22,2020  14:26
  • Key indices were currently trading near the day's low in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 305.49 points or 0.80% at 37,728.65. The Nifty 50 index lost 109.05 points or 0.97% at 11,141.50.

    Investors sentiment was dented as rising coronavirus cases led to the possibility of fresh lockdowns in some European countries, which could further slowdown the pace of global economic recovery.

    The broader market tumbled. The S&P BSE Mid-Cap index fell 1.68% while the S&P BSE Small-Cap index declined 1.71%.

    Sellers outweighed buyers. On the BSE, 645 shares rose and 1899 shares fell. A total of 157 shares were unchanged.

    Buzzing Index:

    The Nifty Auto index slid 1.80% to 7,691.20. The index has lost 5.76% in two sessions.

    Tata Motors (down 3.35%), Maruti Suzuki (down 3.01%), TVS Motor Company (down 2.93%), Hero MotoCorp (down 2.01%), Eicher Motors (down 1.88%), Ashok Leyland (down 1.74%), Mahindra & Mahindra (down 1.62%), Bharat Forge (down 0.76%) and Bajaj Auto (down 0.34%) declined.

    Stocks in Spotlight:

    TCS rose 2.29% to Rs 2521 after the IT major announced the expansion of its partnership with Morrisons, a supermarket chain in the UK, through a five-year contract for application management services, data services and cybersecurity services.

    Alkyl Amines Chemicals tumbled 4.52% to Rs 3053 after the company's chief financial officer (CFO) Rahul Mehta tendered his resignation on 21 September 2020. “He has been relieved from his duties with effect from the said date,” the company said.

    Deepak Nitrite added 2.77% to Rs 835.60. On Monday (21 September), Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series of V I E I F bought 12,02,981 equity shares (0.88% stake) of Deepak Nitrite at Rs 839.18 each via bulk deal on the NSE. Earlier on 18 September 2020, the Vanguard fund bought 10,81,688 shares (0.79%) in the chemicals maker at Rs 861.54 each via bulk deal on the NSE.

    Numbers to Track:

    In the foreign exchange market, the partially convertible rupee edged higher to 73.585 compared with its previous closing 73.385.

    The yield on 10-year benchmark federal paper fell to 6.009% compared with previous closing of 6.016% in the previous trading session.

    MCX Gold futures for 5 October 2020 settlement fell 0.34% to Rs 50,300.

    In the commodities market, Brent crude for November 2020 settlement rose 22 cents to $41.66 a barrel. The contract lost 3.96% or $1.71 to settle at $41.44 in the previous trading sessions.

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