Volatility struck bourses in early trade as the key indices regained positive zone soon after reversing initial gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 36.90 points or 0.09% at 38,937.70. The Nifty 50 index was up 22.60 points or 0.2% at 11,492.85.
The S&P BSE Mid-Cap index was up 0.72%. The S&P BSE Small-Cap index was up 1.01%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1109 shares rose and 510 shares fell. A total of 75 shares were unchanged.
GST collection:
Goods and Services tax (GST) collection for the month of August stood at Rs 86,449 crore, slightly less than Rs 87,422 crore collected in July, the government said on September 1. GST collection for the month of August last year stood at Rs 98,202 crore.
Stocks in news:
Hero MotoCorp slipped 0.07%. Hero MotoCorp sold 584,456 units of motorcycles and scooters in August 2020, a growth of 7.55% over the corresponding month of the previous year (August 2019) when it sold 543,406 units. Sequentially, this translates into a growth of 13% over the month of July 2020, when the company had sold 514,509 units.
Coal India rose 1.65%. The company's provisional offtake rose to 44.34 million tonnes in August 2020 from 40.57 million tonnes in August 2019. Coal India's provisional production rose to 37.17 million tonnes in August 2020 from 34.70 million tonnes in August 2019.
Infosys rose 0.73%. Infosys announced that it plans to hire 12,000 American workers over the next two years, bringing its hiring commitment in the country to 25,000 over five years.
ONGC gained 1.64%. The company reported 98.23% fall in consolidated net profit to Rs 119.75 crore on 42.91% fall in total income to Rs 63,575.47 crore in Q1 June 2020 over Q1 June 2019.
TVS Motor Company dropped 1.51%. The company registered a sales growth of 14% in August 2020 with 287,398 units as against 252,744 units in July 2020. The company registered sales of 287,398 units in August 2020 as against 290,455 units registered in the month of August 2019.
Vodafone Idea jumped 11.23%. The company's board will meet on 4 September to consider fund raising raising in one or more tranches by the way of public issue, preferential allotment, private placement, including a qualified institutions placement, and other instruments or securities.
Global Markets:
Overseas, Asian stocks are trading mostly higher encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators.
In US, the S&P500 and the Nasdaq hit new highs on Tuesday with technology leading the charge as Apple, Zoom Video soared, and on the macro front, better-than-expected data on US manufacturing sector data gave optimism about economic recovery.
The US Trade Representative's office said on September 1 it has reportedly extended China tariff exclusions for a wide range of goods, including smart watches and certain medical masks, through the end of 2020, rather than renewing the previous one-year extension. In a Federal Register notice, USTR said the extensions were applied to products excluded from its 7.5% "Section 301" tariffs imposed a year ago on some $300 billion worth of Chinese goods a year ago amid tense trade talks between the world's two largest economies. The products included a number of Bluetooth and wearable data-transmitting devices, such as those imported from China by Apple Inc, FitBit, Sonos and other technology companies.
In economic data, American manufacturers for August showed a fourth straight monthly rise. The Institute for Supply Management said its manufacturing index rose to 56% in August from 54.2% in July.
The report followed a comparable reading from IHS Markit, which showed that manufacturing purchasing managers' index rose to 53.1 in a final reading for August, down slightly from the previously released 'flash' estimate of 53.6, but up from 50.9 at the start of the third quarter to post the fastest expansion since January 2019.
Back home, benchmark indices ended with modest gains on Tuesday, rebounding from previous session's selloff. The barometer index, the S&P BSE Sensex, gained 272.51 points or 0.71% at 38,900.80. The Nifty 50 index rose 82.75 points or 0.73% at 11,470.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 486.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 775.23 crore in the Indian equity market on 1 September, provisional data showed.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)