The main equity benchmarks continued to trade with decent gains in morning trade. The Nifty regained the 11,200 level in early trade. Realty shares bounced on value buying after correcting by over 7% in the past two sessions.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 248.12 points or 0.66% at 37,982.20. The Nifty 50 index added 66.70 points or 0.60% at 11,220.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.50% while the S&P BSE Small-Cap index gained 0.93%.
The market breadth was strong. On the BSE, 1352 shares rose and 700 shares fell. A total of 105 shares were unchanged.
India-China Conflict:
The Indian and Chinese Senior Commanders held the 6th round of military commander-level meeting on Monday. The two sides had agreed to earnestly implement the important consensus reached by the leaders of the two countries, strengthen communication on the ground, avoid misunderstandings and misjudgments, stop sending more troops to the frontline, refrain from unilaterally changing the situation on the ground, and avoid taking any actions that may complicate the situation. The two sides also agreed to hold the 7th round of military commander-level meeting as soon as possible, take practical measures to properly solve problems on the ground, and jointly safeguard peace and tranquility in the border area.
Monsoon Session:
The Parliament is all set to be adjourned sine die today ahead of its scheduled time in view of the Covid-19 pandemic. The Monsoon Session, which had begun on 14th September, was scheduled to end of 1st of next month.
In Rajya Sabha, Minister of State for Parliamentary Affairs, V. Muraleedharan announced that the government has decided to recommend adjournment of the Upper House sine die. He, however, said, some important legislation business cleared by the Lok Sabha has to be completed before it. The Lok Sabha will assemble at 6 PM and it is expected that the Lower House will also adjourn sine die today itself.
Buzzing Index:
The Nifty Realty index rose 1.36% to 212.85, amid value buying. The index lost 7.38% in the past two days.
Prestige Estates (up 5.46%), Sunteck Realty (up 2.93%), Brigade Enterprises (up 1.87%), Godrej Properties (up 1.85%), Indiabulls RE (up 1.75%), DLF (up 1.64%) and Sobha Developers (up 1.61%) advanced while The Phoenix Mills declined 1.45%.
Stocks in Spotlight:
Reliance Industries (RIL) rose 1.89% to Rs 2252.95 after the company announced on Wednesday that global investment firm KKR will invest Rs 5,550 crore into Reliance Retail Ventures (RRVL), a subsidiary of the company. This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. KKR's investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis. This marks the second investment by KKR in a subsidiary of RIL, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.
Sequent Scientific rose 2.74% to Rs 147.90 after the company said it entered into definitive agreement with Dr. Huseyin Aydin for the acquisition of 40% stake in Provet for $17.10 million. Sequent will acquire the stake through its Ireland-based wholly-owned subsidiary, Alivira Animal Health. The transaction is expected to be completed on or before 31 October 2020.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU