Live: Sensex, Nifty Off Opening Highs; Nifty Bank Gives Up Gains

• Benchmark indices off opening highs
• Nifty up 0.7% at 10,880
• Sensex up 0.7% at 36,812
• Nifty Bank off day's high, up 0.2% at 20,493
• Nifty Midcap index up 0.75%
• Nifty Smallcap index up 1.5%
• India Volatility Index down 5.5% at 22.23
• Nifty I.T. index is the top sectoral gainer; up 2%
• Nifty Auto, Nifty FMCG index up 1.6% each
• Nifty Metal and Nifty Realty index up 0.9% each
• Nifty Pharma off day's high; up 0.8%
• Adani Ports is the top Nifty gainer; up 4.2%
• 45 out of the 50 Nifty constituents gain
• Kotak Mahindra Bank is the top Nifty laggard; down 0.8%
• 1,297 stocks on the NSE trade with gains while 385 decline

The currency has opened stronger in today's session. The rupee opened at 73.75 against the U.S. Dollar as compared to Thursday's close of 73.90.

Scotiabank in a note says that while portfolio inflows are supportive of the rupee, broad dollar strength will likely curb gains and exert some downward pressure on the high-yielding currency.

Yield on the 10-year government bond opened at 5.993% as compared to Thursday's close of 5.994%.

Traders in the bond markets will watch for the government's plan to sell bonds worth Rs 30,000 crore. The RBI rejected all bids at the bond-purchase auction on Thursday.

UCO Bank said that this clearly signals that RBI wants yields below 6%.

Shares of the manufacturer of steel and steel products are rising in today's trade after encouraging comments from the company's chairman in a letter to the shareholders.

Key Highlights From The Chairman's Letter:

• Seen a substantial increase in demand for our special steel products.
• Exceeded our production capacity in the month of September.
• Expect the demand for the company's products to remain strong.
• Management recommended divesting up to 51% in the JV formed with Sumitomo Corporation, Japan.
• The divestment will be completed in tranches over the next one year.
• Divestment will reduce the company's debt by around Rs 1,200 crore.
• Close to finalising the sale of 100 acres of surplus land in Thane.
• Expect significant further reduction in debt and interest costs as transactions materialise.
• Convinced that FY21 will be the turning point for the company.

Shares are locked in an upper circuit of 5% at Rs 42.35. The stock has snapped a four-day losing streak of lower circuits.

The company informed the exchanges this morning that its wholly-owned subsidiary - GMR SEZ and Port Holding will sell its entire 51% stake in the Kakinada SEZ to Aurobindo Realty & Infrastructure.

The total consideration for the sale of the stake is Rs 2,610 crore, the company said in the exchange filing. Out of the sum, Rs 1,600 crore would be received on the closing date while the rest will be received over 2-3 years, which is contingent upon certain agreed milestones.

As part of the proposed transfer, the 100% stake of Kakinada Gateway Port held by Kakinada SEZ, will also be transferred to Aurobindo Realty.

The transaction will be subject to statutory and regulatory approvals.

The company intends to use the proceeds to reduce the debt on a group level.

Shares gained as much as 3.55% to Rs 21.9, post the announcement, snapping a four-day losing streak.

• New cases higher than recoveries for the first time in seven days
• 86,052 new cases reported in the last 24 hours
• Total confirmed cases now at 58,18,570
• Active cases at 9,70,116
• Patients cured / discharged / migrated at 47,56,164
• Death toll rises to 92,290
• 1,141 deaths reported in the last 24 hours
• 81,177 patients recovered in the last 24 hours