Midday Review

Date Heading Details
18-Sep-2020   14:51 Hrs IST Markets slip into negative territory <p align="justify">Indian equity benchmarks slipped into negative territory in late afternoon session, Both Sensex and Nifty were trading below their crucial 38750 and 11525 marks, respectively. The markets got hit with report that advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal. Traders shrugged off investment in the Indian capital market through participatory notes (P-notes) climbed to over Rs 74,000 crore till August-end, making it the highest level in 10 months. This marks the fifth consecutive monthly rise in the investment through the route, also signaling at growing confidence of foreign portfolio investors (FPIs) in the local market. Sector wise, defence sector remained in focus, as Department for Promotion of Industry and Internal Trade (DPIIT) in a note has said that the government has permitted foreign direct investment (FDI) of up to 74 percent under automatic route in the defence sector in order to attracting overseas investors.<p align="justify">On the global front, Asian markets are trading mostly in green after the U.S. Federal Reserve promised to keep rates low for a long time but stopped short of promising changes to its massive bond-buying program. European markets were trading mostly in red as investors settled into a holding pattern while awaiting new catalysts. <p align="justify">The BSE Sensex is currently trading at 38726.63, down by 253.22 points or 0.65% after trading in a range of 38688.01 and 39200.42. There were 11 stocks advancing against 19 stocks declining on the index.<p align="justify">The broader indices were trading mixed; the BSE Mid cap index gained 0.15%, while Small cap index was down by 0.16%.<p align="justify">The top gaining sectoral indices on the BSE were Healthcare up by 3.41%, Telecom up by 1.36%, Realty up by 1.34%, TECK up by 0.51% and Utilities was up by 0.41%, while Bankex down by 1.79%, FMCG down by 0.83%, Consumer Durables down by 0.56%, PSU down by 0.40% and Energy was down by 0.34% were the top losing indices on BSE.<p align="justify">The top gainers on the Sensex were Mahindra &amp; Mahindra up by 2.07%, Tech Mahindra up by 1.98%, Bharti Airtel up by 1.89%, Sun Pharma up by 1.39% and ONGC up by 0.89%. On the flip side, Kotak Mahindra Bank down by 2.78%, HDFC Bank down by 2.48%, SBI down by 1.92%, Bajaj Finserv down by 1.74% and Indusind Bank down by 1.72% were the top losers.<p align="justify">Meanwhile, welcoming the government's decision to amend the foreign direct investment (FDI) policy in Defence Sector, Union Minister for Commerce and Industry Piyush Goyal said that the move will enhance ease of doing business &amp; contribute to the growth of investment, income and employment.<p align="justify">The Minister further said that foreign investments in the defence sector shall be subject to scrutiny on the grounds of national security and added that in line with collective vision of Aatmanirbhar Bharat, amendments will enhance self-reliance in defence production, while keeping national interests &amp; security paramount.<p align="justify">Meanwhile, the Centre announced that FDI up to 74% under automatic route shall be permitted for companies seeking new industrial licenses.<p align="justify">The CNX Nifty is currently trading at 11504.10, down by 12.00 points or 0.10% after trading in a range of 11463.10 and 11584.10. There were 27 stocks advancing against 23 stocks declining on the index.<p align="justify">The top gainers on Nifty were Dr. Reddys Lab up by 12.23%, Cipla up by 7.85%, Mahindra &amp; Mahindra up by 2.65%, Hindalco up by 2.64% and Bharti Airtel up by 2.44%. On the flip side, Kotak Mahindra Bank down by 2.54%, HDFC Bank down by 2.25%, SBI down by 1.66%, Hindustan Unilever down by 1.56% and Bajaj Finserv down by 1.45% were the top losers.<p align="justify">Asian markets are trading mostly in green; Hang Seng increased 114.56 points or 0.47% to 24,455.41 Shanghai Composite gained 67.65 points or 2.07% to 3,338.09, Nikkei 225 surged 40.93 points or 0.18% to 23,360.30, Jakarta Composite soared 20.82 points or 0.41% to 5,059.22, KOSPI rose 6.23 points or 0.26% to 2,412.40, Taiwan Weighted strengthened 2.88 points or 0.02% to 12,875.62. On the flip side, Straits Times was down by 1.70 points or 0.07% to 2,499.08.<p align="justify">European markets were trading mostly in red; UK's FTSE 100 decreased 23.77 points or 0.39% to 6,026.15, France's CAC decreased 20.37 points or 0.4% to 5,019.13. On the flip side, Germany's DAX increased 10.40 points or 0.08% to 13,218.52.<p align="justify">&nbsp;<p align="justify"></p>
18-Sep-2020   12:47 Hrs IST Benchmarks continue to trade in green terrain <p align="justify">Indian equity benchmarks continued to trade in green terrain in afternoon session, on account of broad based buying in blue chip counters amid positive Asian cues. Among blue chip stocks, Sun Pharma was top gainer trading up by around 4%, while Hindustan Unilever was top loser down by 1.54%. Traders took support with report that the Reserve Bank of India (RBI) will purchase government securities under open market operations (OMOs) for an aggregate amount of Rs 10,000 crore on September 24, 2020. Some solace also came with report that the Employees' State Insurance Corporation (ESIC) subscribers who lost their job due to the COVID-19 situation can claim unemployment relief of 50 per cent of wages under the Atal Bimit Kalyan Yojana. <p align="justify">On the global front; Asian markets were trading mostly higher as US Federal Reserve decided to keep key its short-term interest rate near zero till the end of 2023 to stem the economy from damage caused by coronavirus pandemics. Back on street; in scrip specific developments; Escorts jumped as ICRA upgrades its long-term rating to ‘AA', while HDFC Bank slipped as US law firm files class action suit against the bank for misleading claims.<p align="justify">The BSE Sensex is currently trading at 39059.79, up by 79.94 points or 0.21% after trading in a range of 38979.08 and 39200.42. There were 20 stocks advancing against 10 stocks declining on the index.<p align="justify">The broader indices were trading in green; the BSE Mid cap index rose 0.86%, while Small cap index was up by 0.56%.<p align="justify">The top gaining sectoral indices on the BSE were Healthcare up by 4.32%, Realty up by 3.34%, Telecom up by 1.20%, TECK up by 0.89% and Metal was up by 0.84%, while FMCG was down by 0.72% was the only losing index on BSE.<p align="justify">The top gainers on the Sensex were Sun Pharma up by 3.94%, Tech Mahindra up by 2.44%, HCL Tech up by 1.91%, Mahindra &amp; Mahindra up by 1.46% and Bharti Airtel was up by 1.42%. On the flip side, Hindustan Unilever down by 1.54%, Bajaj Finserv down by 1.47%, Maruti Suzuki down by 0.96%, Kotak Mahindra Bank down by 0.93% and Nestle was down by 0.80% were the top losers.<p align="justify">Meanwhile; The Department for Promotion of Industry and Internal Trade (DPIIT) in a note has said that the government has permitted foreign direct investment (FDI) of up to 74 percent under automatic route in the defence sector in order to attracting overseas investors. However, it said foreign investments in the defence sector would be subject to scrutiny on the grounds of national security and the government reserves the right to review any foreign investment in the sector that affects or may affect national security.<p align="justify">As per the current FDI policy, 100 percent overseas investments are permitted in the defence industry -- 49 percent under the automatic route, while beyond that government approval was required. According to the note, FDI up to 74 percent under automatic route shall be permitted for companies seeking new industrial licences. It also said that infusion of fresh investment up to 49 percent, in a company not seeking industrial licence or which already has government approval for FDI in defence, shall require mandatory submission of a declaration with the defence ministry in case change in equity/shareholding pattern or transfer of stake by existing investor to new foreign investor for FDI up to 49 percent, within 30 days of such change.<p align="justify">It further said the proposal for raising FDI beyond 49 percent from such companies will require government approval. It added that the decision will take effect from the date of Foreign Exchange Management Act (FEMA) notification.<p align="justify">The CNX Nifty is currently trading at 11564.35, up by 48.25 points or 0.42% after trading in a range of 11537.55 and 11584.10. There were 35 stocks advancing against 15 stocks declining on the index.<p align="justify">The top gainers on Nifty were Dr. Reddys Lab up by 8.72%, Cipla up by 7.45%, Sun Pharma up by 3.87%, Adani Ports &amp; SEZ up by 2.79% and Hindalco was up by 2.59%. On the flip side, Hindustan Unilever down by 1.60%, Bajaj Finserv down by 1.53%, Shree Cement down by 1.18%, Maruti Suzuki down by 0.91% and Kotak Mahindra Bank was down by 0.85% were the top losers.<p align="justify">Asian markets were trading mostly in green; Hang Seng increased 142.50 points or 0.59% to 24,483.35, Shanghai Composite gained 60.11 points or 1.84% to 3,330.55, KOSPI rose 6.23 points or 0.26% to 2,412.40, Jakarta Composite soared 8.63 points or 0.17% to 5,047.03, Taiwan Weighted strengthened 2.88 points or 0.02% to 12,875.62 and Nikkei 225 was up by 40.93 points or 0.18% to 23,360.30.<p align="justify">On the flip side; Straits Times was down by 1.99 points or 0.08% to 2,498.79.</p>
18-Sep-2020   12:05 Hrs IST Sensex, Nifty manage to keep heads above water
18-Sep-2020   10:58 Hrs IST Indian equities remain in green in morning deals
18-Sep-2020   09:56 Hrs IST Markets trade higher with notable gains in early deals
17-Sep-2020   14:53 Hrs IST Benchmarks remain under pressure
17-Sep-2020   12:50 Hrs IST Sluggish trend continues on Dalal Street
17-Sep-2020   12:06 Hrs IST Markets extend losses to trade in deep red
17-Sep-2020   10:50 Hrs IST Indian equities remain in red terrain in morning deals
17-Sep-2020   10:01 Hrs IST Markets trade lower in early deals on weak global cues