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Market turns positive amid volatility.

Key indices regained positive zone in early trade after opening lower amid volatility. The barometer index, the S&P BSE Sensex, was up 43.95 points or 0.11% at 40,637.75. The Nifty 50 index was up 6.95 points or 0.06% at 11,937.90.

The S&P BSE Mid-Cap index was down 0.08%. The S&P BSE Small-Cap index was up 0.07%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 799 shares rose and 763 shares fell. A total of 79 shares were unchanged.

Macro data:

Industrial production declined by 8% in August, mainly due to lower output of manufacturing, mining and power generation sectors, official data showed on October 12. The IIP had contracted by 1.4% in August 2019.

Retail inflation rose to 7.34% in September, mainly on account of higher food prices, according to government data. The inflation based on the Consumer Price Index (CPI) stood at 6.69% in August. It was 3.99% in September last year.

Stocks in news:

Infosys rose 0.72%. Infosys announced that it has completed the acquisition of Kaleidoscope Innovation, a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets, bolstering capabilities in the design of smart products.

Wipro fell 0.89%. Wipro will declare its July – September quarterly result today, 13 October 2020.

Cipla slipped 0.38%. Cipla said that its step-down associate company in USA, Avenue Therapeutics Inc. (Avenue), a company focused on the development of intravenous (IV) tramadol for the U.S. market, announced it has received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding the company’s New Drug Application (NDA) for IV tramadol.

Godrej Properties declined 1.35%. Godrej Properties announced that it has entered into an outright transaction to purchase a well located land parcel in Sarjapur, Bangalore.

Aster DM Healthcare rose 0.84%. Aster DM Healthcare through its subsidiary, Dr. Moopen’s Healthcare Management Services LLC, has acquired 3% stake in Sanad Al-Rahmah Medical Care Company. Pursuant to the aforementioned acquisition the shareholding of the company has increased from 97% to 100%.

Lakshmi Vilas Bank fell 2.16%. A meeting of the board will be held on 15 October 2020 to consider and approve, the issue of securities of the bank to existing shareholders of the bank on a rights basis.

Rane Brake Lining jumped 10.27%. The company’s board of directors will consider a proposal for buyback of equity shares on October 15.

Global Markets:

Overseas, Asian stocks are trading higher as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets. Trading in Hong Kong stocks was suspended Tuesday morning as a result of a typhoon.

In US, Wall Street surged on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season.

Shares in Apple Inc surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon rallied 4.8% ahead of its Prime Day shopping event this week.

U.S. Senate Republicans said they will go along with what President Donald Trump wants in coronavirus relief legislation, a White House spokeswoman reportedly said on Monday.

Investors are also closely watching the global resurgence in coronavirus cases after British Prime Minister Boris Johnson on Monday announced a new system of restrictions on parts of England. Lawmakers will vote on the move on Tuesday.

Back home, domestic equity benchmarks ended a volatile session with minor gains on Monday. The Nifty ended above 11,900 mark after briefly crossing 12,000 mark in morning trade. Trading was volatile as investors assessed the latest government measures announced by the finance minister Nirmala Sitharaman to stimulate consumer demand in the covid-hit economy. The S&P BSE Sensex, gained 84.31 points or 0.21% at 40,593.80. The Nifty 50 index added 16.75 points or 0.14% at 11,930.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 615.17 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,028.77 crore in the Indian equity market on 12 October, provisional data showed.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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