Key equity indices scaled fresh intraday highs in mid-afternoon trade. The Nifty marched towards the 11,050 mark. At 14:23, the barometer index, the S&P BSE Sensex, rose 774.17 points or 2.12% at 37,327.77. The Nifty 50 index gained 227.15 points or 2.10% at 11,032.70.
In the broader market, the S&P BSE Mid-Cap index rose 2.52% while the S&P BSE Small-Cap index gained 2.05%.
Buyers outpaced sellers. On the BSE, 1852 shares rose and 684 shares fell. A total of 162 shares were unchanged.
The Nifty Bank index rose 2.26%. The index had lost 3.41% yesterday.
IDFC First Bank (up 6.85%), IndusInd Bank (up 4.55%), Bandhan Bank (up 3.83%), RBL Bank (up 3.64%), ICICI Bank (up 3.26%), Federal Bank (up 3.06%), SBI (up 2.86%), Bank Of Baroda (up 2.76%) and Axis Bank (up 2.44%) advanced.
Stocks in Spotlight:
Dr. Reddy's Laboratories rose 1.39% to Rs 5094.30 after the drug major announced the launch of Dexmedetomidine Hydrochloride Sodium Chloride Injection on US markets. The injection is a therapeutic equivalent generic version of Precedex approved by the U.S. Food and Drug Administration (USFDA). It is an anxiety reducing, sedative, and pain medication. According to IQVIA Health, the Precedex in 0.9% Sodium Chloride Injection brand and generic market had US sales of approximately $210 million for the most recent twelve months ending in June 2020.
Vakrangee hit an upper circuit of 10% at Rs 27.10 after the Reserve Bank of India (RBI) granted the company in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU). The company said it can now directly handle payment and aggregation of payment services relating to bills under the scope of the Bharat Bill Payment System (BBPS).
Gayatri Projects gained 1.15% to Rs 17.65. The Odisha Mining Corporation (OMC) has selected Gayatri Projects as mine operator for Putulpani quarry of Gandhamardan Block-B Iron Ore Mine in Kendujhar, Odisha. Awarded value of the contract is Rs 33.23 crore. The contract period is for one year. It is further extendable on yearly basis under mutual consent of both the parties with the approval of OMC.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 73.6125 compared with its previous closing 73.8975.
The yield on 10-year benchmark federal paper fell to 6.013% compared with previous closing of 5.992% in the previous trading session.
MCX Gold futures for 5 October 2020 settlement fell 0.23% to Rs 49,791.
In the commodities market, Brent crude for November 2020 settlement rose 33 cents to $42.27a barrel. The contract gained 0.40% or 17 cents to settle at $41.94 in the previous trading sessions on Tuesday.