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Sensex jumps 350 pts; cement stocks in demand

·2-min read

Indices were trading at day's high with strong gains in mid-afternoon trade. The Nifty 50 headed toward 11,750 level.

At 14:28 IST, the barometer index, the S&P BSE Sensex, gained 356.50 points or 0.9% at 39,931.68. The Nifty 50 index added 84 points or 0.72% at 11,746.85.

The broader market declined. The S&P BSE Mid-Cap index was down 0.48% while the S&P BSE Small-Cap index fell 0.29%.

Sellers outpaced buyers. On the BSE, 1036 shares rose and 1549 shares fell. A total of 185 shares were unchanged.

COVID-19 Update:

India reported 907,883 active cases of COVID-19 infection and 104,555 deaths while 5,774,693 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 35,731,494 with 1,048,714 deaths.

Buzzing Segment:

Cement stock were in demand. Ambuja Cement (up 4.84%), ACC (up 3.59%), UltraTech Cement (up 2.43%), Shree Cement (up 1.77%) and Deccan Cement (up 0.83%) advanced.

Stocks in Spotlight:

Linde India slumped 5.25% after the company said its chief financial officer (CFO), Subhabrata Ghosh, has resigned to pursue a career opportunity outside the company. The company's board will consider appointing a new CFO at its next meeting in November 2020.

PSP Projects declined 0.86% after the tender for EPC project in GIFT City, Gujarat in which the company emerged as the lowest bidder has been cancelled by the tender inviting authority. The tender for EPC (engineering, procurement, and construction) design and build construction of proposed GIDC Tech-Hub at GIFT City in Gandhinagar (Gujarat), in which PSP Projects emerged as the lowest (L-1) bidder, has been cancelled by the tender inviting authority.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.345 compared with its previous closing 73.46.

The yield on 10-year benchmark federal paper rose to 6.018% compared with previous closing of 6.026% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement fell 0.63% to Rs 50,210.

In the commodities market, Brent crude for December 2020 settlement fell 54 cents to $42.11 a barrel. The contract rose 3.29% to settle at $42.65 in the previous trading session.