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Sensex, Nifty close flat; Tata Steel shines, Route Mobile locks in at lower circuit of 10 per cent

Geyatee Deshpande
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Sensex, Nifty close flat; Tata Steel shines, Route Mobile locks in at lower circuit of 10 per cent

On Tuesday, the domestic benchmark indices closed flat with a negative bias. The markets remained volatile during today’s trading session as Sensex closed down by mere 8.41 points or 0.02 per cent at 37,973.22 levels while Nifty was down by mere 5.15 points or 0.05 per cent at 11,222.40 levels.

The global indices remained weak as the investors focussed on the first US presidential debate along with, the progress of a new US stimulus bill. Later today, President Donald Trump and former Vice President Joe Biden would attend their first presidential debate as the investors eagerly look forward to the general election scheduled to take place on November 3, 2020, i.e. around five weeks from now.

Asian indices such as Shanghai index, Hang Seng and KOSPI closed up by 0.21 per cent, 0.12 per cent and 0.86 per cent, respectively whereas Nikkei fell by 0.85 per cent. European indices such as FTSE 100 and DAX traded lower by 0.38 per cent and 0.39 per cent, respectively while CAC 40 was trading flat.

Though there are concerns about the increasing Coronavirus cases, which may lead to location specific lockdowns, the domestic investors seem to be waiting for the government to announce a stimulus package to boost economic activity. Analysts believe that an expected stimulus by the investors will create a positive trigger for the domestic markets.

Meanwhile, Vedanta informed about receiving in-principle approval from BSE and NSE for the delisting offer. Following this, Vedanta fixed October 5 as the bid opening date for the delisting offer and October 8 for upward revision or withdrawal of bids.

On the first day of its bidding process, the initial public offering (IPO) by Mazagon Dock Shipbuilders (MDSL) was fully-subscribed as the public offer received bids for 3,07,10,892 shares till 2 pm against 3,05,99,017 shares offered by the company. Additional details show that the retail portion was subscribed 2.90 times while reserved for non-institutional investors received 33 per cent subscription.

Sensex gainers included UltraTech Cement that went up by 3.08 per cent, TCS increased by 2.55 per cent, Tata Steel gained by 2.51 per cent, Titan Company rose by 2.48 per cent, HDFC gained by 1.83 per cent, RIL rose by 1.31 per cent, etc.

Sensex losers consisted ONGC, which went down by 3.82 per cent, IndusInd Bank fell by 3.37 per cent, Power Grid declined by 2.89 per cent, Asia Bank fell by 2.82 per cent, HCL Technologies decreased by 2.69 per cent, NTPC plunged 2.63 per cent, etc.

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