The domestic equity benchmarks ended near the day's high on Tuesday. The Nifty closed above the 17,800 mark. Oil & gas, IT, and auto stocks advanced while pharma, metals and realty stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 445.56 points or 0.75% to 59,744.88. The Nifty 50 index added 131.05 points or 0.74% to 17,822.30.

After opening with deep cuts, the key equity indices hovered near the flat for first half of the session. The indices picked up steam in afternoon trade and managed to close near the day's high with significant gains.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.01% to 16.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.54%.

The market breadth was strong. On the BSE, 2081 shares rose and 1202 shares fell. A total of 166 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 235,389,736 with 4,808,886 deaths. India reported 252,902 active cases of COVID-19 infection and 449,260 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

A total of 91,49,94,809 COVID-19 vaccine doses have been administered in the country so far, with over 72.32 lakh doses being given yesterday, according to the Co-WIN dashboard.

India Services PMI:

The seasonally adjusted India Services Business Activity Index posted 55.2 in September, highlighting a marked increase in output. Despite falling from August's 18-month high of 56.7, the latest reading remained well above its long-run average. Where activity growth was reported, panellists mentioned accommodative market conditions and favourable underlying demand amid the easing of COVID-19 restrictions.

Buzzing Index:

The Nifty Oil & Gas index rose 1.57% to 7,942.20. The index has added 2.12% in three sessions.

ONGC (up 10.81%), Mangalore Refinery and Petrochemicals (up 4.06%), HPCL (up 3.91%), Indian Oil Corporation (up 2.89%), Gujarat Gas (up 2.84%), Reliance Industries (up 2.07%), GAIL (up 1.86%), BPCL (up 1.80%) and Oil India (up 0.48%) advanced.

Concurrently, Petronet LNG (down 1.48%), Mahanagar Gas (down 0.99%) and Indraprastha Gas (down 0.35%) edged lower.

Stocks in Action:

ICICI Lombard General Insurance Company shed 1.91% to Rs 1,546.55. On the BSE, over 1.82 crore shares of the company were traded in the counter so far as against an average trading volume of 0.48 lakh shares in the past two weeks.

On the NSE, over 35.66 lakh shares of the company changed hands in the counter so far as against an average trading volume of 7.34 lakh shares in the past three months.

As per media reports, Societe Beaujon, AXA Group's French investment holding company, was to sell 1.75 crore shares (representing 3.8% stake) of ICICI Lombard.

Shares of Srei Infrastructure Finance were locked in 5% lower circuit at Rs 8.17. The Reserve Bank of India (RBI) on Monday superseded the board of directors of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), wholly owned subsidiary of SIFL, and has appointed Bank of Baroda's former chief general manager Rajneesh Sharma as the administrator.

The RBI also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the administrator as the insolvency resolution professional.

HFCL hit an upper circuit of 5% at Rs 79. The company has bagged an order amounting to approximately Rs 287.96 crore from RailTel Corporation of India for setting up of secured optical packet switched network for the defence forces.

HDFC Bank added 0.54% to Rs 1,594.00. The private lender's advances aggregated to approximately Rs 11,98,500 crore as of 30 September 2021, rising around 15.4% over Rs 10,38,300 crore as of 30 September 2020. On a sequential basis, advances grew by 4.4% from Rs 11,47,700 crore posted on 30 June 2021.

The bank's deposits aggregated to approximately Rs 14,06,000 crore as of 30 September 2021, recording a growth of around 14.4% over Rs 12,29,300 crore as of 30 September 2020 and a growth of around 4.5% over Rs 13,45,800 crore as of 30 June 2021. The bank's CASA ratio stood at around 47% as of 30 September 2021 as compared to 41.6% as of 30 September 2020 and 45.5% as of 31 June 2021.

IndusInd Bank gained 3.91% to Rs 1,163.60. The bank's total deposits increased by 21% to Rs 2,75,486 crore as of 30 September 2021 from Rs 2,28,279 crore as on 30 September 2020. Net advances of the bank rose by 5% quarter on quarter and 10% year on year to Rs 2,21,821 crore as on 30 September 2021.

JSW Energy rose 2.34% to Rs 389.40. The company has signed a contract with Senvion India to procure 591 MW of wind turbines for its pipeline of renewable energy projects. Supply of the turbines will begin by the second half of 2022.

Rail Vikas Nigam (RVNL) added 2.48% to Rs 30.95. The company has entered into an MoU with Tata Steel. The MoU pertains to the implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route.

Vedanta gained 1.54% to Rs 303. The company's aluminum production in the July-September period was 5,70,000 tonnes, up 21% YoY and up 4% QoQ. Zinc mined metal output also climbed 4% YoY while oil and gas output remained flat. Output of saleable steel rose by 13% year-on-year. Integrated saleable silver production declined 25% YoY.

Aurobindo Pharma fell 1.10% to Rs 724.05 after the drug maker confirmed the recall of 2,820 bottles of metroprolol tartrate tables in the US market. Metoprolol is used with or without other medications to treat high blood pressure (hypertension).

The media reported that New Jersey-based Aurobindo Pharma USA Inc, a unit of Aurobindo Pharma, is recalling 2,820 bottles of metoprolol tartrate tablets due to presence of foreign substance: product complaints received for the presence of metal wire in one tablet.

IRCON International jumped 4.77% to Rs 47.25. The company with its JV partner has emerged as the lowest bidder valuing Rs 3429 crore in the tender floated by National High Speed Rail Corporation (NHSRCL) for the design and construction of 18.133 km of viaduct involving Ahmedabad Station and Sabarmati Station and associated works for the project for construction of Mumbai-Ahmedabad High Speed Rail.

BLS International Services rose 2.16% to Rs 271.50. The company said that that its contract with Royal Thai Embassy in New Delhi for visa services has been renewed last week. BLS will be accepting visa applications for Thailand from various cities of India. The company will be providing Thai visa application services along with several value-added services.

Global markets:

European shares advanced while Asian stocks ended mostly higher on Tuesday. Markets in mainland China are closed through Thursday for the Golden Week holidays.

U.S. stock benchmarks tumbled on Monday as concerns about sticker-than-expected inflation grow on rising oil prices. A selloff for stocks deepened Monday, with markets succumbing to pressure in technology and tech-related stocks.

On Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies kept their current agreement to gradually raise crude production each month, including a 400,000 barrels a day increase in November.

New orders for US-made goods accelerated in August. The Commerce Department said on Monday that factory orders increased 1.2% in August. Data for July was revised higher to show orders rising 0.7% instead of gaining 0.4% as previously reported.

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