As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 8.41 points or 0.02% at 37,973.63. The Nifty 50 index lost 5.15 points or 0.05% at 11,222.25.

Profit selling emerged after the Nifty 50 index advanced 3.91% in the past two sessions.

In the broader market, the S&P BSE Mid-Cap index was down 0.16% while the S&P BSE Small-Cap index fell 0.01%.

Sellers outpaced buyers. On the BSE, 1178 shares rose and 1436 shares fell. A total of 176 shares were unchanged.

President Donald Trump and Joe Biden, the Democratic nominee, will face off in their first Presidential debate Tuesday night. Three debates between the presidential candidates are scheduled to take place on 29 September, 15 October, and 22 October 2020. The US Presidential election is scheduled on Tuesday, 3 November 2020.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 33,353,615 with 10,01,646 deaths. India reported 9,47,576 active cases of COVID-19 infection and 96,318 deaths while 51,01,397 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Unlock 5.0:

The media reported that restaurants, bars and eatery outlets in Maharashtra will be allowed to re-start operations from the first week of October. Hotels, bars and restaurants have been surviving on home deliveries due to the covid-19 lockdown.

Economy:

Ratings agency ICRA after market hours on Monday revised its forecast for the contraction in the gross domestic product (GDP) for FY 2020-21 to -11% from -9.5% as fresh Covid-19 infections remaining elevated at the end of the second quarter. The rating agency however retained its earlier forecast of a 12.4% contraction in GDP in the second quarter

Defence Proposals:

The Defence Acquisition Council (DAC) has approved proposals for capital acquisition of various equipment required by the Indian Armed Forces at an approximate cost of Rs 2,290 crore. These include procurement from domestic industry as well as foreign vendors. Under the buy Indian category, the DAC approved procurement of Static HF Tans-receiver sets and Smart Anti Airfield Weapon.

Buzzing Index:

The Nifty FMCG index slipped 1.59% to 29,410.05. The index added 3% in the past two days.

Radico Khaitan (down 3.9%), Globus Spirits (down 3.28%), Advanced Enzyme Technologies (down 3.22%), Dhampur Sugar Mills (down 3.05%), Tata Consumer Products (down 3%), Kaveri Seed Company (down 2.46%), ADF Foods (down 2.39%), Triveni Engineering and Industries (down 2.35%), Shree Renuka Sugars (down 2.31%) and ITC (down 2.25%) declined.

Stocks in Spotlight:

SBI Card rose 1.11%. The company has entered a strategic partnership with American Express in top end premium products – SBI Card ELITE and SBI Card PRIME will be available on American Express' global network. With this, SBI Card ELITE and SBI Card PRIME cardholders can enjoy American Express' valuable network benefits through local and global network offers, access to Elite tier membership, complimentary domestic lounge program, access to VIP upgrades and privileges at hotels, restaurants and retail outlets around the world and unique experiences like pre-ticketing access to sporting and entertainment events such as Wimbledon and US Open.

Shree Cement surged 1.63%. The board of Shree Cement has allowed setting up a clinker unit having a capacity of upto 12,000 tons per day (TPD) at Raipur in Chhattisgarh. The project will require a total investment of Rs 1,000 crore, which will be financed through internal accruals and debt. The capacity is expected to be added by the quarter ending September 2022. The existing cement capacity of the company is 40.40 million ton per annum (MTPA). During the year 2019-20 the utilization rate was 64%. The announcement was made during market hours today, 29 September 2020.

Shalby surged 6.68% after the company's board approved to reduce promoters' shareholding in the company to 75% from 79.45%. The board also approved to raise upto Rs 117.01 crore via through issue of equity shares, other convertible securities/warrants/Global Depository Receipts/American Depository Receipts/any other financial instruments/securities convertible into and/or linked to equity shares or a combination thereof.

Zydus Wellness rose 0.24% after the company said it raised about Rs 649.97 crore through qualified institutional placement of 38.46 lakh equity shares at Rs 1,690 each. The issue price is at 4.83% discount to the QIP floor price of Rs 1,775.85 per equity share. The QIP issue opened on 23 September 2020 and closed on 28 September 2020.

Global Markets:

European indices declined while most Asian indices advanced on Tuesday. Investors were cautious ahead of the first U.S. presidential debate set to take place later on Tuesday. US consumer confidence and home price data are also due on Tuesday.

In US, Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.

U.S. House of Representatives Speaker Nancy Pelosi reportedly said that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue, suggesting a possible progress to end the stalemate.