Key indices remained in green terrain for the most part of the trading session, amid reports that the Employees' State Insurance Corporation (ESIC) subscribers who lost their job due to the COVID-19 situation can claim unemployment relief of 50 per cent of wages under the Atal Bimit Kalyan Yojana. The ESIC has issued instructions for submission of claims by the affected workers to claim relief under recently expanded Atal Beemit Kalyan Yojana in which relief is to be paid to those members who lost their job.
However, in the last hour of the trading session, Indian markets cut all of their gains to end the day in red terrain, as domestic ratings agency -- Icra Ratings has warned that divesting majority stake in state-run lenders by the government will be ‘credit negative’ for such public sector banks (PSBs). Domestic sentiments got hit with report that advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal.
On the global front, European markets were trading mostly in red as investors settled into a holding pattern while awaiting new catalysts. Asian markets ended mostly higher on Friday, after overall nationwide consumer prices in Japan were up 0.2 percent on year in August, in line with expectations and slowing from 0.3 percent in July. Core CPI, which excludes volatile food costs, sank an annual 0.4 percent - again matching forecasts following the flat reading in the previous month. Individually, prices were down for fuel, education and recreation - while prices were higher for food, housing, furniture, clothing and medical care.