Among the sectors, Nifty Auto climbed over a percent. On the flip side, Nifty PSU Bank and Media indices fell over a percent each. Nifty Bank, Private Bank indices declined about a percent.

Sundaram Mutual announced the launch of its new open-ended equity scheme, Sundaram Bluechip Fund, primarily for investing in large-cap blue-chip stocks on September 16. 

"This new fund offer (NFO) is an open-ended equity scheme. The scheme will be investing in a diversified large-cap portfolio of 45-50 growth and value stocks without any sector bias. Stock selection will be based on a three-pronged framework of quality of management, of the business model and of financials," Sundaram Mutual said in a media release. 

The NFO will open for subscription on September 17, 2020, and close on September 30, 2020. It will reopen for ongoing subscription and redemption from October 14, 2020. 

Portfolio construction will be a blend of bottom-up stock-picking with top-down selection based on sectoral and macro trends. The fund can invest up to 20 percent of assets in mid-caps, the press release said.