The benchmark indices bounced back and hit fresh intraday high in mid morning trade. The Nifty was trading above the 15,800 mark. Realty shares corrected after a three-day rising streak. Most Asian stocks declined.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 64.85 points or 0.12% to 52,834.58. The Nifty 50 index added 20.90 points or 0.13% to 15,833.25.
In the broader market, the S&P BSE Mid-Cap index gained 0.23% while the S&P BSE Small-Cap index rose 0.49%.
The market breadth was strong. On the BSE, 1841 shares rose and 1195 shares fell. A total of 122 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 187,757,447 with 4,048,243 global deaths.
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India reported 429,946 active cases of COVID-19 infection and 411,408 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Realty index shed 0.32% to 379.60, amid some bit of profit taking. The index had gained 6.5% in three sessions.
Oberoi Realty (down 2.23%), Sobha Developers (down 1.57%), Sunteck Realty (down 0.67%), Godrej Properties (down 0.40%) and The Phoenix Mills (down 0.33%) declined.
Meanwhile, Hemisphere Properties India (up 1.78%), Brigade Enterprises (up 0.75%), Prestige Estates (up 0.38%) and Indiabulls Real Estate (up 0.11%) advanced.
Stocks in Spotlight:
Hindustan Zinc rose 0.13% to Rs 335.10. The company's mined metal production for Q1 FY22 was 221,000 tonnes, up 9% from 202,000 tonnes in Q1 FY21. The increased production was mainly on account of higher ore production largely at Rampura Agucha mines (RAM) and Zawar mines. This was partially offset by lower overall metal grades.
The mined metal production decreased 23% in Q1 FY22 from 288,000 tonnes in Q4FY21, mainly due to lower ore production at Sindesar Khurd & Rampura Agucha mines due to operators' absenteeism in April & May in light of second wave of COVID-19.
India Grid Trust was up 0.87% at Rs 135.90. The Infrastructure Investment Trust (InvIT) announced the completion of acquisition of 100% stake in two solar assets with cumulative capacity of 100 MW from Fotowatio Renewable Ventures at an enterprise value of Rs 660 crore.
With this acquisition, the company's asset portfolio will now consist of fourteen diversified power projects consisting of 40 transmission lines,11 substations (13,550 MVA capacity) and 100 MW of solar power plants across 18 states and one Union Territory. IndiGrid's acquisition of its first solar asset is an important milestone in the Indian infrastructure sector as this marks the first renewable energy acquisition by any InvIT in the country.
Global Markets:
Most Asian stocks declined on Wednesday following a hotter-than-expected U.S. inflation report for June overnight.
Singapore's economy grew 14.3% year-on-year in the second quarter, official advanced estimates showed Wednesday. Still, the economy contracted by 2% as compared with the previous quarter, Singapore's Ministry of Trade and Industry said.
US stocks slipped after posting new highs on Tuesday as the biggest hike in U.S. inflation in 13 years rattled investors.
US inflation rose at its fastest pace in nearly 13 years, the Labor Department reported Tuesday. The consumer price index increased 5.4% in June from a year ago. Core CPI, excluding food and energy, jumped 4.5%, the sharpest move for that measure since September 1991.
Federal Reserve Chairman Jerome Powell is scheduled to appear in front of Congress Wednesday and Thursday to provide an update on monetary policy.
Investors are also monitoring the spread of the more contagious delta variant of Covid-19, which is hampering the recovery from the pandemic in some parts of the world. The unfolding earnings season is key too, with global stocks close to record highs on optimism over the bounce back from the health crisis.
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