The benchmark indices were trading in a narrow range near the day's high in early afternoon trade. The Nifty was trading above 15,750 mark. Metal stocks were in demand for the second consecutive day.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 235.71 points or 0.45% at 52,621.90. The Nifty 50 index gained 74.80 points or 0.48% at 15,764.60.
In the broader market, the S&P BSE Mid-Cap index added 0.76% while the S&P BSE Small-Cap index rose 1.11%.
The market breadth was strong. On the BSE, 2,277 shares rose and 916 shares fell. A total of 157 shares were unchanged.
Economy:
The Industrial Production and Manufacturing Production data for May will be released today, 12 July 2021.
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Industrial production in India surged 134.4% year-on-year in April of 2021 due to a low base effect from last year.
Meanwhile, manufacturing production in India increased 197.10% in April of 2021 over the same month in the previous year. It is the biggest increase ever, following a record 66.6% drop in April 2020 due to the coronavirus pandemic.
Consumer price inflation rate for June 2021 is also due today. Annual consumer inflation rate in India increased to 6.3% in May of 2021, the highest in 6 months, from a downwardly revised 4.23% in April 2021.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 18,68,00,826 with 40,31,654 deaths. India reported 4,50,899 active cases of COVID-19 infection and 4,08,764 deaths while 3,00,14,713 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India on Monday reported 37,154 new COVID-19 cases in last 24 hours, pushing the country's caseload to 3,08,74,376. With 724 deaths due to virus, the toll is at 4,08,764. Meanwhile, 39,649 people recovered from the virus.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.91% to 12.565. The Nifty 29 July 2021 futures were trading at 15,799.60, at a premium of 35 points compared with the spot at 15,764.60.
The Nifty option chain for 29 July 2021 expiry showed maximum Call OI of 28.10 lakh contracts at the 16,000 strike price. Maximum Put OI of 33.7 lakh contracts was seen at 15,500 strike price.
Buzzing Index:
The Nifty Metal index rose 1.03% to 5,327.70. The index added 3.04% in the past two sessions.
Welspun Corp (up 6.27%), JSW Steel (up 2.49%), MOIL (up 1.98%), Jindal Steel & Power (JSPL) (up 1.72%) and SAIL (up 1.36%) advanced.
Stocks in Spotlight:
Container Corporation of India (CONCOR) grew 1.80% after the logistics firm said that total throughput increased by 35.35% to 9,91,746 twenty-foot equivalent units (TEUs) in Q1 FY22 from 7,32,711 TEUs in Q1 FY21. While the company's domestic throughput jumped 68.57% year-on-year to 1,76,669 TEUs in Q1 FY22. Export throughput improved by 29.81% to 8,15,077 TEUs in Q1 FY22 over Q1 FY21.
Maruti Suzuki India rose 1.01% after the car major on Monday announced a price hike for Swift and all CNG variants owing to increase in various input costs. Increase in ex-showroom prices (Delhi) is up to Rs 15,000 on Swift and all CNG variants. The new prices are effective from Monday, 12 July, 2021. The company added that the price increase in other models is planned shortly and shall be intimated accordingly.
Adani Ports and Special Economic Zone (APSEZ) slipped 0.77%. The company, on Friday, announced that its board will meet on Wednesday (14 July) to consider raising up to $750 million through issuance of US$ denominated foreign currency bonds. The total amount for fund raising will not exceed $750 million and the fundraising will be on a private placement basis or otherwise, to any persons, entities, bodies corporate, companies, banks, financial institutions under applicable laws.
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