The key indices extended gains and hit the day's high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 300.78 points or 0.54% at 55,856.57. The Nifty 50 index gained 92.55 points or 0.56% at 16,589.
HDFC Bank (up 2.24%), Bajaj Finserv (up 7.36%) and Bajaj Finance (up 3.85%) boosted the market.
The broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 1.08%. The S&P BSE Small-Cap index gained 1.20%.
Buyers outpaced sellers. On the BSE, 1,902 shares rose and 1,188 shares fell. A total of 124 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,363.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,452.51 crore in the Indian equity market on 23 August 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,25,42,972 with 44,41,389 deaths. India reported 3,19,551 active cases of COVID-19 infection and 4,35,110 deaths while 3,17,20,112 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National Monetisation Pipeline (NMP) on Monday, 23 August 2021. NMP comprises a four-year pipeline of the Central Government's brownfield infrastructure assets. Besides providing visibility to investors, NMP will also serve as a medium-term roadmap for the asset monetisation initiative of the government.
The government has planned a Rs 6 lakh crore pipeline of assets that can be monetised, which will include a range of assets put on the block for private sector participation. The government has also developed an asset monetisation dashboard for monitoring real-time progress of NMP. Policy think tank NITI Aayog has finalised the NMP of potential brownfield infrastructure assets that has been created for a four-year period from financial year 2021-22 to 2024-25.
Giving a presentation, NITI Aayog CEO Amitabh Kant said, infra assets worth Rs. six lakh crore across rail, road, power sectors to be monetised over four years.
The NMP will serve as a roadmap for asset monetisation of various brownfield infrastructure assets across sectors including roads, railways, aviation, power, oil and gas, and warehousing.
Meanwhile, Commerce and Industry Minister Piyush Goyal said on Monday that foreign direct investments (FDI) into the country is on the rise, jumping to $2.1 billion in May this year. He also said the government is working on a mission mode to achieve exports target of $400 billion in 2021-22.
"India has received the highest ever FDI inflow in 2020-21. It surged by 10% to $81.72 billion and FDI during May 2021 is $12.1 billion, i.e. 203% higher than May 2020," he said while addressing a meeting of different industry associations on promoting exports.
Gainers & Losers:
Bajaj Finance (up 3.85%), Hindalco Industries (up 2.91%), Tata Steel (up 2.75%) and Indian Oil Corporation (IOCL) (up 2.28%) were major gainers in Nifty 50 index.
Bajaj Finserv surged 7.40% to Rs 16,397.85 after the Securities and Exchange Board of India (SEBI) vide its letter dated 23 August 2021 granted the company an in-principle approval for sponsoring a mutual fund.
Accordingly, the company would be setting up an asset management company and the trustee company, directly or indirectly i.e., itself or through its subsidiary. The Bajaj Finserv scrip zoomed 8.66% to hit a record high of 16,590.15 in trade today.
Asian Paints (down 1.24%), Housing Development Finance Corporation (HDFC) (down 1.21%), Infosys (down 1.14%), Nestle India (down 0.97%) and Tata Motors (down 0.85%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Tata Power slipped 0.48%. Tata Power Renewable Energy (TPREL), a 100% subsidiary of Tata Power, announced commissioning of 150 MW solar power project in Loharki, Rajasthan. Spreading across 756 acres of land, this landmark project has been completed by TPREL within the stipulated timelines. The plant is expected to generate more than 350 million units annually.
Paisalo Digital fell 0.63%. The company said that a committee meeting is scheduled to be held on 31 August 2021 to consider and issue of unlisted, unsecured unrated NCDs.
Global Markets:
Shares in Europe and Asia rallied across the board on Tuesday, 24 August 2021, as investors took heart from the United States Food and Drug Administration's (USFDA) full approval of the Pfizer and BioNTech vaccine.
US stocks finished higher Monday and the Nasdaq reached an all-time closing high, led by USFDA's vaccine approvals. Pfizer and BioNTech's Covid-19 vaccine became the first in the U.S. on Monday to be granted full approval by the Food and Drug Administration, clearing the path for more vaccine mandates.
The focus for global investors this week remains on the Fed's Jackson Hole symposium, which takes place virtually on Thursday, where policymakers could detail their plans for tapering the central bank's $120 billion a month bond buying program. Fed Chairman Jerome Powell will deliver a speech on Friday.
Meanwhile, investors continue to keep one eye on the situation in Afghanistan. Media houses reported that G-7 (Group of Seven) leaders are expected the seek a unified decision on Tuesday as to whether or not to recognize the Taliban's leadership, and whether to impose sanctions on the organization.
The U.S. Securities and Exchange Commission has reportedly began issuing new disclosure requirements to Chinese firms looking to list in New York, as part of a push to raise investor awareness of the risks involved.
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