The benchmark indices further extended in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, advanced 354.67 points or 0.68% at 52,727.36. The Nifty 50 index rose 101.85 points or 0.65% at 15,794.45.
ICICI Bank (up 2.49%), Housing Development Finance Corporation (HDFC) (up 2.03%) and HDFC Bank (up 0.79%) boosted the indices.
The broader markets traded sideways. The S&P BSE Mid-Cap index lost 0.22%. The S&P BSE Small-Cap index added 0.29%.
Buyers outpaced sellers. On the BSE, 1,819 shares rose and 1,331 shares fell. A total of 126 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 745.97 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 447.42 crore in the Indian equity market on 12 July 2021, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 18,72,44,854 with 40,38,964 deaths. India reported 4,32,778 active cases of COVID-19 infection and 4,10,784 deaths while 3,00,63,720 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 31,443 new COVID-19 cases in last 24 hours. The number new cases is lowest in 118 days. With 2,020 fatalities in last 24 hours, India's death toll reached 4,10,784, said the Union health and family welfare ministry data on Tuesday. This is the 35th consecutive day when India reported less than one lakh new coronavirus cases.
Economy:
The quick estimates of Index of Industrial Production (IIP) data for the month of May 2021, revealed that the index for base 2011-12 stands at 116.6. This marked a 29.3% jumped compared with the lockdown infected May 2020.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2021 stand at 108, 113.5 and 161.9 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
The Consumer Price Index-based inflation (CPI) for the month of June 2021 recorded a rise of 6.26%, moderating a little after a six-month high reading of 6.30% in May 2021. Food prices stayed elevated though as food inflation (CFPI) rose to 5.15% in June 2021, as compared with 5.01% in May 2021. Inflation for the 'fuel and light' sub-group also surged to 12.7% compared to 11.6% in May 2021.
Gainers & Losers:
Sun Pharmaceutical Industries (up 2.74%), Axis Bank (up 2.06%) and NTPC (up 1.99%) were other major gainers in Nifty 50 index.
Adani Ports & Special Economic Zone (APSEZ) (down 1.90%), HCL Technologies (down 1.24%), Tata Consumer Products (TCP) (down 0.76%), Tech Mahindra (down 0.68%) and Bajaj Finserv (down 0.61%) were major losers in Nifty 50 index.
Stock in Spotlight:
Shilpa Medicare gained 0.46%. The board of Shilpa Medicare approved the transfer of API business consisting of Unit-1 and Unit-2 situated at Raichur (Karnataka) by way of slump sale to a wholly-owned subsidiary of the company. API business is being spun-off into a separate company which would be a wholly owned subsidiary (to be incorporated) of Shilpa Medicare to be engaged in the business of manufacturing of active pharmaceutical ingredients and intermediates.
Meanwhile, the board of directors of the company has approved the proposed transaction on 12 July 2021 including authority to officers of the company to enter into the business transfer agreement to give effect to the transaction which will be executed in due course. The sale is expected to be completed on or before 30 September 2021.
Global Markets:
Most European shares declined at opening bell. Most Asian stocks advanced on Tuesday, 13 July 2021, as investors reacted to the release of China's trade data for June which showed exports jumped 32.2% compared with a year earlier.
Wall Street's main indexes rose on Monday, with the Nasdaq and the S&P 500 hitting record highs as investors awaited the start of the second-quarter earnings season and a batch of economic data to gauge the next leg of the equity market.
Investors appeared cautiously optimistic ahead of the start of second-quarter earnings reports. Investors also anticipate important data to be released this week, including key readings on inflation on Tuesday and Wednesday, and June 2021 retail sales on Friday.
Federal Reserve chair Jerome Powell is set to testify before Congress on Wednesday and Thursday, and investors will be looking for any signals of fiscal policy updates.
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