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Nifty ends above 17,100 mark; breadth negative

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Capital Market
Last Updated : Aug 31 2021 | 4:04 PM IST
Key equity indices extended record closing spree on Tuesday. The Nifty closed above 17,100 mark for the first time. Barring the Nifty Media index, all the sectoral indices on the NSE ended in the green.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, soared 662.63 points or 1.16% at 57,552.82. The Nifty 50 index surged 173.25 points or 1.03% at 17,104.30.

The Sensex hit record high of 57,625.26 while the Nifty hit all time high of 17,153.50 in late trade today.

Bharti Airtel (up 7.29%), Eicher Motors (up 4.97%), Bajaj Finance (up 4.21%) and Hindalco (up 4.08%) were top gainers in Nifty 50 index.

Broader indices underperformed the barometers. The S&P BSE Mid-Cap index rose 0.83% while the S&P BSE Small-Cap index added 0.86%.

The market breadth was negative. On the BSE, 1,571 shares rose and 1,625 shares fell. A total of 145 shares were unchanged.

Sebi's Margin Rule:

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Market regulator Securities and Exchange Board of India's (SEBI) new margin rules will come into effect from Wednesday (1 September 2021). Under the new peak margin rule, traders will be required to give 100% margin upfront for their trades. As per the new peak margin norms, the margin requirements will be calculated four times during every trading session. It will also include intraday trading positions. The peak margin norms were introduced last year to curb speculative trading and restrict leverages offered by stockbrokers to their clients.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 21,71,21,036 with 45,10,224 deaths. India reported 3,70,640 active cases of COVID-19 infection and 4,38,560 deaths while 3,19,59,680 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

With the administration of 59,62,286 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 64.05 crore (64,05,28,644) as per provisional reports till 7 AM today. The recovery of 36,275 patients in the last 24 hours has increased the cumulative tally of recovered patients (since the beginning of the pandemic) to 3,19,59,680. Consequently, India's recovery rate stands at 97.53%.

Broader Market Gainers:

Whirlpool of India (up 5.16%), Adani Total Gas (up 5%), JSW Energy (up 5%), Vodafone Idea (up 4.2%) and Oil India (up 3.96%) were top gainers in Mid Cap space.

Thyrocare Technologies (up 6.27%), Century Plyboard (up 5.64%), Indian Energy Exchange (up 5.61%), Computer Age Management Services (up 4.88%) and Cyient (up 4.33%) were top gainers in Small Cap space.

Economy:

India's gross domestic product (GDP) for the April-June (Q1) quarter of the ongoing fiscal will be released today, 31 August 2021. India's GDP for the fourth quarter (Q4) of 2020-21 reported expected growth of 1.6%.

Stocks in Spotlight:

SRF jumped 4.87% to Rs 10,184.70 after the company's board approved issuing four bonus shares for each equity share held as on the record date.

Sun Pharmaceutical Industries rose 1%. The drug major said that it has the exclusive right to commercialize Winlevi (clascoterone cream 1%) in the United States and Canada. Winlevi (clascoterone cream 1%) is approved for the topical treatment of acne vulgaris in people aged 12 and older. Sun Pharmaceutical Industries and Cassiopea SpA announced the expiration of the applicable waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with the exclusive license and supply agreements signed by both companies for Winlevi, the statement for which was release on 26 July 2021.

Dr. Reddy's Laboratories gained 0.59%. The drug major announced the launch of chlordiazepoxide hydrochloride and clidinium bromide capsules USP, 5 mg/2.5 mg, approved by the U.S. Food and Drug Administration (USFDA). The drug a therapeutic equivalent generic version of Librax. The Librax brand and generic market had U.S. sales of approximately $105.9 million MAT for the most recent twelve months ending in July 2021, according to IQVIA Health. Dr. Reddy's Laboratories generic version is available in one strength of 5 mg/2.5 mg capsules in bottle count sizes of 100.

NTPC gained 0.7%. The unit-2 of 800 MW capacity of Darlipali Super Thermal Power Station in Odisha, Stage-I (2x800MW) is declared on commercial operation from 1 September 2021. With this, the commercial capacity of NTPC and NTPC Group will become 53,225 mega-watt (MW) and 66,650 MW respectively.

Bank of India was down 2.5%. The state-run bank said that its capital issue committee on Monday (30 August 2021) approved the closure of qualified institutions placement (QIP) issue. The committee has determined and approved the issue price of Rs 62.89 per share for the equity shares to be allotted to the eligible qualified institutional buyers in the issue. The issue price is at a 4.99% discount to the floor price of Rs 66.19 per share.

Subex rose 2.16% after the firm announced that it has extended its partnership with Robi to upgrade its existing integrated Revenue Assurance and Fraud Management (iRAFM) system.

Global Markets:

Most European shares were trading higher while Asian shares rose across the board on Tuesday as data showed slowing Chinese factory activity growth in August.

China's factory activity grew at a slower pace in August as compared with the previous month, data released on Tuesday showed. The official manufacturing Purchasing Managers' Index for August came in at 50.1, against July's reading of 50.4.

In the US market, the S&P 500 and Nasdaq hit record highs on Monday as technology stocks jumped after the Federal Reserve's dovish comments eased fears of a sudden tapering in monetary stimulus and boosted optimism around an economic recovery

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First Published: Aug 31 2021 | 3:38 PM IST

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