At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 172.23 points or 0.29% at 58,895.87. The Nifty 50 index gained 36.65 points or 0.21% to 17,556.90.
The Sensex hit record high of 58,908.18 while the Nifty scaled record high of 17,576.90 in early trade.
In broader market, the S&P BSE Mid-Cap index was up 0.46% while the S&P BSE Small-Cap index was rose 0.18%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1699 shares rose and 1213 shares fell. A total of 141 shares were unchanged.
Economy:
A two-day meeting of Goods and Services Tax (GST) Council will begin today in Lucknow. The meeting will be the maiden physical meet of the GST council following the outbreak of the COVID pandemic.
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Meanwhile, Finance Ministry has said that Air India received financial bids for its disinvestment process. In a tweet, Secretary, Department of Investment and Public Asset Management Tuhin Kanta Pandey said, financial bids for Air India disinvestment received by Transaction Adviser. He said, the process now moves to concluding stage.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 226,353,280 with 4,659,398 deaths. India reported 342,923 active cases of COVID-19 infection and 443,928 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Segment:
Shares of telecom operators saw demand after the Union Cabinet unveiled a relief package, which includes a slew of measures comprising nine structural reforms and five process reforms.
Vodafone Idea (up 12.21%), Mahanagar Telephone Nigam (up 1.57%), Reliance Industries (up 0.22%) and Bharti Airtel (up 0.21%) were top gainers in telecom space.
The Union Cabinet on Wednesday announced nine structural reforms and five procedural reforms for the telecom sector, including a fixed calendar for spectrum auctions with an extended tenure of 30 years for future spectrum allocations, and a mechanism to surrender and share spectrum.
Foreign direct investment (FDI) in the sector has also been allowed up to 100% under the automatic route, from the existing limit of 49%. The cabinet decided to bring know-your-customer (KYC) reforms, allowing an app-based self-KYC and bringing down the e-KYC rate to Re 1.
Further, the cabinet approved a redefinition of the much-litigated concept of adjusted gross revenue (AGR) to exclude non-telecom revenue and a four-year moratorium on players' dues to the government. The cabinet also provided an option to the telecom service providers (TSPs) to pay the interest amount arising due to the moratorium of payment through equity.
Stocks in Spotlight:
Shares of H.G. Infra Engineering gained 2.78% to Rs 655.15 after the EPC company received Letter of Award (LOA) from National Highways Authority of India (NHAI) for construction of two four lane access controlled new Greenfield Highway in the state of Telangana. Both the projects are under Inter Corridor Route under Bharatmala Pariyojana, on Hybrid Annuity Mode (HAM) in the state of Telangana with a completion period of 730 days.
Finolex Industries rose 1.14% to Rs 194.95 after the company said it plans to sell a 70-acre land in Pune for Rs 725 crore. The proposal is subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC.
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