At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 441.85 points or 0.75% at 59,583.84. The Nifty 50 index gained 112.25 points or 0.64% at 17,741.85. The Sensex hit record high of 59,737.32 while the Nifty hit an all-time high of 17,792.95 in early trade.
Government support measures for some beleaguered sectors along with provisions for PLI schemes buoyed investors sentiment. A rebounding rupee and persistent foreign capital inflows added to the momentum.
The broader market lagged benchmark indices. The S&P BSE Mid-Cap index was down 0.08% while the S&P BSE Small-Cap index fell 0.33%.
The market breadth was negative. On the BSE, 1355 shares rose and 1723 shares fell. A total of 143 shares were unchanged.
All eyes are on the GST Council meeting scheduled today, 17 September 2021 in Lucknow. The agenda for the GST Council meet includes considering taxing petrol, diesel and other petroleum products under the single national GST regime.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 227,019,435 with 4,669,895 deaths. India reported 339,056 active cases of COVID-19 infection and 444,248 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
In the last 24 hours, India added 34,403 new covid cases. Active cases accounted for 1.02% of total cases. Recovery Rate currently stood at 97.65% with 37,950 recoveries in the last 24 hours taking the total recoveries to 3,25,98,424.
Buzzing Segment:
Shares of two aviation firms rose after domestic air traffic passenger traffic increased 33.8% in August 2021 over July 2021. InterGlobe Aviation (1.93%) and Spicejet (1.71%) advanced in morning trade.
The total passenger load during August 2021 stood at 67.01 lakh compared with 50.07 lakh in July, the Directorate General of Civil Aviation (DGCA) said yesterday. The passenger traffic surged 136.62% last month when compared to the same month last year, when it was barely at 28.32 lakh.
Passenger load factors (PLF) of major scheduled commercial airlines were between 60.3%-79.6% during August, up from 53.6%-74.6% in July. During August, IndiGo ferried 38.16 lakh passengers to report a 57% market share and 74% PLF. SpiceJet carried 5.84 lakh passengers during the month, registering a 79.6% PLF and 8.7% market share.
Stocks in Spotlight:
Rajesh Exports rose 1.40% to Rs 621.40 after the company bagged an order worth Rs 691 crore for designer range of jewellery from Germany, to be executed by December 2021. The company said it will be executing the order from its own manufacturing facility, which possess a processing capacity of 250 tons of jewellery and gold products per annum.
TVS Motor Company rose 1.65% to Rs 554.05 after its Singapore-based arm, TVS Motor (Singapore) acquired 77,19,786 common equity shares and 14,01,072 preferred equity shares of Swiss firm, EGO Movement at CHF 1.825 per share in an all-cash deal. TVS said the partnership will build a product portfolio while nurturing sustainable and scalable brands. It also reiterates the company's strategy to expand its global presence in developed markets, commencing with Europe.
Global Markets:
Asian stocks were trading mixed on Friday, as traders weighed risks from China to the global recovery and the prospect of reduced Federal Reserve stimulus.
U.S. stocks closed mostly lower on Thursday after swinging between gains and losses after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.
US retail sales increased in August, rising 0.7% from the previous month. The initial estimate for July, however, was revised down to a decline of nearly 2% from a month-over-month gain of 0.5%. Meanwhile, the latest unemployment insurance weekly data showed 332,000 first-time jobless claims last week.
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