The benchmark indices further extended gains and hit record high levels afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 467.33 points or 0.85% at 55,311.31. The Nifty 50 index surged 126.95 points or 0.78% at 16,491.35.
The Sensex hit a record high of 55,362.89 and the Nifty hit a record high of 16,507.35 in afternoon trade.
TCS (up 3.23%), HDFC Bank (up 1.38%) and Reliance Industries (RIL) (up 1.17%) boosted the indices.
The broader market was amnost flat. The S&P BSE Mid-Cap index fell 0.03%. The S&P BSE Small-Cap index rose 0.06%.
Sellers outnumbered buyers. On the BSE, 1,557 shares rose and 1,567 shares fell. A total of 126 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 212.11 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 307.75 crore in the Indian equity market on 12 August 2021, provisional data showed.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 20,54,26,299 with 43,34,808 deaths. India reported 3,85,227 active cases of COVID-19 infection and 4,30,254 deaths while 3,13,02,345 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's retail inflation eased to a three-month low in July 2021 on the back of softening food prices. The consumer price index (CPI) based inflation cooled to 5.59% in the last month from 6.26% in June 2021, government data released on Thursday showed. Food inflation fell substantially to 3.96% in July 2021 from 5.15% in June 2021.
Meanwhile, India's industrial activity was affected due to the nationwide COVID-19 lockdown last year in April 2021 and May 2021 but had picked up June 2021 onwards. Industrial output for the month of June 2021 rose 13.6%. Factory output, measured by the Index of Industrial Production (IIP) had contracted 16.6% in the same month of last year and rose by 29.3% in May 2021.
Vehicle Scrappage Policy:
Prime Minister Narendra Modi launched the much-awaited vehicle scrappage policy while virtually addressing the Investor Summit in Gujarat on Friday.
In a series of tweet, the Prime Minister said, "The launch of Vehicle Scrappage Policy today is a significant milestone in India's development journey. The Investor Summit in Gujarat for setting up vehicle scrapping infrastructure opens a new range of possibilities. I would request our youth & start-ups to join this programme.
Vehicle scrapping will help phase out unfit & polluting vehicles in an environment friendly manner. Our aim is to create a viable #circulareconomy & bring value for all stakeholders while being environmentally responsible."
In another tweet, PM Modi said the vehicle scrappage policy will bring in investments of around Rs 10,000 crore. He also urged the youth and start-ups to join this programme.
Following the announcement, the Nifty Auto index was down 0.08% at 10,171.90. Bajaj Auto (up 1.71%), Bosch (up 1.04%), Tube Investments of India (up 0.99%), MRF (up 0.78%), TVS Motor (up 0.36%), Balkrishna Industries (up 0.29%), Amara Raja Batteries (up 0.18%), Tata Motors (up 0.13%) and Hero Motocorp (up 0.1%) advanced.
M&M (down 0.06%), Maruti Suzuki India (down 0.19%), Bharat Forge (down 0.56%), Exide Industries (down 1.13%), Ashok Leyland (down 2.17%) and Eicher Motors (down 2.71%) declined.
Gainers & Losers:
Tata Consumer Products (up 3.20%), Larsen & Toubro (L&T) (up 2.19%), HCL Technologies (up 2.01%) and Bajaj Auto (up 1.89%) were major gainers in Nifty 50 index.
Tata Steel (down 2.42%), JSW Steel (down 1.69%), Power Grid Corporation of India (down 1.26%) and IndusInd Bank (down 1.18%) were major losers in Nifty 50 index.
Nifty Results Today:
Oil and Natural Gas Corporation (ONGC) (down 0.22%) and Grasim Industries (down 0.16%) will announce their quarterly results today.
Stocks in Spotlight:
Wockhardt surged 4.95% after company entered into agreement with Dubai-based Enso Healthcare and Human Vaccine LLC for the manufacture and supply of the Sputnik V/ Sputnik Light vaccine against COVID-19. Enso Healthcare DMCC, is a company incorporated in Dubai, UAE while Human Vaccine LLC is a wholly owned subsidiary of the Management Company of Russian Direct Investment Fund, the sovereign wealth fund of the Russian Federation.
Bharti Airtel gained 1.91% after the telecom major announced the closure of its agreement with Reliance Jio Infocomm to transfer the 'right to use' of 800 MHz spectrum in three circles to Jio. As per the agreement, Airtel has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum.
Global Markets:
European shares opened higher on Friday, 13 August 2021, as investors assessed global economic indicators and rising COVID-19 cases in the search for direction.
Most Asian stocks declined on Friday as the spread of the delta COVID-19 variant and China's regulatory curbs restrained sentiment despite another record high close on Wall Street.
The focus in China remains on Beijing's push to exert more control over a range of industries. In real estate, the nation is suspending private equity funds from raising money to invest in residential property development. Separately, a partial shutdown of a major Chinese port due to a virus outbreak stoked concerns about a repeat of last year's pandemic shipping woes.
In US, the Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady U.S. economic recovery.
The Labor Department reported Thursday morning that initial jobless claims declined slightly last week as the U.S. labor market continues its recovery from last year's recession. There were 375,000 claims last week. The prior reading came in at 385,000 claims, but was revised to 387,000.
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