Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 205.69 points or 0.36% at 57,758.08. The Nifty 50 index was up 60.45 points or 0.35% at 17,192.65. The Sensex hit record high of 57,765.92 in early trade. The Nifty scaled record high of 17,193.80 in early trade.
The S&P BSE Mid-Cap index was up 0.67%. The S&P BSE Small-Cap index was up 0.66%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1672 shares rose and 752 shares fell. A total of 110 shares were unchanged.
Economic data:
On the macro front, India's real gross domestic product (GDP) grew by 20.1% in the April-June quarter of the fiscal year 2021-22, a record quarterly print on the back of a low base last year, data released on August 31 showed. GDP contracted by 24.4% in the April-June quarter in FY2021 as the country went into a lockdown to curb the spread of the coronavirus.
The output of eight core sectors grew by 9.4% in July, mainly due to a low base effect and uptick in production of coal, natural gas, steel, cement and electricity, official data showed on Tuesday.
Stocks in news:
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Wipro rose 0.49%. Wipro and HERE Technologies, the location data and technology platform, announced that they are partnering to offer location-based services, to customers from Energy & Utilities, Manufacturing, Transport & Logistics, Telecom and Automotive industry verticals.
Maruti Suzuki India fell 0.73%. Owing to a supply constraint of electronic components due to the semiconductor shortage situation, the company is expecting an adverse impact on vehicle production in the month of September in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat Pvt. Ltd. (SMG) in Gujarat. Though the situation is quite dynamic, it is currently estimated that the total vehicle production volume across both locations could be around 40% of normal production.
Shoppers Stop gained 4.65%. Shoppers Stop announced that it has closed the sale of a controlling stake of its 100% subsidiary, Crossword Bookstores to Dinesh Gupta, Aakash Gupta and Family (Owners of Agarwal Business House) (ABH), Pune, pursuant to the share purchase agreement between Shoppers Stop and ABH (the Agreement) signed on August 31, 2021.
Mastek advanced 3.83%. Mastek is partnering with fulfillmenttools to enable D2X (Direct to Stakeholder) transformation for their joint clients. This partnership will enable their clients to deliver excellent customer experience through a unified D2X process integrating commerce with fulfilment.
Likhitha Infrastructure rose 6.02%. Likhitha Infrastructure has received order worth Rs 145.86 crore (excl. GST) from Indradhanush Gas Grid (IGGL) for laying & construction of steel gas pipeline and terminals along with associated facilities for section 5 & 9 of North-East Gas Grid (NEGG) Project.
Tourism Finance Corporation of India gained 3.08%. Tourism Finance Corporation of India said that the meeting of the board of directors of the company is scheduled on 3 September 2021 to consider and approve raising funds.
Global Markets:
Asian stocks are trading mixed on Wednesday, as a private survey showed shrinking Chinese factory activity in August. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 49.2 last month, from 50.3 in July, breaching the 50-mark that separates growth from contraction.
U.S. stocks ended slightly lower Tuesday as investors looked ahead to U.S. jobs data for August coming Friday, where they might find clues as to when the Federal Reserve may begin tapering its bond purchases which have helped to support markets during the pandemic.
The Conference Board said its closely followed index of consumer confidence slid to a six-month low at 113.8 this month from a revised 125.1 in July, reflecting concerns about the spread of the delta variant of the coronavirus that causes COVID-19.
In other U.S. economic data, the Chicago purchasing managers index dropped to 66.8 in August from a previous reading of 73.4. And home prices rose 18.6% annually in June, up from a 16.8% increase in May, according to the S&P CoreLogic Case-Shiller national home price index.
Back home, domestic equity benchmarks hit record high levels for the second straight session on Tuesday, boosted by Bharti Airtel and Bajaj twins. Positive Asian cues also boosted sentiment. The barometer index, the S&P BSE Sensex, soared 662.63 points or 1.16% at 57,552.39. The Nifty 50 index surged 201.15 points or 1.19% at 17,132.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,881.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,872.40 crore in the Indian equity market on 31 August, provisional data showed.
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