The domestic equity barometers ended near the day's high on Friday. The Nifty closed above the 16,700 mark. Metal stocks resumed uptrend after a day's pause.
As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 175.62 points or 0.31% to 56,124.72. The Nifty 50 index added 68.55 points or 0.41% to 16,705.45.
The Nifty hit a record high of 16,722.05 in mid-afternoon trade.
The broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 1.04%. The S&P BSE Small-Cap index gained 0.93%.
Buyers outnumbered sellers. On the BSE, 1919 shares rose and 1279 shares fell. A total of 140 shares were unchanged.
Investors remained cautious ahead of the US Federal Reserve's annual Jackson Hole symposium and geopolitical tension in Afghanistan.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,46,27,593 with 44,74,523 deaths. India reported 3,44,899 active cases of COVID-19 infection and 4,36,861 deaths while 3,18,21,428 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index rose 1.68% to 5,495.45. The index declined 1.27% yesterday.
NALCO (up 7.93%), Ratnamani Metals Tubes (up 4.06%), Hindalco Industries (up 3.38%), NMDC (up 2.56%), SAIL (up 2.56%), APL Apollo Tubes (up 2.11%), Adani Enterprises (up 1.96%), Vedanta (up 1.55%), Welspun Corp (up 1.49%), JSW Steel (up 1.16%), Coal India (up 0.91%), Tata Steel (up 0.67%) and MOIL (up 0.77%) advanced.
Stocks in Spotlight:
Bharat Heavy Electricals (BHEL) jumped 4.13% to Rs 54.15. The company said that it signed a memorandum of understanding (MoU) with JSC Rosoboronexport for joint production of equipment of Russian-origin. JSC Rosoboronexport is the sole state intermediary agency for Russia's exports/imports of defense-related and dual use products, technologies and services.
Procter & Gamble Health rose 1.08% to Rs 5545.25. The company posted a 30.6% fall in net profit to Rs 33.89 crore on 41.9% rise in net sales to Rs 285.39 crore in Q4 June 2021 over Q4 June 2020.
Apollo Micro Systems jumped 6.68% to Rs 115.05. The company said it bagged an order worth Rs 59.62 crore for supplying security and surveillances systems.
Aurobindo Pharma rose 1.70% to Rs 709.95. The company announced that its subsidiary Eugia Pharma Specialities (Eugia) has received a approval from the U.S.Food & Drug Administration (USFDA) for its Cyclophosphamide Injection 500 mg/2.5 mL and 1 g/5 mL vials. The Cyclophosphamide Injection is indicated for malignant lymphomas, multiple myeloma, leukemias, mycosis fungoides (advanced disease), neuroblastoma (disseminated disease), adenocarcinoma of the ovary, retinoblastoma, carcinoma of the breast. The approved product has an addressable market size of US$ 170 million for the twelve months ending June 2021 according to IQVIA.
ADF Foods advanced 1.04% to Rs 807.90. The company said its wholly-owned US-based subsidiary ADF Holdings (USA) will invest upto $5 million to strengthen the US distribution network. The proposed subsidiary will be a distribution company and will help the company move up the value chain. This will further strengthen its penetration and distribution with the retailers with an enlarged product portfolio.
Global Markets:
European shares fell across the board while Asian stocks ended mixed on Friday as investors remained cautious ahead of the Federal Reserve's annual Jackson Hole symposium.
Traders were eying new developments in Afghanistan, which added to the risk-off sentiment. At least 60 Afghans and 13 US soldiers were killed on Thursday after two suicide bombers and several gunmen attacked crowds flocking to the Kabul airport in Afghanistan, as per reports. A further 15 US troops and more than 150 civilians were also injured in the attack. ISIS-K has reportedly claimed responsibility for the bombings at the Hamid Karzai International Airport in Kabul and a hotel nearby.
Profits at China's industrial firms grew at a slower rate of 16.4% on year to 703.67 billion yuan ($108.6 billion) in July, the statistics bureau said on Friday, as elevated commodity prices and supply chain constraints from extreme weather weighed on the sector. The July growth rate compared with a 20% gain in the previous month. The pace of growth has been slowing for five consecutive months.
In US, the S&P 500 fell from a record on Thursday as investors awaited more details on the Federal Reserve's plan to pull back on monetary stimulus from the central bank's annual symposium on Friday.
On the data front, weekly initial jobless claims came in at 353,000, the Labor Department reported Thursday, a slight increase from the prior week's 349,000.
Economic growth totaled 6.6% in the second quarter, according to the Commerce Department's second reading released on Thursday. That was a slight revision upward from the 6.5% annual increase previously reported.
US central bankers will meet virtually for an annual gathering traditionally held in Jackson Hole in Wyoming. Jerome H. Powell, the Fed's chair, will speak on Friday and is expected to reveal details about how and when the bank plans to begin winding down its bond-buying program. The Fed has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.
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