The benchmark indices hit fresh record highs in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, rose 394.42 points or 0.68% at 58,641.51. The Nifty 50 index gained 114.75 points or 0.66% at 17,494.75.
The Nifty hit a record high of 17,500.55 while the S&P BSE Sensex hit an all-time high of 58,702.23.
Infosys (up 1.31%) and Tata Consultancy Services (TCS) (up 1.65%) boosted the indices.
Broader markets were almost at par with the benchmark indices. The S&P BSE Mid-Cap index added 0.52%. The S&P BSE Small-Cap index rose 0.73%.
Buyers outnumbered the sellers. On the BSE, 1,993 shares rose and 1,159 shares fell. A total of 167 shares were unchanged.
Telecom stocks were in demand amid reports that the union cabinet has cleared a relief package for the sector.
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Bharti Airtel (up 4%) and Vodafone Idea (up 2.88%) advanced. Tata Teleservices (Maharashtra) and Reliance Communications hit upper circuit of 5% each.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,58,23,928 with 46,49,577 deaths. India reported 3,51,087 active cases of COVID-19 infection and 4,43,497 deaths while 3,25,22,171 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Active cases aggregated to 3,62,207, comprising 1.09% of the total infection. The ministry said the national recovery rate was recorded at 97.58%. Over 75.8 crore COVID-19 vaccine doses have been administered in the country so far, with over 60 lakh doses being given yesterday, according to the Co-WIN dashboard.
Economy:
India's merchandise exports jumped 45.76% to $33.28 billion in August 2021, led by petroleum products, gems and jewellery, engineering goods and cotton yarn. Merchandise imports rose 51.72% to $47.09 billion, as against $31.03 billion in the corresponding month of 2020, according to the commerce ministry's data released on Tuesday.
The trade deficit (merchandise) swelled to $13.81 billion, compared to $8.2 billion in August 2020. The previous high was $15.1 billion in April 2021.
Meanwhile, Ministry of Finance stated in a latest update that eleven states namely, Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand have achieved the target set by the Ministry of Finance for the capital expenditure in the first quarter of 2021-22.
As an incentive, these States have been granted permission by the Department of Expenditure to borrow an additional amount of Rs 15,721 crore. The additional open market borrowing permission granted is equivalent to 0.25% of their Gross State Domestic Product (GSDP). Additional financial resources thus made available will help the States in pushing their capital expenditure further. The capital expenditure has a high multiplier effect, enhances the future productive capacity of the economy, and results in a higher rate of economic growth.
The next review of Capital expenditure of States will be undertaken by the Department of Expenditure in December, 2021.
Sansera Engineering IPO:
Sansera Engineering IPO opened for subscription from Tuesday (14 September) and it will close on Thursday (16 September). The company is offering 1,72,44,328 shares in the price band of Rs 734 to Rs 744 per share.
As on 13:06 IST, the IPO received bids for 91.06 lakh shares. The issue was subscribed 0.75 times so far.
The IPO is a complete offer for sale by existing shareholders and the company will not directly receive any proceeds from the offer. Sansera Engineering is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors.
Gainers & Losers:
NTPC (up 5.48%), Oil & Natural Gas Corporation (ONGC) (up 4.15%), HCL Technologies (up 3.09%) and Titan Company (up 2.98%) were major gainers in Nifty 50 index.
Grasim Industries (down 0.76%), Bharat Petroleum Corporation (BPCL) (down 0.65%), Housing Development Finance Corporation (HDFC) (down 0.61%), Ultratech Cement Co. (down 0.58%) and HDFC Bank (down 0.57%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Man Infraconstruction rose 0.01%. Man Infra Contracts secured a project to undertake redevelopment work in Juhu, Mumbai. Man Infra Contracts LLP is appointed as a developer by Juhu Sai Darshan Co-operative Housing Society in Juhu, Mumbai to undertake redevelopment work. Man Infraconstruction holds 70% partnership interest in Man Infra Contracts LLP. The company said it expects to generate total revenue of more than Rs 250 crore from the said project.
Vedavaag Systems soared 4.39% after the company said it launched cloud-enabled software embedded device for patient activity monitoring system (PAMS). The artificial intelligence (AI) and machine learning (ML) division of Vedavaag has designed and developed PAMS, a cloud enabled software embedded device that helps in taking timely action in saving precious lives of the people. The patient activity such as physiological conditions, limbs movements, vital parameters data is captured and analysed and presented to the attending nurses/doctors for remedial action.
Global Markets:
European shares fell across the board while most Asian stocks declined on Wednesday, 15 September 2021, after weak Chinese economic data reignited worries that global growth is slowing.
Retail sales growth in China slumped heavily in August further, accentuating the slowdown in the Chinese economy, the latest economic data shows. Retail sales grew by a mere 2.5% in August compared with a year earlier, way down from the 8.5% increase in July. Industrial production grew by 5.3% in August from a year earlier after a 6.4% gain in July.
Meanwhile in Hong Kong, the Hang Seng index dropped 1.88%. Casino stocks listed in the city plunged amid reported fears over tighter regulations as Macao kicked off a public gaming consultation. Shares of Wynn Macau and Sands China both plummeted more than 27% each, while Galaxy Entertainment Group dropped over 17%.
Investors, especially in Europe, keenly look forward to the upcoming German federal election on 26 September 2021, with polls suggesting the race is still too close to call as voters try to decide a successor to Chancellor Angela Merkel.
The Institute of International Finance (IIF), on Tuesday, revealed that the global debt soared to a record $300 trillion in the second quarter. However, debt-to-GDP declined for the first time since the onset of the COVID-19 pandemic as growth recovered.
U.S. stock indexes closed lower Tuesday, giving up gains earlier in the session after a better-than-feared inflation reading and falling back into their September doldrums.
US consumer prices rose by 0.3% in August, the smallest increase in seven months and a hopeful sign that inflation pressures may be cooling. The August gain fell from a 0.5% increase in July and a 0.9% surge in June, the Labor Department reported on Tuesday. It was the smallest increase since a similar 0.3% rise in January.
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