The Nifty traded above the 18,150 level. The NSE flagship index hit a record high of 18,162.70. Meanwhile, the BSE Sensex also registered an all-time high of 60,751.12.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 449.91 points or 0.75% at 60,734.16. The Nifty 50 index gained 168.3 points or 0.94% to 18,160.25.
The broader market traded with strong gains. The S&P BSE Mid-Cap index rose 1.35% while the S&P BSE Small-Cap index added 0.72%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1870 shares rose and 1366 shares fell. A total of 144 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.54% to 15.6025. The Nifty 28 October 2021 futures were trading at 18,138, at a premium of 20 points as compared with the spot at 18,118.
The Nifty option chain for 28 October expiry showed maximum Call OI of 21.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 31.7 lakh contracts was seen at 17,000 strike price.
Economy:
In its latest World Economic Outlook report, released on Tuesday, the International Monetary Fund (IMF) said that Indian economy is expected to grow by 9.5% in 2021 and 8.5% in the next year.
The global growth projection for 2021 has been revised down marginally to 5.9% and is unchanged for 2022 at 4.9%.
India's industrial production rose 11.9% in August, according to the data released by the National Statistical Office (NSO) on Tuesday. The manufacturing sector, which constitutes 77.63% of the Index of Industrial Production (IIP), grew 9.7% in August, mining sector output rose 23.6% in August, while power generation increased 16 per cent.
Retail inflation growth in India based on Consumer Price Index (CPI) eased to 4.35% in the month of September following a 5.30% in August, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.
Buzzing Segment:
Shares of Tata Group companies saw strong demand with heavy volumes. Tayo Rolls (up 20%), Tata Chemicals (up 16.75%), Tata Investment Corporation (up 14.7%) Tata Power (up 13.94%), Indian Hotels Company (up 6.15%), Tinplate Company of India (up 5.69%), Nelco (up 5%), Tata Communications (up 4.63%), Tata Consumer Products (up 3.67%), Titan Company (up 3.37%) and Tata Steel (up 2.85%) advanced.
Tata Motors jumped 17.8%. The car maker on Tuesday said that it has entered into a binding agreement with TPG Rise Climate, whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of the company that will be newly incorporated. TPG Rise Climate along with co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11% to 15% stake in this passenger electric vehicle subsidiary (TML EV Co.) of Tata Motors, translating to an equity valuation of up to $9.1 billion. The new company shall leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies.
Stocks in Spotlight:
Ultratech Cement rose 1.43% to Rs 7355.90 after the company announced the commissioning of cement capacity of 1.2 mtpa in October 2021. The cement major said that Patliputra Cement Works in Bihar added cement capacity of 0.6 mtpa, taking its capacity to 2.5 mtpa. Dankuni Cement Works in West Bengal increased cement capacity of 0.6 mtpa, taking its capacity to 2.2 mtpa.
Zen Technologies hit an upper circuit of 5% at Rs 215.60 after the company said that its board will meet on Saturday, 16 October 2021, to consider fund raising plans.
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