The benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 327.53 points or 0.63% at 52,700.22. The Nifty 50 index gained 95 points or 0.61% at 15,787.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.14% while the S&P BSE Small-Cap index added 0.34%.
The market breadth was strong. On the BSE, 1,870 shares rose and 1,209 shares fell. A total of 147 shares were unchanged.
Economy:
The quick estimates of Index of Industrial Production (IIP) data for the month of May 2021, revealed that the index for base 2011-12 stands at 116.6. This marked a 29.3% jumped compared with the lockdown infected May 2020.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2021 stand at 108, 113.5 and 161.9 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
The Consumer Price Index-based inflation (CPI) for the month of June 2021 recorded a rise of 6.26%, moderating a little after a six-month high reading of 6.30% in May 2021. Food prices stayed elevated though as food inflation (CFPI) rose to 5.15% in June 2021, as compared with 5.01% in May 2021. Inflation for the 'fuel and light' sub-group also surged to 12.7% compared to 11.6% in May 2021.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 18,72,43,513 with 40,38,932 deaths. India reported 4,32,778 active cases of COVID-19 infection and 4,10,784 deaths while 3,00,63,720 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 31,443 new COVID-19 cases in last 24 hours. The number new cases is lowest in 118 days. With 2,020 fatalities in last 24 hours, India's death toll reached 4,10,784, said the Union health and family welfare ministry data on Tuesday. This is the 35th consecutive day when India reported less than one lakh new coronavirus cases.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 3.30% to 12.5625. The Nifty 29 July 2021 futures were trading at 15,814, at a premium of 26.40 points as compared with the spot at 15,787.60.
The Nifty option chain for 29 July 2021 expiry showed maximum Call OI of 27.50 lakh contracts at the 16,000 strike price. Maximum Put OI of 32.30 lakh contracts was seen at 15,500 strike price.
Buzzing Index:
The Nifty Financial Services index rose 1.15% to 16,796.40. The index skid 1.68% in the past two sessions.
ICICI Bank (up 2.72%), Axis Bank (up 2.36%), Housing Development Finance Corporation (HDFC) (up 1.90%), SBI Life Insurance Company (up 1.20%) and State Bank of India (SBI) (up 0.92%) advanced.
LIC Housing Finance slipped 1.02%. ICICI Prudential Mutual Fund (MF) offloaded 1,94,291 equity shares, or 0.04% stake, of LIC Housing Finance on Thursday, 8 July 2021. Post transaction, ICICI Prudential MF (ICICI Prudential Banking & Financial Services Fund) decreased its stake in LIC Housing Finance to 3.01% from 3.05% held earlier. The deal was executed in secondary market.
Stocks in Spotlight:
Route Mobile fell 1.96%. The company announced that its wholly-owned subsidiary, Route Mobile (UK), UK has incorporated a subsidiary, 'Send Clean INC.', in Delaware, USA. Send Clean INC has been incorporated with effect from 7 July 2021. It is a wholly-owned subsidiary of Route Mobile (UK). Route Mobile (UK) has subscribed 1,000 shares of Send Clean INC at $1 per share (cash consideration). Send Clean will be involved in the business of AI-enabled cloud-based email marketing platform and market automation. This new entity formation is expected to further strengthen the company's organic growth strategy.
SML Isuzu soared 9.83% after Navodya Enterprises fund bought 1,26,429 equity shares (or 0.87% stake) of the company at an average price of Rs 584.60 per equity share via bulk deals on the NSE yesterday, 12 July 2021.
Ramkrishna Forgings rose 0.37%. The firm, on Tuesday announced that it has received PPAP clearance (Parts Production Approval Process) and confirmation to launch order worth EUR 15 million from a European OEM (Original Equipment Manufacturer). The said order is to be implemented over the period of three years distributed equally.
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