At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 536.56 points or 0.96% at 56,661.28. The Nifty 50 index was up 156.75 points or 0.94% at 16,861.95.
The Sensex hit record high of 56,734.29 while the Nifty hit all time high of 16,881.35.
The broader market traded with strong gains. The S&P BSE Mid-Cap index gained 1.26% while the S&P BSE Small-Cap index were up 1.41%.
The market breadth was strong. On the BSE, 2185 shares rose and 869 shares fell. A total of 183 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 216,364,257 with 4,500,596 global deaths.
India reported 376,324 active cases of COVID-19 infection and 438,210 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
With the administration of 73,85,866 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 63.09 crore (63,09,17,927) as per provisional reports till 7 am yesterday. India's recovery rate now stands at 97.53%.
Buzzing Index:
The Nifty Realty index gained 1.51% to 382.95. The index has added 2.53% in three days.
Sobha (up 3.91%), Phoenix Mills (up 2.64%), Brigade Enterprises (up 2.57%), Indiabulls Real Estate (up 2.03%) and Oberoi Realty (up 1.69%), Mahindra Lifespace Developers (up 1.54%), Godrej Properties (up 1.32%), Sunteck Realty (up 1.22%), DLF (up 0.98%) and Prestige Estates Projects (up 0.43%) rose.
Stocks in Spotlight:
Anupam Rasayan India rose 3.96% to Rs 767.20 after the company received Letter of Intent (LoI) worth Rs 135 crore with a Japanese multinational chemical company for supplying a life sciences related speciality chemical product. The company will enter into a long-term contract with the Japanese multinational firm for next four years to supply this life science related speciality chemical product.
Ramkrishna Forgings jumped 4.75% to Rs 977.25 after the company said it bagged a letter of intent (LoI) for its warm forging business worth Rs 12 crore per annum from a major global axle manufacturer located in India.
Global Markets:
Most Asian stocks were trading higher on Monday after U.S. Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.
Meanwhile, Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the US.
U.S. stocks indexes closed higher Friday, with the S&P 500 and Nasdaq Composite indexes finishing at fresh peaks, following Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole central bankers' symposium.
U.S. Federal Reserve (Fed) Chair Jerome Powel on Friday during the Federal Reserve Bank of Kansas City's annual Jackson Hole economic symposium said that the Fed could start tapering asset purchases this year as the central bank is carefully assessing the risks from the Delta variant.
The Fed chief also cautioned that a move to start tapering asset purchases should not be interpreted as a sign that rate hikes would soon follow.
Fed Chair Powell said the U.S. central bank will be carefully assessing incoming data and the evolving risks, perhaps offering himself more wiggle room before its September 21-22 meeting to digest further evidence of the health of the economy, including a coming jobs reports for August.
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