The benchmark indices were trading with decent gains in mid-morning trade. The Nifty held above the 16,650 mark. FMCG shares extended gains for second consecutive session.
At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 102.07 points or 0.18% to 56,046.28. The Nifty 50 index added 21.40 points or 0.13% to 16,656.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index gained 0.46%.
The market breadth was strong. On the BSE, 1772 shares rose and 1197 shares fell. A total of 129 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 213,866,744 with 4,463,127 global deaths.
India reported 333,725 active cases of COVID-19 infection and 436,365 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The country's COVID-19 vaccination coverage has crossed a significant milestone of 60 Crore doses. Union Health Ministry said more than 46 crore vaccine doses have been administered as first dose and over 13 crore vaccine doses given as second doses so far.
Buzzing Index:
The Nifty FMCG index rose 1.04% to 38,846.90, rising for second day in a row. The index has added 1.61% in two sessions.
Godrej Consumer (up 2.85%), Marico (up 2.08%), Hindustan Unilever (up 1.78%), Procter & Gamble Hygiene (up 1.50%), Varun Beverages (up 1.35%), Britannia Industries (up 1.13%) and United Breweries (up 0.91%) advanced.
Jubilant Foodworks (down 1.50%) and Emami (down 0.81%) declined.
Stocks in Spotlight:
Cipla shed 0.44% to Rs 909. The drug major said that a joint venture company has been incorporated with Kemwell Biopharma for entering into the respiratory biosimilars space. Under the terms of the agreement, the joint venture will leverage Cipla and Kemwell's complementary strengths for end-to-end product development, clinical development, regulatory filings, manufacturing and commercialisation of biopharmceutical products.
Bank of India rose 1.31% to Rs 65.75. The bank said its board has approved the opening of qualified institutional placement (QIP) on 25 August 2021. The floor price of Rs 66.19 per equity share is at a premium of 1.99% as compared with yesterday's closing price of Rs 64.90 per share.
The bank said that its capital issue committee is scheduled to be held 30 August 2021 to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the Issue. The state-owned bank is raising funds to fund business growth and meet regulatory compliance.
Global Markets:
Most Asian stocks declined on Thursday after South Korea's central bank hiked interest rates.
South Korea's central bank raised its policy rate on Thursday, becoming the first major Asian economy to do so in the pandemic amid concerns record-low monetary settings are overheating demand. The Bank of Korea's monetary policy board raised the benchmark interest rate by 25 basis points to 0.75%.
Meanwhile, Japan saw the prices companies charge each other for services rise 1.1% in July from a year earlier, marking the fifth straight month of increase, Bank of Japan data showed on Thursday. The increase in the services producer price index was smaller than a revised 1.3% gain marked in June, the data showed.
US stocks advanced on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium.
The highly anticipated Jackson Hole symposium kicks off Thursday, and central bankers may provide updates on their plan around tapering monetary stimulus. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth as the pandemic wreaked havoc on the economy. Chairman Jerome Powell is slated to make remarks on Friday.
Johnson & Johnson said on Wednesday that its Covid Vaccine booster shot showed promising results in early stage clinical trials, significantly increasing virus-fighting antibodies.
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