At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 159.85 points or 0.28% at 57,712.08. The Nifty 50 index was up 30.85 points or 0.18% at 17,163.65.
The Sensex hit record high of 57,918.71 while the Nifty scaled record high of 17,225.75 in early trade.
In the broader market, the S&P BSE Mid-Cap index was up 0.53% while the S&P BSE Small-Cap index gained 0.42%.
The market breadth was strong. On the BSE, 1673 shares rose and 1173 shares fell. A total of 137 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 217,665,201 with 4,518,658 global deaths.
India reported 378,181 active cases of COVID-19 infection and 439,020 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
India administered more than 1 crore COVID-19 vaccine doses yesterday. With the administration of 1,33,18,718 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 65.41 crore as per provisional reports till 7 am today.
The recovery of 33,964 patients in the last 24 hours has increased the cumulative tally of recovered patients (since the beginning of the pandemic) to 3,19,93,644. Consequently, India's recovery rate stands at 97.51%.
Economy:
India's gross domestic product (GDP) surged 20.1% in the April-June quarter of the current fiscal. The GDP logged a high growth amid the opening of the economy after the lockdown to arrest Covid-19 and low base effect as the economy witnessed a contraction of 24.4% in the first quarter of 2020-21 fiscal.
Briefing the media, Chief Economic Advisor Krishnamurthy Subramanian said the banking sector has now developed a cushion to withstand impending bad loans. He said inflation is expected to be in the 5 to 6% range going forward. Subramanian said India is poised for stronger growth from structural reforms, government CAPEX push and rapid inoculation. He said high-frequency indicators such as the Google mobility indicator shows activity has picked up, even grocery activity has picked up to pre-covid levels. Subramanian said MNREGA work requirement has declined in August. He said power consumption is indicating strong recovery as well.
Further, India's fiscal deficit for April-July period stood at Rs 3.21 lakh crore ($43.98 billion), which is 21.3% of the full fiscal's target. The deficit figures this fiscal appear much better than the previous financial year, when it soared to 103.1% of the estimate, mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.
Meanwhile, the production of eight core industries rose by 9.4% in July against a 7.6% decline in the year-ago month. According to official data released on Tuesday showed that all sectors except crude oil registered an increase in output. The output of core sectors had registered a 7.6% decline in July 2020 due to COVID-19 related restrictions. On a month-on-month basis, output rose 5.4% in July after growing 1.5% in June.
Buzzing Index:
The Nifty Bank index gained 1.21% to 36,863.75. The index has added 3.64% in five days.
Axis Bank (up 2.74%), IndusInd Bank (up 2.06%), ICICI Bank (up 1.98%), RBL Bank (up 1.87%), Federal Bank (up 1.72%) and AU Small Finance Bank (up 1.61%) climbed.
Stocks in Spotlight:
Bharat Heavy Electricals (BHEL) rallied 2.66% to Rs 53.95 after the company secured largest ever order worth Rs 10,800 crore from NPCIL for EPC of Turbine Island for 6 units of 700 MWe. "Six orders, received from NPCIL on 30 August 2021, envisage setting up of 4 units of 700 MWe at Gorakhpur, Haryana and 2 units of 700 MWe at Kaiga, Karnataka," BHEL said in a statement.
Likhitha Infratructure jumped 6.68% to Rs 400.65 after the company received order worth Rs 145.86 crore from Indradhanush Gas Grid for laying and construction of steel gas pipeline. The company also received various orders worth Rs 80 crore from oil & gas distribution companies during the period from June 2021 to till date for city gas distribution pipeline and related works.
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