The key equity indices traded in a narrow range near the day's high in mid morning trade. The Nifty continued to trade above the 16,300 mark. IT shares rose across the board. Most Asian markets declined.
At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 163.54 points or 0.30% to 54,689.47. The Nifty 50 index added 50.75 points or 0.31% to 16,333.
In the broader market, the S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index gained 1.63%.
The market breadth was strong. On the BSE, 2212 shares rose and 762 shares fell. A total of 122 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 204,688,069 with 4,323,993 global deaths.
India reported 387,987 active cases of COVID-19 infection and 429,669 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty IT index rose 1.11% to 32,022.15. The index fell 0.14% in the previous session.
Tech Mahindra (up 3.71%), Coforge (up 3.08%), Larsen & Toubro Infotech (up 2.41%), MindTree (up 1.87%), Mphasis (up 1.82%), Oracle (up 1.58%), HCL Tech (up 1.44%), Wipro (up 0.62%), Infosys (up 0.41%) and TCS (up 0.17%) edged higher.
Stocks in Spotlight:
HEG rose 2.26% to Rs 2275.35. The company's net profit soared 418.60% to Rs 55.80 crore on a 77.3% jump in net sales to Rs 413.69 crore in Q1 June 2021 over Q1 June 2020.
Edelweiss Financial Services jumped 4.89% at Rs 84.70. The NBFC announced the public issue of secured redeemable non-convertible debentures of the face value of R 1,000 each, amounting to Rs 200 crore with an option to retain over-subscription up to Rs 200 crore. At least 75% of the funds raised through the issue will be used for the purpose of repayment /prepayment of interest and principal of existing borrowings of the company and the balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the issue.
HeidelbergCement India rose 1% to Rs 263.10. The company has signed a long-term power purchase agreement to purchase around 22 Gigawatt hours per annum solar energy under captive arrangement from Lalganj Power for its facility located in Jhansi, Uttar Pradesh.
Global Markets:
Asian stocks mostly edged lower on Thursday. Investors continued to monitor the Covid situation in the region after the World Health Organization warned global cases could pass 300 million by early next year if the pandemic continues in its current direction. The projection came just a week after the WHO reported 200 million Covid cases worldwide and six months after the globe topped 100 million cases.
Japanese wholesale prices rose in July at their fastest annual pace in 13 years. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 5.6% in July from a year earlier, Bank of Japan data showed.
In Australia, Melbourne extended its lockdown by another week as it struggles to contain the highly infectious delta variant.
In US, the Dow Jones Industrial Average and S&P 500 closed at record levels on Wednesday, as data indicated U.S. inflation growth may have peaked, while sectors tied to economic growth advanced on the heels of the passage of a large infrastructure bill.
U.S. consumer prices increases slowed in July. The consumer price index increased 0.5% last month after climbing 0.9% in June, the Labor Department said on Wednesday. In the 12 months through July, the CPI advanced 5.4%. The drop in the month-to-month inflation rate was the largest in 15 months.
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