The benchmark indices further extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, advanced 139.53 points or 0.26% at 52,909.26. The Nifty 50 index rose 43.35 points or 0.27% at 15,855.70.
Infosys (up 1.38%), Larsen & Toubro (L&T) (up 1.84%) and ITC (up 1.09%) boosted the indices. Infosys will announce Q1 results today.
The broader indices were trading with decent gains. The S&P BSE Mid-Cap index gained 0.13%. The S&P BSE Small-Cap index added 0.38%.
Buyers outpaced sellers. On the BSE, 1,833 shares rose and 1,322 shares fell. A total of 134 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 113.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 344.19 crore in the Indian equity market on 13 July 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,77,98,855 with 40,48,942 deaths. India reported 4,29,946 active cases of COVID-19 infection and 4,11,408 deaths while 3,01,04,720 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reports 38,792 COVID-19 cases, deaths up by 624 in last 24 hours, said the Union Health and Family Welfare Ministry data on Wednesday. A decrease of 2,832 cases has been recorded in the active COVID-19 caseload in a span of 24 hours.
Economy:
India's annual rate of inflation based on the Wholesale Price Index (WPI) stood at 12.07% in June 2021 (over June 2020) compared with (-)1.81% in June 2020 and 12.94% in May 2021.
The high rate of inflation in June 2021 is primarily due to low base effect and rise in prices of mineral oils viz. petrol, diesel (HSD), naphtha, ATF, furnace oil etc., and manufactured products like basic metal, food products, chemical products etc. compared with the corresponding month of the previous year.
Meanwhile, the S&P Global Ratings on Tuesday, 13 July 2021 affirmed India's sovereign rating at the lowest investment grade of 'BBB-' for the 14th year in a row with a stable outlook, and said that the country's strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months. The sovereign credit ratings on India reflect the economy's above-average long-term real GDP growth, sound external profile, and evolving monetary settings, S&P Global Ratings stated.
Gainers & Losers:
Wipro (up 5.57%), Tech Mahindra (up 2.40%), HCL Technologies (up 2.05%) and Larsen & Toubro (L&T) (up 1.84%) were major gainers in Nifty 50 index.
Maruti Suzuki India (down 1.26%), Dr Reddy's Laboratories (down 0.88%), Hindustan Unilever (HUL) (down 0.87%), Nestle India (down 0.75%) and Tata Consumer Products (TCP) (down 0.63%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Zuari Agro Chemicals advanced 2.64% after the company said its single super phosphate (SSP) plant in Mahad (Maharashtra) has resumed operations with supply of raw materials having been tied up with a supplier. Zuari Agro Chemicals has further intimated that the NPK A plant has been shut down due to unavailability of raw materials. The company will inform once the plant resumes operations.
Coromandel International rallied 2.42% after credit rating agency, CRISIL on 12 July 2021, reaffirmed their rating on the debt programme of the company with an outlook for loan term bank loan facilities revised to 'Positive' from 'Stable.' The credit rating on the company's commercial papers worth Rs 2,000 crore were unchanged at "CRISIL A1+". The short-term rating on the company's total bank loan facilities worth Rs 7,000 crore was left unchanged at "CRISIL A1+". The long-term rating on the total bank loan facilities was also unchanged at "CRISIL AA+" while its outlook was revised to positive from stable.
Global Markets:
Shares in Europe and Asia declined on Wednesday, 14 July 2021, following a hotter-than-expected U.S. inflation report for June overnight.
Singapore's economy grew 14.3% year-on-year in the second quarter, official advanced estimates showed Wednesday. Still, the economy contracted by 2% as compared with the previous quarter, Singapore's Ministry of Trade and Industry said.
US stocks slipped after posting new highs on Tuesday as the biggest hike in U.S. inflation in 13 years rattled investors.
US inflation rose at its fastest pace in nearly 13 years, the Labor Department reported Tuesday. The consumer price index increased 5.4% in June from a year ago. Core CPI, excluding food and energy, jumped 4.5%, the sharpest move for that measure since September 1991.
Federal Reserve Chairman Jerome Powell is scheduled to appear in front of Congress Wednesday and Thursday to provide an update on monetary policy.
Investors are also monitoring the spread of the more contagious delta variant of COVID-19, which is hampering the recovery from the pandemic in some parts of the world. The unfolding earnings season is key too, with global stocks close to record highs on optimism over the bounce back from the health crisis.
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