Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 121.73 points or 0.22% at 55,677.52. The Nifty 50 index was up 50.40 points or 0.31% at 16,546.85. The Nifty hit day's high above the psychological 16,500 mark in opening trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.88%. The S&P BSE Small-Cap index was up 0.58%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1393 shares rose and 1040 shares fell. A total of 88 shares were unchanged.
National Monetisation Pipeline:
Finance Minister Nirmala Sitharaman on Monday unveiled an ambitious Rs 6 lakh crore National Monetisation Pipeline (NMP) that included unlocking value by involving private companies across infrastructure sectors -- from passenger trains and railway stations to airports, roads and stadiums.
As many as 25 Airports Authority of India (AAI) airports, including ones at Chennai, Bhopal, Varanasi and Vadodara, as well as 40 railway stations, 15 railway stadiums and an unidentified number of railway colonies have been identified for getting private investments.
The total indicative value of NMP for core assets of the central government has been estimated at Rs 6 lakh crore over the four-year period FY22 to FY25. More than half of the monetisation plan is from the roads and railways sector.
Stocks in news:
Maruti Suzuki India fell 1%. Maruti Suzuki India said that the CCI has passed an order on 23rd August, 2021 for the alleged contravention of Section 3 of the Competition Act, 2002 against the company in relation to implementing discount control policy vis-a-vis its dealers and has imposed a penalty for an amount of Rs 200 crores on the company. The company will take necessary steps under the law after examining the order fully.
Eicher Motors rose 0.96%. Eicher Motors said that the board of directors of the company has re-appointed Siddhartha Lal as Managing Director of the Company with effect from May 1, 2021 for a term of 5 years.
JSW Steel gained 1.62%. JSW Steel said that ICRA has vide their release dated August 23, 2021 upgraded the company's rating for Long Term Bank Facilities and Non-Convertible Debentures to [ICRA] AA; Stable Outlook, from [ICRA] AA- ; Positive Outlook and has reaffirmed the ratings for the Short Term Bank facilities and Commercial Paper at [ICRA] A1+.
Indian Hotels Company shed 0.05%. Indian Hotels Company said that the board of directors of the company has considered and approved, issue of equity shares by way of a rights issue to the existing shareholders of the company on a record date for an amount not exceeding Rs. 3,000 crore.
NR Agarwal Industries fell 0.56%. NR Agarwal Industries said that production at Unit 2 (Writing & Printing) of the company has been temporarily shut down due to lack of market orders.
Paisalo Digital fell 0.05%. Paisalo Digital informed that meeting of Operations and Finance Committee of the Board of Directors of the company is scheduled to be held on August 31, 2021 inter alia, to consider and issue Unlisted, Unsecured, Unrated Non-Convertible Debentures through Private Placement Basis.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday, after the tech-heavy Nasdaq Composite jumped to a record closing high following the U.S. Food and Drug Administration's full approval of Pfizer and BioNTech's Covid-19 vaccine.
The U.S. Securities and Exchange Commission has reportedly began issuing new disclosure requirements to Chinese firms looking to list in New York, as part of a push to raise investor awareness of the risks involved.
Pfizer and BioNTech's Covid-19 vaccine became the first in the U.S. on Monday to be granted full approval by the Food and Drug Administration, clearing the path for more vaccine mandates.
US stocks finished higher Monday and the Nasdaq reached an all-time closing high, led by reopening stocks as the Food and Drug Administration approved its first Covid-19 vaccine. The FDA granted full approval for the two-dose Pfizer-BioNTech vaccine for Covid-19.
Back home, the domestic equity benchmarks managed to close with decent gains after a volatile session on Monday. The barometer index, the S&P BSE Sensex, advanced 226.47 points or 0.41% to 55,555.79. The Nifty 50 index gained 45.95 points or 0.28% to 16,496.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,363.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,452.51 crore in the Indian equity market on 23 August, provisional data showed.
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