The benchmark indices were trading near the day's high in early afternoon trade. The Sensex hit a record high of 54,779.66 while the Nifty hit a record high of 16,359.25 in mid-morning trade. IT shares were in demand while realty and PSU banks declined.
At 12:20 IST, the barometer index, the S&P BSE Sensex, surged 320.22 points or 0.59% at 54,723.07. The Nifty 50 index jumped 86.20 points or 0.53% at 16,344.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index lost 0.40%.
The market breadth was weak. On the BSE, 1,104 shares rose and 2,011 shares fell. A total of 129 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 20,33,89,418 with 43,03,090 deaths. India reported 3,88,508 active cases of COVID-19 infection and 4,28,682 deaths while 3,11,80,968 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 2.55% to 12.9275. The Nifty 26 August 2021 futures were trading at 16,344, at a discount of 0.45 point as compared with the spot at 16,344.45.
The Nifty option chain for 26 August 2021 expiry showed maximum Call OI of 18.6 lakh contracts at the 16,500 strike price. Maximum Put OI of 47.2 lakh contracts was seen at 15,000 strike price.
Buzzing Index:
The Nifty IT index was up 0.94% to 31,735.65. The index has risen 2.44% in four straight sessions.
Tech Mahindra (up 2.54%), Mphasis (up 1.58%), Coforge (up 1.53%), Wipro (up 1.47%) and Larsen & Toubro Infotech (LTI) (up 1.07%) were the major gainers in the IT segment.
Stocks in Spotlight:
Coal India rose 0.35%. The company announced temporary closure of three mines due to non-availability of forest and other statutory clearances. North Eastern Coalfields mines are managed directly by Coal India. The PSU miner announced that the mines at Tikak, Tipong and Tirap were temporarily suspended from 3 June 2020 due to non- availability of forest and other statutory clearances.
JSW Steel slipped 0.36%. The company's crude steel production grew 11% to 13.82 lakh tonnes in July 2021 as against 12.46 lakh tonnes in July 2020. Production of flat rolled products declined 1% to 9.34 lakh tonnes. JSW Steel said production of rolled flat products were lower due to planned shutdown taken for one of the converters at Vijayanagar Works. Production of long rolled products surged 28% to 3.06 lakh tonnes in July 2021 over July 2020. The average capacity utilization for the month of July stood at 92%.
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