The benchmark indices bounced back and hit the day's high in afternoon trade. The Nifty index edged closer to 17,500 mark.
At 13:15 IST, the barometer index, the S&P BSE Sensex, surged 217.18 points or 0.37% at 58,708.11. The Nifty 50 index jumped 76.45 points or 0.44% at 17,473.35.
Infosys (up 1.28%), Tata Consultancy Services (TCS) (up 1.11%) and Bajaj Finance (up 2.04%) boosted the indices.
Broader markets traded sideways. The S&P BSE Mid-Cap index rose 0.28%. The S&P BSE Small-Cap index fell 0.37%.
Sellers outnumbered buyers. On the BSE, 1,271 shares rose and 1,860 shares fell. A total of 167 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 92.54 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,626.58 crore in the Indian equity market on 20 September 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,90,83,964 with 47,00,041 deaths. India reported 3,09,575 active cases of COVID-19 infection and 4,45,385 deaths while 3,27,49,574 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 81,78,68,213 COVID-19 vaccine doses have been administered in the country so far, with over 96.18 lakh doses being given yesterday, according to the Co-WIN dashboard.
Economy:
The Reserve Bank of India will conduct open market purchase of Government Securities under the G-Sec Acquisition Programme (G-SAP 2.0) for an aggregate amount of Rs 15,000 crore on 23 September 2021. Simultaneously, the bank will also sale government securities under Open Market Operations (OMO) for an aggregate amount of Rs 15,000 crore on the same day.
Gainers & Losers:
Oil & Natural Gas Corporation (ONGC) (up 5.21%), JSW Steel (up 4.49%), IndusInd Bank (up 4.18%), UPL (up 2.47%) and Bajaj Finance (up 2.04%) were major gainers in Nifty 50 index.
Maruti Suzuki India (down 2.35%), Hero MotoCorp (down 1.70%), Bajaj Auto (down 1.55%), Axis Bank (down 1.38%) and HDFC Bank (down 1.21%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Sterling and Wilson Solar (SWSL) lost 0.06%. The solar engineering, procurement and construction (EPC) and operations and maintenance (O&M) solutions provider announced that it has commissioned the 66 MWp (mega-watt peak) Al Husainiyah solar power plant in Jordan. The project is located on an area of 1.3 sq. km in Ma'an Governorate, 200 km south of Amman, the capital of Jordan.
Kitex Garments rose 0.77%. On Monday, Kitex Garments announced that the company has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs 2,406 crore in the state for two industrial projects.
The company said the proposed investment is planned at Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy district. The Warangal project will start by October whereas the commercial productions will start by December and Kitex expects full capacity by December 2023.
The Rangareddy project is expected to start by April 2022 and the commercial production of the same will commence by June 2023 with the full capacity by June 2024. Kitex has an existing capacity of 4,32,000 units (infants garments) per day and proposes to increase to 18 lakh units per day.
Global Markets:
European stocks rally across the board on Tuesday, 21 September 2021, amid investor fears surrounding embattled property developer China Evergrande Group and concerns about the contagion risk for the wider Chinese and global economy.
Meanwhile, most Asian stocks were trading higher on Tuesday. Japanese stocks declined as they returned to trade following a Monday holiday. Markets in mainland China and South Korea are closed on Tuesday for a holiday.
US stocks fell in a broad sell-off on Monday, as fear of contagion from potential collapse of China's Evergrande drove investors out of equities in a flight for safety.
The US Federal Reserve is due to meet on Tuesday and Wednesday as investors look for cues on when it will begin pulling back on its bond purchases. Fed Chair Jerome Powell will hold a press conference Wednesday at the conclusion of the two-day meeting. Powell has said the so-called tapering could occur this year, but investors are waiting for more specifics, particularly after mixed economic data released since Powell's last comments.
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