The benchmark indices were trading near the day's high in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, jumped 247.29 points or 0.42% at 58,970.49. The Nifty 50 index gained 59.55 points or 0.34% at 17,579.
The Sensex hit record high of 59,042.77 while the Nifty hit record high of 17,597.85.
Reliance Industries (RIL) (up 2.17%), ITC (up 6.48%) and IndusInd Bank (up 8.78%) boosted the indices.
The broader indices lagged the benchmarks. The S&P BSE Mid-Cap index added 0.36%. The S&P BSE Small-Cap index rose 0.06%.
The market breadth was positive. On the BSE, 1,658 shares rose and 1,504 shares fell. A total of 149 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 232.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 167.67 crore in the Indian equity market on 15 September 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,63,91,916 with 46,59,920 deaths. India reported 3,42,923 active cases of COVID-19 infection and 4,43,928 deaths while 3,25,60,474 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
A two-day meeting of Goods and Services Tax (GST) Council will begin today in Lucknow. The meeting will be the maiden physical meet of the GST council following the outbreak of the COVID-19 pandemic.
Meanwhile, Finance Ministry has said that Air India received financial bids for its disinvestment process. In a tweet, Secretary, Department of Investment and Public Asset Management Tuhin Kanta Pandey said, financial bids for Air India disinvestment received by Transaction Adviser. He said, the process now moves to concluding stage.
Gainers & Losers:
IndusInd Bank (up 8.78%), State Bank of India (SBI) (up 3.21%), and Bharat Petroleum Corporation (BPCL) (up 1.62%) were major gainers in Nifty 50 index.
Coal India (down 1.61%), Tech Mahindra (down 1.45%), Shree Cement (down 1.41%), Tata Consultancy Services (TCS) (down 1.39%) and Tata Steel (down 1.25%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Sunteck Realty gained 1.03% after the real estate firm planned to develop a 50-acre land parcel in Shahad, Kalyan (Maharashtra). The company would develop a luxury integrated residential township in this location, under the asset light Joint Development Agreement (JDA) model with Amar Dye Chem. This acquisition would help Sunteck Realty establish its presence in the Eastern suburbs of Mumbai Metropolitan Region (MMR). The project is expected to generate a top line of around Rs 9,000 crore over the next 7-8 years, strengthening the cash flow and the balance sheet of the company. This will be the fourth acquisition by the realty firm since the beginning of COVID-19 pandemic.
Lincoln Pharmaceuticals rose 0.17%. The National Company Law Tribunal (NCLT), Ahmedabad Bench has approved the scheme of amalgamation of Lincoln Parenteral and Lincoln Pharmaceuticals on 14 September 2021. The amalgamation is expected to bring about lot of synergies in terms of operations efficiency, enhance competitive strength, cost-effectiveness and productivity for the combined entity.
Global Markets:
European stocks advanced across the board on Thursday, bucking the trend seen in the U.S. and Asia as global investors kept an eye on economic data and central banks. U.K. Prime Minister Boris Johnson on Wednesday reshuffled his Cabinet, replacing a number of senior ministers and urging his government to tackle economic inequality in the aftermath of the pandemic.
Asian stocks tumbled on Thursday, with casino shares in Hong Kong mostly seeing another day of losses. Chinese stocks listed in the U.S. slid the sixth day and U.S. casino firms with exposure to Macau tumbled. Officials have signaled tighter curbs on operators in the gaming hub, again spotlighting Beijing's regulatory curbs.
Japan's exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment. Exports rose 26.2% in August compared with the same month a year earlier, the Ministry of Finance said on Thursday.
In the US, the S&P 500 and Dow Jones indexes rose on Wednesday on mildly positive factory data and higher oil prices, although concerns over a slowing economic recovery and higher corporate taxes kept sentiment subdued.
Production by US factories, mines and utilities in August surpassed the level seen before the pandemic caused an unprecedented collapse, according to Federal Reserve data released Wednesday. Industrial production increased 0.4% in August, but it could have been 0.3% points higher had it not been for the effects of Hurricane Ida, which caused flooding and destruction in parts of Louisiana and the northeastern United States.
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