The benchmark indices were trading with modest gains in afternoon trade. The Nifty was trading below 17,400 level. Upbeat global stocks boosted investors' sentiment.
At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 228.99 points or 0.39% at 58,358.94. The Nifty 50 index advanced 63.80 points or 0.37% at 17,387.40.
The Sensex hit record high of 58,515.85 while the Nifty scaled record high of 17,429.55 in early trade.
Reliance Industries (RIL) (up 2.41%), Infosys (up 1.04%) and Housing Development Finance Corporation (HDFC) (up 0.43%) boosted the indices.
Buying was broad based. The S&P BSE Mid-Cap index rose 0.37%. The S&P BSE Small-Cap index added 0.63%.
Buyers paced sellers. On the BSE, 1,706 shares rose and 1,556 shares fell. A total of 155 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 768.58 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 668.60 crore in the Indian equity market on 3 September 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,06,91,876 with 45,67,387 deaths. India reported 4,04,874 active cases of COVID-19 infection and 4,40,752 deaths while 3,21,81,995 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's foreign exchange reserves rose by $16.663 billion to touch a record high of $633.558 billion in the week ended 27 August 2021, the Reserve Bank of India (RBI) data showed. According to RBI data, forex reserves rose to a record $633.558 billion, mainly due to an increase in Special Drawing Rights (SDR) holdings.
In the reporting week ended August 27, 2021, the country's SDR holdings rose by $17.866 billion to $19.407 billion, according to weekly data released by the Reserve Bank of India (RBI) on Friday.
Foreign currency assets (FCAs), a major component of the overall reserves, fell by $1.409 billion to $571.6 billion in the reporting week. Gold reserves rose by $192 million to $37.441 billion. The country's reserve position with the IMF rose by $14 million to $5.11 billion in the reporting week, the data showed.
Gainers & Losers:
Eicher Motors (up 3.01%), Wipro (up 1.99%) and Grasim Industries (up 1.49%) were major gainers in Nifty 50 index.
Indian Oil Corporation (IOCL) (down 1.15%), Britannia Industries (down 1.15%), Oil & Natural Gas Corporation (ONGC) (down 1.14%), Sun Pharmaceutical Industries (down 0.89%) and IndusInd Bank (down 0.87%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Va Tech Wabag rose 1.29% after the company secured an order worth $11.45 million in Malaysia for PETRONAS Refinery & Petrochemical Corporation (PRPC). Va Tech Wabag , bagged the order from Dialog E&C Sdn. Bhd., Malaysia towards establishing a new effluent treatment plant (ETP) for Pengerang Integrated Complex in Johor, Malaysia. It will be constructed for PRPC Utilities and Facilities Sdn Bhd ('PRPC UF'), a subsidiary of PRPC.
Cadila Healthcare lost 0.14%. The drug maker on Monday announced that its subsidiary has received tentative approval from the US drug regulator for its new drug application for sitagliptin base 25, 50 and 100 mg tablets. The drug is an anti-diabetic medication used to treat type 2 diabetes. Zydus' sitagliptin base contains the active moiety sitagliptin in a different form than used in the branded reference product, Januvia (sitagliptin phosphate).
Lupin gained 1.53% after the company secured a non-exclusive license from TB Alliance to manufacture the anti-TB drug pretomanid. Non-profit drug developer, TB Alliance has granted Lupin, a non-exclusive license to manufacture the anti-TB drug pretomanid as part of the three-drug BPaL regimen. Lupin intends to commercialize the anti-tuberculosis (TB) medicine in approximately 140 countries and territories, including many of the highest TB burden countries around the world.
Global Markets:
Shares in Europe and Asia rose across the board on Monday, 6 September 2021, after U.S. jobs data indicated the Federal Reserve may have to keep monetary policy loose for longer, while speculation has risen over more stimulus in Japan and China.
Japanese shares climbed on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga's successor.
In the US, the Dow Jones Industrial Average retreated on Friday and the S&P 500 slipped from a record high after the August jobs report came in short of expectations, showing the impact of the delta-fueled COVID-19 resurgence.
U.S. jobs data released Friday came in far short of expectations, with the economy adding just 235,000 positions in August. Meanwhile, the unemployment rate declined to 5.2% from 5.4% in July, in line with estimates.
In a press conference on Friday, President Joe Biden touted the average monthly job gains since he took office and lower weekly jobless claims, and called for more vaccinations and for Congress to pass infrastructure and budget bills.
U.S. markets are closed on Monday for the Labor Day holiday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
