The domestic equity benchmarks extended early gains and hit the day's high in morning trade. The Nifty hit an all-time high of 17,459.35 in morning trade. Auto shares extended gains for the fourth consecutive session.
At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 259.6 points or 0.45% to 58,506.69. The Nifty 50 index added 75.50 points or 0.43% to 17,455.50.
While NTPC (up 4.62%), Bharti Airtel (up 3.43) and Titan Company (up 3.03%) were the top index gainers, Axis Bank (down 0.77%), Tech Mahindra (down 0.51%) and HDFC Bank (down 0.43%) were the top index laggards.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index gained 0.72%.
The market breadth strongly favored the buyers. On the BSE, 2025 shares rose and 881 shares fell. A total of 154 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 225,778,167 with 4,648,145 deaths.
According to the data from the Ministry of Health and Family Welfare, Government of India, the cumulative coronavirus cases in India climbed to 3,32,89,579 with 25,404 new infections recorded on Tuesday, while the death count rose to 4,43,213 as 339 more fatalities were registered due to the infections that were recorded yesterday.
Active cases aggregated to 3,62,207, comprising 1.09% of the total infection. The ministry said the national recovery rate was recorded at 97.58%.
Over 75.8 crore COVID-19 vaccine doses have been administered in the country so far, with over 60 lakh doses being given yesterday, according to the Co-WIN dashboard.
Economy:
India's merchandise exports jumped 45.76% to $33.28 billion in August 2021, led by petroleum products, gems and jewellery, engineering goods and cotton yarn. Merchandise imports rose 51.72% to $47.09 billion, as against $31.03 billion in the corresponding month of 2020, according to the commerce ministry's data released on Tuesday.
The trade deficit (merchandise) swelled to $13.81 billion, compared to $8.2 billion in August 2020. The previous high was $15.1 billion in April 2021.
Meanwhile, Ministry of Finance stated in a latest update that eleven states namely, Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand have achieved the target set by the Ministry of Finance for the capital expenditure in the first quarter of 2021-22.
As an incentive, these States have been granted permission by the Department of Expenditure to borrow an additional amount of Rs 15,721 crore. The additional open market borrowing permission granted is equivalent to 0.25% of their Gross State Domestic Product (GSDP).
Additional financial resources thus made available will help the States in pushing their capital expenditure further. The capital expenditure has a high multiplier effect, enhances the future productive capacity of the economy, and results in a higher rate of economic growth.
The next review of Capital expenditure of States will be undertaken by the Department of Expenditure in December, 2021.
Buzzing Index:
The Nifty Auto index rose 0.45% to 10,255.95. The index has added 1.54% in four sessions.
Mahindra & Mahindra (up 1.17%), Ashok Leyland (up 0.72%), Ashok Leyland (up 0.71%), Bajaj Auto (up 0.64%), TVS Motor Company (up 0.49%), Maruti Suzuki (up 0.19%) and Tata Motors (up 0.13%) advanced.
Meanwhile, Bharat Forge (down 0.45%) and Eicher Motors (down 0.16%) edged lower.
The media reported that the government is likely to come out with a production linked incentive scheme for the auto sector which would focus on promoting manufacturing and export of electric vehicles (EVs) and cars running on hydrogen-fuel cells as well as auto parts requiring advanced production technologies.
Stocks in Spotlight:
RBL Bank rose 1.25% to Rs 177.55. The bank has started issuing credit cards to its new customers on Visa's payment network. The launch follows the successful completion of technology integration with the new platform following the agreement between RBL Bank and Visa on 14 July 2021. The bank has a 5% market share in credit cards in India.
Glenmark Pharmaceuticals was up 0.11% to Rs 532.15. The drug maker said that the findings of the post marketing surveillance study on Favipiravir reinforce drug's safety & efficacy. Results show no new safety signals or concerns till date and side effects reported are in-line with known safety profile of the drug.
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