The benchmark indices hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 201.82 points or 0.36% at 56,150.92. The Nifty 50 index gained 70.30 points or 0.42% at 16,707.20.
The Nifty hit a record high of 16,712.60 in afternoon trade. Hindustan Unilever (HUL) (up 0.50%), Tata Steel (up 0.85%) and Bajaj Finance (up 0.51%) boosted the indices.
The broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 0.90%. The S&P BSE Small-Cap index gained 0.77%.
Buyers outnumbered sellers. On the BSE, 1,844 shares rose and 1,251 shares fell. A total of 149 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,974.48 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,055.21 crore in the Indian equity market on 26 August 2021, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 21,46,27,593 with 44,74,523 deaths. India reported 3,44,899 active cases of COVID-19 infection and 4,36,861 deaths while 3,18,21,428 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Larsen & Toubro (L&T) (up 3.58%), Ultratech Cement Co. (up 3.26%), Hindalco Industries (up 2.95%), SBI Life Insurance Company (up 2.92%) and Bharti Airtel (up 2.04%) were major gainers in Nifty 50 index.
IndusInd Bank (down 0.99%), Infosys (down 0.76%), Eicher Motors (down 0.73%), ICICI Bank (down 0.66%) and Nestle India (down 0.56%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Infosys shed 0.66%. Infosys Public Services, a subsidiary of Infosys, will enable Manitoba Public Insurance, which delivers auto insurance & driver services, to digitize driver licensing, vehicle registration and International Registration Plan for 9 lakh Manitoba residents.
Computer Age Management Services (CAMS) surged 8.24%. The company has announced its plans to set up an office at GIFT city (Gujarat) to provide asset management support services for financial institutions which have set up/setting up operations in GIFT City.
Global Markets:
Most European shares advanced while most Asian stocks declined on Friday, 27 August 2021 as investors remained cautious ahead of the Federal Reserve's annual Jackson Hole symposium.
Traders were eying new developments in Afghanistan, which added to the risk-off sentiment. At least 60 Afghans and 13 US soldiers were killed on Thursday after two suicide bombers and several gunmen attacked crowds flocking to the Kabul airport in Afghanistan, as per reports. A further 15 US troops and more than 150 civilians were also injured in the attack. ISIS-K has reportedly claimed responsibility for the bombings at the Hamid Karzai International Airport in Kabul and a hotel nearby.
Profits at China's industrial firms grew at a slower rate of 16.4% on year to 703.67 billion yuan ($108.6 billion) in July, the statistics bureau said on Friday, as elevated commodity prices and supply chain constraints from extreme weather weighed on the sector. The July growth rate compared with a 20% gain in the previous month. The pace of growth has been slowing for five consecutive months.
In US, the S&P 500 fell from a record on Thursday as investors awaited more details on the Federal Reserve's plan to pull back on monetary stimulus from the central bank's annual symposium on Friday.
On the data front, weekly initial jobless claims came in at 353,000, the Labor Department reported Thursday, a slight increase from the prior week's 349,000.
Economic growth totaled 6.6% in the second quarter, according to the Commerce Department's second reading released on Thursday. That was a slight revision upward from the 6.5% annual increase previously reported.
The highly anticipated Jackson Hole symposium from the Fed will be held virtually this year on Friday, with many central bank speakers making remarks to the media beginning Thursday. At the event, central bankers could provide updates on their plan around tapering the Fed's monthly bond purchases.
Federal Reserve Chairman Jerome Powell is slated to make remarks on Friday as part of the central bank's summit. The Fed has been purchasing at least $120 billion of bonds per month to bolster the economy in reaction to the pandemic.
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