Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 383.96 points or 0.68% at 56,508.68. The Nifty 50 index was up 113.65 points or 0.68% at 16,818.85. The Sensex hit record high of 56,527.81 in early trade. The Nifty scaled record high of 16,830.40 in early trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 1.01%. The S&P BSE Small-Cap index was up 0.97%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1905 shares rose and 582 shares fell. A total of 111 shares were unchanged.
Stocks in news:
Bharti Airtel gained 0.74%. Bharti Airtel said that its board of directors has approved the issuance of equity shares on rights basis of an issue size of upto Rs 21,000 crore. The firm said that the right issue price is set at Rs 535 per share.
Tech Mahindra fell 0.72%. Tech Mahindra (Americas) Inc., a wholly-owned-subsidiary of Tech Mahindra, will acquire 13.8% stake of AustinGiS, an IT services provider, for a total cash consideration of $1.25 million.
Mahindra & Mahindra (M&M) advanced 2.13%. M&M said that the Ministry of Defence (MoD) has awarded a major contract to Mahindra Defence Systems (MDS) worth Rs 1349.95 crore.
Burger King India rose 0.61%. Burger King India said it has entered into discussions regarding acquisition of a controlling stake in PT Sari Burger Indonesia, which manages and operates Burger King brand in Indonesia.
Nazara Technologies surged 3.99%. Nazara Technologies said that that it has acquired 100% stake in Hyderabad-based skill gaming company OpenPlay for a total consideration of Rs 186.4 crore.
Global Markets:
Overseas, Asian stocks are trading higher on Monday after U.S. Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.
In other Chinese tech developments, Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the U.S..
U.S. stocks indexes closed higher Friday, with the S&P 500 and Nasdaq Composite indexes finishing at fresh peaks, following Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole central bankers' symposium.
U.S. Federal Reserve (Fed) Chair Jerome Powel said Friday during the Federal Reserve Bank of Kansas City's annual Jackson Hole economic symposium that the Fed could start tapering asset purchases this year as the central bank is carefully assessing the risks from the Delta variant.
The Fed chief also cautioned that a move to start tapering asset purchases should not be interpreted as a sign that rate hikes would soon follow.
Fed Chair Powell said the U.S. central bank will be carefully assessing incoming data and the evolving risks, perhaps offering himself more wiggle room before its September 21-22 meeting to digest further evidence of the health of the economy, including a coming jobs reports for August.
Back home, the domestic equity barometers ended near the day's high on Friday. The barometer index, the S&P BSE Sensex, advanced 175.62 points or 0.31% to 56,124.72. The Nifty 50 index added 68.30 points or 0.41% to 16,705.20.
Foreign portfolio investors (FPIs) sold shares worth Rs 778.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,646.19 crore in the Indian equity market on 27 August, provisional data showed.
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