The domestic equity barometers were currently at the day's high in mid afternoon trade. The Nifty was trading above the 16,600 mark. Pharma shares were in demand.
At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 434.59 points or 0.78% to 55,990.38. The Nifty 50 index added 129.60 points or 0.79% to 16,626.05.
The broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 1.26%. The S&P BSE Small-Cap index gained 1.45%.
In the broader market, Jindal Stainless (up 16.03%), Indo Count Industries (up 13.02%), Suprajit Engineering (up 8.44%), Ujjivan Small Finance Bank (up 7.86%) and Burger King India (up 7.25%) rallied.
The New India Assurance Company (down 5.96%), KPIT Technologies (down 4.91%), Mahindra Logistics (down 4.15%), Dixon Technologies (India) (down 3.22%) and IPCA Laboratories (down 3.20%) were major losers.
Buyers outpaced sellers. On the BSE, 2020 shares rose and 1102 shares fell. A total of 126 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,363.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,452.51 crore in the Indian equity market on 23 August 2021, provisional data showed.
Economy:
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National Monetisation Pipeline (NMP) on Monday, 23 August 2021. NMP comprises a four-year pipeline of the Central Government's brownfield infrastructure assets. Besides providing visibility to investors, NMP will also serve as a medium-term roadmap for the asset monetisation initiative of the government.
The government has planned a Rs 6 lakh crore pipeline of assets that can be monetised, which will include a range of assets put on the block for private sector participation. The government has also developed an asset monetisation dashboard for monitoring real-time progress of NMP. Policy think tank NITI Aayog has finalised the NMP of potential brownfield infrastructure assets that has been created for a four-year period from financial year 2021-22 to 2024-25.
Giving a presentation, NITI Aayog CEO Amitabh Kant said, infra assets worth Rs. six lakh crore across rail, road, power sectors to be monetised over four years.
The NMP will serve as a roadmap for asset monetisation of various brownfield infrastructure assets across sectors including roads, railways, aviation, power, oil and gas, and warehousing.
Meanwhile, Commerce and Industry Minister Piyush Goyal said on Monday that foreign direct investments (FDI) into the country is on the rise, jumping to $2.1 billion in May this year. He also said the government is working on a mission mode to achieve exports target of $400 billion in 2021-22.
"India has received the highest ever FDI inflow in 2020-21. It surged by 10% to $81.72 billion and FDI during May 2021 is $12.1 billion, i.e. 203% higher than May 2020," he said while addressing a meeting of different industry associations on promoting exports.
Buzzing Index:
The Nifty Pharma index rose 1.14% to 13,856.55, amid bargain buying. The index had declined by 2.63% in the past two sessions.
Biocon (up 4.13%), Cipla (up 2.03%), Sun Pharma (up 1.82%), Dr. Reddy's Labs (up 1.25%), Alkem Laboratories (up 0.77%) and Cadila Healthcare (up 0.18%) advanced.
Lupin rose 1.64% to Rs 939.90. Lupin Healthcare (UK), the company's wholly-owned subsidiary, announced that following the Medicines and Healthcare products Regulatory Agency (MHRA) approval earlier this year, it has launched Luforbec (beclometasone/formoterol) 100/6 dose pressurised metered dose inhaler (pMDI), making it available now to patients in the UK, with the potential to offer significant cost savings for the NHS. Luforbec is indicated for the treatment of adult asthma and for the symptomatic treatment of severe chronic obstructive pulmonary disease.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 74.1650 from its previous closing of 74.22.
MCX Gold futures for 5 October 2021 settlement shed 0.18% to Rs 47,500.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 93.05.
In the commodities market, Brent crude for October 2021 settlement added 73 cents or 1.06% to $69.48 a barrel.
The yield on 10-year benchmark federal paper rose to 6.253% from its previous close of 6.243%.
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