The benchmark indices further extended gains in afternoon trade, buoyed by positive global cues. The Nifty index traded a tad below 17,200 mark. European stocks opened higher as investors gear up for the next reading of U.S. nonfarm payrolls which is due on Friday.
At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 384.72 points or 0.67% at 57,722.93. The Nifty 50 index advanced 116.80 points or 0.68% at 17,193.05.
Hindustan Unilever (HUL) (up 2.46%), Tata Consultancy Services (TCS) (up 1.54%) and Reliance Industries (RIL) (up 0.72%) boosted the indices.
Broader indices outperformed key barometers. The S&P BSE Mid-Cap index rose 0.78%. The S&P BSE Small-Cap index added 0.77%.
Buyers outnumbered sellers. On the BSE, 2,013 shares rose and 1,094 shares fell. A total of 133 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 666.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,287.87 crore in the Indian equity market on 1 September 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,84,40,960 with 45,43,332 deaths. India reported 3,89,583 active cases of COVID-19 infection and 4,39,529 deaths while 3,20,28,825 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
IPO Status:
The initial public offer (IPO) of Vijaya Diagnostic Centre received bids for 90.21 lakh shares as against 2.50 crore shares on Thursday (2 September 2021), according to stock exchange data at 12:55 IST. The issue was subscribed 0.36 times.
The issue opened for bidding on Wednesday (1 September 2021) and it will close on Friday (3 September 2021). The price band of the IPO was fixed at Rs 522-531 per share.
The IPO of Ami Organics received bids for 1.66 crore shares as against 65.42 lakh shares on offer on Thursday (2 September 2021), according to stock exchange data at 12:55 IST. The issue was subscribed 2.55 times.
The issue opened for bidding on Wednesday (1 September 2021) and it will close on Friday (3 September 2021). The price band of the IPO was fixed at Rs 603-610 per share.
Gainers & Losers:
HDFC Life Insurance Company (up 5.63%), Shree Cement (up 3.45%), Cipla (up 2.96%), Hindustan Unilever (HUL) (up 2.46%) and Dr. Reddy's Laboratories (up 2.32%) were major gainers in Nifty 50 index.
Indian Oil Corporation (IOCL) (down 1.04%), Mahindra & Mahindra (M&M) (down 1.18%), Oil & Natural Gas Corporation (ONGC) (down 0.84%), Bajaj Auto (down 0.76%) and Tech Mahindra (down 0.72%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) slipped 1.18% after the auto major announced that its automotive division will observe No Production Days for seven days in September due to semiconductor shortages. M&M said its automotive division continues to face supply shortages of semiconductors, which has got further accentuated due to COVID-19 lockdowns in some parts of the World.
Kitex Garments hit an upper circuit of 10% at Rs 164.10 after the company said that Telegana government has approved its expansion plan. "The proposal submitted by Kitex Garments before Government of Telegana towards expansion plan has been approved," the company said in exchange filing. The Government order will be issued within a few days, it added.
Adani Ports and Special Economic Zone (APSEZ) gained 0.94%. The company said its cargo volume rose 21% year-on-year (Y-o-Y) to 23.32 million metric tonnes (MMT) in August 2021.
Global Markets:
European stocks rose across the board while Asian stocks were mixed on Thursday, 2 September 2021.
Australia reported a higher-than-expected trade surplus of 12.117 billion Australian dollars (about $8.93 billion) in July, according to data released Thursday by the country's Bureau of Statistics.
The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks. US manufacturing activity unexpectedly picked up in August. The ISM said its index of national factory activity inched up to 59.9 last month from a reading of 59.5 in July.
US private employers hired far fewer workers than expected in August. Private payrolls increased by 374,000 jobs last month after rising 326,000 in July, the ADP National Employment Report showed on Wednesday.
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