The benchmark indices were hovering near the day's high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 271.06 points or 0.48% at 57,160.82. The Nifty 50 index surged 83.25 points or 0.49% at 17,014.30.
The Sensex hit record high of 57,290.76 while the Nifty hit all time high of 17,052.
Housing Development Finance Corporation (HDFC) (up 1.24%), Bajaj Finance (up 2.25%) and HDFC Bank (up 0.52%) boosted the indices.
Broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 0.52%. The S&P BSE Small-Cap index added 0.63%.
The market breadth was positive. On the BSE, 1,563 shares rose and 1,536 shares fell. A total of 156 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,202.81 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 688.85 crore in the Indian equity market on 30 August 2021, provisional data showed.
Sebi's Margin Rule:
Market regulator Securities and Exchange Board of India's (SEBI) new margin rules will come into effect from Wednesday (1 September 2021). Under the new peak margin rule, traders will be required to give 100% margin upfront for their trades. As per the new peak margin norms, the margin requirements will be calculated four times during every trading session. It will also include intraday trading positions. The peak margin norms were introduced last year to curb speculative trading and restrict leverages offered by stockbrokers to their clients.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,71,21,036 with 45,10,224 deaths. India reported 3,70,640 active cases of COVID-19 infection and 4,38,560 deaths while 3,19,59,680 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
With the administration of 59,62,286 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 64.05 crore (64,05,28,644) as per provisional reports till 7 AM today. The recovery of 36,275 patients in the last 24 hours has increased the cumulative tally of recovered patients (since the beginning of the pandemic) to 3,19,59,680. Consequently, India's recovery rate stands at 97.53%.
Economy:
India's gross domestic product (GDP) for the April-June (Q1) quarter of the ongoing fiscal will be released today, 31 August 2021. India's GDP for the fourth quarter (Q4) of 2020-21 reported expected growth of 1.6%.
Gainers & Losers:
Adani Ports & Special Economic Zones (APSEZ) (up 3.21%), Bajaj Finserv (up 2.56%), Indian Oil Corporation (IOCL) (up 2.38%), Bharti Airtel (up 2.35%) and Bajaj Finance (up 2.25%) were major gainers in Nifty 50 index.
Tata Motors (down 1.30%), Nestle India (down 1.10%), IndusInd Bank (down 0.74%), Reliance Industries (RIL) (down 0.46%) and Mahindra & Mahindra (M&M) (down 0.45%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Sun Pharmaceutical Industries rose 0.44%. The drug major said that it has the exclusive right to commercialize Winlevi (clascoterone cream 1%) in the United States and Canada. Winlevi (clascoterone cream 1%) is approved for the topical treatment of acne vulgaris in people aged 12 and older. Sun Pharmaceutical Industries and Cassiopea SpA announced the expiration of the applicable waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with the exclusive license and supply agreements signed by both companies for Winlevi, the statement for which was release on 26 July 2021.
Dr. Reddy's Laboratories gained 0.26%. The drug major announced the launch of chlordiazepoxide hydrochloride and clidinium bromide capsules USP, 5 mg/2.5 mg, approved by the U.S. Food and Drug Administration (USFDA). The drug a therapeutic equivalent generic version of Librax. The Librax brand and generic market had U.S. sales of approximately $105.9 million MAT for the most recent twelve months ending in July 2021, according to IQVIA Health. Dr. Reddy's Laboratories generic version is available in one strength of 5 mg/2.5 mg capsules in bottle count sizes of 100.
Global Markets:
Most European shares were trading higher while Asian shares rose across the board on Tuesday, 31 August 2021, as data showed slowing Chinese factory activity growth in August.
China's factory activity grew at a slower pace in August as compared with the previous month, data released on Tuesday showed. The official manufacturing Purchasing Managers' Index for August came in at 50.1, against July's reading of 50.4.
In the US market, the S&P 500 and Nasdaq hit record highs on Monday as technology stocks jumped after the Federal Reserve's dovish comments eased fears of a sudden tapering in monetary stimulus and boosted optimism around an economic recovery.
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