Sensex hits record high; breadth remains strong

September 23,2021

The benchmark indices extended major gains during afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, jumped 808.16 points or 1.37% at 59,735.49. The Nifty 50 index advanced 229.65 points or 1.31% at 17,776.30.

The S&P BSE Sensex hit a record high of 59,764.79 in afternoon trade. The Nifty was trading near its all-time high of 17,792.95.

Reliance Industries (RIL) (up 2.57%), HDFC Bank (up 1.90%) and ICICI Bank (up 2.02%) boosted the indices.

Broader indices lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.95%. The S&P BSE Small-Cap index gained 0.93%.

Buyers outpaced sellers. On the BSE, 2,017 shares rose and 1,140 shares fell. A total of 168 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,943.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,850.02 crore in the Indian equity market on 22 September 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 23,00,90,110 with 47,19,197 deaths. India reported 3,01,640 active cases of COVID-19 infection and 4,46,050 deaths while 3,28,15,731 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

A total of 83,34,67,089 COVID-19 vaccine doses have been administered in the country so far, with over 71.21 lakh doses being given yesterday, according to the Co-WIN dashboard.

Economy:

India has attracted Foreign Direct Investment (FDI) inflow of $27.37 billion during first four months of this financial year which is 62% higher as compared to corresponding period last financial year.

Commerce and Industry Ministry said the measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country. The Ministry said FDI equity inflow also grew by 112% in the first four months of this financial year compared to same period last year.

Automobile Industry' has emerged as the top sector with 23% share of the total FDI equity inflow followed by computer software and hardware with 18% and services sector at 10%.

Gainers & Losers:

Bajaj Finserv (up 5.71%), Tata Motors (up 3.74%), Coal India (up 3.36%), Hindalco Industries (up 3.08%) and Larsen & Toubro (L&T) (up 2.89%) were major gainers in Nifty 50 index.

HDFC Life Insurance Company (down 1.20%), Dr Reddy's Laboratories (down 0.87%), ITC (down 0.62%), Britannia Industries (down 0.60%) and Shree Cement (down 0.49%) were major losers in Nifty 50 index.

Stocks in Spotlight:

JBM Auto surged 14.02% after the commercial vehicle manufacturer received orders for supply of five hundred CNG/ Electric Buses. The orders consist of supplying BS VI CNG buses for Delhi Integrated Multi-Modal Transit System, electric buses for Bengaluru Metropolitan Transport Corporation, electric buses for Jhansi Smart City and electric buses for other multiple corporate clients. The company said the orders will be executed in the current financial year.

Adani Enterprises advanced 2.42% after the company said that Adani Airport Holdings (AAHL) has signed a share subscription agreement with Flemingo Travel Retail and Mumbai Travel Retail for the purpose of strategic partnership to operate duty free outlets in airports and seaports. On completion of the transaction, AAHL will subscribe to 28,49,000 equity shares, constituting 74% of share capital of Mumbai Travel Retail on fully diluted basis for an aggregate investment of Rs 2.84 crore.

Global Markets:

European stocks rallied across the board while most Asian stocks advanced on Thursday as global markets reacted to the latest statements from the U.S. Federal Reserve in which it said it was not ready to taper monetary stimulus yet.

Investors continue monitoring the situation surrounding China Evergrande Group. As per reports, China Evergrande Group's chairman said the firm's top priority is to help wealth investors redeem their products, though questions remain over whether the embattled Chinese developer will pay the interest due on a dollar-denominated bond on Thursday.

US stocks rallied on Wednesday after the Federal Reserve indicated it doesn't see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic.

The Fed did not give a specific timeline on when it may begin moderating its purchases. “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the Fed's post-meeting statement said.

The central bank has been buying $120 billion a month of Treasury and mortgage-backed securities since the start of the COVID-19 crisis. The Federal Open Market Committee voted unanimously to keep short-term rates anchored near zero on Wednesday.

The Fed is split on the timing of the first interest rate hike. Wednesday's so-called dot plot of projections showed nine of the 18 FOMC members expect a rate increase in 2022. That's up from seven in June's Fed projections.

Powered by Capital Market - Live News