Shares trade firmly higher; Nifty hovers near 17,600

September 22,2021

The benchmark indices were trading firm in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, jumped 104.34 points or 0.18% at 59,109.61. The Nifty 50 index advanced 37.60 points or 0.21% at 17,599.60.

Reliance Industries (RIL) (up 1.13%), Infosys (up 0.68%) and Tech Mahindra (up 3.35%) boosted the indices.

The broader indices outperformed the benchmarks. The S&P BSE Mid-Cap index rose 1.37%. The S&P BSE Small-Cap index gained 1.29%.

Buyers outnumbered sellers. On the BSE, 2,120 shares rose and 985 shares fell. A total of 167 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,041.92 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,167.62 crore in the Indian equity market on 21 September 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 22,95,43,672 with 47,08,355 deaths. India reported 3,01,989 active cases of COVID-19 infection and 4,45,768 deaths while 3,27,83,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

A total of 82,58,76,656 COVID-19 vaccine doses have been administered in the country so far, with over 75.39 lakh doses being given yesterday, according to the Co-WIN dashboard.

Economy:

The Asian Development Bank on Wednesday revised down India's economic growth forecast for the current fiscal to 10%, from 11% predicted earlier, citing the adverse impact of the second wave of the pandemic.

The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns. The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10% in the full fiscal year before moderating to 7.5% in FY2022, said the Asian Development Outlook Update (ADOU) 2021.

In its Asian Development Outlook forecast in April this year, the multilateral funding agency had projected India to grow at 11% in the current fiscal year. Because consumption will recover only gradually, government spending and exports will contribute more to FY2021's growth than they did in the previous fiscal year, it had said about India.

Gainers & Losers:

Tech Mahindra (up 3.35%), Hindalco Industries (up 2.06%), Tata Motors (up 2.05%), Coal India (up 2.05%) and HCL Technologies (up 1.69%) were major gainers in Nifty 50 index.

Housing Development Finance Corporation (HDFC) (down 1.45%), Hindustan Unilever (HUL) (down 0.98%), Oil & Natural Gas Corporation (ONGC) (down 0.92%), HDFC Bank (down 0.85%) and Nestle India (down 0.79%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Kotak Mahindra Bank (KMBL) lost 0.36%. The bank announced that it has launched complete range of solutions to cater to the financing requirements of the healthcare ecosystem. The financing solutions range from healthcare infrastructure loans, medical equipment finance and unsecured healthcare loans, catering to key stakeholders in the healthcare ecosystem including hospitals, laboratories, diagnostic centres, nursing homes, clinics, doctors and medical equipment manufacturers & dealers.

Apollo Pipes shed 0.88%. The company said that the company on Tuesday (21 September 2021) had commenced commercial production at its newly set-up unit in Raipur, Chhattisgarh.

Global Markets:

Shares in Europe and Asia advanced on Wednesday, 22 September 2021. Markets in Hong Kong are closed for a holiday. Investors continued to assess the debt crisis at China Evergrande Group and prepare for a Federal Reserve meeting that is expected to signal a timetable for the reduction in stimulus later this year.

Property company Evergrande, which has more than $300 billion of liabilities, missed some interest payments due Monday and investors are seeking clues about how Beijing plans to deal with the cash crunch.

US stocks on Tuesday fought to rebound from Monday's rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red. Worries over troubles at developer China Evergrande kept a lid on the market.

Investors are looking for more information from Fed Chairman Jerome Powell on Wednesday about the central bank's plans to taper its bond buying, specifically when that will happen. Powell said last month that he sees the Fed slowing its $120 billion in monthly purchases at some point this year.

The US current account deficit increased to a 14-year high in the second quarter as businesses boosted imports to replenish depleted inventories amid robust consumer spending. The Commerce Department said on Tuesday the current account deficit rose 0.5% to $190.3 billion last quarter.

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