Shares trade near day's high; bank stocks advance

September 23,2021

The key equity indices were currently trading near the day's high in morning trade. The Nifty was trading above the 17,700 mark. Bank shares were in demand.

At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 563.74 points or 0.96% to 59,491.07. The Nifty 50 index added 170.90 points or 0.97% to 17,717.55.

In the broader market, the S&P BSE Mid-Cap index rose 1.03% while the S&P BSE Small-Cap index gained 1.18%.

The market breadth was strong. On the BSE, 2168 shares rose and 712 shares fell. A total of 142 shares were unchanged.

Investors cheered the U.S. Federal Reserve's decision to keep interest rates unchanged Wednesday. The central bank signaled that it would trim its monthly bond-buying program before year-end.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 230,050,677 with 4,718,849 deaths. India reported 301,640 active cases of COVID-19 infection and 446,050 deaths 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.


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%.

Buzzing Index:

The Nifty Bank index rose 1.44% to 37,475.45. The index had declined 0.78% to end at 36,944.65 yesterday.

Axis Bank (up 2.38%), SBI (up 2.22%), RBL Bank (up 1.87%), Punjab National Bank (up 1.70%), Federal Bank (up 1.60%) and HDFC Bank (up 1.26%) advanced.

Further, ICICI Bank (up 1.27%), IDFC First Bank (up 1.24%), Bandhan Bank (up 1.16%), Kotak Mahindra Bank (up 0.80%), IndusInd Bank (up 0.68%) and AU Small Finance Bank (up 0.55%) edged higher.

Stocks in Spotlight:

Bharti Airtel added 0.21% at Rs 728.30. The telecom major said its rights issue will open on Tuesday, 5 October 2021 and close on Thursday, 21 October 2021. A total of upto 39,22,87,662 shares will be offered as part of the rights issue, the company's special committee of directors for rights issue decided at its meeting held on Wednesday, 22 September 2021.

The rights shares will be issued at a price of Rs 535 per fully paid-up share. Eligible investors will receive one share for every 14 shares held as on the record date. The telecom major has fixed 28 September 2021 as the record date for rights entitlement in the issue.

The company will raise upto Rs 20,987.39 crore assuming full subscription and receipt of all call monies with respect to rights equity shares.

Jindal Steel & Power (JSPL) gained 1.35% to Rs 371.00. The company received grant of mining lease from the Government of Odisha for Kasia Iron & dolomite mine. The company has been declared as the preferred bidder for the mine at a premium of 118.10%.

The Kasia Mine has a large resource of 278 million tonnes of iron ore and it consists of an average Fe grade of approx. 62.5%. The mine has favourable lumps to the fine ratio of 20:80. The mine also has an Environmental Clearance (EC) of 7.5 MTPA.

Tejas Networks was locked in an upper circuit of 5% at Rs 414.8 after the company on Thursday announced that it has been selected by Bharti Airtel to enhance the telecom operator's optical network capacity in metropolitan markets.

Powered by Capital Market - Live News