Barometers extend gains; breadth turns negative

The main stock indices further extended gains and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,050 level.

At 14:30 IST, the barometer index, the S&P BSE Sensex, soared 448.63 points or 0.79% at 57,160.82. The Nifty 50 index surged 135.95 points or 0.8% at 17,067.30.

The Sensex hit record high of 57,334.41 while the Nifty hit all time high of 17,072.75.

The broader indices underperformed the barometers. The S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index added 0.64%.

The market breadth was negative. On the BSE, 1,507 shares rose and 1,627 shares fell. A total of 163 shares were unchanged.

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.

Buzzing Index:

The S&P BSE Consumer Discretionary Goods & Services index was up 0.68% at 5189.61. Whirlpool of India (up 4.36%), Titan Company (up 2.14%), Dixon Technologies (India) (up 1.23%), Blue Star (up 0.74%) and Voltas (up 0.61%) advanced.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.0650 from its previous closing of 73.2925.

MCX Gold futures for 5 October 2021 settlement rose 0.02% to Rs 47,173.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% at 92.543.

In the commodities market, Brent crude for October 2021 settlement fell 61 cents or 0.84% to $71.62 a barrel.

The yield on 10-year benchmark federal paper fell to 6.217% from its previous close of 6.225%.

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