Benchmarks hover near record high levels; breadth strong

Key equity indices traded sideways near the record high level in mid morning trade. The Nifty hovered near the 17,300 mark. FMCG and metal shares corrected while auto and media shares rallied.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 209.36 points or 0.36% at 58,061.66. The Nifty 50 index gained 62.4 points or 0.36% at 17,296.55.

The Sensex hit record high of 58,115.69 while the Nifty hit an all time high of 17,311.95 in early trade.

In broader market, the S&P BSE Mid-Cap index was up 0.47% while the S&P BSE Small-Cap index was up 0.65%.

The market breadth was strong. On the BSE, 1812 shares rose and 1001 shares fell. A total of 158 shares were unchanged.

Economy:

India's exports jumped 45.17% to $33.14 billion in August as against $22.83 billion in the same month last year, according to the commerce ministry's provisional data. Imports in August rose 51.47% to $47.01 billion, as against $31.03 billion in the corresponding month of 2020. The trade deficit in August 2021 was $13.87 billion, compared to $8.2 billion in the year-ago period.

Buzzing Index:

The Nifty Realty index gained 1.17% to 418.30. The index has added 12% in seven trading sessions.

Prestige Estates Projects (up 9.6%), Sobha (up 5.2%), Mahindra Lifespace Developers (up 2.53%), Indiabulls Real Estate (up 2.52%) and Sunteck Realty (up 1.88%) were the top gainers. Among the other gainers were DLF (up 1.67%) and Oberoi Realty (up 0.5%).

Stocks in Spotlight:

Granules India rose 1.70% after the company said that it has received licence from Defence Research & Development Organisation (DRDO), Ministry of Defence, Government of India, to manufacture and market of 2- Deoxy-D-Glucose (2-DG).

RailTel Corporation of India added 4% after the company received a contract worth Rs 299.95 crore from Directorate of Information Technology, Indian Air Force, Ministry of Defence for implementation of secure OPS network. The work is to be executed over a period of 12 months.

Jammu & Kashmir Bank gained 1.77% after the bank's board approved proposal to raise up to Rs 2,000 crore through a mix of equity and debt.

Hindustan Aeronautics gained 1.39%. The company said that a meeting of the board of directors of the company will be held on 21 September 2021, to consider the sub-division of equity shares of the company.

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