Indices pare gains; Bank Nifty up 439 pts

Barometers pared gains and traded near the flat line in mid morning. The Nifty slipped below the 17,550 level. Media, IT and metal stocks witnessed selling.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 94.19 points or 0.16% at 58,817.87. The Nifty 50 index gained 21.4 points or 0.12% to 17,540.90.

The Sensex hit record high of 58,908.18 while the Nifty scaled record high of 17,576.90 in early trade.

In broader market, the S&P BSE Mid-Cap index was up 0.38% while the S&P BSE Small-Cap index was rose 0.02%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1620 shares rose and 1400 shares fell. A total of 163 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 226,353,280 with 4,659,398 deaths. India reported 342,923 active cases of COVID-19 infection and 443,928 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Bank index jumped 439 points or 1.2% to 37,292.20, rising for third consecutive trading session. The banking index has added 2.25% in three days.

IndusInd Bank (up 9.48%), Punjab National Bank (up 4.77%), IDFC First Bank (up 3.19%), RBL Bank (up 1.92%), SBI (up 1.77%) and Federal Bank (up 1.08%) were top gainers in banking space.

Stocks in Spotlight:

Wipro fell 0.92%. The IT company said that it has secured a multi-year contract from Kuala Lumpur- headquartered Maxis Broadband, a leading converged solutions provider. As part of this strategic partnership, Wipro will provide several aspects of IT managed services for hybrid infrastructure and application maintenance. In addition, the IT major will enable new ways of working for application development and testing services and provide state of the art cybersecurity services for Maxis.

Srei Infrastructure Finance was locked in a 5% upper circuit at Rs 9.21 on BSE. The company announced that Rakesh Kumar Bhutoria, the chief executive officer (CEO) of the company, has stepped down from his position with effect from Wednesday, 15 September 2021. Srei Infrastructure Finance further added that Bhutoria is stepping down from his position as a consequence of salary payment issues arising out of the Trust and Retention Account (TRA) operationalized by the bankers.

Global Markets:

Asian stocks were trading mixed on Thursday, with casino shares in Hong Kong mostly seeing another day of losses. Chinese stocks listed in the U.S. slid the sixth day and U.S. casino firms with exposure to Macau tumbled. Officials have signaled tighter curbs on operators in the gaming hub, again spotlighting Beijing's regulatory curbs.

Japan's exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment. Exports rose 26.2% in August compared with the same month a year earlier, the Ministry of Finance said on Thursday.

In US, the S&P 500 and Dow Jones indexes rose on Wednesday on mildly positive factory data and higher oil prices, although concerns over a slowing economic recovery and higher corporate taxes kept sentiment subdued.

Production by US factories, mines and utilities in August surpassed the level seen before the pandemic caused an unprecedented collapse, according to Federal Reserve data released Wednesday. Industrial production increased 0.4% in August, but it could have been 0.3% points higher had it not been for the effects of Hurricane Ida, which caused flooding and destruction in parts of Louisiana and the northeastern United States.

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