Market extends gains; Nifty nears 16,400 mark

The benchmark indices further extended gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 330.01 points or 0.61% at 54,855.94. The Nifty 50 index surged 91.45 points or 0.56% at 16,373.70.

The S&P BSE Sensex hit a record high at 54,856.69 while the Nifty hit an all-time high of 16,375.50 in afternoon trade.

Infosys (up 0.94%), ICICI Bank (up 0.96%) and Larsen & Toubro (L&T) (up 2.06%) boosted the indices.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.79%. The S&P BSE Small-Cap index gained 1.75%.

Buyers outnumbered the sellers. On the BSE, 2,314 shares rose and 794 shares fell. A total of 134 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 238.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 206.28 crore in the Indian equity market on 11 August 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 20,47,35,347 with 43,24,587 deaths. India reported 3,87,987 active cases of COVID-19 infection and 4,29,669 deaths while 3,12,60,050 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Gainers & Losers:

Power Grid Corporation of India (up 4.99%), Tech Mahindra (up 3.76%), Tata Motors (up 2.28%), Larsen & Toubro (L&T) (up 2.06%) and HCL Technologies (up 1.62%) were major gainers in Nifty 50 index.

IndusInd Bank (down 1%), Dr Reddy's Laboratories (down 0.41%), Divi's Laboratories (down 0.38%) and Axis Bank (down 0.35%) were major losers in Nifty 50 index.

Nifty Results Today:

Tata Steel (up 0.43%), Bharat Petroleum Corporation (up 0.32%), Eicher Motors (down 3.06%) and Hero MotoCorp (down 0.19%) will announce their quarterly results today.

Earnings Impact:

Cummins India rose 0.87%. The company's consolidated net profit soared 365.7% to Rs 246.94 crore on 141% jump in net sales to Rs 1,177.71 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21). Consolidated profit before tax surged 341.50% to Rs 313.75 crore in Q1 FY22 as against Rs 71.06 crore in Q1 FY21.

Suprajit Engineering spurted 2.77% after the auto ancillary company reported a consolidated net profit of Rs 43.16 crore in Q1 FY22 compared with net loss of Rs 14.5 crore in Q1 FY21. Consolidated net sales soared 103.8% to Rs 361.62 crore in Q1 FY22 over Q1 FY21. The company posted a profit before tax of Rs 52.88 crore in Q1 FY22 compared with pre-tax loss of Rs 18.32 crore in Q1 FY21. The company's operating EBITDA stood at Rs 49.22 crore in Q1 FY22 as against negative EBITDA of Rs 4.83 crore in Q1 FY21.

Global Markets:

Most European stocks advanced while most Asian stocks declined on Thursday, as lingering concerns over global COVID-19 cases overshadowed gains on Wall Street after the latest U.S. inflation reading.

Investors continued to monitor the COVID-19 situation in the region after the World Health Organization warned global cases could pass 300 million by early next year if the pandemic continues in its current direction. The projection came just a week after the WHO reported 200 million COVID-19 cases worldwide and six months after the globe topped 100 million cases.

Japanese wholesale prices rose in July at their fastest annual pace in 13 years. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 5.6% in July 2021 from a year earlier, Bank of Japan data showed.

In Australia, Melbourne extended its lockdown by another week as it struggles to contain the highly infectious delta variant.

In US, the Dow Jones Industrial Average and S&P 500 closed at record levels on Wednesday, as data indicated U.S. inflation growth may have peaked, while sectors tied to economic growth advanced on the heels of the passage of a large infrastructure bill.

U.S. consumer prices increases slowed in July 2021. The consumer price index increased 0.5% last month after climbing 0.9% in June 2021, the Labor Department said on Wednesday. In the 12 months through July 2021, the CPI advanced 5.4%. The drop in the month-to-month inflation rate was the largest in 15 months.

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