Nifty hits fresh record high; breadth remains strong

The benchmark indices were trading firm near the day's high in afternoon trade. European stocks opened higher on Monday, reflecting positive trade in Asian markets.

At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 583.40 points or 1.04% at 56,708.12. The Nifty 50 index gained 181.20 points or 1.08% at 16,886.40.

The Sensex hit record high of 56,734.29 while the Nifty hit all time high of 16,891.15.

Reliance Industries (RIL) (up 1.61%), HDFC Bank (up 1.15%) and ICICI Bank (up 1.34%) boosted the indices.

The broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 1.67%. The S&P BSE Small-Cap index added 1.63%.

Buyers outnumbered sellers. On the BSE, 2,224 shares rose and 980 shares fell. A total of 185 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 778.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,646.19 crore in the Indian equity market on 27 August 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 21,64,24,452 with 45,01,081 deaths. India reported 3,76,324 active cases of COVID-19 infection and 4,38,210 deaths while 3,19,23,405 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

With the administration of 73,85,866 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 63.09 crore (63,09,17,927). India's recovery rate now stands at 97.53%.

Gainers & Losers:

Tata Steel (up 3.74%), Divi's Laboratories (up 3.28%), Coal India (up 3.03%), Oil & Natural Gas Corporation (ONGC) (up 2.83%) and Titan Company (up 2.53%) were major gainers in Nifty 50 index.

Tech Mahindra (down 1.08%), Infosys (down 0.63%), Wipro (down 0.35%), HCL Technologies (down 0.29%) and Eicher Motors (down 0.25%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Anupam Rasayan India rallied 2.57% after the company received and signed Letter of Intent (LoI) worth Rs 135 crore with a Japanese multinational chemical company for supplying a life sciences related speciality chemical product. The company will enter into a long-term contract with the Japanese multinational firm for next four years to supply this life science related speciality chemical product.

Maruti Suzuki India grew 2.26% after the car major on Monday said that it has planned to hike prices across models in September 2021 due to higher input costs. Maruti Suzuki India said that over the past year the cost of company's vehicles continue to be adversely impacted due to increase in various input costs. Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise.

Global Markets:

Shares in Europe and Asia advanced on Monday, 30 August 2021, reflecting broadly positive trade in global markets overnight. Sentiment improved after U.S. Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.

Meanwhile, Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the US.

U.S. stocks indexes closed higher Friday, with the S&P 500 and Nasdaq Composite indexes finishing at fresh peaks, following Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole central bankers' symposium.

U.S. Federal Reserve (Fed) Chair Jerome Powel on Friday during the Federal Reserve Bank of Kansas City's annual Jackson Hole economic symposium said that the Fed could start tapering asset purchases this year as the central bank is carefully assessing the risks from the Delta variant.

The Fed chief also cautioned that a move to start tapering asset purchases should not be interpreted as a sign that rate hikes would soon follow.

Fed Chair Powell said the U.S. central bank will be carefully assessing incoming data and the evolving risks, perhaps offering himself more wiggle room before its September 21-22 meeting to digest further evidence of the health of the economy, including a coming jobs reports for August.

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