Nifty marches toward 13,500; breadth strong

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Equity indices were trading at record high levels in morning trade. The Nifty was trading near the crucial 13,500 mark. All sectoral indices on the NSE were trading in the green. Media, IT and FMCG stocks were in the spotlight.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 345.27 points or 0.76% at 45,953.48. The Nifty 50 index gained 97.45 points or 0.73% at 13,490.40.

The Sensex scaled record high of 45,963.97 while the Nifty scaled fresh all time high of 13,494.85 in morning trade.

The broader market resumed uptrend after yesterday's correction. The S&P BSE Mid-Cap index was up 0.66% while the S&P BSE Small-Cap index rose 0.56%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1609 shares rose and 844 shares fell. A total of 118 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 68,177,887 with 1,556,062 deaths.

India reported 3,78,909 active cases of COVID-19 infection and 1,41,360 deaths while 92,15,581 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty IT index was up 1.12% to 22,871.50, extending its winning run to fourth consecutive trading session. The index has added 3% in four days.

Coforge (up 1.93%), Info Edge (up 1.82%), HCL Technologies (up 1.79%), TCS (up 1.34%), Larsen & Toubro Infotech (up 1.02%), Infosys (up 1%) and Mindtree (up 0.98%) were top gainers in IT segment.

Stocks in Spotlight:

Indian Bank jumped 7.13%. In a BSE filing made after market hours yesterday, the public sector bank said that it had raised Tier 1 capital fund through private placement of Basel III compliant AT 1 perpetual bonds aggregating to Rs 1048 crore at a coupon of 8.44% p.a. payable annually.

Yes Bank jumped 9.75% to Rs 19.02 after the Brickwork Ratings upgraded the rating of Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/ Stable from BWR D of Yes Bank. The credit rating agency said the rating upgrade factors in improvement in capitalisation ratios of the bank, strong shareholder base and experienced board members.

Vascon Engineers was locked in an upper circuit of 5% at Rs 14.32 after the company received work order amounting to Rs 37.74 crore for construction of composite sale Building No. 3 Rehab in Malad, Mumbai.

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