Sensex scales record high above 56,000 level

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 189.39 points or 0.34% at 55,981.66. The Nifty 50 index was up 43.85 points or 0.26% at 16,658.45. The Sensex hit record high of 56,086.50 in early trade. The Nifty scaled record high of 16,693 in early trade.

The S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.05%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 1262 shares rose and 1280 shares fell. A total of 109 shares were unchanged.

Stocks in news:

HDFC Bank rose 1.8%. In a partial relief to HDFC Bank, the Reserve Bank of India (RBI) has reportedly allowed the lender to issue new credit cards. In December last year, the banking regulator had directed HDFC Bank not to issue new credit cards and halt all launches of its digital business-generating activities under its programme Digital 2.0.

HCL Technologies rose 0.1%. HCL Technologies has signed a five-year, end-to-end IT transformation services deal with Wacker Chemie AG, a German multinational chemical company, to establish a modernized digital workplace and improve its quality-of-service delivery.

Bharat Dynamics gained 3.25%. Bharat Dynamics and MBDA are establishing a facility for the Final Assembly, Integration and Test (FAIT) of Advanced Short Range Air-to-Air Missile (ASRAAM) missiles in India.

InterGlobe Aviation fell 0.08%. InterGlobe Aviation informed that ICRA has reaffirmed the company's short-term rating at [ICRA] A1. The Long-term rating of the company has been downgraded by one level from [ICRA] A+ to [ICRA] A while the outlook remains negative.

Isgec Heavy Engineering rose 1.59%. Isgec Heavy Engineering announced getting an order for two Gas Fired Boilers from Naval Project, Indian Navy. The scope of work includes manufacturing of two 40 TPH Boilers on a turnkey basis.

Kaveri Seed Company rose 3.47%. Kaveri Seed Company said that the meeting of the board of directors of the company is scheduled on 25 August 2021 to consider and approve the proposal of buyback of the equity shares of the company.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors reacted to the Reserve Bank of New Zealand's interest rate decision.

The Reserve Bank of New Zealand announced Wednesday that it would keep its monetary settings unchanged, leaving the official cash rate at 0.25%. In a release, the New Zealand central bank said the decision was made in the context of the government's imposition of a nationwide lockdown. New Zealand Prime Minister Jacinda Ardern announced the lockdown on Wednesday following the discovery of a Covid case in Auckland.

Japan's government on Tuesday decided to extend the Covid-19 state of emergency in Tokyo and other areas to September 12, as per reports.

U.S. stock indexes fell Tuesday as July retail sales declined and concerns about slowing global economic growth intensified.

Spending at U.S. retailers fell sharply in July, amid cooling purchases of goods and signs of some pullback in consumer demand as U.S. Covid-19 cases tied to the Delta variant rose. Retail sales declined 1.1% in July, a reversal from June's 0.7% increase, the Commerce Department reported Tuesday.

Back home, the main indices extended record closing spree on Tuesday, led by firmness in IT and FMCG shares. The barometer index, the S&P BSE Sensex, rose 209.69 points or 0.38% at 55,792.27. The Nifty 50 index gained 51.55 points or 0.31% to 16,614.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 343.73 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 266.43 crore in the Indian equity market on 17 August, provisional data showed.

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