Sensex up 203 pts, Nifty nears 16,700 mark; breadth strong

The benchmark indices were currently at the day's high in mid morning trade. The Nifty hovered near the 16,700 mark. Metal shares extended gains for second consecutive session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 203.29 points or 0.36% to 56,162.27. The Nifty 50 index added 73.60 points or 0.44% to 16,698.20.

The Sensex hit a record high of 56,198.13 in mid morning trade today.

In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index gained 0.98%.

The market breadth was strong. On the BSE, 2128 shares rose and 851 shares fell. A total of 115 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 213,167,989 with 4,451,812 global deaths.

India reported 322,327 active cases of COVID-19 infection and 435,758 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

India's COVID-19 vaccination coverage has crossed 59 crore 47 lakh mark. The cumulative figure stands at 59 crore 47 lakh 65 thousand and 751.

Buzzing Index:

The Nifty Metal index rose 1.12% to 5,505.70, extending gains for second day. The index has added 4.05% in two sessions.

APL Apollo Tubes (up 3.28%), Hindalco Industries (up 3.10%), Welspun Corp (up 2.42%), Coal India (up 2.17%), MOIL (up 1.84%), Jindal Steel & Power (up 0.90%), Vedanta (up 0.87%), Tata Steel (up 0.81%), SAIL (up 0.63%), NMDC (up 0.55%) and JSW Steel (up 0.51%) advanced.

Stocks in Spotlight:

Gillette India fell 2.16% to Rs 5797.95. The company's standalone net profit skid 38.8% to Rs 27.53 crore on 24.2% increase in net sales to Rs 435.98 crore in Q4 June 2021 over Q4 June 2020. The company said net sales improved as a consequence of its superior strategy and market recovery. However, the profit after tax (PAT) took a hit as a result of increased investment in brand building. The grooming and the oral care businesses recorded double-digit growth and grew ahead of their categories.

Brigade Enterprises gained 1.21% to Rs 314.30. Credit rating agency, CRISIL Ratings upgraded its long term rating for the credit limit of the company from bank(s). The long-term ratings worth Rs 350 crore, recieved a credit rating of "CRISIL A+ /Stable" upgraded from "CRISIL A /Stable."

Sterling Tools jumped 8.48% to Rs 206.55. ICRA has reaffirmed the long-term as well as short term credit rating of the company while changing its outlook to stable from negative. ICRA said the revision in outlook of Sterling Tools factors in the stabilisation in its operating performance over the past few quarters, post the disruptions brought abought by the pandemic and nation-wide lockdown in Q1 FY2021. As the restrictions were lifted gradually over the course of the year, the company reported significant revival in revenues and profitability, even outpacing the industry growth, ICRA added.

Global Markets:

Asian stocks are trading mostly higher on Wednesday, as optimism continued to drive U.S. stocks, with the S&P 500 and Nasdaq reaching record highs overnight.

Global sentiment improved as US House passed a measure approving $3.5 trillion budget blueprint and USFDA granted full approval to Covid-19 vaccine developed by Pfizer.

Investors continued to remain concerned that spread of highly infectious delta variant may derail the global economic recovery. Additionally, markets will remain vigilant ahead of the Jackson Hole Symposium.

US central bankers will meet virtually for an annual gathering traditionally held in Jackson Hole in Wyoming. Jerome H. Powell, the Fed's chair, will speak on Friday and is expected to reveal details about how and when the bank plans to begin winding down its bond-buying program.

The Fed has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.

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