As per the provisional closing data, the barometer index, the S&P BSE Sensex, gained 277.41 points or 0.48% at 58,129.66. The Nifty 50 index added 85.95 points or 0.5% to 17,320.55.
The Sensex hit record high of 58,194.79 while the Nifty scaled all time high of 17,340.1 in late trade.
In broader market, the S&P BSE Mid-Cap index was up 0.35% while the S&P BSE Small-Cap index was up 0.41%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1730 shares rose and 1464 shares fell. A total of 144 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 219,070,580 with 4,541,051 global deaths.
India reported 399,778 active cases of COVID-19 infection and 439,895 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Ministry of Health and Family Welfare stated today that a total of 45352 new Covid-19 cases were reported in the last 24 hours. With the administration of 74,84,333 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 67.09 Cr (67,09,59,968) as per provisional reports till 7 am today.
IHS Markit India Services PMI:
The seasonally adjusted India Services Business Activity Index stood at 56.7 in August, up from 45.4 in July. The index was above the 50.0 neutral threshold for the first time in four months. The latest reading pointed to a marked rate of expansion that was the fastest in one-and-a-half years. Where growth was reported, panelists mentioned strong inflows of new work and improved demand conditions.
Economy:
India's exports jumped 45.17% to $33.14 billion in August as against $22.83 billion in the same month last year, according to the commerce ministry's provisional data. Imports in August rose 51.47% to $47.01 billion, as against $31.03 billion in the corresponding month of 2020. The trade deficit in August 2021 was $13.87 billion, compared to $8.2 billion in the year-ago period.
Stocks in Spotlight:
Reliance Industries (RIL) jumped 4.12% to Rs 2388.25. The stock hit a record high of Rs 2394.30 in late trade today.
RIL's subsidiary Reliance Industries Retail Ventures (RRVL) has taken sole control of Just Dial with effect from 1 September 2021 and it now holds 40.98% in the local search engine. On 20 July 2021, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial.
Exide Industries surged 5.83% after HDFC Life Insurance Company announced acquisition of Exide Life Insurance. The board of directors of HDFC Life Insurance Company (HDFC Life), Exide Industries and Exide Life Insurance Company (Exide Life) approved the transaction involving the sale of Exide Life Insurance to HDFC Life. HDFC Life will acquire 100% stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition. The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals. The proposed transaction will accelerate the growth of the agency business of HDFC Life. Exide Life complements HDFC Life's geographical presence and has a strong foothold in South India, especially in Tier 2 and 3 towns, thus providing access to a wider market.
Maruti Suzuki rose 1.09%. The car major on Friday announced that it will proactively recall 181,754 units of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6 car models. The recall is for inspecting a possible defect in 181,754 units of these models manufactured between 4th May 2018 to 27th October 2020. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects.
PNB Housing Finance fell 1.32%. The housing finance company said that Securities and Exchange Board of India (SEBI) has approached the Supreme Court against the Securities Appellate Tribunal's (SAT's) order in the matter related to the company's Rs 4,000 crore equity capital raise plan. The company is examining the appeal filed by SEBI, the housing financier said in a statement.
S H Kelkar and Company (SHK) jumped 8.2% after the company bagged an order in the home care segment from a large global MNC player in the domestic FMCG market. Driven by robust R&D capabilities and innovation strategies, SHK is the only company of Indian origin to file patents in the field of fragrance and novel aroma molecules. These patented molecules along with SHK's strong & well known expertise in the Indian fragrance industry paved the way for this order win.
Zen Technologies surged 10% after the company said it secured new order of about Rs 155 crore from Indian Air Force (IAF). As per the order, Zen Technologies will supply Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame.
Granules India fell 1.22%. The company said that it has received licence from Defence Research & Development Organisation (DRDO), Ministry of Defence, Government of India, to manufacture and market of 2- Deoxy-D-Glucose (2-DG).
RailTel Corporation of India added 3.2% after the company received a contract worth Rs 299.95 crore from Directorate of Information Technology, Indian Air Force, Ministry of Defence for implementation of secure OPS network. The work is to be executed over a period of 12 months.
Jammu & Kashmir Bank ended flat. The bank's board approved proposal to raise up to Rs 2,000 crore through a mix of equity and debt.
Hindustan Aeronautics gained 0.87%. The company said that a meeting of the board of directors of the company will be held on 21 September 2021, to consider the sub-division of equity shares of the company.
Steel Strips Wheels (SSWL) declined 1.3%. The firm said that its board has approved a proposal of splitting each equity share of face value of Rs 10 into two equity shares of face value of Rs 5 each. The company said the stock split is subject to the approval of shareholders and other approvals as may be required.
Global Markets:
Most shares in Europe and Asia advanced on Friday. Investors awaited key economic indicators out of the euro zone and the US.
In the US, the S&P 500 and Nasdaq eked out record finishes on Thursday, while the Dow also posted a modest gain, as higher commodity prices helped energy names recover ground and the latest jobs data left investors unfazed about existing positions.
The US trade deficit narrowed more than expected in July as imports declined likely because of shortages and a shift in domestic spending from goods to services. The Commerce Department said on Thursday that the trade gap fell 4.3% to $70.1 billion. Data for June was revised to show the deficit at $73.2 billion instead of $75.7 billion as previously reported.
The number of Americans filing new claims for jobless benefits fell last week. Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 340,000 for the week ended August 28, the lowest level since mid-March 2020.
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