The key equity indices hit fresh intraday highs in mid morning trade. The Nifty hit an all-time high of 17,467.55 while the Sensex hit a record high of 58,547.72 in trade today. PSU banks outperformed.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 301.62 points or 0.52% to 58,548.71. The Nifty 50 index added 81.35 points or 0.47% to 17,461.35.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.87%.
The market breadth continued to favour the buyers. On the BSE, 2086 shares rose and 963 shares fell. A total of 153 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 225,778,167 with 4,648,145 deaths.
According to the data from the Ministry of Health and Family Welfare, Government of India, the cumulative coronavirus cases in India climbed to 3,32,89,579 with 25,404 new infections recorded on Tuesday, while the death count rose to 4,43,213 as 339 more fatalities were registered due to the infections that were recorded yesterday.
Active cases aggregated to 3,62,207, comprising 1.09% of the total infection. The ministry said the national recovery rate was recorded at 97.58%.
Over 75.8 crore COVID-19 vaccine doses have been administered in the country so far, with over 60 lakh doses being given yesterday, according to the Co-WIN dashboard.
Buzzing Index:
The Nifty PSU Bank index rose 1.78% to 2,386.45. The index has added 1.97% in two sessions.
Indian Overseas Bank (up 3.15%), Indian Bank (up 2.95%), Jammu and Kashmir Bank (up 2.94%), Central Bank of India (up 2.92%), Bank Of Baroda (up 2.80%), Punjab & Sind Bank (up 2.37%), Bank of Maharashtra (up 2.20%), Punjab National Bank (up 1.98%), Bank of India (up 1.96%) and Canara Bank (up 1.74%) advanced.
Stocks in Spotlight:
eClerx Services hit an upper circuit of 5% at 2353.35 after the company said its board will meet on Friday, 17 September 2021, to consider the final times and conditions of buyback of equity shares. On Monday (August 13), the company said that its board approved share buyback plan worth upto Rs 303 crore. The board approved the proposal to buyback upto 9,46,875 equity shares of the company at a price not exceeding Rs 3,200 each, aggregating to Rs 303 crore.
Zee Entertainment Enterprises (ZEEL) rose 3.23% at Rs 269.95. Ace investor Rakesh Jhunjhunwala's Rare Enterprises on Tuesday purchased stake in the media company via a bulk deal. On Tuesday, Rare Enterprises bought 50 lakh shares (0.52% equity) of ZEEL at Rs 220.40 per share on the NSE.
Meanwhile, BofA Securities Europe SA also bought 48.65 lakh shares (0.51% equity) of ZEEL at Rs 236.20 each through a bulk deal on the NSE. As on 30 June 2021, BofA Securities Europe SA - Odi held 1.03% stake in the the broadcasting company.
Shree Cement added 0.53% to 30805.80. The cement maker will invest Rs 4,750 crore on three projects, including Rs 3,500 crore to set up an integrated cement plant at Nawalgarh Tehsil of Rajasthan. The proposed plant will have a clinker capacity of 3.8 million tonnes per annum (MTPA) and cement capacity of upto 3.5 MTPA. The plant will be ready by the quarter ending March 2024. The financing will be done through a mix of "internal accruals and debt".
Further, the board approved to invest Rs 500 crore to set up solar power plants at its cement units at various locations and Rs 750 crore to set up a clinker grinding unit in the Purulia district of West Bengal by its wholly-owned subsidiary Shree Cement East. This will be financed mainly by way of equity contribution from Shree Cement.
Global Markets:
Asian stocks are trading lower on Wednesday following losses overnight on Wall Street, with investors reacted to the release of Chinese economic data.
Retail sales growth in China slumped heavily in August further, accentuating the slowdown in the Chinese economy, the latest economic data shows. Retail sales grew by a mere 2.5% in August compared with a year earlier, way down from the 8.5% increase in July. Industrial production grew by 5.3% in August from a year earlier after a 6.4% gain in July.
Meanwhile in Hong Kong, the Hang Seng index dropped 1.53%. Casino stocks listed in the city plunged amid reported fears over tighter regulations as Macao kicked off a public gaming consultation. Shares of Wynn Macau and Sands China both plummeted more than 27% each, while Galaxy Entertainment Group dropped over 17%.
U.S. stock indexes closed lower Tuesday, giving up gains earlier in the session after a better-than-feared inflation reading and falling back into their September doldrums.
US consumer prices rose by 0.3% in August, the smallest increase in seven months and a hopeful sign that inflation pressures may be cooling. The August gain fell from a 0.5% increase in July and a 0.9% surge in June, the Labor Department reported on Tuesday. It was the smallest increase since a similar 0.3% rise in January.
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