The key equity indices bounced into the positive terrain in mid afternoon trade. The Nifty was trading above 15,800 mark. IT stocks rose for the third session.
At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 16.75 points or 0.03% to 52,491.51. The Nifty 50 index added 5.35 points or 0.03% to 15,804.70.
The broader market lagged the benchmark indices. While the S&P BSE Mid-Cap index skid 0.95%, the S&P BSE Small-Cap index was trading flat.
Sellers outnumbered buyers. On the BSE, 1589 shares rose and 1673 shares fell. A total of 159 shares were unchanged.
Economy:
India's annual rate of inflation, based on monthly Wholesale Price Index (WPI), was 12.94% in May 2021 compared to -3.37% in May 2020. The high rate of inflation in May 2021 is primarily due to low base effect and rise in prices of crude petroleum, mineral oils viz. petrol, diesel, naphtha, furnace oil etc. and manufactured products as compared the corresponding month of the previous year.
India's Index of Industrial Production (IIP) rose by a sharp 134.44% in April 2021, as per data from the National Statistical Office which stressed that the numbers are not strictly comparable with April 2020 when the country was in the midst of a national lockdown.
April's industrial output was just 0.08% higher than the pre-pandemic levels of April 2019. The manufacturing sector recorded a 197.1% uptick this April, though it was still 0.9% lower than April 2019 levels. Electricity output rose 38.5% in April 2021 from a year ago, and was 6.81% higher than the pre-COVID-19 levels of April 2019. Similarly, Mining output grew 37% year-on-year in April 2021, but was only 0.2% higher than the same month in 2019.
Buzzing Index:
The Nifty IT index rose 0.36% to 28,318.15. The index has added 2.83% in three sessions.
Wipro (up 1.04%), Mphasis (up 0.95%), Infosys (up 0.79%) and MindTree (up 0.35%) advanced.
Numbers to Watch:
In the foreign exchange market, the partially convertible rupee fell to 73.245 compared with its previous closing of 73.075.
MCX Gold futures for 5 August 2021 settlement shed 0.96% to Rs 48,435.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 90.55.
The yield on 10-year benchmark federal paper rose to 6.009% from 6.006% recorded at the close of the previous trading session.
In the commodities market, Brent crude for August 2021 settlement rose 81 cents to $73.50 a barrel. The contract added 0.23% or 17 cents to settle at $72.69 in the previous trading session.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
