The domestic equity barometers traded with strong gains in early trade. The Nifty traded above the 17,600 level. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 354.72 points or 0.60% at 59,120.30. The Nifty 50 index added 98.35 points or 0.56% to 17,630.40.
Among the Nifty 50 stocks, Divi's Lab (up 3.96%), Tata Motors (up 1.91%), Mahindra and Mahindra (up 1.43%), NTPC (up 1.29%) and ONGC (up 1.16%) were the top index gainers.
Concurrently, Grasim (down 2.25%), JSW Steel (down 0.62%), Nestle India (down 0.53%), Tata Steel (down 0.51%) and Hindustan Unilever (down 0.45%) were the top index losers.
In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 0.97%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1941 shares rose and 533 shares fell. A total of 130 shares were unchanged.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.86% to Rs 2544.60. RIL has invested Rs.7,42,87,000 (equivalent to $1,000,000) in cash in 1,000,000 equity shares of $1 each of 'Reliance International Limited' (RINL), a newly incorporated wholly owned subsidiary in Abu Dhabi Global Market, United Arab Emirates. RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.
Hero MotoCorp added 0.40% to Rs 2858.75. The company dispatched 530,346 units of motorcycles and scooters in the month of September 2021. The company dispatched 7,15,718 units in September 2020.
Eicher Motors fell 1.13% to Rs 2742. The company sold 33,529 motorcycles in September 2021, down from 60,331 motorcycles sold in September 2020.
Coal India advanced 1.19% to Rs 190.95. The company's coal production in September rose 0.4% year-on-year to 40.7 million tonnes (MT) as compared with 40.5 MT recorded in the same period last year. Offtake has improved by 3.6% year-on-year to 48.3 MT in September 2021 from 46.7 MT in September 2020.
Global markets:
Asian stocks are trading mixed on Monday after Merck announced its new Covid oral antiviral treatment that cuts the risk of hospitalization or death.
Markets in China are closed for most of this week for a holiday and are set to reopen on Friday. South Korean markets are also closed on Monday for a holiday.
Trading in the Hong Kong-listed shares of China Evergrande was halted on Monday as investors continue to monitor the situation surrounding the indebted developer. The property giant has missed two bond interest payments in the past weeks.
Merck and Ridgeback Biotherapeutics announced Friday they've developed a drug which reduces the risk of hospitalization or death by around 50% in Covid patients. If authorized by regulatory bodies, the drug could be the first oral antiviral medicine for Covid. The companies plan to seek emergency authorization for the antiviral Covid treatment after the medicine showed compelling results in clinical trials.
Wall Street stocks surged to a higher close on Friday boosted by positive economic data, progress in the battle against COVID, and Washington developments on the potential passage of an infrastructure bill.
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