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Sensex jumps 210 pts, Nifty ends above 16,600 led by IT, FMCG stocks

Capital Market 

The main indices extended record closing spree on Tuesday, led by firmness in IT and FMCG shares. The Nifty managed to end above the crucial 16,600 mark. Healthcare stocks were also in demand while metal, banks and financial shares tumbled.

The barometer index, the S&P BSE Sensex, rose 209.69 points or 0.38% at 55,792.27. The Nifty 50 index gained 51.55 points or 0.31% to 16,614.60. Both the indices attain record closing high levels.

The Sensex hit a record high of 55,854.88 while Nifty hit a record high of 16,628.55 in late trade. The Sensex has risen 2.32% in four straight sessions while the Nifty has risen 2.32% in seven consecutive sessions.

Tech Mahindra (up 3.21%), TCS (up 2.32%), Nestle India (up 2.30%), Infosys (up 2.15%), Hindustan Unilever (up 2.10%) and HCL Technologies (up 1.63%) boosted the indices.

In the broader market, the BSE Mid-Cap index rose 0.71% and the BSE Small-Cap index gained 0.30%.

The market breadth was weak. On the BSE, 1,136 shares rose and 2,036 shares fell. A total of 116 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 20,78,67,008 with 43,71,589 deaths. India reported 3,69,846 active cases of COVID-19 infection and 4,32,079 deaths while 3,14,48,754 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

More than 88.13 lakh vaccine doses were administered in the last 24 hours. 55.47 crore vaccine doses have been administered so far under nationwide vaccination drive. India reports 25,166 new cases in last 24 hours, lowest in 154 days. Active cases constitute 1.15% of total cases, lowest since March 2020. India's Active caseload currently 3,69,846, lowest in 146 days. Recovery rate currently at 97.51%, highest since March 2020.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.235% as compared with 6.241% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.35, compared with its close of 74.2475 during the previous trading session.

MCX Gold futures for 5 October 2021 settlement rose 0.67% to Rs 47,541.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.12% to 92.74.

In the commodities market, Brent crude for October 2021 settlement fell 19 cents at $69.32 a barrel. The contract fell $1.08, or 1.53% to settle at $69.51 a barrel in the previous trading session.

Economy:

The government on Tuesday notified the rates for export incentive scheme Remission of Duties and Taxes on Exported Products (RoDTEP) and its rules with an aim to boost exports. The government has decided to extend the benefit of RoDTEP scheme to all goods, with effect from 1 January 2021, according to a notification by the Directorate General of Foreign Trade (DGFT).

"The Centre has today notified the RoDTEP guidelines and rates. The rates will cover 8,555 tariff lines (products)," the Commerce Ministry said in a statement. It has also notified guidelines for the scheme.

Under the RoDTEP, various central and state duties, taxes, levies imposed on input products among others are refunded to exporters to boost exports. Identified export sectors and rates under RoDTEP cover 8555 tariff lines in addition to similar support being extended to apparel and made-ups exports under RoSCTL scheme of Ministry of Textiles.

Employment oriented sectors like marine, agriculture, leather, gems & jewellery etc. are covered under the scheme. Other sectors like automobile, plastics, electrical / electronics, machinery etc. also get support. The entire valve chain of textiles also gets covered through RoDTEP & Rebate of State and Central Levies and Taxes (RoSCTL).

Foreign Markets:

US Dow Jones futures were down 190 points, indicating a weak opening in the US market later today.

Shares in Europe and Asia declined on Tuesday. The ongoing coronavirus pandemic and spread of the highly transmissible delta COVID-19 variant has rattled investors confidence.

Investors are also monitoring the potential geopolitical implications following the Taliban's seizure of Kabul, the capital city of Afghanistan. U.S. President Joe Biden rejected blame for the scenes of turmoil and panic as thousands of people were seen at a Kabul airport desperately trying to flee.

Investors continued to monitor the COVID-19 situation in Australia, with the country's largest cities currently under lockdown. Meanwhile, New Zealand has announced a snap lockdown after a man tested positive for Covid, the first case in six months.

US stocks advanced on Monday with the Dow and S&P 500 closing at record highs despite earlier losses tied to weaker-than-forecast Chinese economic data and the Taliban takeover of Afghanistan. Investors will look ahead to U.S. retail sales data, set to be released Tuesday stateside by the Census Bureau.

Buzzing Indian Segment:

The Nifty Healthcare Index rose 1.12% to 8,948.85. The index has risen 1.39% in two sessions.

Apollo Hospitals Enterprise (up 12.81%), Sanofi India (up 3.84%), IPCA Laboratories (up 2.35%), Fortis Healthcare (up 2.21%), Torrent Pharmaceuticals (up 1.89%), Cipla (up 1.66%), Pfizer (up 1.31%), Laurus Labs (up 1.10%), Dr. Reddy's Laboratories (up 0.81%), Lupin (up 0.75%), Divi's Laboratories (up 0.45%), Sun Pharmaceutical Industries (up 0.28%), Biocon (up 0.19%) and Dr Lal Path Labs (up 0.17%) advanced.

Stocks in Spotlight:

Suven Life Sciences jumped 6.05% after the company announced phase three clinical trial of SUVN-502 (Masupirdine), an antagonist for treatment of agitation and aggression in Alzheimer's type dementias. The multi-center study (sites in the US and Europe) comprising about 387 patients is likely to be completed in about 36 months and the topline result expected by the end of year 2024.

Infosys gained 2.15%. The IT major said it will invest an additional sum of $0.45 million in TidalScale Inc, a software-defined-server technology startup. Till date, the IT major has invested $3 million, taking the cumulative investment to $3.45 million as of date (subject to necessary closing conditions).

Caplin Point Laboratories fell 2.24%. Caplin Steriles, a subsidiary of the company received approval from Brazil's National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamilnadu. The approval grants access to the company to register and market its products in Brazil, the largest Pharmaceutical market in Latin America.

Steel Strips Wheels (SSWL) hit an upper circuit of 5% at Rs 1,665.15 after the company said that its board will consider stock split on Friday, 3 September 2021.

Fiem Industries was locked in an upper circuit of 20% at Rs 951.80 after the company said it is the sole supplier of headlamps, tail lamps, indicators, rear fender assemblies and mirrors for Ola Electric's newly launched scooters S1 and S1 Pro. The company said it sees a huge potential in the Indian two-wheeler electric vehicle (EV) segment and going forward, and it is hopeful to capturing greater market share in this segment.

Lupin rose 0.7%. The drug major announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Brivaracetam tablets, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, to market a generic equivalent of Briviact tablets, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, of UCB Inc.

RailTel Corporation of India fell 0.62%. The company received two works of tunnel communication of Central Railway from Indian Railways with completion period of 12 months. The total anticipated project cost of the work is Rs 38.82 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, August 17 2021. 17:11 IST
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