The benchmark indices were trading with modest gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 162.10 points or 0.29% at 56,121.08. The Nifty 50 index gained 66.35 points or 0.40% at 16,690.95.
The Sensex hit a record high of 56,198.13 while Nifty attained an all-time high of 16,712.45 in mid-morning trade today.
Reliance Industries (up 1.39%), TCS (up 1.88%) and Infosys (up 0.74%) supporting the indices.
The broader indices outperformed the barometers. The S&P BSE Mid-Cap index rose 0.59%. The S&P BSE Small-Cap index gained 0.80%.
Buyers outpaced sellers. On the BSE, 2,071 shares rose and 1,027 shares fell. A total of 117 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,644.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,380.05 crore in the Indian equity market on 24 August 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,32,10,592 with 44,52,826 deaths. India reported 3,22,327 active cases of COVID-19 infection and 4,35,758 deaths while 3,17,54,281 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India's COVID-19 vaccination coverage has crossed 59 crore 47 lakh mark. The cumulative figure stands at 59 crore 47 lakh 65 thousand and 751.
Gainers & Losers:
Adani Ports and Special Economic Zone (APSEZ) (up 3.36%), Oil & Natural Gas Corporation (ONGC) (up 2.74%), HDFC Life Insurance Company (up 2.53%), Tata Motors (up 2.38%) and Hindalco Industries (up 2.33%) were major gainers in Nifty 50 index.
Bajaj Finserv (down 2.86%), Titan Company (down 2.28%), Bharti Airtel (down 1.26%), Axis Bank (down 1.16%) and Larsen & Toubro (L&T) (down 0.73%) were major losers in Nifty 50 index.
Stocks in Spotlight:
CreditAccess Grameen slipped 0.39%. The company said that its board has considered and approved the terms and conditions for issuance of 1,000 Non-Convertible Debentures aggregating up to Rs 100 crore. The Executive, Borrowings and Investment Committee of the Board of Directors of CreditAccess Grameen, has considered and approved the terms and conditions for issuance of 1000 rated, senior, secured, listed, transferable, redeemable, principal protected market linked Non-Convertible Debentures of face value of Rs 10,00,000 each, aggregating up to Rs 100 crore.
Sterling Tools spurted 8.69% after the ICRA reaffirmed the long-term as well as short term credit rating of the company while upgrading its outlook to stable from negative. The company has total bank lines worth Rs 205.67 crore. The ratings on the company's term loans worth Rs 78.88 crore and long-term fund-based facilities (cash credit and packing credit) worth Rs 120 crore were reaffirmed at [ICRA] AA and outlook on these instruments was revised to stable from negative. The ratings on the company's non-fund based limits worth Rs 2.09 crore and unallocated funds worth Rs 4.70 crore were reaffirmed at [ICRA] A1+.
Global Markets:
European shares rose across the board while most Asian stocks traded higher as optimism continued to drive U.S. stocks, with the S&P 500 and Nasdaq reaching record highs overnight.
Global sentiment improved as US House passed a measure approving $3.5 trillion budget blueprint and USFDA granted full approval to COVID-19 vaccine developed by Pfizer. Investors continued to remain concerned that spread of highly infectious delta variant may derail the global economic recovery. Additionally, markets will remain vigilant ahead of the Jackson Hole Symposium.
US central bankers will meet virtually for an annual gathering traditionally held in Jackson Hole in Wyoming. Jerome H. Powell, the Fed's chair, will speak on Friday and is expected to reveal details about how and when the bank plans to begin winding down its bond-buying program. The Fed has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.
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