National stock indices managed to close with decent gains after a volatile session on Monday. The Nifty closed just below the 16,500 mark. Computer stocks climbed while auto and metal stocks fell.
The barometer index, the S&P BSE Sensex, rose 226.47 points or 0.41% to 55,555.79. The Nifty 50 index gained 45.95 points or 0.28% to 16,496.45.
Bajaj Finserv (up 2.06%), Nestlé India (up 1.78%), Bharti Airtel (up 1.57%), Bajaj Finance (up 1.46%) and Reliance Industries (up 0.75%) supported the indices.
Mahindra & Mahindra (down 2.50%), Bajaj Auto (down 2.23%), UltraTech Cement (down 1.88%) and ITC (down 1.29%) were major brakes.
In the larger market, the BSE Mid-Cap index fell 0.90% and the BSE Small-Cap index lost 1.55%.
The breadth of the market was small. On BSE, 777 stocks rose and 2,470 stocks fell. A total of 146 shares remained unchanged.
The total number of confirmed COVID-19 cases worldwide stood at 21 18 44 766 with 44 31 554 deaths. India has reported 3 3 3 924 active cases of COVID-19 infection and 4 34 756 deaths while 3 16 80 626 patients discharged from hospital, according to data from the Ministry of Health and Welfare family of the Indian government.
Minister of Finance and Union Affairs Nirmala Sitharaman will launch the National Monetization Pipeline on Monday (August 23) in New Delhi. The National Monetization Pipeline (NMP) comprises a four-year pipeline of central government brownfield infrastructure assets.
In addition to providing visibility to investors, the NMP will also serve as a medium-term roadmap for the government’s asset monetization initiative. The Union budget 2021-2022 put a lot of emphasis on the monetization of assets as a means of leveraging innovative and alternative finance for infrastructure, and included a number of key announcements.
Meanwhile, Union Minister of State for Railways Raosaheb Danve said the railway suffered a loss of Rs 36,000 crore due to the corona pandemic. The railway faces a 48% loss in passenger service. He was speaking at an event held at Jalna station in Maharashtra.
Danve said the Mumbai-Nagpur bullet train project is an ambitious railway ministry project and it is on the priority list. The doubling of the tracks between Manmad and Nanded will also be carried out as a priority. But other railway projects will be carried out after verification of the feasibility of the project.
Figures to watch:
The yield on the 10-year federal benchmark paper was 6.242% versus 6.234% at the close of the previous trading session.
In the forex market, the rupee rose slightly against the dollar. The partially convertible rupee hovered at 74.22, from its close of 74.3950 in the previous trading session.
MCX Gold futures for the October 5, 2021 settlement rose 0.09% to Rs 47,200.
The US Dollar Index (DXY), which tracks the value of the greenback against a basket of currencies, lost 0.24% to 93.27.
In the commodities market, Brent crude for the October 2021 settlement rose $ 1.94 to $ 67.12 per barrel. The contract fell $ 1.27, or 1.91%, to settle at $ 65.18 a barrel on the previous trading session.
Equities in Europe and Asia rose across the board on Monday, with traders looking to profit from last week’s sell-off while weighing risks from the delta virus strain and China’s regulatory restrictions.
Major US stock averages rebounded on Friday, boosted by tech stocks. Fed officials are expected to meet for their annual meeting in Jackson Hole, Wyo., Starting Thursday. Market participants will await information on the Fed’s talks on the tap as many central bankers aim to move away from the ease policy.
Indian segment in turmoil:
The Nifty IT Index rose 1.70% to 33,919.80. The index has climbed 11.29% so far in August 2021.
MindTree (+ 4.93%), Larsen & Toubro Infotech (+ 2.50%), TCS (+ 2.12%), Coforge (+ 1.51%), Wipro (+ 1.35%), Tech Mahindra (+ 1.13%), Mphasis (+ 1.04%) and Infosys (+ 0.38%) are progressing.
HCL Technologies jumped 4.26%. The IT major said he signed a contract with Munich Re to create a next-generation digital workplace for its staff.
In accordance with the contract, HCL Tech will modernize and standardize workplace services for more than 16,000 Munich Re employees in 40 countries. HCL will adopt a glocal strategy to support Munich Re’s global workforce in multiple languages, including German, Spanish and Mandarin, from locations close to the coast. It will also implement a highly personalized service desk solution and leverage the power of automation and self-service capabilities to improve efficiency and improve the user experience for employees.
SRF added 0.77%. The company has informed that a meeting of the board of directors will be held on Tuesday, August 31, 2021 to consider the issuance of free shares.
Ramkrishna Forgings fell 0.86%. The company said its board of directors will meet on Friday, August 27, 2021 to review fundraising plans. Funds would be raised by issuance of equity or debt or by any other method or combination thereof, subject to the necessary approvals.
Aurobindo Pharma added 0.24%. The company terminated the agreement to acquire 51% of the capital of Cronus Pharma. The company, on August 12, 2021, had entered into binding agreements with Cronus Pharma Specialties India for the acquisition of 51% of the capital of Cronus Pharma for a total consideration of Rs 420 crore.
Cronus is a pharmaceutical company which develops, manufactures and distributes generic veterinary pharmaceutical products. Cronus has a plant in Hyderabad with 67 products in its pipeline, 22 of which have been deposited and 6 have been approved by the Center for Veterinary Medicine, USFDA. The acquisition would have enabled Aurobindo Pharma to gain a foothold in the global $ 48 billion animal health market.
Cadila Healthcare grew 2.21%. The pharmaceutical major said the company has received Emergency Use Clearance (EUA) from the Drug Controller General of India (DCGI) for ZyCoV-D, the world’s first plasmid DNA vaccine for COVID-19.
Arvind Fashions jumped 9.13%. The board of directors of the company has approved the preferential allotment of shares worth Rs 439 crore to various prominent investors, including promoters, at a price of Rs 218.50.
Steel band wheels (SSWL) lost 2.68%. The company announced the signing of a memorandum of understanding (MoU) for nearly $ 105 million from the Western Hemisphere. In accordance with the MoU, SSWL will supply steel and aluminum wheels for a minimum period of three years. Steel wheel supplies will start from Chennai and Dappar factories by September 2021 and Mehsana factory supplies for aluminum wheels will start by the end of December 2021.
Shares of Nuvoco Vistas Corporation, India’s fifth largest cement company, came in at Rs 531.30, a discount of 6.79% from the issue price of Rs 570 per share. The script was listed at Rs 471 per share, a 17.36% discount from the initial public offering (IPO) price.
The stock hit a high of Rs 550 and a low of Rs 471 during the trading session. On BSE, more than 8.21 lakh of company shares traded during the day.
Nuvoco Vistas Corporation’s IPO received offers for 10.70 crore of shares for 6.25 crore of shares on offer, according to stock market data. The program has been subscribed to 1.71 times. The issue was auctioned on August 9, 2021 and closed on August 11, 2021. The IPO price range was set at Rs 560-570 per share.
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