As per the provisional closing data, the barometer index, the S&P BSE Sensex, rose 69.33 points or 0.12% at 58,247.42. The Nifty 50 index gained 24.7 points or 0.14% at 17,380.

The broader market outperformed the main stock indices. The S&P BSE Mid-Cap index rose 1.09% while the S&P BSE Small-Cap index gained 0.63%.

Buyers outpaced sellers. On the BSE, 1,881 shares rose and 1,305 shares fell. A total of 158 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 22,52,72,687 with 46,39,678 deaths. India reported 3,62,207 active cases of COVID-19 infection and 4,43,213 deaths while 3,24,84,159 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India recorded 25,404 new cases. Active cases accounted for 1.09% of total cases. The recovery rate currently stands at 97.58% with 37,127 recoveries in the last 24 hours taking the total recoveries to 3,24,84,159.

Economy:

The annual rate of Wholesale Price Index (WPI) based-inflation stood at 11.39% (provisional) for the month of August 2021 as compared to 0.41% in August 2020. The high rate of inflation in August 2021 is primarily due to rise in prices of non-food articles, mineral oils; crude petroleum & natural gas; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc. as compared the corresponding month of the previous year.

India's Consumer Price Index-based Inflation (CPI) for August 2021 came in at 5.30%, compared with 5.59% in July 2021, as food prices cooled further, especially in the case of vegetable inflation, data released by the National Statistical Office (NSO) showed on 13 September 2021.

New Listings:

Shares of Ami Organics were currently trading at Rs 935.15 apiece at 15:29 on the BSE, at a premium of 53.3% as compared with the IPO price of Rs 610 per share. The scrip was listed at a price of Rs 902 per share, at a premium of 47.87% as compared with issue price. The stock has hit a high of 967.25 and a low of 841.20 so far in the trading session. On BSE, over 19.46 lakh shares of the company were traded in the counter till now. The initial public offer (IPO) of Ami Organics received bids for 42.22 crore shares as against 65.42 lakh shares on offer, according to stock exchange data. The issue was subscribed 64.54 times. The issue opened for bidding on 1 September 2021 and closed on 3 September 2021. The price band of the IPO was fixed at Rs 603-610 per share.

Shares of Vijaya Diagnostic Centre were currently trading at Rs 616.20 per share at 15:29 on the BSE, at a premium of 16.05% as compared with the issue price of Rs 531 per share. The scrip was listed at a price of Rs 542.30 apiece, at a premium of 2.13% as compared with issue price. The stock has hit a high of 634.40 and a low of 533.65 so far in the trading session. On BSE, more than 15.3 lakh shares of the company changed hands. The initial public offer (IPO) of Vijaya Diagnostic Centre received bids for 11.36 crore shares as against 2.50 crore shares, according to stock exchange data. The issue was subscribed 4.54 times. The issue opened for bidding on 1 September and closed on 3 September 2021. The price band of the IPO was fixed at Rs 522-531 per share.

Stocks in Spotlight:

Zee Entertainment Enterprises soared 42.77%. Invesco Developing Markets Fund and OFI Global China Fund LLC, the largest shareholders of Zee Entertainment Enterprises (ZEEL), called for an extra-ordinary general meeting (EGM) to remove Punit Goenka from the firm's board as director. Invesco Developing Markets Fund and OFI Global China Fund LLC together own a 17.88% stake in ZEEL. The two institutional investors also called for the removal of two of ZEEL's independent directors, Ashok Kurien and Manish Chokhani. The letter also proposed the appointment of six independent directors, including Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta.

Dish TV India hit an upper circuit of 10% at Rs 21.31 after The Hindustan Times bought 2 crore equity shares (or 1.08% stake) of the company at Rs 19.22 per equity share via bulk deals on NSE on Monday, 13 September 2021. Last week, Dish TV announced that YES Bank has proposed to oust the company's entire board, including Jawahar Lal Goel, the promoter and managing director. The bank said the existing board is purportedly acting at the behest of certain minority shareholders holding a mere 6% of shares in the company. YES Bank has issued a notice asking the company to put its proposal to vote at Dish TV's annual general meeting on 27 September 2021.

Godawari Power & Ispat (GPIL) was locked in a 5% upper circuit at Rs 1,269.90 after the company said that its board has approved the proposal for sub-division of equity share of face value of Rs 10 each of the company into two equity shares of Rs 5 each (2-for-1), subject to approval of the shareholders of the company. The company's board has also decided to issue bonus shares in the ratio of 1:1 by capitalizing the free reserves after the proposal for split of the shares is approved by the shareholders of the company.

KNR Constructions advanced 2.87% after the company received letter of acceptance (LoA) for a road project in Hyderabad, Telangana. The company is in receipt of letter of acceptance for Hyderabad Growth Corridor (HGCL) for widening of existing service roads in Hyderabad, in the state of Telangana. The contract is worth Rs 312.79 crore. The project is to be completed within a period of 15 months from the date of signing of agreement.

Escorts advanced 5.92% after the company signed a Memorandum of Understanding (MoU) with IndusInd Bank in a bid to provide financial offerings to its customers. The two will work together to understand the financial needs of the customers and will jointly come up with various financial programs to enable customers invest in modern farm machinery to enhance their farm productivity and income

Laurus Labs rose 0.63% after the company, along with Unitaid and the Clinton Health Access Initiative, announced an agreement to accelerate development of second and third-line HIV medication for children.

Global Markets:

Shares in Europe were trading lower while Asian markets closed on a mixed note on Tuesday, as global investors await inflation data from the U.S., which could inform the Federal Reserve's timing for tapering its monetary stimulus.

European Central Bank (ECB) policymaker Isabel Schnabel on Monday, said that the ECB is ready to act if inflation does not ease as soon as next year, as currently expected.

In the US, the S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data. The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.

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