Key equity indices ended flat after a volatile trade on Tuesday. The Nifty managed to close above 17,350 level after hitting the day's low of 17,254.20 in afternoon trade. Banks and financial stocks were in demand while IT, FMCG and pharma shares declined.
As per the provisional closing data, the S&P BSE Sensex, dropped 29.22 points or 0.05% at 58,250.26. The Nifty 50 index fell 8.6 points or 0.05% to end at 17,353.5.
Kotak Mahindra Bank (up 3.57%), PowerGrid Corporation of India (up 1.76%), Grasim Industries (up 1.64%), BPCL (up 1.63%) and Coal India (up 1.56%) were the major index gainers.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.8% while the S&P BSE Small-Cap index gained 0.57%.
Buyers outpaced sellers. On the BSE, 1,820 shares rose and 1,359 shares fell. A total of 164 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 221,894,939 with 4,585,792 deaths. India reported 391,256 active cases of COVID-19 infection and 441,411 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
India's Covid-19 vaccination coverage has surpassed the cumulative figure of 70.75 crore as per provisional reports till 7 am today. Consequently, India's recovery rate stands at 97.48%.
Stocks in Spotlight:
Godawari Power & Ispat hit an upper circuit of 5% at Rs 1,097.05 after the company said that its board will consider a stock split and bonus issue of shares on Tuesday, 14 September 2021.
TVS Motor fell 1.43%. The two-wheeler and three-wheeler manufacturer has announced its new distribution partnership with ETG Logistics (ETGL). ETG Logistics (ETGL) is a division of ETG (Export Trading Group) - a global conglomerate present in 48 countries with expertise across various industries. ETGL will operate 30 dealerships for TVS Motor Company in South Africa as part of this partnership.
PSP Projects fell 0.9%. The company secured a letter of intent (LoI) for projects worth Rs 132.57 crore towards industrial and precast segment from different clients in Gujarat.
Caplin Point Laboratories rose 1.91% after the company said its subsidiary has received final approval from the US drug regulator for labetalol hydrochloride injection. The product is a generic therapeutic equivalent version of Trandate injection of Sebela Ireland. It is indicated for control of blood pressure in severe hypertension.
Delta Corp fell 0.45%. The company said its subsidiary in Kathmandu (Nepal) will resume operations from 8 September 2021.
Edelweiss Financial Services jumped 2.14%. Edelweiss group on Wednesday said it has promoted Ashish Kehair as managing director and chief executive officer of Edelweiss Wealth Management, the group said in a statement. Ashish Kehair will replace Nitin Jain who is departing the organization after a transition period to pursue entrepreneurial interests.
MAS Financial Services fell 0.24%. The company entered into a strategic co-lending partnership with Bank of India (BoI) for lending to micro, small and medium enterprises (MSME).
Ramkrishna Forgings added 1.26% after the company won an export order worth Rs 130 crore (Euro 15 million) from an Original equipment manufacturer (OEM) in a CIS (Commonwealth of Independent States) country for the period of 3 years.
Sun Pharmaceutical Industries rose 0.97%. Sun Pharma Consumer Healthcare, a division of Sun Pharmaceutical Industries, announced its foray into the nutrition bar segment in India with the launch of Revital NXT. It is India's first nutrition bar with natural ginseng, 16 vitamins & minerals and triple blend protein. The nutrition bar has been launched on Amazon and it will also be made available on other e-commerce platforms.
Global Markets:
European stocks fell across the board while most Asian stocks declined on Wednesday, 8 September 2021, reflecting cautious trade in global markets amid nervousness over economic growth and a resurgence in COVID-19 cases.
Japan's economy grew faster than the initially estimated in the April-June quarter. Revised gross domestic product (GDP) data by the Cabinet Office released on Wednesday showed the economy grew an annualised 1.9% in April-June, from an initial estimate of a 1.3% expansion.
In US, the Dow Jones and S&P 500 fell on Tuesday, on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic.
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