Government support measures for some beleaguered sectors along with provisions for PLI schemes buoyed investors sentiment. A rebounding rupee and persistent foreign capital inflows added to the momentum.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, jumped 417.96 points or 0.71% at 59,141.19. The Nifty 50 index advanced 110.05 points or 0.63% to 17,629.30.

The Sensex hit an all-time high of 59,204.29 while the Nifty registered a fresh record high of 17,644.60 in intraday trade today. The Nifty Bank index also registered a record high of 37,720.15 in late trade today.

The broader market lagged the frontline indices. The S&P BSE Mid-Cap index added 0.42% while the S&P BSE Small-Cap index rose only 0.04%.

The market breadth was positive. On the BSE, 1,678 shares rose and 1,595 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 232.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 167.67 crore in the Indian equity market on 15 September 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 22,63,91,916 with 46,59,920 deaths. India reported 3,42,923 active cases of COVID-19 infection and 4,43,928 deaths while 3,25,60,474 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

A two-day meeting of Goods and Services Tax (GST) Council began today in Lucknow. The meeting will be the maiden physical meet of the GST council following the outbreak of the COVID-19 pandemic.

Meanwhile, Finance Ministry has said that Air India received financial bids for its disinvestment process. In a tweet, Secretary, Department of Investment and Public Asset Management Tuhin Kanta Pandey said, financial bids for Air India disinvestment received by Transaction Adviser. He said, the process now moves to concluding stage.

Stocks in Spotlight:

Vodafone Idea zoomed 28% to Rs 11.43 after the Union Cabinet unveiled a relief package, which includes a slew of measures comprising nine structural reforms and five process reforms for telecome industry. The Union Cabinet on Wednesday a fixed calendar for spectrum auctions with an extended tenure of 30 years for future spectrum allocations and a mechanism to surrender and share spectrum. Foreign direct investment (FDI) in the sector has also been allowed up to 100% under the automatic route, from the existing limit of 49%. The cabinet decided to bring know-your-customer (KYC) reforms, allowing an app-based self-KYC and bringing down the e-KYC rate to Re 1. Further, the cabinet approved a redefinition of the much-litigated concept of adjusted gross revenue (AGR) to exclude non-telecom revenue and a four-year moratorium on players' dues to the government.

Sunteck Realty gained 1.79% after the real estate firm planned to develop a 50-acre land parcel in Shahad, Kalyan (Maharashtra). The company would develop a luxury integrated residential township in this location, under the asset light Joint Development Agreement (JDA) model with Amar Dye Chem.

Wipro fell 0.94%. The IT company said that it has secured a multi-year contract from Kuala Lumpur- headquartered Maxis Broadband, a leading converged solutions provider. As part of this strategic partnership, Wipro will provide several aspects of IT managed services for hybrid infrastructure and application maintenance. In addition, the IT major will enable new ways of working for application development and testing services and provide state of the art cybersecurity services for Maxis.

IndusInd Bank jumped 7.38%. The bank inaugurated its sixth branch in the city of Jodhpur, Rajasthan. IndusInd Bank has now expanded its network to 100 branches across Rajasthan. The new branch, located on Pal Road in Jodhpur, will house an ATM that will be available 24x7 and provide services like Saving & Current accounts, Loan products, Wealth management services and Credit cards.

Hindustan Copper dropped 6.22%. Government plans to sell 10% of the company's equity through an Offer for Sale. The initial plan is for the sale of 4.83 crore shares or 5% of the total equity with a green shoe option to sell another 4.83 crore shares or 5% of the total equity. The floor price of Rs 116 per share. The OFS opens for non-retail investors today and for retail investors tomorrow.

Dilip Buildcon advanced 0.73% after the company announced the receipt of the letter of acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in the state of Andhra Pradesh.

Easy Trip Planners surged 18.6% after the company expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States of America. The company said it forayed into new countries as part of its second phase of the global expansion strategy. The travel planning company is also anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.

JSW Energy rose 0.68%. The company said that JSW Renew Energy Two, a project special purpose vehicle (SPV) formed by JSW Future Energy, a wholly owned subsidiary of the company, has signed power purchase agreements (PPA) for 450 MW of wind capacity with Solar Energy Corporation of India (SECI).

Srei Infrastructure Finance was locked in a 5% upper circuit at Rs 9.21 on BSE. The company announced that Rakesh Kumar Bhutoria, the chief executive officer (CEO) of the company, has stepped down from his position with effect from Wednesday, 15 September 2021. Srei Infrastructure Finance further added that Bhutoria is stepping down from his position as a consequence of salary payment issues arising out of the Trust and Retention Account (TRA) operationalized by the bankers.

Finolex Industries rose 2.08% after the company said it plans to sell a 70-acre land in Pune for Rs 725 crore. The proposal is subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC.

Global Markets:

European stocks advanced across the board on Thursday, bucking the trend seen in the U.S. and Asia as global investors kept an eye on economic data and central banks. U.K. Prime Minister Boris Johnson on Wednesday reshuffled his Cabinet, replacing a number of senior ministers and urging his government to tackle economic inequality in the aftermath of the pandemic.

Most Asian markets declined with casino shares in Hong Kong mostly seeing another day of losses. Chinese stocks listed in the U.S. slid the sixth day and U.S. casino firms with exposure to Macau tumbled. Officials have signaled tighter curbs on operators in the gaming hub, again spotlighting Beijing's regulatory curbs.

Japan's exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment. Exports rose 26.2% in August compared with the same month a year earlier, the Ministry of Finance said on Thursday.

In the US, the S&P 500 and Dow Jones indexes rose on Wednesday on mildly positive factory data and higher oil prices, although concerns over a slowing economic recovery and higher corporate taxes kept sentiment subdued.

Production by US factories, mines and utilities in August surpassed the level seen before the pandemic caused an unprecedented collapse, according to Federal Reserve data released Wednesday. Industrial production increased 0.4% in August, but it could have been 0.3% points higher had it not been for the effects of Hurricane Ida, which caused flooding and destruction in parts of Louisiana and the northeastern United States.

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