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Sensex, Nifty close at new highs; banks, metals top drags; IT, FMCG top gainers

Market closing: Indian indices rebounded from day's lows to close at record highs on Tuesday.  (REUTERS)Premium
Market closing: Indian indices rebounded from day's lows to close at record highs on Tuesday.  (REUTERS)

Market closing: The Sensex closed at 55,792.27, up 209.69 points or 0.38%, while the Nifty was at 16,614.60, up 51.55 points or 0.31%. Metals, banks closed in red, while IT, pharma, and FMCG were top gainers.

Indian indices closed at record highs on Tuesday. The rally was led by IT stocks. Asian shares declined over Delta variant concerns and the turmoil in Afghanistan. All eyes will be on the four day meeting of China's top decision making body, the National People’s Congress Standing Committee, that began today. U.S. will release its retail sales later Tuesday and US Fed chair Jerome Powell will host a town hall discussion with educators.

17 Aug 2021, 03:53:53 PM IST

Foreign banks may resume lucrative FX trade as India relents

The Reserve Bank of India relaxed a rule on bank’s purchases of foreign sovereign bonds, paving the way for lenders to resume a profitable currency trade, according to people with knowledge of the matter. In a notice sent to some banks on Monday, the RBI said foreign sovereign bonds wouldn’t fall under a regulatory cap that requires holdings of securities unlisted in India to be 10% or less of the total non-statutory liquidity ratio portfolio, the people said, asking not to be identified as they aren’t authorized to speak to media. The RBI’s latest decision comes after banks made a representation seeking relaxation, the people said.

17 Aug 2021, 03:52:35 PM IST

Rupee falls by 11 paise to close at 74.35 (provisional) against US dollar

17 Aug 2021, 03:51:53 PM IST

Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The index successfully achieved its target of 16,600. If we can keep above this, the next level should be 16,850. Profit booking sessions cannot be ruled out. Since the overall trend is positive, traders can utilize intra day corrections to accumulate long positions for higher targets."

17 Aug 2021, 03:42:05 PM IST

Market closing

The Sensex closed at 55,792.27, up 209.69 points or 0.38%, while the Nifty was at 16,614.60, up 51.55 points or 0.31%. Metals, banks closed in red, while IT, pharma, and FMCG were top gainers. On the 30-share Sensex, Tech Mahindra, Nestlé India, HU, and 15 other stocks closed in green, while IndusInd Bank, NTPC< Bharti Airtel, and nin e other stocks closed in red. 

Sensex at close
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Sensex at close
17 Aug 2021, 03:26:57 PM IST

Cera trades higher

Cera's stock was trading at 4,807.00, up 1.76% at 3:26 pm. Anjani Vishnu Holdings Ltd will acquire Cera’s 51% stake in Anjani Tiles Ltd for a staggered payment of   28.69 crore.

17 Aug 2021, 03:14:40 PM IST

Crude oil futures dip on weak spot demand

Crude oil prices on Tuesday fell 40 to 4,966 per barrel after participants cut their positions. On the Multi Commodity Exchange, crude oil for the August delivery dropped by 409, or 0.8%, to 4,966 per barrel with a business volume of 4,643 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid a weak spot demand. Globally, West Texas Intermediate crude oil was trading 0.65% lower at $66.85 per barrel. Meanwhile, Brent crude, the international benchmark, fell 0.59% to trade at $69.10 per barrel in New York.

17 Aug 2021, 03:06:08 PM IST

Aluminium commentary: Yash Sawant, research associate, Angel Broking Ltd.

"In July, China’s Aluminium output was down for the third consecutive month as the stern power consumption norms in key producing regions kept the smelter operating rate low. As per the National Bureau of Statistics, China produced 3.26 million tonnes of primary Aluminium in July, down about 0.9% from June's 3.29 million tonnes. Another round of energy usage limitations imposed in China’s Yunnan province (accounts for 10% of China’s Aluminium output), Inner Mongolia, Guangxi, and Guizhou might keep the supply of Aluminium from China tight in the coming months. The continuous withdrawals of Aluminium inventories from the LME monitored warehouse further signaled towards a tighter supply of the light metal. LME Aluminium inventories are down over 30% since March. Mounting supply side stress might outpace the concerns over slowdown in China’s economy and push Aluminium prices on the MCX higher towards 217 per kg. (CMP: 209)"

17 Aug 2021, 03:06:08 PM IST

Tata Steel interested in acquiring Vizag-based RINL: CEO T V Narendran

Domestic steel giant Tata Steel is interested in acquiring state-owned Rashtriya Ispat Nigam Limited (RINL), the company's chief executive and managing director T V Narendran said. RINL, under the Ministry of Steel, owns and operates a 7.3 million tonnes plant in Visakhapatnam, Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant. (Read here)

17 Aug 2021, 02:58:32 PM IST

Flipkart adds 4 fulfilment, sortation centres in Maharashtra

E-commerce marketplace Flipkart on Tuesday said that it has added four new fulfilment and sortation centres in Maharashtra to support local sellers from the state and cater to the growing demand for e-commerce. The new facilities located in Bhiwandi and Nagpur are collectively spread across nearly 7 lakh square feet, helping create over 4,000 direct and indirect jobs. (Read here)

17 Aug 2021, 02:55:55 PM IST

Sensex heatmap

Tech Mahidnra, TCS, Bajaj Auto top gainers
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Tech Mahidnra, TCS, Bajaj Auto top gainers
17 Aug 2021, 02:47:14 PM IST

Jindal Steel, Welspun Corp top drags

Nifty metal index
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Nifty metal index
17 Aug 2021, 02:37:13 PM IST

Tech Mahindra, Mindtree lead gains

Nifty IT index 
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Nifty IT index 
17 Aug 2021, 02:37:13 PM IST

TEch Mahindra drives gains, Tata Motors drags

Nifty top gainers/ losers at this hour
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Nifty top gainers/ losers at this hour
17 Aug 2021, 02:16:16 PM IST

Infy, TCS drive gains

Sensex index contribution
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Sensex index contribution
17 Aug 2021, 02:16:16 PM IST

SpiceJet to transfer cargo and logistics business to SpiceXpress

Indian airline SpiceJet on Tuesday announced that company is transferring its cargo and logistics services on a slump sale basis along with all related assets and liabilities, including, knowhow, trademark, licenses, franchises, customer contracts, distribution network etc. to its subsidiary SpiceXpress and Logistics Pvt. Limited (“SpiceXpress"). The transfer is subject to the approval of shareholders and also such other approvals as may be required. It is expected that SpiceXpress will operate as a separate entity upon transfer of business on or around October 1, 2021, it said. (Read here)

17 Aug 2021, 02:16:16 PM IST

Religare Broking partners Vested to enable overseas investing on its platform

Religare Broking on Tuesday announced that it has partnered with Vested Finance, a global investment platform, to offer investment in overseas stock markets to its clients. According to Religare, which has a user base of around one million, the partnership will enable investors to directly invest in US stocks that they consume on a regular basis such as Apple, Amazon, Netflix and Facebook, among others. (Read more)

17 Aug 2021, 02:01:26 PM IST

RBI introduces Financial Inclusion index

The Reserve Bank of India on Tuesday introduced the financial inclusion index to capture the extent of financial inclusion in the country. This was part of the announcements made in the first bi-monthly monetary policy in April this year. According to RBI, the FI-Index has been conceptualised as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with Government and respective sectoral regulators. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.

17 Aug 2021, 01:38:47 PM IST

Steel Strips shares zoom on stock split announcement

Steel Strips Wheels, a leader in designing & manufacturing automotive wheels, on Tuesday announced that a meeting of the board of the company is scheduled to be held on September 3 to consider and approve stock split or sub-division of shares. Steel Strips shares surged after the stock split announcement as the stock was up 5% to 1,665 per share on the BSE. (Read more)

17 Aug 2021, 01:10:15 PM IST

Serum Institute takes 50% stake in drug vial maker Schott Kaisha

Serum Institute of India, the world's largest vaccine maker by production volume, has taken a 50% stake in Indian drug vial maker Schott Kaisha, the companies said in a statement on Tuesday. Serum Institute was already a customer of Schott Kaisha, using their vials, ampoules and syringes to store vaccines including the covid-19 vaccine Covishield. The companies did not provide any further details on the deal.

17 Aug 2021, 12:57:40 PM IST

Bank of Baroda hires BLS International for business correspondence services

BLS International unit Starfin India Pvt. Ltd has secured a contract from Bank of Baroda to support the financial inclusion mission of Govt of India. Starfin will be the official National Business Correspondent (BC) for delivery of last mile banking services such as enrolment of customers, debit cards, balance enquiry, statement of accounts, pass book printing, money deposit, and bills/utilities payment services to account holders across in rural and urban India.

17 Aug 2021, 12:36:51 PM IST

Banks, metals top drags

Nifty sectoral indices
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Nifty sectoral indices
17 Aug 2021, 12:13:19 PM IST

RattanIndia Enterprises trades lower

RattanIndia Enterprises' stock was trading at 54.25, down 3.81% at 12:10 pm. Arbutus Consultancy has acquired a7,50,000 shares of RattanIndia Enterprises, from the market, increasing its stake to 38,41,12,902 shares from 38,33,62,902 shares earlier.

 

17 Aug 2021, 12:13:19 PM IST

UK payrolls rise by 182,000 in July - ONS

The number of employees on British company payrolls rose by 182,000 in July from June, as the economy continued to bounce back from its coronavirus lockdowns, tax data showed on Tuesday.

17 Aug 2021, 12:07:12 PM IST

India achieves highest ever covid-19 vaccination in single day

India has administered more than 88.13 lakh covid-19 vaccine doses in the last 24 hours, the highest ever vaccination achieved in a single day, the Union Health Ministry said on Tuesday. In a tweet, Union health minister Mansukh Mandaviya said, "India achieves the highest single-day record in #COVID19 vaccine doses.Yesterday will go down in the history of the world's #LargestVaccineDrive.Congratulations." Cumulatively, 55,47,30,609 vaccine doses have been administered through 62,12,108 sessions across India, as per the provisional report till 7 am.

17 Aug 2021, 11:47:20 AM IST

Goodluck India completes capacity expansion

Goodluck India Ltd's shares were trading at 286.15 each, up 1.60% at 11:46 am. The auto parts maker has completed the expansion of its auto tube division. The company has identified the potential of cold drawn welded tubes in the automobile industry in domestic and overseas markets. The nearly 25% capacity expansion, translating into around 10,000 MTPA is guided by demand foreseen from overseas buyers, the company said, adding that it has been a dominant player in the US market.

17 Aug 2021, 11:35:20 AM IST

Apollo Hospitals shares surge for second straight day, hit new high

Shares of Apollo Hospitals surged more than 8% to 4,718 per share, gaining for the second consecutive day. The stock has seen uptrend after reporting its quarterly earnings for the first quarter of the current fiscal in which the healthcare major reported profit as compared to loss in the year-ago quarter. (Read here)

17 Aug 2021, 11:21:08 AM IST

Tata Consumer share prices extend rally. Some experts see more gains in short term

Tata Consumer shares extended its rally intraday trade logging around 3.5 per cent gain today. The Tata group stock has been on the upside swing delivering around 8.6 per cent return to the share holders in last 5 trade sessions. However, on account of high valuations of its brand business and upcoming Super App in next five to six months, market experts are expecting further rise in Tata Consumer share price. They said that the stock may go up to 880 per stock levels in short-term. (Read more)

17 Aug 2021, 11:09:01 AM IST

Dixon Tech to make Orbic's 5G smartphone in India

US-based smartphone maker Orbic has partnered with Dixon technologies to manufacture its Orbic Myra 5G UW phone, the companies said.

17 Aug 2021, 11:02:40 AM IST

Canara bank eyeing ₹3,000 cr QIP: reports

17 Aug 2021, 10:43:53 AM IST

Rupee slips

17 Aug 2021, 10:43:53 AM IST

Value e-commerce in India to touch $40 bn by 2030: report

The value e-commerce market in India is expected to touch $40 billion by 2030, up from $4 billion in 2019, driven by a rapid increase in internet user base and as more people embrace online shopping, a report by Kearney said. The expanding digital footprint in tier III and IV areas as well as in rural India, along with the aspirational needs of these consumers and their changing attitudes towards online buying present a massive opportunity, as per the report titled, 'Value e-commerce: the next big leap in India's retail market'. Currently estimated at $4 billion, the value e-commerce market—is expected to see rapid growth and reach $20 billion by 2026, and $40 billion by 2030, it said. (PTI)

17 Aug 2021, 10:32:17 AM IST

TC S shares hit record high, market cap zooms to ₹13 tn

India's largest IT company Tata Consultancy Services (TCS) shares surged to a new high on Tuesday with its market capitalization hitting the 13 lakh crore mark. The Nifty IT index jumped over 1%, led by buying in Tech Mahindra, Coforge, TCS, Mindtree, Mphasis. Shares of TCS, the second largest Indian company by market capitalization, were trading more than 1% higher, rising to a high of 3,518 per share in Tuesday's early deals on the BSE, pushing its market value to 13.01 lakh crore. (Read more)

17 Aug 2021, 10:32:17 AM IST

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"The Nifty has opened flat and is perhaps taking a breather due to the jubilant performance of last week. 16,575-16,600 could pose a short term resistance for the index. The overall trend remains positive and any fall or intra day correction can be utilized to buy this market."

17 Aug 2021, 10:22:48 AM IST

Infosys to invest additional $0.45 mn in tech startup TidalScale

Infosys Ltd's shares were trading at 1,715.35 each, up 0.62% at 10:23 am. The IT major will invest an additional sum of $0.45 million in TidalScale Inc, a California-based software-defined-server technology startup, the IT major said in a regulatory filing. The investment is expected to be completed in Q2FY22. The Bengaluru-based IT services company had earlier invested $1.5 million in 2016 and $1.5 million in 2018 taking the cumulative investment to $3.45 million. Infosys has a minority holding, not exceeding 20% of the outstanding share capital of the company.

17 Aug 2021, 10:09:32 AM IST

Sterlite Power Transmission seeks nod for India IPO: report

17 Aug 2021, 10:06:44 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin fall. Latest rates here

Cryptocurrency prices today plunged with Bitcoin trading below the $47,000 level. Bitcoin, the world's biggest and best-known cryptocurrency, is up over 59% this year (year-to-date). (Read more)

17 Aug 2021, 09:42:24 AM IST

Banks, auto, metals drag

Nifty sectoral indices
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Nifty sectoral indices
17 Aug 2021, 09:42:25 AM IST

Lupin gains

Lupin's stock was trading at 977.55 each, up 1.06% at 9:41 am. The company has received tentative approval from the US FDA for its abbreviated new drug application Brivaracetam tablets market a generic equivalent. Brivaracetam Tablets are indicated for the treatment of partial-onset seizures in patients four years of age and older.

17 Aug 2021, 09:35:43 AM IST

IRB Infra trades lower

IRB Infrastructure Developers's stock was trading at 164.10 each down 1.08% at 9:35 am.  CG Tollway Ltd, a special purpose vehicle of IRB Infrastructure Developers, has achieved full commercial operations date for Chittorgarh-Gulabpura six-laning highway project in Rajasthan. The company has become now eligible for collecting toll fees at full tariff which will be higher by 58% than the existing tariffs.

17 Aug 2021, 09:35:44 AM IST

Walmart hiring crypto expert to develop digital currency strategy

Retail giant Walmart Inc. is looking to hire a cryptocurrency expert to develop a blockchain strategy, joining a growing number of major corporations exploring the viability of digital currencies such as Bitcoin. The position, based in Walmart’s Bentonville, Arkansas headquarters, will be responsible for developing the digital currency strategy and product roadmap. (Read more)

17 Aug 2021, 09:30:40 AM IST

Gold prices today drop, down ₹9,000 from record highs, silver rates rise

Gold prices were muted today in India's futures market with MCX gold down marginally at 47,223 per 10 gram while silver rates rose 0.22% to 63,598 per kg. (Read more)

17 Aug 2021, 09:17:13 AM IST

Market opening

The Sensex opened at 55,565.64, down 16.94 points or 0.03%, while Nifty was at 16,545.25, down 17.80 points, or 0.11%. FMCG, pharma, realty opened in green. On the 30-share Sensex, Sun Pharma, ONGC, Kotak Mahindra Bank, and 15 other stocks opened in green, while HDFC Bank, ICICI Bank, Bajaj Finserv, and 8 other stocks opened in red. 

Sensex at open
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Sensex at open
17 Aug 2021, 09:10:40 AM IST

Alert: India to evacuate indian ambasador and staff to india immediately, says MEA

India on Tuesday said it would be bringing back its ambassador Rudrendra Tandon and others in the embassy immediately, given the volatile situation in Afghanistan after the withdrawal of the US forces and the subsequent collapse of the Afghan government headed by former president Ashraf Ghani.

17 Aug 2021, 09:06:18 AM IST

Market preopening quote: Gaurav Udani, founder and CEO, ThincRedBlu Securities

"Nifty is expected to open flat around yesterday's close at 16,550. Nifty has support at 16,480 and 16,450 levels. On the higher side Nifty may test 16,600 and 16,700 in the next few trading session."

17 Aug 2021, 09:03:51 AM IST

Market pre-opening

At market pre opening, the Sensex was at 55,683.82, up 101.24 points or 0.18%, while the Nifty was at 16,563.05, up 33.95 points or 0.21%. 

Market pre-opening
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Market pre-opening
17 Aug 2021, 08:44:41 AM IST

MHA announces new category of visa called 'e-Emergency X-Misc Visa' for Afghans: Officials

17 Aug 2021, 08:23:29 AM IST

Stocks to Watch 

Adani, Lupin, NTPC, RailTel, Ruchi Soya, RIL, among other stocks may be in the news today.

17 Aug 2021, 08:21:12 AM IST

Market outlook

Markets are likely to consolidate on Tuesday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Monday, markets hit record high as the BSE Sensex ended at 55,582.58, up 145.29 points or 0.26%. The Nifty was at 16,563.05, up 33.95 points or 0.21%. (Read here)

17 Aug 2021, 08:10:03 AM IST

Deloitte gets CESL’s asset stake sale mandate to raise over ₹3,700 crore

State-run Convergence Energy Services Ltd (CESL) is looking to raise around $500 million ( 3,713 crore) from the sale of up to 50% stake in its decentralized solar and electric mobility business at the asset level. (Read here)

17 Aug 2021, 08:00:56 AM IST

Power ministry circulates draft rules on clean energy, seeks comments

The Ministry of Power on Monday said it has circulated the draft rules on renewable energy for seeking comments from stakeholders. The ministry has circulated the "Draft Electricity (promoting renewable energy through Green Energy Open Access) Rules, 2021," an official statement said. (Read more)

17 Aug 2021, 07:44:38 AM IST

KKR India Fin Services and InCred ink deal to merge their lending biz

A year after entering into talks for a partnership, American private equity giant KKR’s non-bank lending business KKR India Financial Services (KIFS) and InCred Financial Services, the retail and MSME lending business of InCred, have inked a deal to merge the two lending businesses. (Read more)

17 Aug 2021, 07:44:38 AM IST

Asian markets witness mixed start

Asian stocks were mixed Tuesday as traders weighed a record-breaking run in the S&P 500 against concerns that the delta virus variant will choke global growth. The dollar rose and Treasuries held gains. Shares fluctuated in Japan and Hong Kong and posted modest increases in China, while U.S. equity futures edged down. The S&P 500 closed at another all-time high overnight -- doubling from its pandemic low in March 2020 -- with health-care and utility companies advancing. Apple Inc. hit a record, but Tesla Inc. sank on an investigation into the electric-vehicle firm’s Autopilot system.

Mobility curbs to fight the delta strain, signs of a slowing recovery from the pandemic in China and Beijing’s regulatory crackdown continue to color the market mood in Asia. Australia’s dollar weakened after the central bank signaled it’s prepared to act if lockdowns lead to a greater economic setback.

S&P 500 futures fell 0.2% as of 10:55 a.m. in Tokyo. The S&P 500 rose 0.3%

Nasdaq 100 futures shed 0.1%. The Nasdaq 100 was little changed

Japan’s Topix index was little changed

Australia’s S&P/ASX 200 Index lost 0.7%

South Korea’s Kospi index slid 0.6%

Hang Seng Index was steady

Shanghai Composite Index added 0.2%

17 Aug 2021, 07:32:49 AM IST

US indices close at record highs

Stock indexes closed at record highs on Wall Street Monday, despite rising coronavirus infections in the U.S. and around the globe, as well as geopolitical concerns in Asia. The S&P 500 index and the Dow Jones Industrial Average both closed higher after falling earlier in the day. The Nasdaq closed lower. Shares of Tesla fell after the U.S. government began investigating the company’s automated driving feature, following a series of collisions with parked vehicles. Oil prices fell and weighed down energy companies.

The S&P 500 rose 11.71 points, or 0.3%, to 4,479.71.

The Dow Jones Industrial Average rose 110.02 points, or 0.3%, to 35,625.40.

The Nasdaq fell 29.14 points, or 0.2%, to 14,793.76.

The Russell 2000 index of smaller companies fell 19.69 points, or 0.9%, to 2,203.41.

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