Traders cheered equities as they welcomed India's CPI Inflation and IIP data that has improved signalling sooner-than-expected economic growth recovery amid the pandemic.
At around 09.57 am, Sensex was trading at 55,106.69 higher by 262.71 points or 0.48%. The 30-scrip index has clocked a new all-time high of 55118.64.
Nifty 50 performed at 16,443.65 up by 79.25 points or 0.48%. The 50-scrip index has earmarked a new 52-week high of 16,446.25.
In terms of sectoral indices, on BSE, the Bankex and Metal index surged by 190 points and 180 points. Meanwhile, the Capital Goods and Consumer Durables soared by 163 points and 117 points.
Top bulls on Sensex are - Tata Steel, HDFC, ITC, M&M and Bajaj Auto surging by around 1% each. L&T and ICICI Bank jumped by 0.8% each, while TCS higher by 0.7%.
Top bears on Sensex are - Sun Pharma plunged 1.09% followed by Tech Mahindra and Power Grid tumbling 0.9% each. Dr Reddy's Lab and Kotak Bank dipped by 0.7% and 0.5%.
Companies that are set to announce June 2021 quarterly results today and will be in focus today are - Godrej Industries, Grasim Industries, NBCC (India), NHPC, Oil and Natural Gas Corporation, Hindustan Aeronautics, Indraprastha Gas, Inox Wind, Burger King India, Sun TV Network, Allcargo Logistics, Archies, D B Corp, Gayatri Projects, Glenmark Pharmaceuticals, Gujarat Mineral Development Corporation, GMR Infrastructure, Godfrey Phillips India, Indian Railway Finance Corporation, IL&FS Investment Managers, Inox Wind Energy, Jammu & Kashmir Bank, Jagran Prakashan, Madhucon Projects, Maharashtra Seamless, Mawana Sugars, Orbit Exports, Orchid Pharma, Petronet LNG, SEAMEC, Sintex Industries, Suven Pharmaceuticals, Suzlon Energy, Tide Water Oil (INDIA), Ucal Fuel Systems, Uttam Galva Steels, Visa Steel, Vivimed Labs and ZEE Learn.
India's Consumer Price Index (CPI) or retail inflation cooled to a 3-month low of 5.59% in July 2021 due to a steep drop in food prices. The CPI was at 6.26% in June 2021 and 6.73% in July 2020. The Consumer Food Price Index (CFPI) stood at 3.96% in July 2021 compared to 5.15% of the previous month and 9.27% of July 2020.
Meanwhile, the Index of Industrial Production (IIP) or factory output further expanded to 13.6% in June 2021 due to the low base effect. The quick estimates of the index with base 2011-12 stands at 122.6 during the month. The factory output continued its rising momentum even in June 2021 compared to a surge of 28.6% in May 2021 and a whopping 134% increase in April this year.
On the global front, Asian markets were mixed with Hong Kong's Hang Seng underperforming nearly 190 points. China's Shanghai Composite traded flat but in red.
South Korea's KOSPI index nosedived the most by 1.5% on the back of shares of firms related to Samsung diving after the firm’s heir was released from prison.
Moreover, BSE Sensex was the only index that outperformed in Asian markets. Japan's Nikkei 225 traded muted and Australia's S&P/ASX was marginally up.
The spread of delta variant in the Covid-19 and China’s regulatory curbs restricted sentiments despite indices on the Wall Street touching record levels.
The other concern has been the visible shortage of semiconductor chips which also saw Taiwan and South Korean markets see deeper bouts of profit booking. Chinese data beats estimates with growth in line which will see more action on midcaps.
Overnight, on Wall Street, US indices end at an all-time high as Dow Jones hits 35,500 to close with gains of 14 points. Nasdaq closes higher by 50 points even as bond yield climb higher to 1.36%. US$ sees consolidation near 92.95 as markets look for more color on financials which benefit from rising yields in short term.
Bulls take markets to fresh highs post major economic data; Sensex hits over 55,115, Nifty 50 eyes 16,450; HDFC twins, TCS, Tata Steel, ITC drive - Indiainfoline
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