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Domestic bourses hits new record high; Sensex above 58,500 mark

The BSE Mid cap index rose 0.63%, while Small cap index was up by 0.83%

Domestic bourses hit fresh record high levels in afternoon deals on continued buying by funds and retail investors, both Sensex and Nifty were trading above 58,500 and 17,450 marks respectively. Sentiments were upbeat as India's exports rose by 45.76 per cent to $33.28 billion in August, as against $22.83 billion in the same month last year, according to commerce ministry data released. Additional support came in with private report that India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce. On the sectoral front telecom stocks were buzzing as Union Cabinet to consider moratorium on payment of spectrum dues by telecom firms as part of a package for the sector aimed at giving relief to companies such as Vodafone Idea that have to pay thousands of crore of rupees in unprovisioned past statutory dues.

On the global front; Asian markets were trading mostly lower amid rising spread of covid infections. Moreover, caution ahead to US Federal Reserve’s monetary policy meeting also kept the investments limited. Back home, all sectoral indices were trading firm and Telecom was the top gainer on BSE, up by 3% followed by Utilities and Power indices, trading up over 2% each.

The BSE Sensex is currently trading at 58585.99, up by 338.90 points or 0.58% after trading in a range of 58272.82 and 58593.94. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.63%, while Small cap index was up by 0.83%.

The top gaining sectoral indices on the BSE were Telecom up by 3.03%, Utilities up by 2.46%, Power up by 2.01%, TECK up by 1.75% and IT was up by 1.60%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were NTPC up by 5.13%, Bharti Airtel up by 4.02%, Titan Co up by 2.85%, Power Grid up by 2.27% and HCL Tech was up by 2.24%. On the flip side, HDFC Bank down by 0.60%, HDFC down by 0.52%, Axis Bank down by 0.50%, Ultratech Cement down by 0.49% and Nestle was down by 0.48% were the top losers.

Meanwhile; India’s merchandise exports rose by 45.76% in August 2021 as compared to same period of last year on account of healthy growth in segments like engineering, petroleum products, gems and jewellery and chemicals. Trade deficit, gap between imports and exports, widened to a four-month high of $13.81 billion in August 2021 from $8.20 billion a year ago.

As per the data released by the Commerce Ministry, exports in August 2021 were $33.28 Billion, as compared to $22.83 Billion in August 2020, exhibiting a positive growth of 45.76 percent. In Rupee terms, exports were Rs 2,46,863.37 crore in August 2021, as compared to Rs 1,70,470.61 crore in August 2020, registering a positive growth of 44.81 percent. Cumulative value of exports for the period April- August 2021 was $164.10 Billion as against $98.06 Billion during the period April- August 2020, registering a positive growth of 67.33 percent. In Rupee terms, it was up by 64.37% to Rs 12,14,442.50 crore from Rs 7,38,849.55 crore.   

Non-petroleum and Non-Gems and Jewellery exports in August 2021 were $25.19 Billion, as compared to $19.10 Billion in August 2020, registering a positive growth of 31.87 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-August 2021 were $124.55 Billion, as compared to $83.48 Billion for the corresponding period in 2020-21, which is an increase of 49.21 per cent.

On the other hand, imports during August 2021 too increased by 51.72% to $47.09 billion as compared to $31.03 billion in August 2020, while in rupee terms it was up by 50.73% to Rs 3,49,301.90 crore from Rs 2,31,736.82 crore in August 2020. Cumulative value of imports for the period April- August 2021 was $219.63 Billion as against $77.76 Billion during the period April- August 2020, registering a positive growth of 4.39 percent. In rupee terms, it was Rs 16,26,077.93 crore, up by 80.89% from Rs 9,14,778.03 crore in the same period last year.

Oil imports in August 2021 were $11.65 Billion, which was 80.64 percent higher, compared to $6.45 Billion in August 2020. Oil imports in April- August 2021 were $55.55 Billion which was 112.13 per cent higher compared to $26.19 Billion over the same period last year.  Non-oil imports in August 2021 were estimated at $35.43 Billion which was 44.13 percent higher compared to $24.58 Billion in August 2020. Non-Oil and Non-Gold imports were $28.67 Billion in August 2021, recording a positive growth of 37.33 percent, as compared to Non-Oil and Non-Gold imports of $20.88 Billion in August 2020. 

The CNX Nifty is currently trading at 17475.65, up by 95.65 points or 0.55% after trading in a range of 17386.90 and 17479.55. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were NTPC up by 5.52%, ONGC up by 4.20%, Bharti Airtel up by 3.79%, Titan Co up by 3.01% and Coal India was up by 2.55%. On the flip side, Tata Consumer Products down by 0.73%, BPCL down by 0.65%, Grasim Industries down by 0.60%, Eicher Motors down by 0.59% and HDFC Bank was down by 0.54% were the top losers.

Most of the Asian markets were trading lower; Nikkei 225 slipped 158.39 points or 0.52% to 30,511.71, Jakarta Composite lost 13.05 points or 0.21% to 6,116.05, Straits Times trembled 23.40 points or 0.76% to 3,056.97Shanghai Composite declined 15.25 points or 0.42% to 3,647.35, Hang Seng decreased 440.46 points or 1.73% to 25,061.7,7 and Taiwan Weighted was down by 80.90 points or 0.46% to 17,354.00. On the flip side; KOSPI was up by 4.57 points or 0.15% to 3,153.40.