Market rises for 6th consecutive session; Sensex climbs 569 points & Nifty advances 177 points

Benchmarks indices extended their winning run to the sixth consecutive trading session and ended with strong gains on Thursday, October 14, 2021. The benchmark BSE Sensex breached the 61,000-mark milestone for the first time, while the Nifty 50 index surpassed 18,300 today.

The S&P BSE Sensex rallied 568.90 points or 0.94 per cent to 61,305.95. The Nifty 50 index added 176.80 points or 0.97 per cent to 18,335.55. Both the indices hit fresh record peaks of 61,353.25 and 18,350.75 in the intra-day deals.

The Nifty Bank climbed 705.15 points, or 1.83 per cent to settle at 39,340.90. In the broader markets, the BSE MidCap index closed 0.54 per cent higher while the BSE SmallCap index added 0.46 per cent.

The market breadth was positive. On the BSE, 1722 shares rose and 1631 shares fell. On the Nifty 50 index at the NSE, 34 shares advanced and 16 shares declined. The top five gainers on Nifty 50 were Adani Ports (up 7.11 per cent), Wipro (up 5.41 per cent), Grasim (up 4.59 per cent), HDFC Bank (up 2.9 per cent) and ITC (up 2.85 per cent). The top five losers were Coal India (down 2.92 per cent), Tata Motors (down 2.03 per cent), Eicher Motors (down 1.88 per cent), HCL Technologies (down 1.53 per cent) and HDFC Life (down 0.93 per cent).

Economy

India's inflation based on the wholesale price index (WPI) rose 10.66 per cent in September 2021 compared with 1.32 per cent in September 2020. "The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum & natural gas, chemicals and chemical products, etc. compared with the corresponding month of the previous year," the Ministry of Commerce & Industry said today. WPI grew 11.39 per cent in August 2021, while the figure for July was 11.57 per cent.

China's producer price index for September soared 10.7 per cent as compared with a year ago. China's consumer price index also rose 0.7 per cent in September as compared with a year ago.

Singapore's central bank unexpectedly tightened its monetary policy on Thursday. Official advance estimates also showed on Thursday that Singapore's economy grew 6.5 per cent year-on-year in the third quarter of 2021.

Minutes released on Wednesday afternoon from the Federal Open Market Committee's September meeting showed the central bank could begin tapering its asset-purchase program as soon as mid-November. Consumer prices rose 0.4 per cent last month, slightly higher than August's gain and pushing annual inflation back to the highest increase in 13 years. The consumer price index rose 5.4 per cent in September from a year ago, the Labour Department said on Wednesday, up slightly from August's gain of 5.3 per cent.