Markets gain more than 1%; Sensex gains 765 points & Nifty closes at 16,931

Domestic equity markets posted another record closing high on Monday, August 30, 2021, supported by positive global cues. The S&P BSE Sensex closed 765.04 points or 1.36 per cent higher at 56,889.76. The Nifty 50 rose 225.85 points or 1.35 per cent to 16,931.05.

Sectorally, the Nifty Metal index advanced 2.47 per cent, followed by the Nifty Bank – up 2.02 per cent, Nifty Realty – up 1.94 per cent, Nifty Pharma – up 1.96 per cent and Nifty Auto – up 1.68 per cent. In the broader markets at BSE, the S&P BSE MidCap and the S&P BSE SmallCap ended 1.72 per cent and 1.55 per cent higher, respectively.

The market breadth was strong. On the BSE, 2,215 shares rose and 1096 shares fell. On the Nifty 50 index at the NSE, 43 shares rose and seven shares fell. The top five gainers on the Nifty 50 index were Bharti Airtel – up 5.02 per cent, Divi's Laboratories – up 4.24 per cent, Axis Bank – up 4.03 per cent, Tata Steel – up 3.80 per cent and Coal India – up 3.43 per cent. The top five losers were Tech Mahindra (down 1.43 per cent), Nestle India (down 1.11 per cent), Eicher Motors (down 1.11 per cent), Infosys (down 0.52 per cent) and Wipro (down 0.46 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 21,64,13,894 with 45,01,051 deaths. India reported 3,76,324 active cases of COVID-19 infection and 4,38,210 deaths while 3,19,23,405 patients have been discharged, data showed.

Economy

India has attracted a total FDI inflow of 22.53 billion dollars from April to June, this year which is 90 per cent higher as compared to the first three months of 2020-21 which was 11.84 billion dollars.

FDI equity inflow grew by 168 per cent in the first three months of Financial Year 2021-22 which is 17.57 billion dollars compared to the year-ago period which was 6.56 billion dollars.

Commerce and Industry Ministry said, Automobile Industry has emerged as the top sector during the first three months of the Financial Year 2021-22 with a 27 per cent share of the total FDI Equity inflow followed by Computer Software and Hardware 17 per cent and Services Sector 11 per cent.

Reserve Bank of India has announced the issue price for Sovereign Gold Bond Scheme 2021-22 - Series VI. RBI has a fixed price of 4,732 Rupee per gram for bonds which will be available for subscription from Monday and will remain open till 3rd September 2021. A discount of Rupees 50 will be given to investors applying in online mode. The nominal value of the bond is based on the simple average closing price published by India Bullion and Jewellers Association for gold of 999 purity in the last three business days.

US Federal Reserve (Fed) Chair Jerome Powel on Friday during the Federal Reserve Bank of Kansas City's annual Jackson Hole economic symposium said that the Fed could start tapering asset purchases this year as the central bank is carefully assessing the risks from the Delta variant. The Fed chief also cautioned that a move to start tapering asset purchases should not be interpreted as a sign that rate hikes would soon follow.

Fed Chair Powell said the US central bank will be carefully assessing incoming data and the evolving risks, perhaps offering himself more wiggle room before its September 21-22 meeting to digest further evidence of the health of the economy, including a coming jobs report for August.