Sensex jumps 514 points to end at 59,005; Nifty gains 165 points to 17,562

Domestic equity indices ended near the day's high after a volatile trade till afternoon on Tuesday, September 21, 2021. The S&P BSE Sensex advanced 514.34 points or 0.88 per cent to close at 59,005.27. The Nifty 50 index added 165.10 points or 0.95 per cent and closed at 17,562. The Nifty Bank index rose 90.15 points or 0.24 per cent to 37,235.85.

The broader markets underperformed Sensex at the BSE with S&P BSE MidCap rising 0.79 per cent and S&P BSE SmallCap rising 0.14 per cent.

The market breadth was positive. On the BSE, 1630 shares rose and 1599 shares fell. On the Nifty 50 index at the NSE, 40 shares advanced and 10 shares declined. The top five gainers on Nifty 50 were JSW Steel (up 5.97 per cent), ONGC (up 5.18 per cent), Bajaj Finance (up 5.07 per cent), IndusInd Bank (up 4.59 per cent) and Tata Steel (up 3.46 per cent). The top five losers were Maruti (down 2.45 per cent), BPCL (down 1.47 per cent), Hero MotoCorp (down 1.19 per cent), Bajaj Auto (down 1.17 per cent) and Nestle India (down 0.90 per cent).

The Rs 170.7 crore initial public offering (IPO) of Paras Defence and Space Technologies Limited which opened today for bidding was subscribed 16.57 times by 5:00 pm. The subscription will close on Thursday, September 23, 2021. The price band for the issue of the Mumbai-based defence company has been fixed at Rs 165-175 per share. The issue comprises a fresh issue of Rs 140.6 crore by the company and an offer for sale of up to 17,24,490 equity shares worth Rs 30 crore by existing shareholders including Paras Defence promoters. Retail investors can subscribe to the IPO by placing bids in the lot of 85 equity shares and multiples of 85 thereafter.

Markets in mainland China and South Korea were closed on Tuesday for a holiday.

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 22,90,83,964 with 47,00,041 deaths. India reported 3,09,575 active cases of COVID-19 infection and 4,45,385 deaths while 3,27,49,574 patients have been discharged, data showed.

Economy

Corporate India handed over an average increment of 8 per cent in 2021, and early estimates reveal that the average increment for 2022 is expected to increase to 8.6 per cent, in line with a healing economy and improving confidence, according to a Deloitte survey. As per the second phase of Deloitte's Workforce and Increment Trends survey 2021, 92 per cent of companies gave an increment in 2021 at an average of 8 per cent.

For 2022, an average increment is expected to increase to 8.6 per cent, at par with the pre-pandemic levels of 2019, the survey said, adding that about 25 per cent of companies surveyed have projected a double-digit increment for 2022.

The 2021 Workforce and Increment Trends survey was launched in July 2021. The primary audience for this survey were seasoned HR professionals. More than 450 organisations participated in this edition spread across seven sectors and 24 sub-sectors.

The US Federal Reserve is due to meet on Tuesday and Wednesday as investors look for cues on when it will begin pulling back on its bond purchases. Fed Chair Jerome Powell will hold a press conference Wednesday at the conclusion of the two-day meeting. Mr Powell had said the so-called tapering could occur this year but investors are waiting for more specifics, particularly after mixed economic data released since Mr Powell's last comments.

Job opportunities remain below pre-pandemic levels for a quarter of the UK workforce, the Institute for Fiscal Studies said in a report that suggests slacker in the labour market than official estimates show. A surge in overall vacancies to record levels has been entirely driven by low-paying occupations, the research group said in a report published on Tuesday.