The benchmark indices were up at opening bell on the bourses on Wednesday (August 25). Sensex was up 126.38 points or 0.23 percent at 56,085.36 tracking gains in index majors HDFC, Reliance Industries and ICICI Bank. The Nifty50 was 40.55 points or 0.24 percent up at 16,665.15. The BankNifty was up 96.60 points or 0.27 percent up at 35,808.70 points.
After touching a lifetime high of 56,188.49 in the opening session, the 30-share index was trading 211.23 points or 0.38 per cent higher at 56,170.21. Similarly, the broader NSE Nifty advanced 67.75 points or 0.41 per cent to 16,692.35.
Tata Steel was the top gainer in the Sensex pack, rising around 1 per cent, followed by NTPC, L&T, HDFC, Nestle India, ICICI Bank and Bajaj Finserv.
On the other hand, Titan, Tech Mahindra, HCL Tech, Asian Paints and Dr Reddy’s were among the laggards.
In the previous session, Sensex ended 403.19 points or 0.73 per cent higher at its lifetime peak of 55,958.98, and Nifty surged 128.15 points or 0.78 per cent to its all-time closing high of 16,624.60.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,644.91 crore on Tuesday, as per provisional exchange data.
US stocks close high
US stocks finished higher Tuesday, with the S&P 500 and Nasdaq Composite indexes closing at fresh peaks, as bulls continued to find fuel in the formal full approval a day earlier of a COVID-19 vaccine and as investors await a speech at the end of the week from Federal Reserve Chairman Jerome Powell.
The Democratic-run House on Tuesday advanced a key measure tied to President Joe Biden’s big spending plans in a 220-212 vote, with the action coming a day later than expected due to recalcitrance from moderate House Democrats.
Wall Street ended higher in a late-summer, light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium.
The Dow Jones Industrial Average rose 30.55 points, or 0.09 percent, to 35,366.26, the S&P 500 gained 6.7 points, or 0.15 percent, to 4,486.23 and the Nasdaq Composite added 77.15 points, or 0.52 percent, to 15,019.80.
Asian markets up
Asia-Pacific stocks mostly rose in early trade Wednesday, as optimism continued to drive US stocks, with the S&P 500 and Nasdaq reaching record highs overnight.
Nikkei 225 in Japan was up 0.35 percent, while the Topix jumped 0.39 percent. The Kospi rose 0.42 percent while Australia S&P/ASX 200 was up 0.24 percent.
Fuel prices unchanged
A day after reducing petrol and diesel prices, the oil marketing companies (OMC) on Wednesday kept fuel prices unchanged to further review global oil price movement before making any changes in the domestic market.
Accordingly, petrol continues to be priced at Rs 101.49 a litre and diesel Rs 88.92 a litre in Delhi, the same level as Tuesday.
Across the country as well fuel prices remained unchanged but its retail rate varied depending on the level of local taxes in states.
Petrol prices in Mumbai and Kolkata remained at Rs 107.52 and Rs 101.82 per litre respectively while in Chennai, petrol was priced at Rs 101.82. In Chennai, petrol prices fell by almost Rs 3 per litre on August 14 after the state government cut VAT on the fuel.
Similarly, diesel prices in Mumbai, Chennai and Kolkata remained at Rs 96.48, Rs 93.52 and Rs 91.98 per litre, respectively.
International oil benchmark Brent crude fell 0.62 per cent to $69.97 per barrel.
Oil steadied after a two-day advance with an industry report pointing to shrinking U.S. crude and fuel stockpiles, adding to positive signs for a market still grappling with the latest COVID-19 resurgence.
Futures in New York traded above $67 a barrel after rising more than 8% over the previous two sessions. The American Petroleum Institute reported crude inventories slid by 1.62 million barrels last week, according to people familiar with the data. That would be a third weekly draw if confirmed by government figures later Wednesday. Gasoline supplies also fell, the API said.
Oil’s red-hot rally over the first half of the year has been interrupted by the fast-spreading delta variant of the virus, although banks including Goldman Sachs Group Inc. and UBS Group AG see prices recovering through the end of 2021 as the market tightens. Investors will be keenly watching for any change to OPEC+ output policy when the group meets September 1.
Dollar trades low
The safe-haven dollar traded near a one-week low versus major peers on Wednesday as concerns eased that the highly contagious Delta coronavirus variant could derail a global economic recovery, lifting commodity-linked currencies like the Aussie.
The dollar index, which tracks the currency against six rivals, was little changed at 92.955, after dipping to 92.80 the previous day for the first time since August 17.
REITs, Infra Investment Trusts in Nifty
Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts will be included in the Nifty indices from September 30, according to new eligibility criteria announced by the NSE.
In a statement on Monday, the exchange said all equity shares, REITs and InvITs that are traded (listed and traded and not listed but permitted to trade) at the NSE are eligible for inclusion in the Nifty indices.
SEBI penalises 6 individuals for insider trading
Capital markets regulator SEBI on Tuesday penalised six individuals for violating insider trading norms in the matter of Titan Company Ltd. The regulator has levied a fine of Rs 1 lakh each on Muniraj Radhakrishnan, Gangadhar Sudheer Kallihal, Punit Juneja, Jayraj P, Arjun Ramji Vishwakarma and Mekat George.
In six separate orders, SEBIsaid these individuals were employees or designated persons of Titan at the time of the violation.
Four stocks are under F&O ban today: Canara Bank, Vodafone Idea, NMDC and SAIL.
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