Benchmark indices are trading firm in early trade, with the Sensex hitting record high of 59,550.88 in early trade. BSE Sensex, was up 355.68 points or 0.6% at 59,496.84, while Nifty 50 index was up 103.35 points or 0.59% at 17,732.85 at the opening. In early trade, the Nifty scaled a record high of 17,741.05 . The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was up 0.06%.
Over 1481 shares rose and 1010 shares fell on the BSE. A total of 132 shares were unchanged.
Meanwhile, all eyes are on the GST Council meeting scheduled today, 17 September 2021 in Lucknow.
The agenda for the GST Council meet includes considering taxing petrol, diesel and other petroleum products under the single national GST regime.
On September 16, the Union Cabinet had approved central government guarantee up to Rs 30,600 crore to back security receipts (SRs) to be issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets.
NARCL proposes to acquire stressed assets of about Rs 2 lakh crore in phases within extant regulations of Reserve Bank of India (RBI). It intends to acquire these through 15% cash and 85% in SRs.
Infosys rose 0.48%. Infosys announced that it would collaborate with Frost Bank to provide strategic business consulting and digital capabilities that will enable Frost Bank to offer mortgage loans along with its other consumer loan products. Hero MotoCorp gained 0.41%. Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from September 20, 2021. The price hike across the range of motorcycles and scooters will be up to Rs. 3,000. The exact quantum of increase will depend on the model and the market. Kotak Mahindra Bank rose 0.85%. Kotak Mahindra Group (Kotak) and Volkswagen Finance Private Limited (VWFPL) announced that Kotak has acquired the vehicle financing loan portfolio of VWFPL, the Indian captive financing arm of Volkswagen Group. Biocon advanced 1.75%. Biocon Biologics (BBL), a subsidiary of Biocon and Serum Institute Life Sciences Private Limited (SILS), a subsidiary of Serum Institute of India Pvt. Ltd. announced a strategic alliance.TVS Motor Company gained 1.56%.
Overseas, Asian stocks are trading mixed on Friday. The traders weighed risks from China to the global recovery and the prospect of reduced Federal Reserve stimulus. US stocks closed mostly lower on Thursday after swinging between gains and losses after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.US retail sales increased in August, rising 0.7% from the previous month.
(With inputs from Capital Line)
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The economy is recovering but GDP is expected to be only slightly larger than it was in pre-pandemic 2019-20.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.
There is a need to continuously facilitate trade and industry and provide thrust to the growth promising sectors of Indian economy.