Equity indices traded near the record high level with decent gains in morning trade. The Nifty scaled the 18,100 mark and hit a record high of 18,128.70 in morning trae. The Sensex also clocked an all time high of 60,649.32. All sectoral indices on the NSE traded in the green.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 295.32 points or 0.49% at 60,579.16. The Nifty 50 index gained 114.55 points or 0.64% to 18,106.25.

In the broader market, the S&P BSE Mid-Cap index rose 1.04% while the S&P BSE Small-Cap index added 0.73%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1901 shares rose and 1149 shares fell. A total of 141 shares were unchanged.

Economy:

In its latest World Economic Outlook report, released on Tuesday, the International Monetary Fund (IMF) said that Indian economy is expected to grow by 9.5% in 2021 and 8.5% in the next year.

The global growth projection for 2021 has been revised down marginally to 5.9% and is unchanged for 2022 at 4.9%.

India's industrial production rose 11.9% in August, according to the data released by the National Statistical Office (NSO) on Tuesday. The manufacturing sector, which constitutes 77.63% of the Index of Industrial Production (IIP), grew 9.7% in August, mining sector output rose 23.6% in August, while power generation increased 16 per cent.

Retail inflation growth in India based on Consumer Price Index (CPI) eased to 4.35% in the month of September following a 5.30% in August, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 238,678,058 with 4,864,825 deaths. India reported 207,653 active cases of COVID-19 infection and 451,189 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

Infosys (down 0.1%), Mindtree (up 0.87%) and Wipro (up 0.21%) will announce their quarterly results today.

Buzzing Index:

The Nifty Metal index added 1.25% to 5,902.05, rising for fifth consecutive trading session. The metal index rallied nearly 5% in five days.

Jindal Steel & Power (up 2.9%), Steel Authority of India (up 2.76%), Tata Steel (up 1.78%), Vedanta (up 1.46%) and JSW Steel (up 1.38%) were the top gainers. Among the other gainers were NMDC (up 0.86%), Hindalco Industries (up 0.72%) and Hindustan Zinc (up 0.33%).

Stocks in Spotlight:

Power Grid Corporation of India rose 2.30% to Rs 197.75 after the company's board granted investment approval for setting up of electric vehicle charging station in Navi Mumbai at an estimated cost of Rs 14.23 crore. The company's board has also approved incorporation of wholly owned subsidiary to undertake telecommunications and digital technology business of Power Grid.

Happiest Minds Technologies rose 0.06%. The IT company on Tuesday announced that it has entered into a partnership with Tech4TH Solutions, a company incorporated in the USA. Happiest Minds said that its deep digital technology led offerings coupled with Tech4TH's strong consulting and industry focus will help enterprises in the Travel and Hospitality sector to drive their customer experience, employee engagement and operational excellence initiatives. Tech4TH provides digital services to worldwide companies in the Travel and Hospitality sectors.

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