End-Session

Benchmarks indices ended with strong gains on Thursday, extending their winning run to sixth consecutive session. Positive global stocks boosted sentiment. The Nifty hit a record high of 18,350.75 and the Sensex hit an all time high of 61,353.25 in late trade.

The barometer index, the S&P BSE Sensex, rallied 568.90 points or 0.94% to 61,305.95. The Nifty 50 index added 176.80 points or 0.97% to 18,338.55.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.46%.

The market breadth was positive. On the BSE, 1,703 shares rose and 1,655 shares fell. A total of 140 shares were unchanged.

The Indian stock market will remain shut on Friday (15 October 2021) on account of Dussehra.

Economy:

India's inflation based on wholesale price index (WPI) rose 10.66% in September 2021 compared with 1.32% in September 2020.

The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum & natural gas, chemicals and chemical products, etc. compared with the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today.

WPI grew 11.39% in August 2021, while the figure for July was 11.57%.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement rose 0.26% to Rs 48,039.

The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.329% as compared with its previous closing of 6.314%.

In the commodities market, Brent crude for December 2021 settlement rose 93 cents or 1.12% to $84.11 a barrel.

In the foreign exchange market, the partially convertible rupee rose to 75.265 from its previous closing of 75.375.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 93.84.

Global Markets:

US Dow Jones index futures were up 201 points, indicating a strong opening in the US stocks today.

European stocks rose across the board while most Asian stocks settled higher on Thursday with investors around the world reflecting on the latest inflation data and earnings out of the US. Investors also reacted to the release of China's inflation data for September. Markets in Hong Kong were closed on Thursday for a holiday.

China's producer price index for September soared 10.7% as compared with a year ago. China's consumer price index also rose 0.7% in September as compared with a year ago.

Meanwhile, Singapore's central bank unexpectedly tightened monetary policy on Thursday. Official advance estimates also showed on Thursday that Singapore's economy grew 6.5% year-on-year in the third quarter of 2021.

In US, minutes from the Federal Open Market Committee's September meeting showed the central bank could begin tapering its asset-purchase program as soon as mid-November.

US consumer prices rose 0.4% last month, slightly higher than August's gain and pushing annual inflation back to the highest increase in 13 years. The consumer price index rose 5.4% in September from a year ago, the Labor Department said Wednesday, up slightly from August's gain of 5.3%. Excluding the volatile food and energy categories, core inflation rose 0.2% in September and 4% compared with a year ago. Core prices hit a three-decade high of 4.5% in June.

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