The benchmark indices sharply pared losses and were hovering near the flat line in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 36.80 points or 0.06% at 58,268.27. The Nifty 50 index was almost flat at 17,369.30.
Reliance Industries (RIL) (down 1.97%), ICICI Bank (down 1.56%) and HDFC Bank (down 0.49%) were major drags.
The broader market was trading higher. The S&P BSE Mid-Cap index rose 0.30%. The S&P BSE Small-Cap index gained 0.71%.
Buyers outpaced sellers. On the BSE, 1,685 shares rose and 1,479 shares fell. A total of 214 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 423.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 704.21 crore in the Indian equity market on 9 September 2021, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 22,46,63,868 with 46,30,729 deaths. India reported 3,74,269 active cases of COVID-19 infection and 4,42,874 deaths while 3,24,47,032 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
In the last 24 hours, India recorded 27,254 new cases. The country's recovery rate currently stands at 97.54% with 37,687 recoveries in the last 24 hours taking the total recoveries to 3,24,47,032.
Economy:
India's Index of Industrial Production (IIP), rose 11.5% on a year-on-year basis in July 2021. But slowed down as against 13.5% in June 2021. Slowdown in IIP on a sequential basis was on the back of deceleration manufacturing, along with mining despite easing pandemic-related restrictions. For July 2021, the quick estimates of IIP, with base 2011-12 stands at 131.4, a statement by the Statistics and Programme Implementation Ministry said. The IIP for the mining, manufacturing and electricity sectors for July stood at 104.6, 130.9 and 184.7, respectively.
Gainers & Losers:
Coal India (up 3.94%), Hindalco Industries (up 2.77%), Bharti Airtel (up 1%) and Bharat Petroleum Corporation (BPCL) (up 0.92%) were major gainers in Nifty 50 index.
SBI Life Insurance Company (down 1.12%), Adani Ports & Special Economic Zones (APSEZ) (down 1.03%) and Mahindra & Mahindra (M&M) (down 0.91%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Advanced Enzyme Technologies soared 13.73% after the company announced positive clinical breakthrough in the randomized controlled trials (RCTs) of systemic enzymes and probiotics to resolve 'long covid' fatigue symptoms. In an exchange filing made during market hours on Monday, the company said that its systemic enzyme and probiotic supplementsImmunoSEB and ProbioSEB CSC3 have passed the promising stages of randomized controlled clinical trials in terms of efficacy to resolve post‐COVID fatigue symptoms. Muscle fatigue and cognitive disturbances persist in patients after recovery from acute COVID‐19 disease. However, there are no specific treatments available globally to treat post‐COVID fatigue complications.
TCS gained 1.40% after the company said it will work with NXP Semiconductors to help accelerate its digital transformation. NXP is driving innovation in the automotive, industrial & IoT, mobile, and communication infrastructure markets. The semiconductor manufacturer selected TCS as its strategic partner to drive its integrated IT services strategy across applications, IT infrastructure and workplace services spanning enterprise, manufacturing and engineering functions, TCS said in a regulatory filing.
Global Markets:
Shares in Europe opened higher while most Asian stocks advanced on Monday, 13 September 2021. with investors continuing to weigh up the European Central Bank's latest policy decision and inflation data.
Investors digested the ECB's decision last week to slow down bond buying under its pandemic emergency purchase programme (PEPP) in response to higher inflation and stronger GDP growth across the euro zone. The ECB also modestly revised up its medium-term inflation forecasts, a move that followed data showing euro zone inflation notched a decade high of 3% in August.
In Asia, Chinese technology stocks were under pressure after a report that China is seeking to break up Ant Group Co.'s Alipay and create a separate app for its loan business. Trade tension is also in the spotlight again after the Biden administration was said to be reportedly weighing a new probe into Chinese subsidies.
Elsewhere, North Korea said it successfully test-fired a new type of long-range cruise missile, ratcheting up tensions on the Korean Peninsula.
In the US, stocks ended lower on Friday as investors weighed signs of higher inflation, while Apple Inc tumbled following an unfavorable court ruling related to its app store.
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