Indices near day's low; metal stocks lose shine

Key benchmark indices traded near the day's low with steep losses in mid-afternoon trade. The Nifty fell below 15,750 level. All the sectoral indices on the NSE were trading in the red.

At 14:30 IST, the barometer index, the S&P BSE Sensex, dropped 637.85 points or 1.2% at 52,502.14. The Nifty 50 index slipped 186.95 points or 1.17% at 15,736.50.

Selling was wide spread. The S&P BSE Mid-Cap index lost 0.82% while the S&P BSE Small-Cap index declined 0.32%.

The market breadth was almost even. On the BSE, 1,644 shares rose and 1,622 shares fell. A total of 182 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 466.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 666.07 crore in the Indian equity market on 16 July 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 19,04,27,673 with 40,89,053 deaths. India reported 4,21,665 active cases of COVID-19 infection and 4,14,108 deaths while 3,03,08,456 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Monday, 19 July 2021 reported 38,164 new COVID-19 cases and 499 deaths, as per health ministry's updated data. The active cases in the country now stand at 4,21,665.

Buzzing Index:

The Nifty Metal index slipped 1.68% to 5,300, snapping its four day winning streak. The index rose 2.45% in the past four days.

Jindal Steel & Power (down 3.22%), Vedanta (down 2.36%), NMDC (down 2.02%), Hindalco Industries (down 1.79%) and APL Apollo Tubes (down 1.59%), Hindustan Zinc (down 1.53%), Tata Steel (down 1.27%), JSW Steel (down 1%) and Coal India (down 0.45%) declined.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 74.835 compared with its previous closing of 74.5725.

MCX Gold futures for 5 August 2021 settlement shed 0.26% to Rs 47,928.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.29% to 92.957.

The yield on 10-year benchmark federal paper rose to 6.130% from its previous close of 6.117%.

In the commodities market, Brent crude for September 2021 settlement fell $1.65 to $71.94 a barrel. The contract had lost 0.14% to settle at $73.14 in the previous trading session.

OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group - collectively known as OPEC+ will start in August, OPEC said in a statement. The development came as Brent surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.

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