The equity barometers trimmed losses in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 637.68 points or 1.74% at 36,056.01. The Nifty 50 index was down 168.50 points or 1.56% at 10,634.20.
The undertone of the market was still fragile amid negative global cues and rising global coronavirus cases.
In the broader market, the S&P BSE Mid-Cap index slipped 0.93% while the S&P BSE Small-Cap index lost 1.02%.
Sellers outpaced buyers. On the BSE, 705 shares rose and 1883 shares fell. A total of 125 shares were unchanged. In Nifty 50 index, 4 stocks advanced while 46 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 221.76 crore while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,485.59 crore in the Indian equity market on 13 July, provisional data showed.
Buzzing Index:
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The Nifty Metal index fell 2.34% to 2,055.85. The index rose 1.30% on Monday.
Among the index constituents, Hindustan Copper (down 5.45%), Welspun Corp (down 4.94%), National Aluminum Co. (down 4.2%), SAIL (down 4.06%), NMDC (down 3.39%), Vedanta (down 3.16%), Hindalco Industries (down 3.07%), MOIL (down 2.29%), JSW Steel (down 2.07%), Jindal Steel & Power (down 2%), Hindustan Zinc (down 1.82%), Tata Steel (down 1.61%), APL Apollo Tubes (down 1.57%), Coal India (down 1.3%) and Ratnamani Metals Tubes (down 0.32%) declined.
Stocks in Spotlight:
Bharat Heavy Electricals (down 6.69%), RBL Bank (down 6.75%), L&T Finance Holdings (down 5.76%), Indiabulls Housing Finance (down 5.75%) and Mahindra & Mahindra Financial Services (down 4.49%) were the top mid-cap losers.
Indiabulls Ventures (down 4.99%), IDBI Bank (down 4.93%), Bombay Burmah Trading Corporation (down 4.48%), Shriram City Union Finance (down 4.40%) and Quess Corp (down 4.07%) were the top small-cap losers.
Motherson Sumi Systems fell 3.02% to Rs 93.15 after the credit rating agency Moody's Investors Service lowered the outlook on the company's rating to negative from ratings under review. The ratings agency said that the negative outlook indicates the risk of a downgrade if the global auto industry does not recover, with a slower-than-anticipated recovery in the company's financial metrics.
On a year-to-date (YTD) basis, shares of Motherson Sumi have fallen 36.44% while the S&P BSE 100 index and the S&P BSE Auto index have declined 12.77% and 15.49%, respectively.
Dr. Reddy's Laboratories gained 1.05% to Rs 3939.70. The company announced the launch of over-the-counter Nicotine Polacrilex lozenges, 2 mg and 4 mg, the store brand version of Nicorette lozenges in the US market. Nicotine Polacrilex lozenges are medical products used to aid in smoking cessation in adults.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.826% compared with previous closing of 5.786% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower to 75.42 compared with its previous closing 74.19.
In the commodities market, Brent crude for September 2020 settlement fell 44 cents to $42.28 a barrel. The contract slipped 1.20% or 52 cents to end at $ 42.72 in the previous trading session .
MCX Gold futures for 5 August 2020 settlement fell 0.26% to Rs 49,021.
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