Nifty holds 17,300; breadth turns positive

Key equity barometers were trading sideways with modest losses in mid morning trade. The Nifty regained the 17,300 mark after hitting the day's low of 17,269.15 in morning trade. IT and metal shares were in demand while banks and financial shares declined.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 230.77 points or 0.4% at 58,074.11. The Nifty 50 index was down 61.20 points or 0.35% at 17,308.70.

The broader market outperformed the benchmark indices. The S&P BSE Mid Cap index was up 0.01% while the S&P BSE Small Cap index gained 0.45%.

The market breadth turned positive. On the BSE, 1574 shares rose and 1492 shares fell. A total of 203 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 222,625,116 with 4,630,376 deaths. India reported 374,269 active cases of COVID-19 infection and 442,874 deaths 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. 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.

Buzzing Index:

The Nifty Bank index slipped 235 points or 0.64% to 36,447.65, falling for the second trading session. The index has declined nearly 1% in two days.

ICICI Bank (down 1.74%), AU Small Finance Bank (down 0.93%), Federal Bank (down 0.67%), Bandhan Bank (down 0.62%), HDFC Bank (down 0.58%), IDFC First Bank (down 0.53%) and SBI (down 0.46%) were top losers in banking space.

Stocks in Spotlight:

SpiceJet rose 0.72%. The low-cost air carrier announced that it has commercially agreed a settlement with CDB Aviation, another major lessor of MAX aircraft. "This will add to already announced settlement with Avolon, a major lessor of MAX aircraft to grow its fleet of 737 MAX aircraft. The airline expects to start operations of MAX aircraft around the end of September 2021, subject to regulatory approvals," the company said in a statement.

Dilip Buildcon rose 1.14% to Rs 518.10 after the company's wholly-owned subsidiary executed a concession agreement with the National Highways Authority of India (NHAI) on 10 September 2021 for a road project in Karnataka.

Global Markets:

Asian stocks were trading lower on Monday, with stocks in Hong Kong leading losses. 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.

Wall Street 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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