The domestic equity barometers trimmed losses in mid morning trade. The Nifty continued to trade below the 17,350 mark. FMCG and consumer durables stocks were in demand while realty stocks corrected after a recent rally.
At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 133.03 points or 0.23% to 58,163.88. The Nifty 50 index lost 43.70 points or 0.25% to 17,334.10.
In the broader market, the S&P BSE Mid-Cap index shed 0.24% while the S&P BSE Small-Cap index fell 0.40%.
The market breadth was weak. On the BSE, 1185 shares rose and 1754 shares fell. A total of 149 shares were unchanged.
COVID-19 Update:
Also Read
Total COVID-19 confirmed cases worldwide stood at 221,069,535 with 4,574,662 deaths. India reported 392,864 active cases of COVID-19 infection and 392,864 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty FMCG index rose 0.80% to 40,491.60. The index declined 0.32% in the past two sessions.
Dabur India (up 1.92%), Marico (up 1.86%), ITC (up 1.82%), Colgate-Palmolive India (up 1.10%), Tata Consumer Products (up 0.80%), Godrej Consumer (up 0.72%) and Britannia Industries (up 0.59%) edged higher.
Concurrently, Varun Beverages (down 1.49%), Jubilant Foodworks (down 1.10%) and Emami (down 1.09%) edged lower.
Stocks in Spotlight:
Larsen & Toubro (L&T) shed 0.29% to Rs 1690. The company said its construction arm secured a 'significant' order for its water & effluent treatment business in India. According L&T's classification, the value of the said contracts lies between Rs 1,000 crore to Rs 2,500 crore.
Panacea Biotec jumped 6.86% to Rs 314.80. The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) and Panacea Biotec (Company) announced supply of the 1st shipment out of 1 million doses of the second component (human adenovirus serotype 5) of the Russian Sputnik V coronavirus vaccine manufactured by Panacea Biotec for sale in India. The batch will be distributed in India through a partner of RDIF and Panacea Biotec- Dr. Reddy's Laboratories.
Global Markets:
Most Asian stocks were trading higher on Tuesday after China's import and export growth accelerated in August despite disruptions due to the spread of the coronavirus's delta variant. Exports rose 25.6% over a year earlier to $294.3 billion, up from July's 18.9% growth, customs data showed Tuesday. Imports rose 33.1% to $236 billion, up from the previous month's 28.7%.
Meanwhile. the Reserve Bank of Australia today announced its decision to hold steady on the cash rate target.
Meanwhile, investors will be keeping an eye on sentiment in the U.S. on Tuesday after markets there were closed on Monday for a holiday. U.S. stock futures opened slightly higher Monday night and were currently trading with minor gains, after the Dow slipped from a record high on Friday.
The losses came after the August U.S. jobs report came in short of expectations, highlighting continued concern about the spread of Covid and its delta variant. Nonfarm payrolls increased by 235,000 in August, the Labor Department reported. The disappointing August jobs report will likely influence the Fed's timeline for tapering its asset-purchase program.
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