The benchmark indices hit fresh intraday low in early afternoon trade. The Nifty held above 15,750 mark. Weak cues from other Asian stock markets spoiled investors sentiment.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 159.65 points or 0.30% at 52,575.94. The Nifty 50 index lost 55 points or 0.35% at 15,759.70.
In the broader market, the S&P BSE Mid-Cap index slipped 0.05% while the S&P BSE Small-Cap index added 0.25%.
The market breadth was positive. On the BSE, 1,708 shares rose and 1,379 shares fell. A total of 127 shares were unchanged.
Economy:
Finance Minister Nirmala Sitharaman on Monday, 28 June 2021, announced several economic relief measures amid COVID pandemic including eight economic relief measures, of which four are new and one is specific to health infrastructure. Sitharaman announced 1.1 lakh crore rupee loan guarantee scheme for COVID affected sectors. She said, of them Rs 50,000 crore will be for health sector.
The scheme is aimed at upscaling medical infrastructure targeting unreserved areas. Sitharaman said that the guarantee cover will be for expansion and new projects related to medical infrastructure in cities other than eight metropolitan cities.
The Finance Minister also announced Rs 1.5 lakh crore for Emergency Credit Line Guarantee Scheme (ECLGS) which was launched as part of Atmanirbhar Bharat Package in May 2020.
In another relief measure, Sitharaman announced Credit Guarantee Scheme which is a new scheme to facilitate loans to 25 lakh people through Micro Finance Institutions (MFI).
In yet another decision related to reviving the tourism sector, Sithraman announced financial support to more than 11 thousand Registered Tourist Guides and Travel and Tourism Stakeholders. The Finance Minister also announced free tourist visa to five lakh tourists.
The total financial implication over it will be Rs 100 crore. Sitharaman announced extension of Atmanirbhar Bharat Rojgar Yojana from 30th of June 2021 to 31st of March 2022. Sitharaman also informed about extension of Pradhan Mantri Garib Kalyan Anna Yojana, PMGKAY as announced earlier by the government.
Following the announcement, TV Narendran, president, Confederation of Indian Industry (CII) said: "We are heartened by the targeted interventions announced by the government, with a special focus on health and tourism. The liquidity boosting measures to keep the enterprises afloat in the aftermath of COVID 2.0 in the form of extending loan guarantees to the healthcare, tourism sectors, and small borrowers, in addition to increasing the scope of ECLGS by Rs 1.5 lakh crore are very welcome steps."
While the overall investor sentiment remained positive on account domestic economic recovery, fears of the third COVID-19 wave kept sentiment in check.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 18,14,29,324 with 39,29,761 deaths. India reported 5,52,659 active cases of COVID-19 infection and 3,97,637 deaths while 2,93,66,601 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 37,566 new COVID-19 cases and 907 deaths in the last 24 hours, according to data released by the union health ministry on Monday, 28 June 2021.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.13% to 13.25. The Nifty 29 July 2021 futures were trading at 15,780.50, a premium of 20.80 points compared with the spot at 15,759.70.
The Nifty option chain for 29 July 2021 expiry showed maximum Call OI of 22.1 lakh contracts at the 16,000 strike price. Maximum Put OI of 28.40 lakh contracts was seen at 15,500 strike price.
Buzzing Index:
The Nifty Auto index fell 0.69% to 10,636.45. The index rose 2.96% in the past five sessions, till yesterday.
Maruti Suzuki India (down 1.85%), Bajaj Auto (down 1.44%), Mahindra & Mahindra (M&M) (down 1.31%), TVS Motor Company (down 1.14%) and Eicher Motors (down 1.11%) declined.
Stock in Spotlight:
Larsen & Toubro Technology Services (LTTS) slipped 0.54%. On Tuesday, the firm announced a strategic partnership to deliver end-to-end 5G automation services with Mavenir, for building the future of networks with cloud-native software that runs on any cloud. The automation services will include continuous integration / continuous delivery automation of the 5g ORAN portfolio of RU/DU/CU products, in conjunction with the cloud native 5G NSA and SA core network products, for global frequency bands supporting TDD AND FDD technology.
Ramco Systems advanced 3.35% after the IT company announced that it will provide its Enterprise Resource Planning (ERP) software to Aden Ports Development Company (APDC) at their Aden Container Terminal (ACT). The association between the partners, which began in 2009, will see the upgrade of ACT's HR, payroll and financial accounting capabilities, modernization and digitisation of existing applications, and introduction of newer technologies and innovations such as Payroll Hub, Accounts Payable/Accounts Receivable hubs, as well as mobile apps, with a sleeker and more comprehensive dashboard.
Thomas Cook (India) rallied 2.51% after the company's subsidiary DEI (Digiphoto Entertainment Imaging) signed a multi-year memorandum with Shanghai Disney Resort, establishing DEI as their official imaging service sponsor. Post agreement, DEI has become the exclusive service provider of Shanghai Disney Resort's iconic Disney PhotoPass experience effective from 3 June 2021.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
