The domestic equity benchmarks continued to trade with small losses in mid morning trade. The Nifty was hovering above the 15,750 mark. Metal stocks corrected after a three-day rising streak. The trading sentiment was weak as most Asian stocks were trading lower.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 121.16 points or 0.23% to 52,614.43. The Nifty 50 index lost 41.45 points or 0.26% to 15,773.25.
In the broader market, the S&P BSE Mid-Cap index was trading flat while the S&P BSE Small-Cap index rose 0.29%.
The market breadth was positive. On the BSE, 1665 shares rose and 1319 shares fell. A total of 146 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 181,388,210 with 3,928,804 global deaths.
India reported 552,659 active cases of COVID-19 infection and 397,637 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Stocks in Spotlight:
Stove Kraft jumped 7.08% to Rs 653.75. The company said that it is launching or upgrading a new range of home and kitchen appliances products for Onam festival. The products include mixer grinder & wet grinder, pressure cookers, cast lron cookware, sleek glass cooktop 2, 3 and 4 burner, double walled kettle, hand blender, hand mixer, induction stove, desk lamp, turbo food processor, shears and cutting board.
RITES added 0.29% to Rs 277.30. The company said that it has been awarded additional work of consultancy services (PMC) for extension of the mainline from Rose Hill to Reduit through Ebene for an additional fee of MUR 250 millions (approx. Rs 45 crore).
Great Eastern Shipping Company rose 1.04% to Rs 389. The company said that it had delivered its 1996 built Midsize Gas Carrier 'Jag Vayu' to the buyers. The vessel was contracted for sale in May 2021. Excluding this vessel, the company's current fleet stands at 46 vessels, comprising 32 tankers (9 crude carriers, 18 product tankers, 5 LPG carrier) and 14 dry bulk carriers with an average age of 11.97 years aggregating 3.68 mn dwt.
Buzzing Index:
The Nifty Metal index slipped 0.86% to 5,245.15, amid some bit of profit booking. The index had gained 4.52% in the past three sessions.
Hindalco Industries (down 1.73%), SAIL (down 1.54%), National Aluminum Co. (down 1.25%), Jindal Steel & Power (down 1.11%), Tata Steel (down 1.05%), JSW Steel (down 1.04%), Hindustan Zinc (down 1%), Vedanta (down 0.69%) and Coal India (down 0.41%) declined.
Meanwhile, Welspun Corp (up 2.26%), MOIL (up 1.26%) and NMDC (up 0.36%) bucked the trend.
Global Markets:
Most Asian stocks were trading lower on Tuesday amid new travel curbs in some parts of the world.
Concerns over the rapid spread of the new highly contagious Covid-19 delta variant have dented sentiment in Asia-Pacific, with several countries in the region battling outbreaks.
Global investors are also looking ahead to potentially significant U.S. labor market data later in the week, as markets look to gauge whether the U.S. Federal Reserve will be forced to consider tightening monetary policy sooner than planned. The Labor Department's key jobs report is due Friday.
In Europe, European Central Bank policymakers on Monday began a public discussion about when and how to wind down the massive emergency bond purchase program launched last year to support the euro zone economy through the pandemic.
Euro zone economic, industrial and services sentiment surveys for June will be published at 10 a.m. London time today, along with a June consumer confidence reading and inflation expectations. German consumer price index inflation figures are due Tuesday afternoon.
The US stocks were mostly higher on Monday, 28 June 2021, with the Nasdaq and the S&P 500 settling higher, while the Dow closed below neutral line, after President Joe Biden acknowledged there was no guarantee the infrastructure package would get through Congress.
The White House on Saturday stepped back from a call to link it to a wider tax-and-spending bill - including priorities like climate change mitigation, child care, schools and social services - that is opposed by Republicans. The announcement fanned fears Biden had threatened to veto the new agreement.
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