Barometers trade sideways with small losses

Key barometers traded sideways with small losses in mid-morning trade. The Nifty traded below the 15,850 level. Metal stocks declined after a three-day rally.

At 11:26 IST, the barometer index, the S&P BSE Sensex, declined 94.32 points or 0.18% at 52,960.99. The Nifty 50 index fell 38.34 points or 0.24% at 15,841.30.

The broader market outperformed. The S&P BSE Mid-Cap index was up 0.43% while the S&P BSE Small-Cap index was up 0.68%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1898 shares rose and 1105 shares fell. A total of 133 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 185,024,418 with 4,000,767 global deaths.

India reported 460,704 active cases of COVID-19 infection and 405,028 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index slipped 0.57% to 5,256.35, snapping its three day winning run. The metal index saw profit booking after rising 3% in three days.

JSW Steel (down 1.28%), Steel Authority of India (down 1.25%), Hindalco Industries (down 1.08%), Jindal Steel & Power (down 1.07%) and Vedanta (down 1.07%) were top losers in metal space.

Stocks in Spotlight:

Alembic Pharma rose 0.22%. The drug maker said that it has received final approval from the US Food & Drug Administration (USFDA) for its ANDA for desipramine hydrochloride tablets USP, 10 mg, 25 mg, 50 mg, 75 mg, 100 mg, and 150 mg. The approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD), Norpramin tablets, 10 mg, 25 mg, 50 mg, 75 mg, 100 mg, and 150 mg, of Validus Pharmaceuticals.

Larsen & Toubro Infotech (LTI) rose 0.86%. The IT company said that it has completed the acquisition of 100% shareholding of Pune-based Cuelogic Technologies on 7 July 2021. "Consequently, Cuelogic is now a wholly owned subsidiary of the company and Cuelogic Technologies Inc., US is now wholly owned step-down subsidiary of the company, LTI said in a statement.

Global Markets:

Asian stocks were trading lower on Thursday, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced.

Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other tech firms, which once again raised concerns over the regulatory outlook.

In the US, the S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.

The US Federal Reserve's minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.

Investors also likely continued to monitor the Covid situation regionally. The Japanese government is set to declare another Covid-19 state of emergency in Tokyo until August 22, as per reports. Meanwhile, Australia's New South Wales state announced Wednesday a week-long extension of Sydney's lockdown.

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