Barometers trade with minor gains

The benchmark indices were trading with minor gains in afternoon trade. The Nifty index continued to trade above 15,800 mark.

At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 26.03 points or 0.05% at 52,887.21. The Nifty 50 index gained 0.95 points or 0.01% at 15,819.20.

Housing Development Finance Corporation (HDFC) (up 1%), HDFC Bank (up 0.36%) and Bajaj Finserv (up 2.13%) boosted the indices.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 0.12%. The S&P BSE Small-Cap index rose 0.08%.

Buyers outpaced sellers. On the BSE, 2,013 shares rose and 1,159 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 543.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 521.30 crore in the Indian equity market on 6 July 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 18,46,14,330 with 39,93,197 deaths. India reported 4,59,920 active cases of COVID-19 infection and 4,04,211 deaths while 2,97,99,534 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India has reported 43,733 fresh cases of COVID-19 and 930 deaths in the last 24 hours. Recovery rate has increased to 97.18%.

Politics:

The Union Cabinet reshuffle/expansion will be reportedly taking place on 7 July 2021 at 18:00 IST. This will be the first cabinet reshuffle in the second term of the Narendra Modi government.

Gainers & Losers:

Bajaj Finserv (up 2.13%), IndusInd Bank (up 1.16%), UPL (up 0.95%), Shree Cements (up 0.88%) and JSW Steel (up 0.78%) were major gainers in Nifty 50 index.

Oil & Natural Gas Corporation (ONGC) (down 2.51%), Titan Company (down 1.82%), Tata Consumer Products (down 1.17%), Grasim Industries (down 1.09%) and Mahindra & Mahindra (M&M) (down 1.02%) were major losers in Nifty 50 index.

Stocks in Spotlight:

ISGEC Heavy Engineering gained 1.88% after the company announced that its subsidiary and joint venture company has bagged an order for critical reactors for USA. ISGEC on Wednesday announced that its joint venture company, Isgec Hitachi Zosen received an order for the supplying four reactors of vanadium modified low alloy steel, for a renewable energy project in USA. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment.

Bajaj Consumer Care added 1.93% after Goldman Sachs India held 35.66 lakh shares (equivalent to 2.42% stake) of the company as on 30 June 2021 compared with 20.42 lakh shares (equivalent to 1.38% stake) as on 31 March 2021. Goldman Sachs India held 16.55 lakh shares (equivalent to 1.12% stake) of Bajaj Consumer as on 31 December 2020.

Global Markets:

European shares rose across the board while most Asian stocks declined on Wednesday, 7 July 2021, following losses on Wall Street with the S&P 500 ending its seven-day winning streak.

US stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week on concerns about the economic outlook and risks from COVID-19 variants.

The ISM Services index, a major gauge of the services sector, slowed to 60.1 in June from a record in the prior month, data released Tuesday showed.

Investors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank's behind-the-scenes discussions on winding down its quantitative easing program.

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