Barometers trade with modest losses

Key barometer indices traded with modest losses in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 102.08 points or 0.26% at 38,798.70. The Nifty 50 index slipped 17.45 points or 0.15% at 11,449.85.

Weak GST collection data and rising COVID-19 cases impacted sentiment. The market was also under pressure due to introduction of new margin requirement in the cash segment from 1st September and geo-political tensions between India-China.

In broader market, the S&P BSE Mid-Cap index was down 0.05% while the S&P BSE Small-Cap index jumped 1%.

The market breadth was positive. On the BSE, 1347 shares rose and 1067 shares fell. A total of 124 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 486.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 775.23 crore in the Indian equity market on 1 September, provisional data showed

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 25,662,349 with 855,578 deaths. India reported 8,01,282 active cases of COVID-19 infection and 66,333 deaths while 29,01,908 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

GST Collections:

Goods and Services tax (GST) collection for the month of August stood at Rs 86,449 crore, slightly less than Rs 87,422 crore collected in July, the government said on September 1. The collection is 12% lower than Rs 98,202 crore collected in the month of August 2019.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.05% to 22.03. The Nifty September 2020 futures were trading at 11,485, at a premium of 10.6 points compared with the spot at 11,474.40.

The Nifty option chain for 3 September 2020 expiry showed maximum Call OI of 38.63 lakh contracts at the 11,500 strike price. Maximum Put OI of 31.99 lakh contracts was seen at 11,400 strike price.

The Nifty option chain for 24 September 2020 expiry showed maximum Call OI of 19.98 lakh contracts at the 12,000 strike price. Maximum Put OI of 27.26 lakh contracts was seen at 11,000 strike price.

Buzzing Index:

The Nifty Metal index gained 0.68% to 2,513.65, rising for second consecutive trading session.

Tata Steel (up 0.77%), Hindustan Zinc (up 0.75%), Hindalco Industries (up 0.39%) and JSW Steel Ltd (up 0.03%) advanced.

NMDC gained 1.9% to Rs 85.10 after the state-owned miner said its iron ore production rose 15% to 1.62 million tonnes (MT) in August 2020 from 1.41 MT in August 2019. The company's iron ore sales climbed 20% to 1.79 MT in August 2020 as against 1.49 MT in August 2019. On a month-on-month basis, NMDC's production declined 26% and sales fell 30% in August 2020 over July 2020. The announcement was made after market hours yesterday, 1 September 2020.

Coal India rose 1.80% to Rs 135.90 after the coal major said its production grew 7.1% to 37.17 million tonnes in August 2020 as against 34.70 million tonnes in August 2019. Coal offtake jumped 9.3% to 44.34 million tonnes in August 2020 compared with 40.57 million tonnes in August 2019. On a month-on-month basis, coal production slipped 0.50% and coal offtake advanced 2.18% compared with last month. The disclosure was made after market hours yesterday, 1 September 2020.

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