Benchmarks trade in range; Asian shares mixed

The benchmark indices traded sideways in mid morning trade. The Nifty hovered a tad below the 17,700 mark. Realty shares tumbled on profit selling.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 24.33 points or 0.04% to 59,274.99. The Nifty 50 index added 3.35 points or 0.02% to 17,694.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.11% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was strong. On the BSE, 1913 shares rose and 1155 shares fell. A total of 180 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 235,389,736 with 4,808,886 deaths. India reported 252,902 active cases of COVID-19 infection and 449,260 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

A total of 91,49,94,809 COVID-19 vaccine doses have been administered in the country so far, with over 72.32 lakh doses being given yesterday, according to the Co-WIN dashboard.

India Services PMI:

The seasonally adjusted India Services Business Activity Index posted 55.2 in September, highlighting a marked increase in output. Despite falling from August's 18-month high of 56.7, the latest reading remained well above its long-run average. Where activity growth was reported, panellists mentioned accommodative market conditions and favourable underlying demand amid the easing of COVID-19 restrictions.

Buzzing Index:

The Nifty Realty index slipped 1.01% to 511.85. The index had advanced 2.17% to end at 517.05 yesterday.

Sobha Developers (down 1.95%), Godrej Properties (down 1.87%), Indiabulls Real Estate (down 1.83%), Prestige Estates (down 1.47%), DLF (down 1.37%) and Oberoi Realty (down 1.09%) declined.

Brigade Enterprises (up 1.98%) and Macrotech Developers (up 1.80%) advanced.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) rose 2.48% to Rs 30.95. The company has entered into an MoU with Tata Steel. The MoU pertains to the implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route.

Vedanta added 2.36% to Rs 305.45. The company's aluminum production in the July-September period was 5,70,000 tonnes, up 21% YoY and up 4% QoQ. Zinc mined metal output also climbed 4% YoY while oil and gas output remained flat. Output of saleable steel rose by 13% year-on-year. Integrated saleable silver production declined 25% YoY.

Angel Broking shed 0.76% to Rs 1371.95. The stock broker said its client base jumped 142% year-on-year to 6.52 million in September 2021 over September 2020. The firm's client base grew by 6.1% as compared with August 2021. The company's retail turnover market share in overall equity segment slipped to 20.3% in September 2021 compared with 21.7% in August 2021. Retail turnover market share in September 2020 was 13.4%.

Global markets:

Asian stocks were mixed on Tuesday, following overnight losses on Wall Street, with the tech-heavy Nasdaq Composite falling more than 2%. Markets in mainland Chinese are closed through Thursday for the Golden Week holidays.

U.S. stock benchmarks end lower Monday as concerns about sticker-than-expected inflation grow on rising oil prices. A selloff for stocks deepened Monday, with markets succumbing to pressure in technology and tech-related stocks.

On Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies kept their current agreement to gradually raise crude production each month, including a 400,000 barrels a day increase in November.

In U.S.-China relations, President Biden's top trade negotiator, U.S. Trade Rep. Katherine Tai, was reportedly quoted on Monday as saying that China has failed to live up to its commitments under an agreement signed last year.

New orders for US-made goods accelerated in August. The Commerce Department said on Monday that factory orders increased 1.2% in August. Data for July was revised higher to show orders rising 0.7% instead of gaining 0.4% as previously reported.

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