Benchmarks trim losses; NSE VIX hovers above 14 mark

The benchmark indices were trading with small losses in early afternoon trade. The Nifty was hovering above 17,300 level after hitting the day's low of 17,269.15 in morning trade. Media stocks extended gains for the second session.

At 12:20 IST, the barometer index, the S&P BSE Sensex, slipped 161.44 points or 0.28% at 58,143.63. The Nifty 50 index lost 37.35 points or 0.22% at 17,331.90.

In the broader market, the S&P BSE Mid-Cap index added 0.13% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was positive. On the BSE, 1,632 shares rose and 1,498 shares fell. A total of 205 shares were unchanged.

Economy:

India's Index of Industrial Production (IIP), rose 11.5% on a year-on-year basis in July 2021. But slowed down as against 13.5% in June 2021. Slowdown in IIP on a sequential basis was on the back of deceleration manufacturing, along with mining despite easing pandemic-related restrictions. For July 2021, the quick estimates of IIP, with base 2011-12 stands at 131.4, a statement by the Statistics and Programme Implementation Ministry said. The IIP for the mining, manufacturing and electricity sectors for July stood at 104.6, 130.9 and 184.7, respectively.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 22,46,56,764 with 46,30,621 deaths. India reported 3,74,269 active cases of COVID-19 infection and 4,42,874 deaths while 3,24,47,032 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India recorded 27,254 new cases. The country's recovery rate currently stands at 97.54% with 37,687 recoveries in the last 24 hours taking the total recoveries to 3,24,47,032.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.16% to 14.105. The Nifty 30 September 2021 futures were trading at 17,336, at a premium of 4.10 points as compared with the spot at 17,331.90.

The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 17.7 lakh contracts at the 17,500 strike price. Maximum Put OI of 40.9 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.20% to 1,721.80. The index advanced 4.19% in two trading sessions.

Dish TV India (up 4.19%), Zee Entertainment Enterprises (ZEEL) (up 2.51%), TV18 Broadcast (up 1.96%), Network18 Media and Investments (up 1.69%) and PVR (up 0.24%) were the major gainers in the media segment.

Stocks in Spotlight:

Infosys lost 0.05%. The IT major and Microsoft have entered into a multi-year strategic engagement with Ausgrid to accelerate its cloud transformation journey and establish Ausgrid as a leading digital utility. Ausgrid is the largest distributor of electricity on Australia's east coast, providing power to 1.8 million customers, which is over 4 million Australians relying on the power distributor everyday.

APL Apollo Tubes shed 0.34%. The Office of the Controller General of Patents, Designs & Trademarks has recently granted six registrations to the innovative products of APL Apollo Tubes. With the registrations, the overall portfolio for APL Apollo Tubes has risen to 16.

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