Broader market trades firm; breadth strong

Equity indices traded in a narrow range near the flat line in morning trade. PSU banks and metal stocks advanced while IT and pharma shares declined.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 0.98 points at 58,278.98. The Nifty 50 index was down 0.95 points at 17,361.90.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index was gained 0.68%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1819 shares rose and 989 shares fell. A total of 150 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 221,894,939 with 4,585,792 deaths. India reported 391,256 active cases of COVID-19 infection and 441,411 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

India's Covid-19 vaccination coverage has surpassed the cumulative figure of 70.75 crore as per provisional reports till 7 am today. Consequently, India's recovery rate stands at 97.48%.

Buzzing Index:

The Nifty IT index slipped 0.48% to 34,784.90, falling for second trading session. The index lost 1.78% in two days.

Coforge (down 0.87%), Wipro (down 0.76%), TCS (down 0.7%), Infosys (down 0.61%), L&T Infotech (down 0.56%) and Oracle Financial Services (down 0.32%) were top losers in IT space.

Stocks in Spotlight:

TVS Motor fell 1.6%. The two-wheeler and three-wheeler manufacturer has announced its new distribution partnership with ETG Logistics (ETGL). ETG Logistics (ETGL) is a division of ETG (Export Trading Group) - a global conglomerate present in 48 countries with expertise across various industries. ETGL will operate 30 dealerships for TVS Motor Company in South Africa as part of this partnership.

PSP Projects rose 1.68% to Rs 451.45 after the company secured a letter of intent (LoI) for projects worth Rs 132.57 crore towards industrial and precast segment from different clients in Gujarat.

Delta Corp rose 1.39% to Rs 226.10 after the company said its subsidiary in Kathmandu (Nepal) will resume operations from 8 September 2021. "Further to relaxations issued by the Government of Nepal, the casino operated by our subsidiary in Kathmandu will resume operations from September 08, 2021 in accordance with applicable safety norms/guidelines," Delta Corp said in a statement.

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