Indices hit day's low; breadth negative

Equity indices were trading with modest losses near the day's low amid selling pressure in morning trade. The Nifty slipped below the crucial 17,300 level briefly. IT and metal were in demand while banks and financial shares witnessed selling.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 254.93 points or 0.44% at 58,050.11. The Nifty 50 index was down 67.55 points or 0.39% at 17,302.70.

In broader market, the S&P BSE Mid-Cap index was down 0.17% while the S&P BSE Small-Cap index was up 0.18%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1427 shares rose and 1514 shares fell. A total of 183 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 222,625,116 with 4,630,376 deaths. India reported 374,269 active cases of COVID-19 infection and 442,874 deaths 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.

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. 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.

Buzzing Index:

The Nifty Metal index was up 0.41% at 5,788.55, rising for third trading day. The metal index added 1.4% in three trading sessions.

NALCO (up 1.74%), Coal India (up 1.72%), Hindalco Industries (up 1.2%), Ratnamani Metals (up 0.82%) and Vedanta (up 0.81%) were top gainers in metal space.

Stocks in Spotlight:

Arvind SmartSpaces rose 1.39% to Rs 149.10 after the company raised funds aggregating to Rs 85 crore from marquee investors. The board of directors of Arvind SmartSpaces (ASL) at its meeting held on the 10 September 2021 approved the allotment of 68.5 lakh equity share aggregating to about Rs 85 crore to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and the promoters of ASL at the price of Rs 124 per share.

Shalby added 0.86%. The hospital-chain inaugurated its first orthopedic & joint replacement franchise at Udaipur in Rajasthan under Shalby Orthopedic Centre of Excellence (SOCE) on 12 September 2021. This is Shalby Hospital Ahmedabad's first orthopedic speciality franchise hospital in India. It will offer Out Patient Department (OPD) as well as In Patient Department (IPD) services to patients.

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