Indices slightly off day's high; Nifty below 15,800

The main equity indices came off the day's high and traded with strong gains in mid afternoon trade. The Nifty slipped below the 15,800 mark.

At 14:25 IST, the barometer index, the S&P BSE Sensex, soared 498.64 points or 0.96% at 52,697.25. The Nifty 50 index added 148.5 points or 0.95% at 15,780.20.

The buying demand was broad based. The S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index rose 1.33%.

Buyers outpaced sellers. On the BSE, 2,184 shares rose and 1009 shares fell. A total of 138 shares were unchanged.

Economy:

The Asian Development Bank (ADB) has downgraded India's economic growth forecast for the current financial year to 10% on Tuesday, from 11% projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.

India's GDP growth recovered to 1.6% in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8% estimated in April to a revised 7.3%, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 19,20,05,075 with 41,27,062 deaths. India reported 4,09,394 active cases of COVID-19 infection and 4,18,987 deaths while 3,04,29,339 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Single day rise of 41,383 COVID-19 infections, 507 fatalities push India's tally of cases to 3,12,57,720, death toll to 4,18,987, says heath ministry.

Buzzing Index:

The Nifty IT index surged 1.45% to 29,677.30, snapping its three day losing streak. The index lost 1.57% in the past three sessions.

Tech Mahindra (up 3.73%), Coforge (up 2.55%), Oracle Financial Services (up 2.41%), Wipro (up 2.22%), Infosys (up 2.09%) and Larsen Toubro Infotech (up 1.38%) were top gainers in IT space.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.42 compared with its previous closing of 74.6125.

MCX Gold futures for 5 August 2021 settlement shed 0.55% to Rs 47,309.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 92.838.

The yield on 10-year benchmark federal paper fell to 6.134% from its previous close of 6.119%.

In the commodities market, Brent crude for September 2021 settlement rose 41 cents or 0.57% to $72.64 a barrel. The contract increased 4.15% to settle at $72.23 in the previous trading session.

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