Nifty hovers below 17,350 mark

The equity barometers were trading with minor losses near the day's low in early afternoon trade. The Nifty slipped below 17,350 level. Metal, banks and financial shares were in demand while IT, FMCG and auto stocks were under pressure.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 91.1 points or 0.16% at 58,188.98. The Nifty 50 index was down 29.35 points or 0.17% at 17,332.90.

In the broader market, the BSE Mid Cap index rose 0.58% while BSE Small Cap index gained 0.6%, outperforming the main stock indices.

The market breadth was strong. On the BSE, 1842 shares rose and 1185 shares fell. A total of 160 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%.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 0.88% to 14.7625. The Nifty September 2021 futures were trading at 17,380.15, at a premium of 19.1 points compared with the spot at 17,361.05.

The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 17.8 lakh contracts at the 17,500 strike price. Maximum Put OI of 38.9 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty PSU Bank jumped 1.91% to 2,371.65, snapping two day losing streak. The index slipped 1.43% in the past two days.

Canara Bank (up 2.91%), Bank of Baroda (up 2.69%), PNB (up 2.27%), Indian Bank (up 1.59%), J&K Bank (up 1.39%) and Bank of Maharashtra (up 1.36%) advanced.

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