Nifty hovers below 17,850

Key benchmarks were trading near the flat line in morning trade. The Nifty was hovering below 17,850 level. PSU banks, metal and oil & gas stocks were in demand while realty and IT shares tumbled.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was at 59,959.30, down 118.58 points or 0.2%. The Nifty 50 index was down 20.1 points or 0.11% at 17,835.

In broader market, the S&P BSE Mid-Cap index was up 0.1% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth was positive. On the BSE, 1728 shares rose and 1175 shares fell. A total of 163 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 232,316,272 with 4,756,251 deaths. India reported 292,206 active cases of COVID-19 infection and 447,373 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India reported 18,795 new cases. The country posted less than 20,000 cases after 201 days. Active cases account for less than 1% of total cases, currently at 0.87%; Lowest since March 2020. India's Active caseload stands at 2,92,206; lowest in 192 days.

Economy:

The Government of India (GoI) has announced the sale (issue/re-issue) of 'New GoI Floating Rate Bonds, 2028' for a notified amount of Rs 4,000 crore (nominal) through spread based auction using uniform price method.

GoI will also issue '6.10% Government Security, 2031' for a notified amount of Rs 13,000 crore (nominal) through price based auction using uniform price method. Further, GoI will issue '6.76% Government Security, 2061' for a notified amount of Rs 7,000 crore (nominal) through price based auction using multiple price method.

GoI will have the option to retain additional subscription up to Rs 2,000 crore each against one or more security/ies. The auctions will be conducted by the Reserve Bank of India on Friday, 1 October 2021.

Buzzing Index:

The Nifty PSU Bank index surged 1.82% to 2,412. The index added 2.3% in two days.

Indian Bank (up 2.96%), Punjab National Bank (up 2.87%), Central Bank of India (up 2.18%), J&K Bank (up 1.66%), Union Bank of India (up 1.59%), Punjab Sindh Bank (up 1.49%) and State Bank of India (up 1.49%) were top gainers in PSU bank segment.

Stocks in Spotlight:

Gujarat State Fertilizers & Chemicals (GSFC) jumped 4.61% to Rs 129.45 after the Central Board of Indirect Taxes and Customs (CBIC) proposed anti-dumping duty for caprolactam. GSFC had filed an application before the designated authority in accordance with Customs Tariff Act, 1975 for initiation of anti-dumping investigation concerning imports of "caprolactam" originating in or exported from European Union, Korea RP, Russia and Thailand. The authority, on the basis of prima facie evidence submitted by GSFC, initiated the investigation and recommended an anti-dumping duty.

Paisalo Digital jumped 4.74% to Rs 927.70 after the State Bank of India signed a service level agreement with the company for engagement as National Business Correspondent of the bank. Business correspondents are retail agents engaged by banks for providing banking services at various locations. They enable a bank to expand its outreach and offer range of banking services at low cost, as against setting up a brick and mortar branch which may not be viable in all cases.

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