Sensex, Nifty trade with minor losses; auto stocks advance

The benchmark indices were trading with minor cuts in mid afternoon trade. The Nifty was trading below the 15,700 mark. Auto stocks witnessed value buying.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 38.77 points or 0.07% to 52,347.42. The Nifty 50 index lost 3.50 points or 0.02% at 15,686.30.

The broader market traded higher. The S&P BSE Mid-Cap index gained 0.47%. The S&P BSE Small-Cap index added 0.72%.

Buyers outpaced sellers. On the BSE, 2085 shares rose and 1188 shares fell. A total of 184 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 0.31% to 10,452.80, amid bargain buying. The index declined by 3% in the past four sessions.

Ashok Leyland (up 0.80%), Tata Motors (up 0.59%), TVS Motor Company (up 0.55%), Bharat Forge (up 0.43%), Mahindra & Mahindra (up 0.33%), Hero MotoCorp (up 0.30%) and Eicher Motors (up 0.11%) advanced while Bajaj Auto declined 1.06%.

Maruti Suzuki India rose 0.71% at Rs 7,478.30. The car major on Monday announced a price hike for Swift and all CNG variants owing to increase in various input costs. Increase in ex-showroom prices (Delhi) is up to Rs 15,000 on Swift and all CNG variants. The new prices are effective from Monday, 12 July, 2021. The company added that the price increase in other models is planned shortly and shall be intimated accordingly.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.5750 compared with its previous closing of 74.6425.

MCX Gold futures for 5 August 2021 settlement shed 0.38% to Rs 47,741.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 92.425.

The yield on 10-year benchmark federal paper rose to 6.215% from its previous close of 6.186%.

In the commodities market, Brent crude for September 2021 settlement fell 52 cents to $75.03 a barrel. The contract had gained $1.43 or 1.93% to settle at $75.55 in the previous trading session.

Oil supplies remained tight as key producers continue to disagree on whether to increase output from August onwards. A dispute within the Organization of the Petroleum Exporting Countries and allies (OPEC+) over output levels from August is continuing on from the previous week.

Investors also continued to digest the previous week's crude oil supply data from the U.S. Energy Information Administration and American Petroleum Institute that showed draws of 6.866 million barrels and 7.983 million barrels respectively.

However, the spread of the Delta variant of the COVID-19 virus and low levels of vaccination in some countries are threatening the global economic recovery, finance ministers from the Group of 20 (G20) said on Saturday as they met in Venice. Rising numbers of COVID-19 cases led some of these countries to re-implement restrictive measures, in turn casting a shadow over the fuel demand outlook.

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