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Barometers trade with minor losses; metal shares correct

Capital Market 

Key equity indices traded sideways with tiny losses in mid afternoon trade. The Nifty held above 17,100 mark. Realty, banks and FMCG stocks advanced while metal and IT shares declined.

At 14:28 IST, the barometer index, the S&P BSE Sensex, fell 30.15 points or 0.05% at 57,522.15. The Nifty 50 index lost 5.3 points or 0.03% at 17,126.90.

The Sensex hit a record high of 57,918.71 while the Nifty hit all time high of 17,225.75 in morning trade today.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.97% while the S&P BSE Small-Cap index rose 0.42%.

The market breadth was negative. On the BSE, 1,358 shares rose and 1,614 shares fell. A total of 162 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 21,77,14,423 with 45,19,287 deaths. India reported 3,78,181 active cases of COVID-19 infection and 4,39,020 deaths while 3,19,93,644 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India administered more than 1 crore COVID-19 vaccine doses yesterday.

With the administration of 1,33,18,718 vaccine doses in the last 24 hours, India's COVID-19 vaccination coverage has surpassed the cumulative figure of 65.41 crore as per provisional reports till 7 am today.

The recovery of 33,964 patients in the last 24 hours has increased the cumulative tally of recovered patients (since the beginning of the pandemic) to 3,19,93,644. Consequently, India's recovery rate stands at 97.51%.

GST Collection for August 2021:

The gross GST revenue collected in the month of August 2021 stood at Rs 1,12,020 crore of which CGST stood at Rs 20,522 crore, SGST at Rs 26,605 crore, IGST at Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) while Cess came at Rs 8,646 crore.

The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year. Even as compared to the August revenues in 2019-20 of Rs 98,202 crore, this is a growth of 14%.

GST collection, after posting above Rs 1 lakh crore mark for nine months in a row, dropped below Rs 1 lakh crore in June 2021 due to the second wave of covid. With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. The robust GST revenues are likely to continue in the coming months too, the Government said in a press release.

Buzzing Index:

The Nifty Metal index declined 1.23% to 5,664.1. The index rose 5.73% in the past three sesions.

Tata Steel (down 1.98%), Vedanta (down 1.52%), NMDC (down 1.14%), Jindal Steel & Power (down 1.09%) and Hindalco Industries (down 1.05%) were the top losers. Among the other losers were Steel Authority of India (down 0.82%), JSW Steel (down 0.81%) and Coal India (down 0.51%).

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.10 from its previous closing of 73.

MCX Gold futures for 5 October 2021 settlement fell 0.06% to Rs 47,090.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% at 92.69.

In the commodities market, Brent crude for October 2021 settlement rose 32 cents or 0.45% to $71.98 a barrel.

The yield on 10-year benchmark federal paper fell to 6.213% from its previous close of 6.215%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, September 01 2021. 14:32 IST