The key barometers continued trading with modest losses in early afternoon trade. The Nifty held above 15,700 level. Traders booked profits after the Nifty hit a record high level in early trade. Banks shares declined while IT shares advanced.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 104.98 points or 0.20% at 52,223.53. The Nifty 50 index lost 37.50 points or 0.24% at 15,714.15. The Nifty hit record high of 15,778.80 in early trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.22% while the S&P BSE Small-Cap index added 0.68%.
The market breadth was positive. On the BSE, 1,640 shares rose and 1,417 shares fell. A total of 130 shares were unchanged.
Economy:
Ratings agency CRISIL has lowered India's gross domestic product (GDP) growth forecast to 9.5% for the current fiscal compared to 11% projected earlier. The downward revision reflects the major hit the two engines of growth - private consumption and investment - have taken due to the second COVID-19 wave.
Meanwhile, the World Bank has said it has approved a $500 million program to support MSMEs in India to increase liquidity access for viable small businesses impacted by COVID-19. The World Bank's Board of Executive Directors has approved a $500 million program to support the Government of India's nationwide initiative to revitalize the MSME sector, which has been heavily impacted by the COVID-19 crisis.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 17,36,31,312 with 37,36,961 deaths. India reported 13,03,702 active cases of COVID-19 infection and 3,51,309 deaths while 2,73,41,462 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported less than 1 lakh new daily COVID-19 cases for the first time in 63 days. The 86,498 cases are also the lowest in 66 days. The number of deaths, on the other hand, remained above the 2000-mark over the past 24 hours. The country reported 2,123 deaths.
Prime Minister Narendra Modi on Monday announced that the Government of India will provide free vaccines to states for all people above 18 years, starting 21st June. Modi said no state government of the country will have to spend anything on the vaccine and the Government of India will provide free vaccines to all the countrymen. The government has decided that 25% of the vaccine responsibilities that were looked after by the state governments, will now be looked after by the Centre.
Modi said though the government will provide free vaccines to all the countrymen, those who want to pay for the same can get vaccinated at private hospitals. He said, 25% of vaccines can be purchased by the private hospitals. He added that private hospitals will be able to charge a maximum service charge of Rs 150 for a single dose after the fixed price of the vaccine.
Modi said seven companies are working on developing vaccines and three trials are underway. He said research is also underway on nasal vaccines.
The Prime Minister informed that Pradhan Mantri Garib Kalyan Anna Yojana has been extended till Diwali. He said, in this time of pandemic, the government is standing with the poor. Modi said free food grains will be available in fixed quantity every month to more than 80 crore countrymen till November.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.62% to 15.3150. The Nifty 24 June 2021 futures were trading at 15,735, at a premium of 20.85 points as compared with the spot at 15,714.15.
The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 24.7 lakh contracts at the 16,000 strike price. Maximum Put OI of 33.5 lakh contracts was seen at 15,000 strike price.
Buzzing Index:
The Nifty IT index rose 1.39% to 27,675.15. The index added 2.73% in four sessions.
Larsen & Toubro Infotech (LTI) (up 2.58%), Coforge (up 2.26%), HCL Technologies (up 1.93%), Tech Mahindra (up 1.86%) and Infosys (up 1.64%) were the top gainers in IT segment.
Infosys gained 1.68% after the IT major announced a collaboration with Archrock, Inc. (Archrock) to integrate digital technologies and mobile tools for its field service technicians. As part of this engagement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application to streamline and enhance the efficiencies of Archrock's field services and operations.
Archrock selected Infosys for its rich experience and deep domain expertise in the energy industry, dedicated team, and robust capabilities in the Microsoft Dynamics 365 Field Service space. Infosys will implement the field services platform integrated with backend enterprise resource planning systems.
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