The equity benchmark indices reversed trend and entered the negative terrain in afternoon trade. The Nifty hit the day's low of 15,654.65.
At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 12.52 points or 0.02% at 52,373.67. The Nifty 50 index rose 3.80 points or 0.02% at 15,693.60.
Infosys (down 0.56%), HDFC (down 0.52%) and HDFC Bank (down 0.33%) were major drags.
The broader market traded higher. The S&P BSE Mid-Cap index gained 0.39%. The S&P BSE Small-Cap index added 0.68%.
Buyers outpaced sellers. On the BSE, 2,079 shares rose and 1,147 shares fell. A total of 190 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,124.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 106.55 crore in the Indian equity market on 9 July 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,68,05,301 with 40,31,711 deaths. India reported 4,50,899 active cases of COVID-19 infection and 4,08,764 deaths while 3,00,14,713 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India on Monday reported 37,154 new COVID-19 cases in last 24 hours, pushing the country's caseload to 3,08,74,376. With 724 deaths due to virus, the toll is at 4,08,764. Meanwhile, 39,649 people recovered from the virus.
Economy:
The Industrial Production and Manufacturing Production data for May will be released today, 12 July 2021.
Industrial production in India surged 134.4% year-on-year in April of 2021 due to a low base effect from last year.
Meanwhile, manufacturing production in India increased 197.10% in April of 2021 over the same month in the previous year. It is the biggest increase ever, following a record 66.6% drop in April 2020 due to the coronavirus pandemic.
Consumer price inflation rate for June 2021 is also due today. Annual consumer inflation rate in India increased to 6.3% in May of 2021, the highest in 6 months, from a downwardly revised 4.23% in April 2021.
Gainers & Losers:
Ultratech Cement (up 2.88%), Shree Cement (up 2.82%), JSW Steel (up 2.30%), Tata Consumer Products (TCP) (up 1.77%) and ICICI Bank (up 1.75%) were major gainers in Nifty 50 index.
Bharat Petroleum Corporation (BPCL) (down 0.81%), Bharti Airtel (down 0.71%), Adani Ports & Special Economic Zone (APSEZ) (down 0.45%), Hindustan Unilever (HUL) (down 0.40%) and HDFC Bank (down 0.33%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Federal Bank jumped 4.14%. Federal Bank has received the approval from Reserve Bank of India (RBI) on 9 July 2021 for the re-appointment of Shyam Srinivasan as the managing director (MD) and chief executive officer (CEO) of the bank for a period of three years with effect from 23 September 2021 till 22 September 2024.
Apcotex Industries gained 1%. Sachin J. Karwa was appointed as the chief financial officer (CFO) of Apcotex Industries in place of Suraj Badale who will continue to work as DGM - Accounts. Sachin J Karwa is a Chartered Accountant (CA) from the Institute of Chartered Accountant of India, passed out in 2002 and Bachelor in Commerce from Mumbai University. He has also done INSEAD Leadership Program for Senior Executives - India, Singapore / France 2011-2012.
Shaily Engineering Plastics hit an upper circuit of 5% at Rs 1,628.55 after the company said its board approved raising up to Rs 300 crore in one or more tranches for funding future capex requirements.
Global Markets:
European shares fell across the board while Asian stocks rallied on Monday, 12 July 2021, after their U.S. peers chalked fresh records Friday in a broad-based rebound.
In economic news, China's central bank on Friday announced a 50 basis points cut in its reserve requirement ratio for all banks, effective from July. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals.
The three major US stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week.
Meanwhile, the G20 Finance Ministers on July 10 approved a global corporate tax of at least 15% to be imposed on multinational companies (MNCs) with an aim to end tax havens. In a two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses, as per reports. Details and negotiations of the rules are likely to be finalised during the next G20 meet scheduled in October 2021.
Investors continued to watch the coronavirus situation in Asia-Pacific on Monday. Japan's government is set to put Tokyo under a new COVID state of emergency on Monday while stricter social distancing restrictions are set to kick in for the greater Seoul area in South Korea, as per reports. Elsewhere in Southeast Asia, several countries including Indonesia and Malaysia continue to struggle with a recent surge in infections, reports added.
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