Nifty slips below 15,750; IT stocks decline

Benchmarks traded sideways with minor losses in mid afternoon trade. Auto, realty and PSU banks stocks were in demand while IT shares were under pressure. The Nifty traded below the 15,750 level.

At 14:23 IST, the barometer index, the S&P BSE Sensex, fell 100.76 points or 0.19% at 52,487.03. The Nifty 50 index lost 30.15 points or 0.19% at 15,742.60.

The broader market traded sideways. The S&P BSE Mid-Cap index added 0.06% while the S&P BSE Small-Cap index fell 0.03%.

Buyers outpaced sellers. On the BSE, 1,757 shares rose and 1,390 shares fell. A total of 145 shares were unchanged.

 

Economy:

Moody's Investors Service on Wednesday slashed India's growth projection to 9.6% for 2021 calendar year, from its earlier estimate of 13.9%, and said faster vaccination progress will be paramount in restricting economic losses to June quarter

In its latest report, Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough.

Buzzing Index:

The Nifty IT index slipped 0.58% to 28,359.30, amid profit taking after 0.55% rise in previous trading day. The index was also a top loser on NSE Sectoral indices.

Wipro (down 2.41%), TCS (down 0.95%), HCL Tech (down 0.42%), Infosys (down 0.34%) and Coforge (down 0.22%) were top losers in IT space.

Numbers to Watch:

In the foreign exchange market, the partially convertible rupee rose to 74.21 compared with its previous closing of 74.3750.

MCX Gold futures for 5 August 2021 settlement rose 0.19% to Rs 47,100.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 91.725.

The yield on 10-year benchmark federal paper fell to 6.015% from its previous close of 6.025%.

In the commodities market, Brent crude for August 2021 settlement rose 78 cents to $75.59 a barrel.

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