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Sensex, Nifty end almost flat; realty stocks tumble

Capital Market 

The benchmarks indices ended almost flat after a volatile session on Tuesday. The Nifty closed above the 17,350 mark. Realty shares corrected after surging in the past eight sessions.

As per provisional closing data, the barometer index, the S&P BSE Sensex, shed 17.43 points or 0.03% to 58,279.48. The Nifty 50 index lost 21.50 points or 0.12% to 17,356.30.

After opening higher, the equity benchmarks reversed gains and hit the day's low in morning trade. However, the barometers bounced back and hit fresh highs in afternoon trade. Profit booking in the final hour of trade dragged the benchmarks a tad below the flat line.

The broader market suffered minor losses. The S&P BSE Mid-Cap index fell 0.23%. The S&P BSE Small-Cap index lost 0.42%.

Sellers outpaced buyers. On the BSE, 1332 shares rose and 1844 shares fell. A total of 142 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 22,11,14,526 with 45,75,054 deaths. India reported 3,92,864 active cases of COVID-19 infection and 4,41,042 deaths while 3,22,24,937 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Realty index fell 2.49% to 420.30, amid profit booking. The index advanced 15.41% in the past eight sessions.

Prestige Estates (down 6.12%), Sobha Developers (down 5.86%), Oberoi Realty (down 3.27%), DLF (down 3.14%), Hemisphere Properties India (down 2.62%), Indiabulls Real Estate (down 2.05%), Godrej Properties (down 1.83%) and Sunteck Realty (down 1.04%) declined.

Stocks in Spotlight:

JSW Steel shed 0.36% to Rs 683.75. The company's crude steel production increased by 5% to 13.77 lakh tonnes in August 2021 from 13.17 lakh tonnes in August 2020. While the production of flat rolled products declined by 8% to 8.99 lakh tones, production of long-rolled products jumped by 30% to 3.01 lakh tonnes in August 2021 over August 2020.

Jindal Steel & Power rose 2.38% to Rs 399.65. Steel sales volume increased 6% M-o-M and 4% Y-o-Y to 7.1 lakh tonnes. Exports continue to boost JSPL's sales efforts as its share increased to 42% during the month. Monthly production also rose 6% Y-o-Y to 6.6 lakh tonnes. Inventory levels continue to decline as sales volume surpass production for the second consecutive month.

Ashapura Minechem added 1.42% to Rs 143. The company said that its operations in Guinea remain uninterrupted despite certain political developments in Conakry, the capital of Guinea, since 5 September 2021.

On Sunday, the junta in Guinea reportedly arrested President Alpha Conde and seized power in a coup. Guinea is notably one of the world's top producers of bauxite, the chief mineral used in the production of aluminium but also a producer of iron, gold, diamonds and oil.

Larsen & Toubro (L&T) lost 0.76% to Rs 1682. The company said its construction arm secured a 'significant' order for its water & effluent treatment business in India. According L&T's classification, the value of the said contracts lies between Rs 1,000 crore to Rs 2,500 crore.

Panacea Biotec jumped 9.32% to Rs 322.05. The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) and Panacea Biotec (Company) announced supply of the 1st shipment out of 1 million doses of the second component (human adenovirus serotype 5) of the Russian Sputnik V coronavirus vaccine manufactured by Panacea Biotec for sale in India. The batch will be distributed in India through a partner of RDIF and Panacea Biotec- Dr. Reddy's Laboratories.

Neogen Chemicals jumped 12.94% to Rs 1097.50. On the BSE, over 0.64 lakh shares of the company were traded in the counter so far as against an average trading volume of 5706 shares in the past two weeks.

In an exchange filing made after market hours yesterday, the company said that the Phase I commercial production/ operations for manufacturing of organic chemicals has commenced at full scale successfully on 6 September 2021 at the company's manufacturing facility situated at Dahej SEZ in Gujarat.

Dr. Reddy's Laboratories shed 0.32% to Rs 4899.60. The drug major on Tuesday announced the launch of minoxidil for women following first-ever approval in India for the treatment of female pattern hair loss. It will sell these products under the brand names Mintop and Mintop Eva respectively.

VST Tillers Tractors surged 4.68% to Rs 2768. The company has entered into an agreement with ETG (Export Trading Group), for distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia. ETGL, a global conglomerate with expertise across various industries, operates an established Automotive and Farm Equipment Distribution business in Southern African region.

Global Markets:

European stocks declined across the board while Asian stocks ended mostly higher on Tuesday.

China's import and export growth accelerated in August despite disruptions due to the spread of the coronavirus's delta variant. Exports rose 25.6% over a year earlier to $294.3 billion, up from July's 18.9% growth, customs data showed Tuesday. Imports rose 33.1% to $236 billion, up from the previous month's 28.7%.

Meanwhile. the Reserve Bank of Australia today announced its decision to hold steady on the cash rate target.

US stocks were closed on Monday for a holiday. The US Dow Jones index futures were up 19 points.

The August U.S. jobs report came in short of expectations, highlighting continued concern about the spread of COVID-19 and its delta variant. Nonfarm payrolls increased by 2,35,000 in August, the Labor Department reported. The disappointing August jobs report will likely influence the Fed's timeline for tapering its asset-purchase program.

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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: Tue, September 07 2021. 15:33 IST
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