Markets enter into red territory in late afternoon session

Indian equity markets failed to hold their gains and entered into red zone in late afternoon session. Realty, metal and Power counters were on the priority list of the sellers. Traders shrugged off report that the Reserve Bank of India (RBI) continued to remain net buyer of the US dollar in July 2021, after it net purchased $7.205 billion from the spot market. During 2020-21, the RBI had net purchased $68.315 billion from the spot market. It had bought $162.479 billion from the spot market and sold $ 94.164 billion during the fiscal 2020-21. Traders took note of report that in order to rave up the innovation and entrepreneurship ecosystem across the country, Atal Innovation Mission (AIM) NITI Aayog has inked partnership with Dassault Systemes. In this regard a Statement of Intent (SoI) was signed between AIM and Dassault Systemes in a virtual event to support various current and future initiatives of AIM programs and AIM beneficiaries in India.

On the global front, Asian markets were trading mostly in green as beleaguered investors trudged into the weekend after a painful few days, with confidence dealt a heavy blow by the Delta variant, Chinese regulatory crackdowns, disappointing economic data and brewing geopolitical tensions. European markets were trading higher helped by gains in the airlines sector on hopes Covid-19 restrictions may be ending, although concerns surrounding China, one of the world’s main growth drivers, remain. 

The broader indices were trading in red; the BSE Mid cap index declined 0.94%, while Small cap index was down by 1.13%.

The few gaining sectoral indices on the BSE were Telecom up by 0.56%, TECK up by 0.12%, Auto up by 0.11% and Bankex was up by 0.08%, while Metal down by 2.22%, Power down by 1.82%, Realty down by 1.72%, PSU down by 1.62% and Basic Materials was down by 1.60% were the top losing indices on BSE.

The gainers on the Sensex were Kotak Mahindra Bank up by 4.51%, Bajaj Finserv up by 2.17%, Bajaj Finance up by 1.70%, Maruti Suzuki up by 1.41% and Bharti Airtel up by 1.20%. On the flip side, Tata Steel down by 3.23%, SBI down by 2.33%, ICICI Bank down by 1.53%, Ultratech Cement down by 1.17% and NTPC down by 1.17% were the top losers.

Meanwhile, in order to rave up the innovation and entrepreneurship ecosystem across the country, Atal Innovation Mission (AIM) NITI Aayog has inked partnership with Dassault Systemes. In this regard a Statement of Intent (SoI) was signed between AIM and Dassault Systemes in a virtual event to support various current and future initiatives of AIM programs and AIM beneficiaries in India.

Under this SoI, Dassault Systemes will support and promote AIM beneficiaries including Atal Tinkering Labs (ATLs), AIM incubators (AICs and EICs), Atal Community Innovation Centres (ACIC), grantees under Atal New India Challenge (ANIC), and Atal Research & Innovation for Small Enterprise (ARISE).

As per the notification released by NITI Aayog, with an aim to promote innovation and entrepreneurship amongst aspiring entrepreneurs, this program will act as a catalyst for an open innovation collaboration to accelerate disruptive innovation in the community.

The CNX Nifty is currently trading at 17,577.80, down by 51.70 points or 0.29% after trading in a range of 17587.80 and 17792.95. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 4.42%, Bajaj Finserv up by 2.15%, Bajaj Finance up by 1.70%, Maruti Suzuki up by 1.52% and Eicher Motors up by 1.50%. On the flip side, Tata Steel down by 3.35%, Coal India down by 2.90%, SBI down by 2.35%, ONGC down by 2.25% and UPL down by 1.74% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 252.91 points or 1.03% to 24,920.76, Nikkei 225 surged 176.71 points or 0.58% to 30,500.05, Jakarta Composite soared 23.31 points or 0.38% to 6,133.25, KOSPI rose 10.42 points or 0.33% to 3,140.51 and Shanghai Composite was up by 6.88 points or 0.19% to 3,613.97. On the flip side, Taiwan Weighted dropped 1.91 points or 0.01% to 17,276.79 and Straits Times was down by 4.95 points or 0.16% to 3,059.59.

European markets were trading higher, UK’s FTSE 100 increased 19.28 points or 0.27% to 7,046.76, France’s CAC increased 60.31 points or 0.91% to 6,682.90 and Germany’s DAX was up by 61.95 points or 0.4% to 15,713.70.