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Indian bourses extended their losses in afternoon session as selling appeared in Metal, IT and TECK stocks with Sensex and Nifty tumbling by 124 and 39 points respectively. Sentiments got hit as India’s manufacturing sector activities moderated in August, as business orders and production rose at softer rates due to the pandemic and rising input costs. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, down from 55.3 in July, indicating a softer rate of growth that was subdued and below its long-run average. Meanwhile, Reserve Bank of India (RBI) will conduct fine-tuning operations to manage unanticipated and one-off liquidity flows to ensure balanced liquidity conditions in the system. In scrip specific development, ICICI Bank was in limelight as it has crossed Rs 5,00,000 crore in market capitalisation at Rs 5,02,739.35 crore. The stock has surged over 49 percent in 2021. 

On the global front; Asian markets were trading mostly higher following Wall Street which ended August with a gain for the seventh straight month. Back home, Healthcare chain Vijaya Diagnostic Centre has raised a little over Rs 566 crore from anchor investors ahead of its public offering (IPO). The company has decided to allocate a total of 1,06,61,41 equity shares to 29 anchor investors at Rs 531 apiece, aggregating the transaction size to Rs 566.12 crore.

The BSE Sensex is currently trading at 57427.62, down by 124.77 points or 0.22% after trading in a range of 57277.88 and 57918.71. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.50%, while Small cap index was up by 0.04%.

The top gaining sectoral indices on the BSE were Realty up by 2.45%, Consumer Durables up by 1.61%, Capital Goods up by 1.19%, Power up by 1.13% and Oil & Gas was up by 0.83%, while Metal down by 1.32%, IT down by 1.31%, TECK down by 1.15%, Basic Materials down by 0.76% and Auto was down by 0.17% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 3.48%, Axis Bank up by 2.07%, Titan Company up by 1.37%, Dr. Reddy's Lab up by 1.33% and Hindustan Unilever was up by 1.27%. On the flip side, Tata Steel down by 2.23%, Bajaj Finserv down by 2.10%, HDFC down by 1.96%, TCS down by 1.70% and Infosys was down by 1.53% were the top losers.

Meanwhile, growth of eight core infrastructure industries grew by 9.4 percent in July 2021 as compared to same month last year, mainly due to a low base effect and uptick in production of coal, natural gas, steel, cement and electricity. The eight infrastructure sectors had contracted by 7.6 per cent in July 2020 due to the nationwide lockdown imposed to control the spread of COVID-19. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Among eight core sectors, Coal production having 10.33 percent weight increased by 18.7 per cent in July, 2021 over July, 2020 and its cumulative index increased by 10.5 per cent during April to July, 2021-22 over corresponding period of the previous year. Natural Gas production having 6.88 percent weight increased by 18.9 per cent in July, 2021over July, 2020 and its cumulative index increased by 21.0 per cent during April to July, 2021-22 over the corresponding period of previous year. Petroleum Refinery production having 28.04 percent weight increased by 6.7 per cent in July, 2021 over July, 2020 and its cumulative index increased by 13.1 per cent during April to July, 2021-22over the corresponding period of previous year. Fertilizers production having 2.63 percent weight increased by 0.5 per cent in July, 2021 over July, 2020 and its cumulative index decreased by 1.1 per cent during April to July, 2021-22 over the corresponding period of previous year.

Steel production having 17.92 percent weight increased by 9.3 per cent in July, 2021 over July, 2020 and its cumulative index increased by 59.4 per cent during April to July, 2021-22 over the corresponding period of previous year. Cement production having 5.37 percent weight increased by 21.8 per cent in July, 2021 over July, 2020 and its cumulative index increased by 45.6 per cent during April to July, 2021-22 over the corresponding period of previous year. Electricity generation having 19.85 percent weight increased by 9.0per cent in July, 2021 over July, 2020 and its cumulative index increased by 14.6 per cent during April to July, 2021-22 over the corresponding period of previous year. However, Crude Oil production having 8.98 percent weight declined by 3.2 per cent in July, 2021 over July, 2020 and its cumulative index declined by 3.4 per cent during April to July, 2021-22over the corresponding period of previous year.

The CNX Nifty is currently trading at 17093.15, down by 39.05 points or 0.23% after trading in a range of 17075.55 and 17225.75. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 3.46%, Eicher Motors up by 2.23%, Axis Bank up by 2.06%, Divi's Lab up by 1.77% and Titan Company was up by 1.37%. On the flip side, Tata Steel down by 2.27%, Bajaj Finserv down by 2.21%, HDFC down by 2.01%, Infosys down by 1.72% and TCS was down by 1.68% were the top losers.

Asian markets were trading mostly higher; KOSPI rose 7.75 points or 0.24% to 3,207.02, Hang Seng increased 169.55 points or 0.66% to 26,048.54, Nikkei 225 surged 361.48 points or 1.29% to 28,451.02, Shanghai Composite gained 29.13 points or 0.82% to 3,573.07 and Straits Times was up by 32.74 points or 1.07% to 3,087.79.

On the flip side, Taiwan Weighted dropped 16.30 points or 0.09% to 17,473.99 and Jakarta Composite was down by 48.68 points or 0.79% to 6,101.62.

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