Key benchmarks pared losses in mid-morning trade. The Nifty regained the 17,800 mark after briefly slipping below that level. PSU banks, metal and oil & gas stocks were in demand while realty and IT shares tumbled.

At 11:23 IST, the barometer index, the S&P BSE Sensex, was at 59,896.91, down 180.97 points or 0.3%. The Nifty 50 index traded 33.65 points or 0.19% lower at 17,821.45.

In broader market, the S&P BSE Mid-Cap index was down 0.2% while the S&P BSE Small-Cap index fell 0.15%.

The market breadth was positive. On the BSE, 1624 shares rose and 1426 shares fell. A total of 169 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 232,316,272 with 4,756,251 deaths. India reported 292,206 active cases of COVID-19 infection and 447,373 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India reported 18,795 new cases. The country posted less than 20,000 cases after 201 days. Active cases account for less than 1% of total cases, currently at 0.87%; Lowest since March 2020. India's Active caseload stands at 2,92,206; lowest in 192 days.

Buzzing Index:

The Nifty Realty index slumped 3.17% to 499.95. The index saw profit booking after rising 27.5% in five days.

Oberoi Realty (down 7%), Sobha (down 3.95%), DLF (down 3.77%), Prestige Estates (down 3.46%), Indiabulls Real Estate (down 2.78%) and Godrej Properties (down 2.13%) tumbled.

Stocks in Spotlight:

Anupam Rasayan India added 2.57% to Rs 818.30 after the company announced the signing of a Letter of Intent (LoI) worth Rs 145 crore with existing long-term European multinational customer. The European multinational firm is one of the top ten multinational company across the globe, the company said. The LoI is for supplying a new life science related active ingredient. The company will enter into a long-term contract for next three years to supply this life science related speciality chemical product.

Whirlpool of India rose 2.15% to Rs 2289.20 after the company said it entered into agreements to acquire majority stake of Elica PB India. Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018. It will now acquire an additional 38% equity interest for $57 million to bring its total equity ownership to about 87%.

Global Markets:

Asian stocks were mixed on Monday, with investors monitoring stocks related to embattled developer China Evergrande Group.

US stocks closed mixed Friday as the market fell back under pressure amid concerns relating to China, COVID-19 and U.S. politics.

Eyes will also be on U.S. fiscal policy with the House of Representatives due to vote on a $1 trillion infrastructure bill this week, while a September 30 deadline on funding federal agencies could force the second partial government shutdown in three years.

Elsewhere, early projections on Sunday pointed to a knife-edge result in Germany federal elections as the country looks for a successor to Angela Merkel, who is preparing to leave office after 16 years in power.

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