Barometers traded at the day's low with minor losses in mid morning trade. The Nifty slipped below the 17,850 level. Banking, auto and financial stocks saw demand while IT and pharmaceutical saw heavy selling. The Sensex cracked 60,000 mark and edged lower.

At 10:27 IST, the barometer index, the S&P BSE Sensex, fell 84.05 points or 0.14% at 59,964. The Nifty 50 index was down 28 or 0.16 at 17,825.05. The Sensex hit record high of 60,339.28 in early trade.

The broader market underperformed and saw selling pressure. The S&P BSE Mid-Cap index was down 0.47% while the S&P BSE Small-Cap index fell 0.1%.

The market breadth turned negative. On the BSE, 1,477 shares rose and 1,634 shares fell. A total of 199 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 231,820,895 with 4,748,055 deaths. India reported 299,620 active cases of COVID-19 infection and 447,194 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India recorded 26,041 new cases of COVID-19. The recovery rate currently stood at 97.78% with 29,621 recoveries in the last 24 hours taking the total recoveries to 3,29,31,972.

Economy:

The direct tax collections for the financial year 2021-22, as on 22 September 2021 showed that net collections are at Rs 5,70,568 crore, a year-on-year increase of 74.4%. In the last financial year, the net collection was Rs 3,27,174 crore, a Finance Ministry release stated on 24 September 2021. The net direct tax collection of Rs 5,70,568 crore, includes corporation tax of Rs 3,02,975 crore (net of refund) and personal income tax including security transaction tax (STT) of Rs 2,67,593 crore (net of refund).

The advance tax collection in the second quarter (1 July 2021 to 22 September 2021) of FY 2021-22 is Rs 1,72,071 crore, a growth of 51.50% over Rs 1,13,571 crore in the corresponding period in FY 2020-21. Refunds amounting to Rs 75,111 crore have been issued in the FY 2021-22 so far. The gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs 6,45,679 crore compared to Rs 4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47% over collections of FY 2020-21.

Buzzing Segment:

Shares of two multiplex operators were in demand after the Maharashtra government on Saturday announced that it will allow cinemas to resume operations in the state after 22 October 2021.

PVR jumped 5.65% to Rs 1596.55 and Inox Leisure surged 8.32% at Rs 379.15.

Theatres and auditoriums in Maharashtra will open after 22nd October 2021 while observing all COVID safety protocols. SOP (standard operating procedure) is in the works and will be declared soon, the Office of Chief Minister Uddhav Thackeray tweeted on 25 September 2021.

Stocks in Spotlight:

SJVN rose 1.67% to Rs 27.40 after the company said it secured 1000 megawatt Solar PV power project worth Rs 5,500 crore. In an exchange filing, SJVN said it bagged the full quoted capacity of 1000 MW at a viability gap funding (VGF) support of Rs 44.72 lakh per MW by Government of India, through Request for Proposal (RFP) floated by Indian Renewable Energy Development Agency (IREDA).

Container Corporation of India fell 0.1%. The PSU company said that the Ministry of Railways, Government of India, has extended the tenure of the company's chairman and managing director V. Kalyana Rama by two years till 30 September 2023. The CMD's tenure was to end on 30 September 2021, the PSU said.

Global Markets:

Asian stocks were trading 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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