The equity benchmark indices trimmed gains in mid-morning trade. The Nifty slipped below the 15,250 level. Metal stocks witnessed value buying while banks stocks corrected. The moderation in daily new COVID-19 cases in India improved investors' risk appetite. Upbeat Asian stocks also boosted sentiment.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 66.25 points or 0.13% at 50,716.16. The Nifty 50 index was up 41.1 points or 0.27% at 15,238.45.
In broader market, the S&P BSE Mid-Cap index was up 0.27% while the S&P BSE Small-Cap index gained 0.47%.
The market breadth was strong. On the BSE, 1816 shares rose and 1046 shares fell. A total of 146 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 167,116,334 with 3,469,589 global deaths.
India reported 25,86,782 active cases of COVID-19 infection and 307,231 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
In last 24 hours, India recorded 1,96,427 new cases and registered 3,511 deaths.
Buzzing Index:
The Nifty Bank slipped 0.78% to 34,672. The banking irose nearly 5% in two days.
HDFC Bank (down 1.74%), Axis Bank (down 0.92%), PNB (down 0.88%), IDFC First Bank (down 0.84%), IndusInd Bank (down 0.75%), RBL Bank (down 0.71%) and SBI (down 0.57%) were top losers in banking space.
Earnings Impact:
Ramco Industries fell 4%. On a consolidated basis, the company's net profit soared 102.22% to Rs 66.43 crore on 46.57% surge in net sales to Rs 339.30 crore in Q4 March 2021 over Q4 March 2020. Profit before tax jumped 116.70% to Rs 47.35 crore in Q4 FY21 as against Rs 21.85 crore in Q4 FY20.
JK Paper rose 3.46% to Rs 156.85 after the company's consolidated net profit spurted 46.49% to Rs 135.79 crore on 22.05% increase in net sales to Rs 898.16 crore in Q4 March 2021 over Q4 March 2020. Profit before tax jumped 41.31% to Rs 193.60 crore in Q4 FY21 over Q4 FY20.
Global Markets:
Asian stocks advanced on Tuesday after technology shares spurred a Wall Street rally as Federal Reserve officials tried to soothe concerns about inflation.
In Southeast Asia, Singapore's economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore's GDP growth forecast for 2021 at 4 to 6%.
U. S. stocks climbed on Monday as the technology sector and shares benefiting the most from the economic reopening led the advance. All eyes are on the US inflation measure, the personal consumption index, to be revealed this week.
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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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