Benchmark indices further pared gains in early afternoon trade. The Nifty gave up 14,800 mark. Metal, media and pharma stocks saw buying while PSU bank shares were under pressure.Global stock market advanced as investors welcomed a strong jobs report from the United States that reinforced optimism that the world's top economy is well on the recovery track. The White House's support for a global waiver on patent protections for Covid-19 vaccines also cheered investors.
At 12:29 IST, the barometer index, the S&P BSE Sensex, added 183.94 points or 0.38% at 49,138.73. The Nifty 50 index was up 61.52 points or 0.42% at 14,786.05.
In broader market, the S&P BSE Mid-Cap index was up 0.01% while the S&P BSE Small-Cap index was gained 0.31%.
The market breadth was strong. On the BSE, 1658 shares rose and 1177 shares fell. A total of 164 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,222.58 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 632.51 crore in the Indian equity market on 6 May, provisional data showed.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.89% to 21.1775. The Nifty 27 May 2021 futures were trading at 14,857.15, at a premium of 49.55 points as compared with the spot at 14,807.60.
The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 26.1 lakh contracts at the 15,000 strike price. Maximum Put OI of 36.4 lakh contracts was seen at 14,000 strike price.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 155,650,258 with 3,251,960 global deaths.
India reported 36,45,164 active cases of COVID-19 infection and 234,083 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 4.14 lakh new cases and 3,915 deaths.
Buzzing Index:
The Nifty Media index jumped 1.86% to 1,581.95, extending its winning run to third consecutive trading session. The index rallied 3.69% in three days.
Zee Entertainment Enterprises (up 3.65%), TV18 Broadcast (up 2.07%), Sun TV Network (up 1.78%), TV Today Network (up 1.49%), PVR (up 1.39%) rose.
Earnings Impact:
Raymond rose 3.29% after the company's consolidated net profit stood at Rs 56 crore in Q4 FY21 compared with net loss of Rs 68 crore in Q4 FY20. Net sales gained 6.8% to Rs 1,365.66 crore in Q4 FY21 over Q4 FY20. EBITDA stood at Rs 197 crore in Q4 FY21 from Rs 5 crore in Q4 FY20. EBITDA margin improved to 14% in Q4 March 2021 as against 0.4% n Q4 March 2020.
Procter & Gamble Health (P&G health) dropped 5.74% after the FMCG company's standalone net profit slumped 66.1% to Rs 15.77 crore on a 3.9% decline in net sales to Rs 219.15 crore in Q3 March 2021 over Q3 March 2020. The revenue was impacted by stock challenges and higher last year base on account of exports sales phasing during the same quarter last year. The net profit was impacted by lower sales for the quarter and lower expense base last year supported by provision true ups and reversals.
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