At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 150.89 points or 0.32% at 48,034.77. The Nifty 50 index added 37.35 points or 0.26% at 14,348.30.
In broader market, the S&P BSE Mid-Cap index was up 0.59% while the S&P BSE Small-Cap index was added 0.68%.
The market breadth was positive. On the BSE, 1690 shares rose and 861 shares fell. A total of 153 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 136,500,459 with 29,44,714 deaths.
India reported 12,64,698 active cases of COVID-19 infection and 171,058 deaths while 122,53,697patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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India on Monday reported 1,61,736 new COVID-19 cases and 879 deaths in last 24 hours, according to data from the Union Health Ministry.
Economy:
The Index of Industrial Production (IIP) showed industrial output in India once again shrink in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.
The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.
Buzzing Index:
The Nifty Auto index added 1.98% to 9,602.30, snapping its two day two losing run. The index slipped 5.46% in two days.
Mahindra & Mahindra (up 3.63%), Motherson Sumi Systems (up 2.47%), Balkrishna Industries (up 2.26%), Maruti Suzuki India (up 2.12%), MRF (up 1.57%), Eicher Motors (up 1.52%), Exide Industries (up 1.25%), Escorts (up 1.21%), Ashok Leyland (up 1.02%) and Hero MotoCorp (up 0.88%) were top gainers in auto space.
Stocks in Spotlight:
Bandhan Bank gained 1.22% after the bank's total deposits jumped 37% to Rs 77,972 crore at the end of 31 March 2021 as against Rs 57,082 crore on 31 March 2020. The bank's loans & advances at the end of the March 2021 stood at Rs 87,054 crore, up by 21% from Rs 71,846 crore in the same period last year. The loan book of the private lender has increased by 8% sequentially compared with Rs 80,255 crore at the end of the 31 December 2020. Retail to Total Deposits ratio was at 79% as on 31 March 2021 as against 81% as on 31 December 2020 and 78% as on 31 March 2020.
Satin Creditcare Network fell 2.58%. The company said its asset under management (AUM) stood at Rs 7,274 crore as on 31 March 2021, recording a growth of 5.3% Q-o-Q (quarter-on-quarter). For FY21, Satin Creditcare Network maintained sufficient liquidity of Rs 1,469 crore. During FY21, the company raised Rs 4,312 crore including direct assignment transactions of Rs 743 crore.
Dr. Reddy's slipped 3.1%. The drug major received the permission from the Drug Controller General of India to import the Sputnik V vaccine into India for restricted use in emergency situations as per the provisions of the New Drug and Clincial Trials rules, 2019. In September 2020, Dr Reddy's Laboratories had partnered with the Russian Direct Investment Fund (RDIF) to conduct the clinical trials of Sputnik V and distribute the vaccine in India. In addition to the trials conducted in Russia by RDIF. Phase II / III clinical trials of the vaccine were carried out by Dr Reddy's Laboratories in India.
Global Markets:
Most Asian shares traded higher on Tuesday, following a muted finish overnight on the Wall Street.
US stocks settled near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.
Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated Covid-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point.
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