The benchmark indices were trading with modest gains in early afternoon trade. The Nifty was hovering above 15,700 level. Sentiment got a boost as fresh COVID-19 cases in India continued to decline and vaccination pace picked up.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 72.60 points or 0.14% at 52,172.65. The Nifty 50 index gained 51.45 points or 0.33% at 15,721.70. The Nifty hit a record high at 15,739.40 in mid-morning trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.96% while the S&P BSE Small-Cap index added 1.31%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 2,313 shares rose and 852 shares fell. A total of 170 shares were unchanged.
Economy:
The gross goods and services tax (GST) revenue collected in the month of May 2021 is Rs 1,02,709 crore of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods). The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. This would be eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark.
Coronavirus Update:
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Total COVID-19 confirmed cases worldwide stood at 17,33,13,786 with 37,29,323 deaths. India reported 14,01,609 active cases of COVID-19 infection and 3,49,186 deaths while 2,71,59,180 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 1.14 lakh daily new cases in last 24 hours, lowest in 60 days. Declining trend sustained with less than two lakh daily cases since 10 successive days. Active cases decreased by 77,449 in last 24 hours.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 6.99% to 14.825. The Nifty 24 June 2021 futures were trading at 15,750.20, at a premium of 28.50 points as compared with the spot at 15,721.70.
The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 26.2 lakh contracts at the 16,000 strike price. Maximum Put OI of 34.1 lakh contracts was seen at 15,000 strike price.
Buzzing Index:
The Nifty Media index rose 1.33% to 1,842.05. The index added 4.57% in five sessions.
DB Corp (up 4.25%), PVR (up 3.70%), Inox Leisure (up 3.20%), Network18 Media and Investments (up 2.07%) and Zee Entertainment Enterprises (up 0.78%) climbed.
Stocks in Spotlight:
Equitas Small Finance Bank fell 0.82%. The small-loan financer announced that its collection efficiency stood at 77.84% in May 2021 as against 105.16% in April 2021 and 108.51% in March 2021. The billing efficiency stood at 66.97% in May 2021 as against 84.68% in April 2021 and 91.12% in March 2021.
RBL Bank gained 1.21% after the bank received an approval of the Reserve Bank of India (RBI) for the re-appointment of Vishwavir Ahuja as the managing director (MD) and chief executive officer (CEO). The re-appointment of Vishwavir Ahuja as MD and CEO of RBL Bank is for further period of one year, with effect from 30 June 2021.
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