At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 295.96 points or 0.61% at 48,682.16. The Nifty 50 index gained 233.85 points or 0.62% at 14,575.45.
In broader market, the S&P BSE Mid-Cap index was up 0.58% while the S&P BSE Small-Cap index was up 1.13%.
The market breadth was strong. On the BSE, 1777 shares rose and 842 shares fell. A total of 176 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 147,540,977 with 31,17,438 deaths.
India reported 28,82,204 active cases of COVID-19 infection and 197,894 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India posted 3,23,144 new COVID-19 cases and 2771 deaths.
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For the third day in a row, Mumbai city on Monday reported new COVID-19 cases below 6,000. With the addition of 3,876 new cases, the total number of COVID cases in the maximum city has increased to 6,31,527. 9,150 people have been discharged from hospitals post-recovery. At present, there are 70,373 active cases in the city.
Economy:
The Reserve Bank of India (RBI) said that the post of the MD & CEO or whole-time director (WTD) cannot be held by the same incumbent for more than 15 years.
The individual will be eligible for re-appointment in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years, subject to meeting other conditions, it added.
The central bank further said that no one can be a non-executive director either beyond age 75. The norms won't be applicable to state-run banks and foreign banks that operate as branches.
Buzzing Index:
The Nifty Bank index added 0.72% to 32,507.45. The index has added 2.48% in two days.
AU Small Finance Bank (up 1.76%), HDFC Bank (up 1.69%), Punjab National Bank (up 1.6%), IndusInd Bank (up 1.51%), Bandhan Bank (up 1.45%), SBI (up 1.38%), Federal Bank (up 1.22%) and IDFC First Bank (up 1.15%) were top gainers in Bank Nifty.
Earnings Impact:
HDFC Life Insurance Company fell 2.9%. The insurance company reported a 2.38% rise in consolidated net profit to Rs 319.06 crore in Q4 FY21 from Rs 311.65 crore in Q4 FY20. Net premium income increased by 22.85% to Rs 12,869.55 crore in Q4 FY21 over Q4 FY20. The company's net income from investments stood at Rs 6,015.42 crore in Q4 March 2021 compared with loss of Rs 10,229.92 crore in Q4 March 2020. Profit before tax in Q4 FY21 stood at Rs 310.21 crore, up by 9.07% from Rs 284.41 crore in Q4 FY20.
Delta Corp fell 0.4%. The company's consolidated net profit soared 100.73% to Rs 57.65 crore on 16.81% rise in net sales to Rs 211.34 crore in Q4 FY21 over Q4 FY20. On a consolidated basis, the company reported a net loss of Rs 24.10 crore in the year ended March 2021 compared with net profit of Rs 185.63 crore in the year ended March 2020. Net sales fell 45.84% to Rs 418.87 crore in the year ended March 2021 over the year ended March 2020. The board has recommended a final dividend of Re 1 per equity share.
Global Markets:
Asian stocks were trading mixed on Tuesday as investors awaited the Bank of Japan's interest rate decision. That comes as multiple regions, including Tokyo and Osaka, were recently placed under a new state of emergency to curb the spread of coronavirus infections.
In US, the S&P 500 and Nasdaq closed at record highs on Monday, fueled by Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week.
Going ahead, the Federal Reserve, which meets on Tuesday and Wednesday, is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. Chairman Jerome Powell will host a press conference Wednesday afternoon to discuss the Federal Open Market Committee's decision.
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