Nifty trades near 15,300; breadth strong

The equity indices further extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded near the crucial 15,300 mark. Positive cues in other Asian stock markets boosted investors sentiment.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 338.53 points or 0.67% at 50,976.34. The Nifty 50 index added 88.25 points or 0.58% at 15,296.

In the broader market, the S&P BSE Mid-Cap index was up 0.36% while the S&P BSE Small-Cap index was up 0.96%.

The market breadth was strong. On the BSE, 1970 shares rose and 885 shares fell. A total of 137 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 167,633,983 with 3,481,490 global deaths.

India reported 24,95,591 active cases of COVID-19 infection and 311,388 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 2,08,921 new cases and registered 4,157 deaths.

Buzzing Index:

The Nifty Media index jumped 2.11% to 1,777.75. The index has surged 7.6% in four days.

Dish TV (up 11.8%), Sun TV Network (up 2.36%), Zee Entertainment (up 2.33%), DB Corp (up 1.88%), Network 18 (up 1.77%), TV18 Broadcast (up 1.47%) and Inox Leisure (up 1.2%) advanced.

Earnings Impact:

VIP Industries lost 2.21% after the company's consolidated net loss stood at Rs 3.78 crore in Q4 FY21 compared with net profit of Rs 9.52 crore in Q4 FY20. Net sales skid 21.77% to Rs 243 crore in Q4 FY21 as against Rs 310.66 crore in Q4 FY20. The revenue was impacted due to COVID-19. Pre-tax loss stood at Rs 5.72 crore in Q4 FY21 as against a pre-tax profit of Rs 10.45 crore in Q4 FY20.

Lux Industries jumped 11.2% after the company's consolidated net profit surged 118% to Rs 90.64 crore in Q4 FY21 as against Rs 41.49 crore in Q4 FY20. Net sales increased 48.18% year-on-year (YoY) to Rs 595.05 crore. EBITDA rose 95% to Rs 128.96 crore in Q4 FY21 from Rs 66.08 crore in Q4 FY20. EBITDA margin was at 21.45% as on 31 March 2021 as against 16.38% as on 31 March 2020.

Overseas Market:

Most Asian stocks were trading higher on Wednesday, with multiple markets in Southeast Asia closed for a holiday. In Southeast Asia, markets in Indonesia, Singapore and Thailand are closed for a holiday on Wednesday.

U.S. stocks closed slightly lower on Tuesday following a rally in the prior session as investors continue to try and assess the route of inflation.

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