The benchmark indices hit intraday high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, surged 633.05 points or 1.30% at 49,365.60. The Nifty 50 index jumped 173.50 points or 1.18% at 14,851.30.
In the broader market, the S&P BSE Mid-Cap index rose 1.17% while the S&P BSE Small-Cap index added 1.31%.
The market breadth was strong. On the BSE, 1,938 shares rose and 1,017 shares fell. A total of 201 shares were unchanged.
Economy:
India's April Wholesale Price Index (WPI) inflation stood at 10.49% compared with 7.39% in March 2021.
The annual rate of inflation in April 2021 is high primarily because of rise in prices of crude petroleum, mineral oils viz petrol, diesel etc, and manufactured products as compared to the corresponding month of the previous year.
The data released by the Union Ministry of Commerce & Industry on Friday, 14 May 2021 showed that India's exports in April jumped nearly three-fold to $30.63 billion from $10.36 billion in the same month last year. Imports also rose to $45.72 billion last month as against $17.12 billion in April 2020.
Trade deficit widened to $15.10 billion in April 2021 as against $6.76 billion in April 2020. The sharp rise in exports and imports seen in April 2021 was due to a low base in trade volumes in the same period last year as the country was put under a national lockdown to contain the spread of coronavirus. The Commerce secretary has said that there were no major issues on logistics for exporters due to restriction due to COVID-19, adding that sectors, which have done well in FY21, have done some market diversification.
Cyclone Tauktae:
Severe cyclonic storm Tauktae intensified overnight into "very severe cyclonic storm" over eastcentral Arabian Sea, the India Meteorological Department (IMD) has said. 100 rescue teams are deployed for six states - Kerala, Karnataka, Tamil Nadu, Gujarat, Maharashtra and Goa.
IMD has upgraded its Monday alert for Mumbai, Thane and Palghar from green to orange (heavy to very heavy rain at isolated places). Considering the warning about Tauktae, the BMC has cancelled the COVID-19 vaccination drive for Monday across all public centres. The BMC has also warned people against going near the sea.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 16,30,82,347 with 33,79,462 deaths. India reported 35,16,997 active cases of COVID-19 infection and 2,74,390 deaths while 2,11,74,076 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India recorded 2.81 lakh fresh cases of coronavirus in last 24 hours taking the total tally of COVID-19 infections to 2,49,65,463, according to the Union health ministry data updated on Monday. On Monday, the daily COVID-19 cases reported in the country fell below the 3-lakh mark for the first time since April 2021.
Though the active cases have been going down in the past few days, the 10 states account for 74.69% of the cases. These states are: Karnataka, Maharashtra, Kerala, Rajasthan, Tamil Nadu, Andhra Pradesh, Uttar Pradesh, West Bengal, Gujarat and Chhattisgarh.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.66% to 19.3225. The Nifty 27 May 2021 futures were trading at 14,866, at a premium of 14.70 points as compared with the spot at 14,851.30.
The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 26.7 lakh contracts at the 15,000 strike price. Maximum Put OI of 42.7 lakh contracts was seen at 14,000 strike price.
Buzzing Index:
The Nifty Financial Services index rose 2.24% to 15,757.50. The index lost 3.09% in the past three sessions.
Muthoot Finance (up 5.55%), State Bank of India (SBI) (up 4.90%), ICICI Bank (up 3.57%), Bajaj Finserv (up 2.87%) and Axis Bank (up 2.69%) were the top gainers in Financial Services segment.
Stocks in Spotlight:
Shalby advanced 3.77% after the company announced that it has entered into a definitive agreement to acquire certain assets from California- based Consensus Orthopedics, for a total cash consideration of $11.45 million. The assets were acquired by Shalby Advanced Technologies Inc, a wholly owned subsidiary of Mars Medical Devices, which is a wholly owned subsidiary of Shalby.
Shilpa Medicare soared 9.56% after the company said it has entered into a three-year definitive agreement with Dr. Reddy's Laboratories for production and supply of the Sputnik V vaccine. In an exchange filing on Monday, Shilpa Medicare said that through its wholly owned subsidiary, Shilpa Biologicals, will produce and supply the Sputnik V vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka. The targeted production of the dual vector Sputnik V for the first 12 months is 50 million doses (50 million of Component 1 and 50 million of component 2), from the date of start of commercial production.
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