The benchmark indices were trading in a narrow range near the day's high in mid morning trade. The Nifty continued to trade above the 17,700 level. Pharma stocks extended gains for the fifth day. Asian stocks were mixed.
At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 686.59 points or 1.17% to 59,452.17. The Nifty 50 index added 191.95 points or 1.09% to 17,724.
In the broader market, the S&P BSE Mid-Cap index rose 1.16% while the S&P BSE Small-Cap index gained 1.40%.
The market breadth was strong. On the BSE, 2311 shares rose and 842 shares fell. A total of 197 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 233,713,190 with 4,782,640 deaths. India reported 264,458 active cases of COVID-19 infection and 448,997 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 90,73,60,198 COVID-19 vaccine doses have been administered in the country so far, with over 23.39 lakh doses being given yesterday, according to the Co-WIN dashboard.
Buzzing Index:
The Nifty Pharma index rose 2.03% to 14,883.70. The index has added 5.14% in five sessions.
Divi's Labs (up 7.44%), Glan Pharma (up 4.41%), Abbott India (up 4.35%), Cadila Healthcare (up 2.81%), Aurobindo Pharma (up 2.80%), Strides Pharma (up 2.56%), Torrent Pharma (up 1.81%), Dr. Reddy's Labs (up 1.78%) and Glenmark Pharma (up 1.37%) edge higher.
Stocks in Spotlight:
Yes Bank rose 1.79% to Rs 13.09. The bank said (provisional) loans & advances rose 3.6% to Rs 172,945 crore as on 30 September 2021 from Rs 166,923 crore as on 30 September 2020. The private bank's deposits increased by 30.1% year on year and 8.2% quarter on quarter to Rs 176,672 crore as on 30 September 2021.
CSB Bank advanced 2.74% to Rs 318.65. The bank said that its total deposits increased 9% to Rs 19,061.62 crore as on 30 September 2021 from Rs 17,468.44 crore as on 30 September 2020. Gross advances increased by 12.09% to Rs 14,304.14 crore as on 30 September 2021 from Rs 12761.80 crore as on 30 September 2020. Advances against Gold & Gold Jewellery, aggregated to Rs 5441.44 crore (up 10.17% YoY) as on 30 September 2021.
Global markets:
Asian stocks are trading mixed on Monday as investors weighed concerns over global inflationary pressures against the prospects of a pick up in global growth.
Markets in China are closed for most of this week for a holiday and are set to reopen on Friday. South Korean markets are also closed on Monday for a holiday.
Trading in the Hong Kong-listed shares of China Evergrande was halted on Monday as investors continue to monitor the situation surrounding the indebted developer as it faces a maturing bond with little wiggle room for payment. The property giant has missed two bond interest payments in the past weeks.
Investors will also look out for the comments from OPEC+ which meets virtually amid a spiral higher in crude prices.
Wall Street stocks surged to a higher close on Friday boosted by positive economic data, progress in the battle against COVID, and Washington developments on the potential passage of an infrastructure bill.
Merck and Ridgeback Biotherapeutics announced Friday they've developed a drug which reduces the risk of hospitalization or death by around 50% in Covid patients. If authorized by regulatory bodies, the drug could be the first oral antiviral medicine for Covid. The companies plan to seek emergency authorization for the antiviral Covid treatment after the medicine showed compelling results in clinical trials.
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