At 10:28 IST, the barometer index, the S&P BSE Sensex, added 332.76 points or 0.68% at 49,282.73. The Nifty 50 index was up 101.55 points or 0.69% at 14,826.05.
In broader market, the S&P BSE Mid-Cap index was up 0.23% while the S&P BSE Small-Cap index was gained 0.54%.
The market breadth was strong. On the BSE, 1683 shares rose and 1049 shares fell. A total of 154 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,222.58 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 632.51 crore in the Indian equity market on 6 May, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 155,650,258 with 3,251,960 global deaths.
India reported 36,45,164 active cases of COVID-19 infection and 234,083 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 4.14 lakh new cases and 3,915 deaths.
The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund's April forecast for 12.5% growth in India's economic output in fiscal years 2021 and 2022. The IMF will revisit that forecast when it issues a fresh World Economic Outlook in July.
Buzzing Index:
The Nifty Realty index gained 1.34% to 309.45, rising for second trading session. The index has added 2% in two days.
DLF (up 4.05%), Indiabulls Real Estate (up 4.03%), Brigade Enterprises (up 1.86%), Prestige Estates Projects (up 0.86%) and Sobha (up 0.26%) were top gainers in realty space.
Stocks in Spotlight:
Zensar Technologies gained 1.06% after the UK-based fintech company, Infinity Circle, selected Zensar for end-to-end development of its next-gen wealth management platform. Zensar will be the design and technology services partner with the scope of engagement spanning across branding, UX, CX design, core platform development, global launch, and on-going support services.
Cupid spurted 5.27% after the company received a purchase order from Uttar Pradesh Medical Supplies Corporation for supply of COVID - 19 Antigen Based Rapid Test Kits worth Rs 10.5 crore.
Global Markets:
Asian stocks advanced on Friday ahead of the U.S. jobs report due later in the day that might provide some indication on what the Fed could do next. Investors will be looking ahead to the U.S. nonfarm payroll count for April due Friday.
China's services sector expanded at the sharpest pace in four months in April. The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 56.3, the highest since December when the same reading was registered and up from 54.3 in March. The 50-mark separates growth from contraction on a monthly basis.
Japan's services sector activity contracted in April. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 49.5 from the prior month's 48.3, the slowest pace of activity decline in the current 15-month run of contractionary PMIs.
In US, the Dow Jones Industrial Average closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots.
A Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended 1 May 2021, compared with 590,000 in the prior week.
US private firms added 742 000 jobs in April, payrolls firm ADP said Wednesday, marking a fourth straight monthly gain.
In Europe, the Bank of England said on Thursday it would slow the pace of its bond-buying as it sharply increased its forecast for Britain's economic growth this year after its coronavirus slump. The BoE kept its benchmark interest rate at an all-time low of 0.1% and the size of its bond-buying programme unchanged at 895 billion pounds ($1.24 trillion).
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