The benchmark indices hit fresh intraday high in mid-morning trade. The Nifty marched towards the 15,850 mark. IT, metals, autos and bank stocks advanced while realty and media shares declined.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 295.66 points or 0.56% to 52,845.32. The Nifty 50 index added 77.40 points or 0.49% to 15,825.85.
In the broader market, the S&P BSE Mid-Cap index gained 0.10% while the S&P BSE Small-Cap index rose 0.76%.
The market breadth was strong. On the BSE, 1913 shares rose and 1110 shares fell. A total of 126 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 181,764,498 with 3,937,050 global deaths.
India reported 537,064 active cases of COVID-19 infection and 398,454 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Addressing media in New Delhi last evening, Joint Secretary in the Health Ministry Lav Agarwal the overall Covid recovery rate has reached the mark of 96.9%. He said, there are currently 565 districts in the country where the case positivity rate is less than 5%.
Agarwal said, by last evening, India has crossed the 33 crore mark in vaccination coverage. He also informed that in rural areas, the vaccination coverage from 1st of May to 24th of June is 9.72 crore doses which comprises 56% of the total vaccination while in urban areas the coverage stands at 7.68 crore doses which is 44%.
Economy:
The Eight Infrastructure Industries Index for May is slated for release today. Infrastructure output in India jumped by 56.1% year-on-year in April of 2021, accelerating from an upwardly revised 11.4% rise in the previous month.
India fiscal deficit in rupees for April-May Period will be announced today. India's fiscal deficit fell sharply to Rs 0.79 trillion in April of 2021, the first month of the new fiscal year, from Rs 2.80 trillion a year earlier.
India's Q1 Balance of Payments (BoP) Current Account Balance will be announced today. India recorded a current account deficit of $1.7 billion in the last three months of 2020, equivalent to 0.2% of the GDP.
India's External Debt details for Q1 will be unveiled by the government today. External Debt in India increased to $563,487 million in the fourth quarter of 2020 from $556,697 million in the third quarter of 2020.
Earnings Impact:
Finolex Cables rose 2.29% to Rs 525.80 after the company's consolidated net profit jumped 159.86% to Rs 167.59 crore on 41.43% rise in revenue from operations to Rs 921.35 crore in Q4 March 2021 over Q4 March 2020.
Revenues from Electrical Cables segment grew 42.89% to Rs 746.70 crore in Q4 March 2021 from Rs 522.56 crore in Q4 March 2020. Revenues from Communication Cables segment climbed 24.01% to Rs 127.39 crore in Q4 March 2021 as against Rs 102.72 crore in Q4 March 2020. Revenues from Copper Rods segment dropped 34.09% to Rs 158.65 crore in Q4 March 2021 as against Rs 240.71 crore in Q4 March 2020.
Uflex soared 15.81% to Rs 552.95 after the company's consolidated net profit soared 163% to Rs 264.95 crore on 43.3% increase in net sales to Rs 2,495.14 crore in Q4 FY21 over Q4 FY20. The company said it witnessed a rise in demand for packaging materials and ancillary businesses while also adding newer clients.
The packaging company's total production volume grew by 33.7% year on year in Q4 FY21 and stood at 126,822 metric tonnes (MT) whereas total sales volume for the quarter clocked in at 136,429 MT, an increase of 43.5% YoY.
Meanwhile, the company announced that it will increase packaging capacity to 7 billion packs per annum by March 2022 and will invest Rs 120 crore for the proposed expansion.
EID-Parry (India) lost 3.76% to Rs 429 after the company's consolidated net profit tanked 75.4% to Rs 61.61 crore on 7.9% fall in net sales to Rs 3,907.96 crore in Q4 March 2021 over Q4 March 2020.
Dredging Corporation of India declined 2.34% to Rs 404.15 after the company posted a net loss of Rs 110.81 crore in Q4 FY21, higher than net loss of Rs 4.38 crore registered in Q4 FY20. Net sales declined 6.9% to Rs 211.88 crore in Q4 FY21 from Rs 227.62 crore in Q4 FY20.
Global Markets:
Asian stocks advanced on Wednesday after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain.
China's official manufacturing Purchasing Manager's Index (PMI) grew at a slower clip in June. The reading eased to 50.9 in June from 51 in May.
Japan's industrial output posted the biggest monthly drop in a year in May. Factory output slumped 5.9% in May from the previous month, official data showed on Wednesday, hit by declines in the manufacturing of cars and production machinery to post its largest monthly drop since May last year.
The US stock market drifted further into record heights in a listless day on Tuesday, 29 June 2021, pushing the S&P 500 and the Nasdaq Composite to new records, as an upbeat consumer confidence report of June 2021 bolstered expectations for strong economic growth in the second quarter.
A report released Tuesday morning showed a measure of confidence among U.S. consumers jumped to its highest level in nearly 1-1/2 years in June as growing labor market optimism amid a reopening economy offset concerns about higher inflation. The Conference Board's consumer confidence index raced to a reading of 127.3 this month, the highest level since February 2020, from 120.0 in May.
A separate report showed that home prices across the country rose again in April, continuing their blistering pace. The S&P Case-Shiller national home price index, which covers all nine US census divisions, rose 14.6 per cent year on year in April, data on Tuesday showed. That followed a 13.3% annual jump in March.
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