The domestic equities pared gains in early afternoon trade as profit booking emerged at higher levels. The Nifty index traded tad below its 14,500 mark. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in the green.
At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 553 points or 1.16% at 48,431.45. The Nifty 50 index gained 154.60 points or 1.08% at 14,495.95.
In the broader market, the S&P BSE Mid-Cap index added 0.68% while the S&P BSE Small-Cap index rose 0.86%.
The market breadth was strong. On the BSE, 1,894 shares rose and 933 shares fell. A total of 193 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 3.27% to 23.4325. The Nifty 29 April 2021 futures were trading at 14,506.10, at a premium of 10.15 points as compared with the spot at 14,495.95.
The Nifty option chain for 29 April 2021 expiry showed maximum Call OI of 58.8 lakh contracts at the 15,000 strike price. Maximum Put OI of 64.6 lakh contracts was seen at 14,000 strike price.
Buzzing Index:
The Nifty Metal index gained 2.15% to 4,542.45. SAIL (India) (up 6.07%), Vedanta (up 3.31%), NMDC (up 3.03%), JSW Steel (up 2.93%) and Jindal Steel & Power (up 2.40%) were the top gainers in Metal segment.
Stocks in Spotlight:
Biocon fell 0.33%. Biocon Biologics, a subsidiary of Biocon, announced that Abevmy, co-developed with Viatris Inc., has received marketing authorization approval from the European Commission following the positive recommendation by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency.
Abevmy, a biosimilar of Bevacizumab, is approved for the treatment inmetastatic colorectal carcinoma, metastatic breast cancer, non-small-cell lung carcinoma, glioblastoma, ovarian, cervical and renal cancer as part of a specific regimen.
Dhampur Sugar Mills slipped 1.28% after the company's consolidated net profit fell 12.1% to Rs 91.44 crore on 0.9% decline in net sales to Rs 1,056.95 crore in Q4 FY21 over Q4 FY20.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 14,71,94,897 with 31,09,449 deaths. India reported 28,13,658 active cases of COVID-19 infection and 1,95,123 deaths while 1,43,04,382 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The US government has decided to lift the export ban on the essential raw materials required by the vaccine manufacturer in India for production of COVID-19 vaccine. This development comes after several US lawmakers voiced their concerns over the COVID-19 situation in India. They exerted pressure on the Biden administration to extend assistance, release vaccines and other raw materials critical for India. White House said, US has identified sources of specific raw material urgently required for Indian manufacture of the Covishield vaccine that will immediately be made available for India.
Meanwhile, the government will continue giving COVID-19 vaccine doses from its 50% quota to the states and Union Territories for free during the phase three of the vaccination drive. These vaccines will continue to be administered by States and Union Territories.
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