At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 103.54 points or 0.2% at 52,203.35. The Nifty 50 index was up 54.45 points or 0.35% at 15,724.70.
In broader market, the S&P BSE Mid-Cap index was up 0.82% while the S&P BSE Small-Cap index was up 1.15%.
The market breadth was strong. On the BSE, 2272 shares rose and 809 shares fell. A total of 147 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 173,206,254 with 3,726,396 global deaths.
India reported 14,01,609 active cases of COVID-19 infection and 349,186 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. India reported 1.14 lakh daily new cases in last 24 hours, lowest in 60 days. Declining trend sustained with less than two lakh daily cases since 10 successive days. Active Cases decreased by 77,449 in last 24 hours.
Economy:
The gross goods and services tax (GST) revenue collected in the month of May 2021 is Rs 1,02,709 crore of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and Cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods). The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. This would be eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark.
Buzzing Index:
The Nifty Auto index gained 1.17% to 10,861.20, rising for fourth trading session. The auto index has rallied nearly 4% in four trading days.
Tata Motors (up 3.51%), TVS Motor Company (up 3.27%), Eicher Motors Ltd (up 1.55%) Ashok Leyland (up 0.86%) and Maruti Suzuki India (up 0.71%) jumped.
Stocks in Spotlight:
Bajaj Finance tumbled 4.28% to Rs 5,737 after the company estimates that its gross and net non-performing assets could be higher in Q1 and Q2 of FY22. The company said that it had a good Q4 with most financial indicators normalising to pre-COVID levels. The company ended FY2021 with GNPA of 1.8% and NNPA of 0.75%, close to pre-COVID levels. The company remained prudent on provisioning and carried an additional provision of Rs 840 crore as of 31 March 2021. However, given the severity of the second wave and the consequent lockdown across most of India for last 35 days, the NBFC offered an update of its estimated impact on the company's financials in FY2022. The company said it remains open for business across all categories aided by stable EMI bounce rates in Q1 FY22. With respect to its portfolio, the company said that the second wave has caused a marginal increase in EMI bounce rates in Q1 FY22 over Q4 FY21. Average EMI bounce rates in Q1 FY22 were approximately 1.08X of Q4 FY21. Forward flows across overdue positions were higher due to constraints on collections amidst strict lockdowns across most parts of India. As a result, the Company estimates its GNPA and NNPA in Q1 and Q2 to be higher. The company estimates an incremental credit cost of Rs 1,100-1,300 crore versus planned credit cost in FY2022 on account of disruption caused by the second wave.
Hero MotoCorp rose 0.16%. The two-wheeler major announced its reinvigorated strategy for the Nigeria market and launched a new range of Hunter motorcycle that is developed especially for the region. The diversified Kewalram Chanrai Group is the exclusive distributor of Hero MotoCorp in Nigeria. Hero MotoCorp, along with Kewalram Chanrai Group, is aiming to aggressively grow its presence in Nigeria and cater to the continuous demand for great quality products at affordable prices. The new strategy involves providing customers with a comprehensive range of products across the country.
Global Markets:
Asian stocks were trading mixed on Monday as investors looked ahead to Chinese trade data for May. Markets in Malaysia and New Zealand are closed today for holidays.
U.S. stocks closed higher Friday after the May nonfarm-payrolls report showed a less-than-expected gain, leading investors to bet that the Federal Reserve will maintain its easy-money policies for longer.
The U.S. economy added 559,000 jobs in May, the Labor Department said on Friday. The number came in slightly lower than an estimated from economists, but still showed a healthy rebound in the labor market. It's an improvement from the upwardly revised 278,000 payrolls added in April.
The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate. As per reports, the jobs report, while solid, is not strong enough to trigger the Federal Reserve to dial back its bond buying program.
In other developments, finance ministers from the Group of Seven over the weekend backed a U.S. proposal that calls for firms globally to pay at least 15% tax on earnings.
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