Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 35.30 points or 0.07% at 52,135.35. The Nifty 50 index was up 32.60 points or 0.21% at 15,702.85. Sentiment was positive as fresh covid cases continue to decline and vaccination pace picks up.
The S&P BSE Mid-Cap index was up 0.77%. The S&P BSE Small-Cap index was up 0.81%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1979 shares rose and 560 shares fell. A total of 97 shares were unchanged.
On the macro front, goods and services tax (GST) revenue for April, collected in May, remained above the Rs 1 lakh-crore-mark, even as the second wave of Covid-19 infections hurt economic activity. The GST collections for April were at Rs 1,02,709 crore, according to a statement from the Ministry of Finance on Saturday. That's 27% below the Rs 1.41 lakh crore collected in March.
Stocks in news:
Axis Bank rose 0.54%. With reference to the news item dated 4th June 2021 captioned 'Axis Bank to buy Spandana Sphoorty,' Axis Bank clarified that the said news item is speculative and the bank does not comment on market speculation. The bank has not taken any such decision in this regard.
PNB fell 1.86%. PNB reported a net profit of Rs 586.33 crore in Q4 FY21 as against a net loss of Rs 697.20 crore in Q4 FY20. The bank's total income increased by 37.5% to Rs 22,531.73 crore in Q4 FY21 over Q4 FY20. The bank's operating profit (before provisions & contingencies) surged 43.3% to Rs 5,634.31 crore in Q4 FY21 over Q4 FY20.
MOIL jumped 6.94%. MOIL reported net profit of Rs 116 crore in Q4 FY21, steeply higher compared with 13.47 crore in Q4 FY20. Net sales grew 81% to Rs 450.14 crore in Q4 FY21 as against Rs 248.66 crore in Q4 FY20. Profit before tax stood at Rs 159.37 crore in Q4 FY21, steeply higher than Rs 21.62 crore in Q4 FY20.
Force Motors rose 1.45%. Force Motors announced that its total production stood at 1,306 units in May 2021, steeply higher than 26 units in May 2020. Total domestic sales surged 410.15% to 1,306 units in May 2021 as against 256 units in May 2020. Total exports were at 154 units in May 2021. There were no exports during the same period last year due to Covid-19 pandemic.
RBL Bank rose 1.75%. RBL Bank said that the Reserve Bank of India (RBI) has approved the re-appointment of Vishwavir Ahuja as the Managing Director & CEO of the bank, for further period of one year, with effect from June 30, 2021.
Interglobe Aviation (Indigo) rose 1.45%. The company's consolidated net loss stood rose to Rs 1,147.16 crore in Q4 FY21 as compared to a net loss of Rs 870.81 crore in Q4 FY20.
Welspun Corp advanced 3.89%. Welspun Corp said that American Petroleum Institute, USA has granted license to the company, to manufacture SAWH pipes as per API Specification 5L & to apply API monogram on the pipes from company's Madhya Pradesh facility with effect from 26 May 2021.
Global Markets:
Overseas, Asian stocks are 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.
Back home, the domestic equity benchmarks ended with small losses on Friday, tracking negative global cues. The barometer index, the S&P BSE Sensex, declined 132.38 points or 0.25% to 52,100.05. The Nifty 50 index lost 20.10 points or 0.13% to 15,670.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,499.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,175.01 crore in the Indian equity market on 4 June, provisional data showed.
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