At 14:28 IST, the barometer index, the S&P BSE Sensex, jumped 508.11 points or 1.05% at 48,894.62. The Nifty 50 index gained 154.05 points or 1.06% at 14,639.60.
In the broader market, the S&P BSE Mid-Cap index added 0.93% while the S&P BSE Small-Cap index rose 1.39%.
The market breadth was strong. On the BSE, 1,900 shares rose and 978 shares fell. A total of 155 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 14,78,83,829 with 31,20,894 deaths. India reported 28,82,204 active cases of COVID-19 infection and 1,97,894 deaths while 1,45,56,209 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
For the third day in a row, Mumbai city on Monday reported new COVID-19 cases below 6,000. With the addition of 3,876 new cases, the total number of COVID cases in the maximum city has increased to 6,31,527. 9,150 people have been discharged from hospitals post-recovery. At present, there are 70,373 active cases in the city.
Economy:
The Reserve Bank of India (RBI) said that the post of the MD & CEO or whole-time director (WTD) cannot be held by the same incumbent for more than 15 years.
The individual will be eligible for re-appointment in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years, subject to meeting other conditions, it added.
The central bank further said that no one can be a non-executive director either beyond age 75. The norms won't be applicable to state-run banks and foreign banks that operate as branches.
Buzzing Index:
The Nifty Auto index added 0.83% to 9,721.25, rising for second day trading session. The index added 1.3% in two days.
Ashok Leyland (up 2.5%), TVS Motor (up 2.35%), Hero MotoCorp (up 2.26%), Motherson Sumi (up 1.55%) and Eicher Motors (up 0.97%) advanced.
Tata Motors gained 1.22%. The auto major announced that the lockdown enforced in various parts of the country is expected to impact vehicle demand temporarily. Hence, the company has set in motion a comprehensive 'Business Agility Plan' to protect and serve the interests of its customers, dealers and suppliers.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee fell to 74.6350 compared with its previous closing of 74.735.
The yield on 10-year benchmark federal paper rose to 6.053% as compared to its previous close of 6.038%.
MCX Gold futures for 4 June 2021 settlement slipped 0.2% to Rs 47,369.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.23% to 90.993.
In the commodities market, Brent crude for June 2021 settlement rose 62 cents to $66.27 a barrel. The contract fell 0.7% to settle at $65.65 in the previous trading session.
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