The main indices pared gains in mid morning trade after scaling record highs. PSU bank stocks were in demand. Positive global cues and strong domestic vaccination boosted market sentiment.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 299.33 points or 0.57% at 53,873.03. The Nifty 50 index was up 103.65 points or 0.66% at 15,850.30.
In broader market, the S&P BSE Mid-Cap index gained 0.88% while the S&P BSE Small-Cap index was up 1.23%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,163 shares rose and 837 shares fell. A total of 127 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 178,730,551 with 3,871,409 global deaths.
India reported 662,521 active cases of COVID-19 infection and 389,302 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
More than 86.16 lakh vaccine doses, the highest ever single-day vaccination in the world so far, were administered across the country on June 21 as the revised guidelines for COVID-19 vaccination came into effect, the Union Health Ministry said. With that, the cumulative number of COVID-19 vaccine doses administered in the country crossed 28.87 crore.
Buzzing Index:
The Nifty PSU Bank index added 1.92% to 2,524.85, rising for second trading session. The PSU Bank index gained 6% in two days.
Indian Overseas Bank (up 8.69%), Central Bank of India (up 7.23%), J&K Bank (up 4.58%), Indian Bank (up 4.3%), UCO Bank (up 3.83%), Union Bank of India (up 2.89%) and Canara Bank (up 1.71%) were the gainers in PSU Bank space.
Stocks in Spotlight:
Dr. Reddy's fell 0.21%. The drug maker announced the launch of icosapent ethyl capsules, 1 gram in the US market. The product has received an approval by the United States Food and Drug Administration (USFDA). The drug is indicated to reduce triglyceride (TG) levels in adult patients with severe (≥ 500 mg/dL) hypertriglyceridemia.
Shilpa Medicare rose 1.58% to Rs 545.85 after the drug company announced the launch of a pediatric dose paracetamol oral thin film, under the brand name Molshil. The drug has been launched in strengths of 60 mg and 120 mg strengths in orange flavour. The company received approval for Molshil oral thin films after sufficiently complying bioequivalence requirements.
Global Markets:
Asian stocks were trading higher on Tuesday, tracking a U.S. equity rebound as the prospect of very gradual policy tightening tempers some of the concerns about the Federal Reserve's hawkish tilt.
Wall Street rallied on Monday as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic.
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