The domestic equities indices further extended gains and hit a fresh intraday high in early afternoon trade. The Nifty crossed the 14,600 level. 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 418.49 points or 0.86% at 48,805. The Nifty 50 index gained 123.60 points or 0.85% at 14,608.60.
In the broader market, the S&P BSE Mid-Cap index added 0.73% while the S&P BSE Small-Cap index rose 1.24%.
The market breadth was strong. On the BSE, 1,852 shares rose and 910 shares fell. A total of 153 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.38% to 23.17. The Nifty 29 April 2021 futures were trading at 14,615.25, at a premium of 6.65 points as compared with the spot at 14,608.60.
The Nifty option chain for 29 April 2021 expiry showed maximum Call OI of 54.3 lakh contracts at the 15,000 strike price. Maximum Put OI of 67.7 lakh contracts was seen at 14,500 strike price.
Buzzing Index:
The Nifty Media index gained 1.50% to 1,538.85. The index added 7.19% in five sessions.
D B Corp (up 5.84%), Network18 Media & Investments (up 4.31%), Sun TV Network (up 3.54%), Zee Entertainment Enterprises (ZEEL) (up 1.69%) and Dish TV India (up 1.06%) advanced.
Stocks in Spotlight:
Jindal Steel & Power (JSPL) rose 1.55% after the company accepted a binding offer from Worldone, to divest its 96.42% stake in Jindal Power (JPL), a material subsidiary of the company. The divestment is in line with JSPL's strategic objective to continuously reduce its debt, focus on its India Steel business and significantly reduce its carbon footprint by almost half as part of its ESG objectives. The equity value is an all-cash offer of Rs 3,015 crore for 96.42% stake in JPL, including 3,400 MW (mega-watt) coal fired power plants in Chhattisgarh and other non-core assets owned by JPL.
Great Eastern Shipping (G E Shipping) gained 1.41% after HDFC mutual fund acquired 2.10% stake in the shipping company via open market on Thursday, 22 April 2021. Post transaction, HDFC Mutual Fund (HDFC MF) has increased its total stake in GE Shipping to 7.23% from 5.13% stake earlier.
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.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 14,78,80,799 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.
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