The key equity benchmarks further extended gains and hit fresh intraday high in mid morning trade. The Nifty crossed 15,100 mark. Banks shares extended gains for the second day. Positive cues from other Asian stock markets boosted investors' sentiment.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 645.81 points or 1.30% to 50,226.54. The Nifty 50 index added 196.65 points or 1.32% to 15,119.80.
In broader market, the S&P BSE Mid-Cap index gained 1.72% while the S&P BSE Small-Cap index rose 1.28%.
The market breadth was strong. On the BSE, 1904 shares rose and 892 shares fell. A total of 152 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 163,413,904 with 3,386,457 global deaths.
India reported 33,53,765 active cases of COVID-19 infection and 278,719 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The country recorded 2,63,533 fresh cases of coronavirus in last 24 hours taking the total tally of Covid-19 infections to 2,52,28,996, according to the Union health ministry data updated on Tuesday.
Meanwhile, the government has dropped plasma therapy from Covid treatment protocol. Covid National Task Force released new clinical guidelines for management of mild, moderate and severe Covid cases. Plasma therapy does not find a mention under the new guidelines. The decision came on the basis of recommendations of experts from AIIMS, ICMR-COVID-19 National Task Force, and Joint Monitoring Group of Union Health Ministry.
The plasma therapy, which includes transfusion of COVID-19 antibodies from the blood of a recovered patient to the one being treated, has not been found effective in reducing the progression to severe disease nor has a decrease in the fatality rate been observed.
The World Health Organization on Monday warned that the global pandemic isn't over yet despite high Covid vaccination rates in some countries. In Asia, places such as Singapore and Taiwan have seen a recent resurgence in local infections, prompting authorities to tighten restrictions in a bid to stem the virus' spread.
The Nifty Bank index rose 1.81% to 34,065.05. The index has added 5.89% in two sessions.
Federal Bank (up 3.74%), Bandhan Bank (up 2.73%), RBL Bank (up 2.46%), HDFC Bank (up 2.45%), IndusInd Bank (up 2.10%), IDFC First Bank (up 1.70%), ICICI Bank (up 1.29%), Bank Of Baroda (up 1.04%), SBI (up 0.82%), Kotak Mahindra Bank (up 0.64%), Axis Bank (up 0.49%) and Punjab National Bank (up 0.27%) advanced.
Stocks in Spotlight:
Reliance Industries (RIL) rose 1.51% to Rs 1990.10. Reliance Jio Infocomm (Jio), a major mobile broadband digital service provider and a subsidiary of RIL, is constructing the largest international submarine cable system centered on India. Jio, in conjunction with several key global partners and world-class submarine cable supplier SubCom, is currently deploying two next generation cables to support the extraordinary growth in data demand across the region.
The India-Asia-Xpress (IAX) system connects India eastbound to Singapore and beyond, while the India-Europe-Xpress (IEX) system connects India westbound to the Middle East and Europe. The systems will interconnect as well as connect to the world's top interexchange points and content hubs for extension of service globally. IAX is expected to be ready for service mid-2023, while IEX will be ready for service in early 2024.
HCL Technologies added 1.47% to Rs 935.45. The company announced the expansion of investment in the United Kingdom with the hiring of 1,000 technology professionals to support its clients in the UK and around the world. The company plans to hire these professionals in the fields of digital transformation, cloud, artificial intelligence and cybersecurity for its London, Greater London and Manchester offices.
Zuari Agro Chemicals advanced 1.69% to Rs 99.40. The company said that the fertilizer plant of the company situated at Zuarinagar, Goa was impacted on May 16, 2021 by Cyclone-Tauktae and there could be some damages caused to the fertilizer plant at Goa. Consequently, there could be a potential delay in the restart of ammonia and urea plants, the company said.
Asian stocks edged higher on Tuesday. Japan's economy shrank at an annualized rate of 5.1% in January to March, government data showed Tuesday. On a seasonally adjusted basis, gross domestic product in January-March fell 1.3% quarter-on-quarter. That came as resurgent Covid infections in the country snapped two quarters of consecutive growth.
Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.