The key equity indices extended initial gains and hit the day's high in the morning trade. The Nifty hovered near the 14,800 mark. Banks and financials led the charged while pharma and metal stocks took a breather.
At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 461.12 points or 0.95% to 49,193.67. The Nifty 50 index added 120.30 points or 0.82% to 14,798.10.
In broader market, the S&P BSE Mid-Cap index gained 0.78% while the S&P BSE Small-Cap index rose 1.05%.
The market breadth was strong. On the BSE, 1832 shares rose and 829 shares fell. A total of 183 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 162,788,478 with 3,375,243 global deaths.
India reported 3,516,997 active cases of COVID-19 infection and 274,390 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
India recorded 2.81 lakh fresh cases of coronavirus in last 24 hours taking the total tally of Covid-19 infections to 2,49,65,463, according to the Union health ministry data updated on Monday.
On Monday, the daily Covid cases reported in the country fell below the 3-lakh mark for the first time since April 21.
Though the active cases have been going down in the past few days, the 10 states account for 74.69% of the cases. These states are: Karnataka, Maharashtra, Kerala, Rajasthan, Tamil Nadu, Andhra Pradesh, Uttar Pradesh, West Bengal, Gujarat and Chhattisgarh.
The Nifty Bank index rose 2.20% to 32,876.80. The index had declined by 2.94% in the past three sessions.
IndusInd Bank (up 3.78%), Federal Bank (up 3.64%), RBL Bank (up 3.30%), SBI (up 3.02%), Bank Of Baroda (up 2.84%), ICICI Bank (up 2.41%), Punjab National Bank (up 2.04%), HDFC Bank (up 1.99%), IDFC First Bank (up 1.85%), Axis Bank (up 1.84%) and Kotak Mahindra Bank (up 1.71%) advanced.
The telecom major Bharti Airtel (down 0.56%) will announce its fourth quarter earnings today.
Colgate-Palmolive (India) (up 1.53%), 3i Infotech (up 3.84%), Butterfly Gandhimathi Appliances (down 2.87%), Federal Bank (up 2.51%), Gland Pharma (down 1.68%), Gujarat Narmada Valley Fertilizers & Chemicals (up 0.68%), Garden Reach Shipbuilders & Engineers (up 3.52%), Indo Count Industries (up 0.50%), Mangalore Refinery & Petrochemicals (up 1.05%), Orient Cement (up 1.18%), Rane Brake Lining (up 2.91%), Shakti Pumps (India) (up 1.08%), Sun Pharma Advanced Research Company (up 7.60%), Subex (up 1.03%), Wabco India (down 0.53%) and Aarti Industries (up 1.17%) will announce quarterly earnings today.
Cheviot Company hit an upper circuit of 20% at Rs 960.60. The company reported a net profit of Rs 25.68 crore in Q4 FY21 as against a net profit of Rs 3.50 crore in Q4 FY20. Net sales during the quarter increased by 36.7% year-on-year (YoY) to Rs 156.88 crore in Q4 FY21.
The jute goods maker's board on Friday (15 May) recommended special dividend of Rs 175 per share for the year ended 31 March 2021.
Rossari Biotech was down 3.24% at Rs 1246. The speciality-chemicals manufacturer reported a 47.1% jump in consolidated net profit to Rs 22.2 crore on a 36.8% rise in net sales to Rs 218.22 crore in Q4 FY21 over Q4 FY20. EBITDA jumped 46.7% YoY to Rs 35.2 crore in Q4 FY21 while EBITDA margins improved by 100 bps to 16.1% in the fourth quarter as compared to the same period last year. During the quarter, the company successfully commissioned all phases of its greenfield manufacturing facility at Dahej, Gujarat. The unit has a total installed capacity 132,500 MTPA, enhancing the total capacity of Rossari by 2.1 times to 252,500 MTPA. The company expects to sustainably ramp-up utilization levels at the Dahej unit over the next 3-4 years.