Equity indices trade in narrow range

Barometers turned range bound in mid-morning trade. The Nifty held above the crucial 14,900 mark. Barring the Nifty IT index, all sectoral indices on the NSE traded in the green.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 343.15 points or 0.67% at 49,549.21. The Nifty 50 index was up 111 points or 0.75% at 14,934.95.

In broader market, the S&P BSE Mid-Cap index was up 0.89% while the S&P BSE Small-Cap index gained 1.04%.

The market breadth was strong. On the BSE, 1982 shares rose and 914 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,142.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,468.09 crore in the Indian equity market on 7 May, provisional data showed

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 157,954,082 with 3,288,812 global deaths.

India reported 37,45,237 active cases of COVID-19 infection and 246,116 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 3,66,161 new cases and 3,754 deaths.

Buzzing Index:

The Nifty Pharma index jumped 2.64% to 14,109.50. It topped other sectoral indices on the NSE.

Torrent Pharmaceuticals (up 5%), Alkem Laboratories (up 4.79%), Dr. Reddy's (up 3.13%), Aurobindo Pharma (up 2.81%), Cadila Healthcare (up 2.77%), Sun Pharmaceutical (up 2.63%) and Divi's Laboratories (up 2.53%) were top gainers in pharmaceutical space.

Cipla rose 1.09% to Rs 892.60 after the drug major entered into a licensing agreement with Lilly to expand access to Covid-19 treatment in India. The drug company announced it has signed a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company, USA for the manufacture and commercialization of the drug baricitinib for Covid-19 indication.

Global Markets:

Asian stocks were mixed on Monday following a big miss in the April U.S. jobs report.

U.S. job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed. US employers hired 266,000 new workers in April, according to the labour department's monthly non-farm payrolls report. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers. Meanwhile, March's originally estimated total of 916,000 was revised down to 770,000.

US stocks notched a record close on Friday in what proved to be a volatile day in financial markets following a much weaker than expected jobs report.

The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite rose 0.9% to 13,752.24.

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