Sensex, Nifty turn range bound

Equity barometers traded sideways with decent gains in mid-afternoon trade. The Nifty traded above the 14,800 mark. Barring the Nifty PSU Bank index, all sectoral indices traded in the green.

Global stock market advanced as investors welcomed a strong jobs report from the United States that reinforced optimism that the world's top economy is well on the recovery track. The White House's support for a global waiver on patent protections for Covid-19 vaccines also cheered investors.

At 14:29 IST, the barometer index, the S&P BSE Sensex, added 256.75 points or 0.52% to 49,206.73. The Nifty 50 index was up 97.95 points or 0.67% at 14,822.05.

In broader market, the S&P BSE Mid-Cap index was up 0.01% while the S&P BSE Small-Cap index was gained 0.32%.

The market breadth was strong. On the BSE, 1689 shares rose and 1252 shares fell. A total of 170 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,222.58 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 632.51 crore in the Indian equity market on 6 May, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 15,60,80,676 with 32,56,425 deaths. India reported 36,45,164 active cases of COVID-19 infection and 2,34,083 deaths while 1,76,12,351 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty PSU Bank index slipped 0.53% to 2,108.05, losing for second trading session. The PSU bank index lost 1.67% in two trading sessions.

Union Bank of India (down 3.19%), Central Bank of India (down 1.21%), Bank of Maharashtra (down 1.02%), Indian Bank (down 0.92%), Punjab National Bank (down 0.82%) and Bank of India (down 0.51%) were top losers in PSU Bank space.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.6050 compared with its previous closing of 73.78.

The yield on 10-year benchmark federal paper rose to 5.995% as compared to its previous close of 5.974%.

MCX Gold futures for 4 June 2021 settlement rose 0.1% to Rs 47,641.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 91.060.

In the commodities market, Brent crude for July 2021 settlement rose 12 cents to $69.08 a barrel. The contract increased by 0.12% to settle at $68.96 in the previous trading session.

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