At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 86.21 points or 0.16% at 52,359.52. The Nifty 50 index gained 39 points or 0.25% at 15,779.85.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.69% while the S&P BSE Small-Cap index surged 1.03%.
The market breadth was strong. On the BSE, 2138 shares rose and 834 shares fell. A total of 149 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 173,898,354 with 3,744,998 global deaths.
India reported 12,31,415 active cases of COVID-19 infection and 353,528 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
World Bank on June 8 projected India's economy to grow at 8.3% in 2021. Earlier, the World Bank had estimated Indian economy to grow at a pace of 10.1% in FY 2021-22. Citing the reason to slash the FY22 growth of Indian economy, the global lending and monitoring body said that India has been hampered by the largest outbreak of coronavirus cases that any country has seen since the beginning of the pandemic.
In India, an enormous second covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of FY2020/21, especially in services. With surging covid-19 cases, foot traffic around work and retail spaces has again slowed to more than one-third below pre-pandemic levels since March, in part due to greater restrictions on mobility, World Bank said in its latest Global Economic Prospects report.
The World Bank on Tuesday upgraded its growth forecast, with the global economy now expected to grow 5.6% in 2021. That compared against an earlier forecast in January for a 4% global economic expansion in 2021. Still, the organization warned in a Tuesday press release that global output will be about 2% below pre-pandemic projections by the end of this year in spite of the recovery.
Buzzing Index:
The Nifty PSU Bank index jumped 1.52% to 2,501.85. The index declined 1.45% in the previous trading session.
Bank of Baroda (up 3.97%), Bank of Maharashtra (up 2.08%), Canara Bank (up 1.96%), Indian Bank (up 1.93%), PNB (up 1.09%), Union Bank of India (up 0.98%), SBI (up 0.97%) and Bank of India (up 0.67%) were top gainers in PSU Bank space.
Earnings Impact:
Petronet LNG fell 2.06%. The PSU company reported 70.9% jump in consolidated net profit to Rs 637.92 crore in Q4 FY21 as against Rs 373.20 crore in Q4 FY20. Net sales during the quarter fell 11.6% to Rs 7,575.32 crore as compared with the same period last year. Profit before tax (PBT) in Q4 FY21 stood at Rs 870.67 crore, up 74% from Rs 500.43 crore in Q4 FY20.
Prestige Estates Projects surged 6.42% to Rs 310 after the real estate company's consolidated net profit zoomed to Rs 1,350.50 crore as against net profit of Rs 51.10 crore reported in the same period last year. Net sales rose 14.4% to Rs 2,268.10 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared to Rs 1,731.90 crore in Q4 FY21 as against Rs 90.30 crore in Q4 FY20.
Global Markets:
Asian stocks were mixed on Wednesday, as investors reacted to the release of Chinese inflation data.
China's factory gate prices increased at the fastest pace since September 2008, official data showed on Wednesday, while consumer inflation also accelerated but at a slower-than-expected rate.
The producer price index (PPI) rose 9.0% from a year earlier in May, according to a statement from the National Bureau of Statistics.
Wall Street stocks finished a choppy session little changed Tuesday as markets digested data showing a lower US trade deficit.
The US trade deficit dipped by $6.1 billion to $68.9 billion in April, slightly larger than expected, as exports rose and imports fell, according to Commerce Department data.
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