The domestic equity barometers further extended gains and hit fresh intraday high in mid-morning trade. The Nifty marched towards the 14,800 mark. IT, financials and bank stocks supported the upmove.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 385.43 points or 0.78% to 49,544.75. The Nifty 50 index added 125.45 points or 0.86% to 14,763.25.
In broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index rose 1.16% each.
The market breadth was strong. On the BSE, 1779 shares rose and 801 shares fell. A total of 132 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 131,707,267 with 2,859,868 deaths.
India reported 788,223 active cases of COVID-19 infection and 165,547 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Nifty IT index rose 0.48% to 26,619.65, extending gains for third day. The index has added 2.96% in three sessions.
Info Edge India (up 1.50%), MindTree (up 0.77%), Infosys (up 0.61%), TCS (up 0.61%), Tech Mahindra (up 0.53%), Wipro (up 0.49%) and Larsen & Toubro Infotech (up 0.37%) advanced.
Stocks in Spotlight:
Jindal Steel & Power (JSPL) added 1.79% to Rs 389.45. The steel maker reported a 34.4% jump in production to 2.07 million tonnes in Q4 March 2021 from 1.54 million tonne reported in Q4 March 2020.
Sales for Q4 March 2021 grew by 37.4% to 1.91 million tonnes from 1.39 million tonnes in Q4 March 2020. Exports accounted for 27% of sales in Q4 March 2021 compared with 15% in Q4 March 2020.
Saregama jumped 5.72% to Rs 1800. The company announced a global music licensing deal with a short format video platform, Triller. As part of the deal, Saregama will license its entire catalogue to Triller allowing users to create content using the company's music library of over 1.30 lakh songs in diverse Indian languages.
Maruti Suzuki India added 0.98% to Rs 6,834.70. The car major's total production (passenger vehicle+light commercial vehicles) jumped 86.33% to 1,72,433 units in March 2021 from 92,540 units in March 2020. Sequentially, total production advanced 2.52% in March 2021 from 1,68,180 units in February 2021.
Avenue Supermarts gained 0.46% to Rs 2,861.60. The retail-chain operator said its standalone revenue from operations in Q4 March 2021 stood at Rs 7,303.13 crore compared with Rs 6,193.53 crore in the same period last year, recording a growth of 17.91% Y-o-Y. As of 31 March 2021, the total number of stores stood at 234.
The company added that its two years and older stores growth for the months of January-February 2021 was 6% as compared to same period last year. These stores saw a negative growth of 9.4% for the first 15 days of March 2021 as compared to first 15 days of March 2020. This is primarily due to full or partial lockdowns implemented from the start of March 2021 across cities due to increase in COVID-19 cases.
While most Asian markets were trading higher, shares in Japan and China declined on Tuesday. This followed the surge in major indexes on Wall Street as they closed at record high level yesterday stateside. Markets in Hong Kong are closed today for a holiday.
China's services sector activity grew in March, according to a private sector survey released Tuesday. The Caixin/Markit services Purchasing Managers' Index for March came in at 54.3, as compared to February's reading of 51.5.
U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening.
The Dow Jones Industrial Average rose 373.98 points to 33,527.19, a record closing high. The S&P 500 gained 1.4% to 4,077.91, also hitting a new record close. The tech-heavy Nasdaq Composite also climbed 1.7% to 13,705.59.
Treasury Secretary Janet Yellen on Monday pushed for a global minimum corporate tax in an effort to keep companies from relocating to find lower rates.
Meanwhile, a measure of U.S. services industry activity soared to a record high in March. The Institute for Supply Management's non-manufacturing activity index jumped to a reading of 63.7 last month. That was the highest in the survey's history and followed 55.3 in February.
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