Market trades firm; broader market climbs

The barometer indices were trading near the day`s high level with steep gains in mid-afternoon trade. The Nifty hovered a tad above 14,700 mark. All the sectoral indices on the NSE traded in the green.

At 14:26 IST, the barometer index, the S&P BSE Sensex, added 269.36 points or 0.55% at 49,073.89. The Nifty 50 index rallied 111.6 points or 0.77% at 14,693.45.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 1.6% while the S&P BSE Small-Cap index added 1.36%.

Buyers outnumbered sellers. On the BSE, 1,775 shares rose and 1,061 shares fell. A total of 154 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,91,09,041 with 29,86,608 deaths. India reported 15,69,743 active cases of COVID-19 infection and 1,74,308 deaths while 1,25,47,866 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India crossed the grim milestone of over 2 lakh COVID-19 cases being reported in a day. Tough restrictions are in place in major cities like Delhi and Mumbai with weekend curfews and weekday restrictions being imposed by the administration, to check the spread of the virus.

Broader Market Gainers:

Glenmark Pharmaceuticals (up 5.8%), JSW Energy (up 5.68%), Varroc Engineering (up 5.14%), Adani Transmission (up 5%), 3M India (up 3.95%) and Tata Power (up 3.56%) were top gainers in BSE Mid Cap index.

Hester Biosciences (up 16.65%), DCM Shriram (up 16%), Angel Broking (up 11.63%), Repco Home Finance (up 11.11%), Praj Industries (up 8.36%) and Bajaj Electric (up 7.85%) were top gainers in BSE Small Cap.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.42 compared with its previous closing of 74.93.

The yield on 10-year benchmark federal paper rose to 6.161% as compared to its previous close of 6.126%.

MCX Gold futures for 4 June 2021 settlement fell 0.49% to Rs 46,944.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.01% to 91.623.

In the commodities market, Brent crude for June 2021 settlement rose 8 cents to $67.02 a barrel. The contract increased 0.54% to settle at $66.94 in the previous trading session.

Stocks in Spotlight:

National Aluminium Company (NALCO) rose 3.02% to Rs 59.75 after the company said it has been granted the mining lease of Utkal-E coal block in Odisha. The lease has been granted by the Department of Steel & Mines, Government of Odisha, through a notification issued on April 12. As per the notification, the mining lease of Utkal-E coal block is over an area of 523.73 hecatres in villages Nandichhod, Gopinathpur Jungle, Kundajhari Jungle, Kosala & Korada under Chendipada Tahasil of Angul District.

National Fertilizers advanced 1.28%. The Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has intimated regarding issue of RFP for engagement of Legal Advisors, Merchant Bankers and Selling Brokers for the Disinvestment of 20% paid up equity capital in the company out of Government of India`s shareholding through the "Offer for Sale by promoters through the Stock Exchanges" method in the domestic market.

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