The benchmark indices were trading with modest gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 343.03 points or 0.70% at 49,549.50. The Nifty 50 index gained 118.50 points or 0.80% at 14,941.65.

In the broader market, the S&P BSE Mid-Cap index added 0.82% while the S&P BSE Small-Cap index rose 1.06%.

The market breadth was strong. On the BSE, 2,011 shares rose and 936 shares fell. A total of 197 shares were unchanged.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 15,83,34,639 with 32,93,120 deaths. India reported 37,45,237 active cases of COVID-19 infection and 2,46,116 deaths while 1,86,71,222 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Delhi, Uttar Pradesh and Haryana extended their ongoing lockdowns till 17 May 2021 to curb the unprecedented surge of COVID-19 cases and deaths. Tamil Nadu, Rajasthan and Puducherry have also announced two-week shutdown starting today, while in Karnataka's stringent lockdown has come into effect on today till 24 May 2021. On Saturday, Kerala came under a nine-day complete lockdown.

Minister of State for Finance Anurag Thakur said that 1.5 lakh doses of 'Sputnik V' COVID-19 vaccine have reached India and Russian Direct Investment Fund has tied up with local Indian companies for bulk production.

In view of COVID-19, the government has relaxed the provisions of Income-tax Act. Now, all hospitals, nursing units, dispensaries and COVID care centres will be able to accept cash over two lakh rupees from the patients. Patient and the payee will have to submit PAN and Aadhaar for such payments. The relaxation has been granted between 1st April to 31st May this year.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.40% to 20.3225. The Nifty 27 May 2021 futures were trading at 14,981.55, at a premium of 39.90 points as compared with the spot at 14,941.65.

The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 26.7 lakh contracts at the 15,000 strike price. Maximum Put OI of 39.4 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Media index rose 2.38% to 1,604.30. The index added 5.15% in four sessions.

TV18 Broadcast (up 6.37%), Zee Entertainment Enterprises (ZEEL) (up 2.55%), Network18 Media & Investments (up 2.49%), Jagran Prakashan (up 2.41%) and Sun TV Network (up 1.70%) were the top gainers in Media segment.

Stocks in Spotlight:

Hero MotoCorp slipped 0.45%. On Sunday (9 May 2021), the two-wheel manufacturer announced that it has extended closure of manufacturing plants and other facilities till 16 May 2021. In view of the prevailing COVID-19 situation across the country, the two-wheeler manufacturer has decided to extend the shutdown at its manufacturing facilities across India, its Global Parts Center (GPC) in Neemrana and its R&D facility in Jaipur by another week.

Maruti Suzuki India gained 0.58%. The car major said that the maintenance shutdown is being extended till the 16 May 2021 due to the current pandemic situation. The auto maker said that some activities would continue in the plants. In the last week of April 2021, the car major had advanced its bi-annual maintenance shutdown to 1st May through 9th May from earlier plan of June. The company has been informed that Suzuki Motor Gujarat has taken the same decision,” it added.

DCB Bank advanced 3.64% after the bank's standalone net profit jumped 13.3% to Rs 77.91 crore on 4% decrease in total income to Rs 971.16 crore in Q4 FY21 over Q4 FY20. Net Interest Income fell 4% year-on-year (Y-o-Y) to Rs 311 crore in Q4 FY21. Non-Interest Income rose 22% Y-o-Y to Rs 134 crore in Q4 FY21. The bank's provisions and contingencies fell 14.43% to Rs 101.18 crore in Q4 FY21 over Q4 FY20.

Gross non-performing assets (NPAs) stood at Rs 1,083.44 crore as on 31 March 2021 as against Rs 502.27 crore as on 31 December 2020 and Rs 631.51 crore as on 31 March 2020. The ratio of gross NPAs (GNPA) to gross advances stood at 4.09% as on 31 March 2021 as against 1.96% as on 31 December 2020 and 2.46% as on 31 March 2020. The ratio of net NPAs (NNPA) to net advances stood at 2.29% as on 31 March 2021 as against 0.59% as on 31 December 2020 and 1.16% as on 31 March 2020.

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