At 14:30 IST, the barometer index, the S&P BSE Sensex, rose 327 points or 0.68% at 48,580.82. The Nifty 50 index gained 88.25 points or 0.61% at 14,584.40.
In the broader market, the S&P BSE Mid-Cap index added 0.71% while the S&P BSE Small-Cap index rose 0.65%.
The market breadth was strong. On the BSE, 1,736 shares rose and 1,151 shares fell. A total of 164 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 15,43,66,761 with 32,27,887 deaths.
India reported 34,87,229 active cases of COVID-19 infection and 2,26,188 deaths while 1,69,51,731 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India records 3,780 fresh fatalities, over 3.80 lakh cases in single day.
RBI Governor Speech:
The Reserve Bank of India (RBI) Governor Shaktikanta Das in his address to the media said that wide-ranging and swift actions are needed against the spread of the second COVID-19 wave. The central bank is monitoring emerging developments while Das said the global economic outlook is highly uncertain and clouded with downside risks. Das further added that in India's fight against second wave of COVID-19, the RBI proposed to take extra measures. The bank will continue to monitor the emerging situation and deploy all instruments at its command, Das said. Disruption in manufacturing units so far is minimal. Consumption demand is holding up, he added.
RBI announced several measures to protect small and medium businesses, individual borrowers from the adverse impact of the intense second wave of COVID-19 across the country. RBI will undertake a purchase of government securities of Rs 35,000 crore in the next two weeks under the newly introduced GSAP-2.0. RBI announced term liquidity facility of Rs 50,000 crore to ease access to emergency health services. The central bank has also decided to conduct special three-year long-term repo operations (SLTRO) of Rs 10,000 crore at repo rate for the small finance banks (SFBs).
The RBI has also asked banks not to penalise till 31 December 2021 customers whose periodic KYC updating is due or pending. The RBI also gave a three-month extension under which banks could deduct loans to new MSME borrowers from their net demand and time liabilities (NDTL) for calculation of the cash reserve ratio (CRR).
Buzzing Index:
The Nifty Realty index slipped 0.41% to 305, extending its losing run to sixth consecutive trading session. The index has lost nearly 3% in six days.
Godrej Properties (down 2.37%), Phoenix Mills (down 2.34%), Mahindra Lifespace Developers (down 1.67%) and Indiabulls Real Estate Ltd (down 0.9%) were top losers in realty space.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 73.8525 compared with its previous closing of 73.9675.
The yield on 10-year benchmark federal paper fell to 5.993% as compared to its previous close of 6.015%.
MCX Gold futures for 4 June 2021 settlement fell 0.02% to Rs 46,863.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.48% to 91.365.
In the commodities market, Brent crude for July 2021 settlement rose 86 cents to $69.74 a barrel. The contract increased by nearly 2% to settle at $68.88 in the previous trading session.
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