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Indian equity benchmarks continued to trade in high spirit in afternoon session amid favorable global cues and further fall in daily Covid-19 cases across the country. India's COVID data indicates steady improvement with fresh cases steadily declining. Also, the recovery numbers at 3.78 lakh indicate a steady decline in total caseload. Additional support came in as Commerce and Industry Minister Piyush Goyal holds ‘fruitful discussion’ with US Trade Representative to enhance COVID-19 vaccine production. The meeting focused on increasing vaccine availability in an inclusive and equitable manner to combat the global pandemic caused by COVID-19. Traders seem to have overlooked report that the wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021.

On the global front, Asian markets were trading mixed as optimism about the global recovery was offset by concerns about a spike in new infections in several countries that have officials battling to avert new lockdowns. Back home, among blue chip stocks, SBI was top gainer trading up by 5.34%, while Larsen & Toubro was top loser down by around 1.83%.

The BSE Sensex is currently trading at 49315.42, up by 582.87 points or 1.20% after trading in a range of 48923.13 and 49317.02. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.16%, while Small cap index was up by 1.30%.

The top gaining sectoral indices on the BSE were Bankex up by 2.94%, Auto up by 1.91%, Realty up by 1.62%, Power up by 1.34% and PSU was up by 1.18%, while Telecom down by 1.11%, Metal down by 0.66%, Consumer Durables down by 0.36%, Oil & Gas down by 0.09% and Healthcare was down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 5.34%, Indusind Bank up by 4.05%, ICICI Bank up by 3.46%, Bajaj Finserv up by 2.79% and Axis Bank was up by 2.68%. On the flip side, Larsen & Toubro down by 1.83%, Bharti Airtel down by 1.50%, Sun Pharma down by 1.12%, Nestle down by 0.95% and NTPC was down by 0.40% were the top losers.

Meanwhile, growing for the fifth consecutive month, India's exports jumped nearly three-fold to $30.63 billion in April 2021 over the same period of last year, on account of healthy growth in sectors like gems and jewellery and engineering. Trade deficit during the month widened to $15.10 billion from $6.76 billion in April 2020.

As per the data released by the Commerce Ministry, exports surged by 195.72% to $30.63 billion in April 2021, as compared to $10.36 billion in April 2020. In Rupee terms, exports were Rs. 2,28,071.76 crore in April 2021, as compared to Rs. 78,951.41 crore in April 2020, registering a positive growth of 188.88%. Non-petroleum and Non-Gems and Jewellery exports in April 2021 were $23.62 billion, as compared to $9.08 billion in April 2020, registering a positive growth of 160.24%.

On the other hand, imports increased by 167.05% to $45.72 billion in April 2021 as compared to $17.12 billion in April 2020, while in rupee terms it was up by 160.87% to Rs 3,40,505.06 crore from Rs 1,30,525.08 crore in April 2020.

Oil imports in April 2021 were $10.87 billion, which was 133.24% higher, compared to $4.66 billion in April 2020. Non-oil imports in April 2021 were estimated at $34.85 billion which was 179.70% higher, compared to $12.46 billion in April 2020. Non-Oil and Non-Gold imports were $28.61 billion in April 2021, recording a positive growth of 129.68%, as compared to Non-Oil and Non-Gold imports of $12.46 billion in April 2020.

The CNX Nifty is currently trading at 14836.50, up by 158.70 points or 1.08% after trading in a range of 14725.35 and 14837.90. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were SBI up by 5.38%, Indusind Bank up by 4.11%, UPL up by 3.61%, ICICI Bank up by 3.47% and Bajaj Finserv was up by 2.79%. On the flip side, Cipla down by 2.75%, Larsen & Toubro down by 1.80%, Tata Steel down by 1.68%, Bharti Airtel down by 1.47% and SBI Life Insurance was down by 1.26% were the top losers.

Asian markets were trading mixed; Taiwan Weighted dropped 473.20 points or 2.99% to 15,353.89, Nikkei 225 slipped 259.64 points or 0.92% to 27,824.83, KOSPI fell 18.80 points or 0.6% to 3,134.52 and Jakarta Composite was down by 78.29 points or 1.32% to 5,860.06.

On the other side; Hang Seng increased 202.15 points or 0.72% to 28,229.72, Shanghai Composite gained 31.01 points or 0.89% to 3,521.39 and Straits Times was up by 20.28 points or 0.66% to 3,075.30.

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