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Firm trade continued over the Dalal Street in late morning session, with both Sensex and Nifty holding strong gains, as bulls held their tight grip. Positive cues from other Asian markets helped key indices to remain strong. Domestic sentiments were positive, as the Union health ministry said that more than two crore COVID-19 vaccine doses are still available with the states and Union territories, while nearly three lakh doses are in the pipeline and will be received by them within the next three days. Besides, markets regulator Sebi proposed an elaborate framework for setting up a gold exchange wherein the yellow metal will be traded in the form of electronic gold receipts and will help in having a transparent domestic spot price discovery mechanism.

On the global front, Asian markets were trading mostly in green, after Japan's machine tool orders rose for a fifth straight month in April and the pace of growth accelerated sharply. The figures from the Japan Machine Tool Builders' Association showed that machine tool orders grew 120.8 percent year-on-year following a 65.1 percent rise in March. Domestic demand surged 170.3 percent and foreign orders grew 251.3 percent. Compared to the previous month, orders decreased 3.1 percent in April after a 21.1 percent increase in February.

The BSE Sensex is currently trading at 50223.08, up by 642.35 points or 1.30% after trading in a range of 49959.20 and 50295.08. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.79%, while Small cap index was up by 1.28%.

The top gaining sectoral indices on the BSE were Power up by 3.02%, Metal up by 2.68%, Utilities up by 2.54%, Auto up by 2.06% and Consumer Durables up by 1.94%, while Telecom down by 0.73% and FMCG down by 0.04% were the only losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 4.53%, Power Grid up by 4.25%, Titan Co up by 3.94%, Bajaj Auto up by 3.81% and HDFC Bank up by 2.54%. On the flip side, Bharti Airtel down by 1.32% and ITC down by 0.16% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest data has showed that India Inc's foreign investment in the first month of current fiscal (FY22) jumped by more than two-times year-on-year to $2.51 billion. Indian investors had committed $1.21 billion worth of outward foreign direct investment (OFDI) in April 2020.

The RBI data on OFDI for the month of April 2021 showed that of the total commitment of $2.51 billion in April this year by the Indian company owners, $1.75 billion was in the form of loan, $421.42 million as equity capital and $333.11 million was chipped in through issuance of guarantee. In March 2021, Indian firms made investment of over 1.99 billion in their overseas ventures.

Among the major investors, Tata Steel invested $1 billion in its wholly owned subsidiary in Singapore, Interglobe Enterprises invested $145.61 million in a joint venture based in the UK and Reliance Industrial Investments & Holdings committed $78.52 million in a fully owned unit in the UK.

As per the data, Reliance Industries alongside Reliance Brands invested a sum of $91.56 million in various wholly owned subsidiaries and joint ventures based in the UK, Singapore, the UAE and the USA. Varroc Engineering put in $65.5 million in a wholly owned unit in the Netherlands and Motherson Sumi Systems invested $41.70 million in a fully owned firm in the UAE.

The CNX Nifty is currently trading at 15110.50, up by 187.35 points or 1.26% after trading in a range of 15043.70 and 15134.40. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 4.30%, Power Grid up by 4.18%, Bajaj Auto up by 3.85%, Titan Co up by 3.83% and Hindalco up by 3.45%. On the flip side, Bharti Airtel down by 1.19%, UPL down by 0.42%, Grasim Industries down by 0.35%, Coal India down by 0.24% and ITC down by 0.19% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 351.11 points or 1.25% to 28,545.20, Taiwan Weighted strengthened 676.48 points or 4.41% to 16,030.37, Shanghai Composite gained 2.86 points or 0.08% to 3,520.48, KOSPI rose 34.82 points or 1.11% to 3,169.34, Straits Times advanced 44.84 points or 1.46% to 3,124.53 and Nikkei 225 surged 627.63 points or 2.26% to 28,452.46. On the flip side, Jakarta Composite lost 45.18 points or 0.77% to 5,788.68.

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