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Markets pared some of their gains but continued to trade in positive terrain in afternoon session amid buying in blue chip stocks from across various sectors. Traders were getting solace as country’s daily COVID-19 cases stayed below the 300,000-mark for more than a week. Adding optimism, RBI data showed the country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14. However, bourses trimmed some of their gains as overseas investors withdrew Rs 4,444 crore from Indian markets in May so far amid concerns over the second wave of the coronavirus pandemic and its possible impact on the Indian economy. On the global front, most of the Asian equity benchmarks trading higher despite worries that inflation may cause central banks to pull back on efforts to support growth.

Back home, in scrip specific development, according to private report Tata Steel is going to replace state-owned Oil and Natural Gas Corporation (ONGC) in the benchmark Sensex. The change will become effective from June 21. The move will result in inflows of $119 million in Tata Steel and selling of $58 million from ONGC by passive funds benchmarked to the Sensex index.

The BSE Sensex is currently trading at 50669.27, up by 128.79 points or 0.25% after trading in a range of 50465.90 and 50855.32. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.98%, while Small cap index was up by 0.81%.

The top gaining sectoral indices on the BSE were Realty up by 2.02%, Power up by 1.76%, Capital Goods up by 1.60%, PSU up by 1.55% and Industrials was up by 1.30%, while Telecom down by 0.76%, Metal down by 0.76%, FMCG down by 0.38%, Basic Materials down by 0.35% and Consumer Durables was down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.14%, Larsen & Toubro up by 1.86%, Power Grid up by 1.67%, HDFC up by 1.54% and Maruti Suzuki was up by 1.44%. On the flip side, Indusind Bank down by 1.75%, Titan Company down by 1.48%, Ultratech Cement down by 1.23%, Bajaj Finserv down by 0.89% and Hindustan Unilever was down by 0.83% were the top losers.

Meanwhile, state-run electricity distribution companies’ (discoms) overdues to power producers stood at Rs 78,379 crore in March 2021, down 3.4% from a year earlier, showing a reversal of discoms' growing outstandings. Outstanding dues of discoms towards electricity producers have been increasing year-on-year as well as month-on-month for years showing perennial stress in the power sector till February this year.

According to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators), discoms owed total Rs 81,116 crore to power generation firms in March 2020. The dues in March also declined from Rs 98,673 crore in February and Rs 99,023 crore in January this year.

In March 2021, the total overdue amount, which was not cleared even after 45 days of grace period offered by generators, stood at Rs 67,417 crore as against Rs 68,587 crore in the same month a year ago. The overdue amount stood at Rs 84,478 crore in February and Rs 85,490 crore in January this year. Power producers give 45 days to discoms to pay bills for electricity supply. After that, outstanding dues become overdue and generators charge penal interest on that in most cases.

The CNX Nifty is currently trading at 15206.45, up by 31.15 points or 0.21% after trading in a range of 15145.45 and 15251.90. There were 26 stocks advancing against 23 stocks declining, while 1 stock remains unchanged on the index.

The top gainers on Nifty were Indian Oil Corporation up by 3.21%, SBI up by 2.12%, Larsen & Toubro up by 1.94%, Hero MotoCorp up by 1.93% and BPCL was up by 1.89%. On the flip side, Shree Cement down by 2.80%, JSW Steel down by 2.33%, Tata Steel down by 1.66%, Britannia Industries down by 1.63% and Indusind Bank was down by 1.57% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite gained 6.54 points or 0.19% to 3,493.10, Jakarta Composite soared 9.45 points or 0.16% to 5,782.57, Taiwan Weighted strengthened 36.23 points or 0.22% to 16,338.29, Nikkei 225 surged 46.78 points or 0.17% to 28,364.61 and Straits Times was up by 8.31 points or 0.27% to 3,126.20.

On the flip side; KOSPI fell 12.12 points or 0.38% to 3,144.30 and Hang Seng was down by 96.12 points or 0.34% to 28,362.32.

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