The main indices traded near the day's high with strong gains in mid afternoon trade. The Nifty index hovers above 15,850 mark.

At 14:20 IST, the barometer index, the S&P BSE Sensex, rose 333.52 points or 0.63% at 52,920.74. The Nifty 50 index gained 113.35 points or 0.72% at 15,876.80.

Broader markets outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.97% while the S&P BSE Small-Cap index rose 1.05%.

Buyers outnumbered the sellers. On the BSE, 2,202 shares rose and 1,084 shares fell. A total of 161 shares were unchanged.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 19,83,33,053 with 42,24,441 deaths. India reported 4,13,718 active cases of COVID-19 infection and 4,24,773 deaths while 3,08,57,467 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India reported 40,134 new cases of the COVID-19 in the last 24 hours, a government statement said on Monday. Deaths rose by 422 in the same period, according to the federal health ministry.

Stocks in Spotlight:

Varun Beverages rose 3.62% to Rs 789.10 after the company reported 123% jump in consolidated net profit to Rs 318.80 crore in Q2 2021 from Rs 142.97 crore in Q2 2020. Improved profitability was driven by lower finance cost in Q2 CY 2021 which declined by 36.9% to Rs. 46.78 crore from Rs. 74.19 crore in Q2 CY2020. Finance cost declined due to lowering of average cost of borrowing and reduction in total debt. Net revenues increased by 49.4% YoY to Rs 2,449.85 crore during the quarter, primarily because of robust volume growth over last year and marginal increase in realizations per case. Total sales volume increased by 45.4% YoY to 152.3 million cases in Q2 CY2021 as compared to 104.8 million cases in Q2 CY2020, led by strong growth in the month of Apr'21 compared to low base of previous year same month and a steady recovery in the month of Jun'21, despite the second wave of pandemic and related lockdowns, which led to a de-growth in the month of May'21.

Central Depository Services (India) was locked in an upper circuit of 5% at Rs 1,397.95 after the company posted a 38.4% rise in consolidated net profit to Rs 63.87 crore on a 79.7% rise in net sales to Rs 117.28 crore in Q1 FY22 over Q1 FY21. Sequentially, net profit grew 24% while net sales rose by 13.5% in Q1 FY22 over Q4 FY21. Profit before tax stood at Rs 84.6 crore in Q1 FY22, rising 50.2% year on year and 22.75% quarter on quarter.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.35 compared with its previous closing of 74.42.

MCX Gold futures for 5 August 2021 settlement shed 0.05% to Rs 47,820.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 91.983.

The yield on 10-year benchmark federal paper fell to 6.2% from its previous close of 6.204%.

In the commodities market, Brent crude for October 2021 settlement lost 74 cents or 0.98% to $74.67 a barrel. The contract added 0.37% to settle at $76.33 in the previous trading session

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