The main indices scaled fresh record high and traded with gains in mid-morning trade. The Nifty scaled fresh record of 15,982.75 and inched towards the 16,000 mark. The Sensex hit an all-time high of 53,338.12. Barring metal and media stocks, buying was seen across the board.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was up 321.19 points or 0.61% at 53,271.57. The Nifty 50 index was up 81.35 points or 0.51% at 15,966.80.

The broader market lagged benchmark indices. The S&P BSE Mid-Cap index was up 0.03% while the S&P BSE Small-Cap index rose 0.33%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1787 shares rose and 1265 shares fell. A total of 118 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 198,891,340 with 4,235,449 global deaths.

India reported 404,958 active cases of COVID-19 infection and 425,195 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

The Brihanmumbai Municipal Corporation (BMC) on Monday issued revised guidelines for the city, permitting non-essential shops to operate till 10 pm. Dining in restaurants will remain open till 4 pm. According to new guidelines, all government and private offices can be operational with full capacity. The municipal corporation has also allowed all indoor and outdoor games, except the use of swimming pool. The government has also allowed shopping malls to open and operate as per the new guidelines. Yoga centres, spa, saloon and gyms can operate with 50% capacity and without the use of air conditioning.

Meanwhile, the state government has still not taken any decision on allowing common people to travel by suburban trains in Mumbai.

Buzzing Index:

The Nifty Metal index slipped 0.78% to 5,736, falling for second consecutive trading day. The metal index has lost 1.28% in two sessions.

JSW Steel (down 1.29%), Hindustan Zinc (down 0.92%), Vedanta (down 0.7%), Jindal Steel & Power (down 0.62%) and Tata Steel (down 0.54%) were the top losers. Among the other losers were Steel Authority of India (down 0.54%), NMDC (down 0.53%), Hindalco Industries (down 0.45%).

Earnings Impact:

Shree Renuka Sugars hit a lower circuit of 5% at Rs 31.95 after the company reported a consolidated net loss of Rs 240.4 crore in Q1 FY22 as against a net loss of Rs 34.9 crore in Q1 FY21. Revenue from operations declined by 36.7% YoY to Rs 829.5 crore during the quarter. The company reported a pre-tax loss of Rs 241 crore in Q1 FY22 as compared with a pre-tax loss of Rs 29.8 crore in Q1 FY21.

Balaji Amines advanced 2.93% to Rs 3,411.35 after the company's consolidated net profit soared 208.39% to Rs 97.39 crore on a 101.59% increase in total revenue from operations to Rs 451.94 crore in Q1 FY22 over Q1 FY21. Consolidated sales volume soared 27.98% to 25,621 million tonnes (MT) in Q1 FY22 as compared to 20,019 million tonnes (MT) in Q1 FY21. Consolidated profit before tax surged 211.19% to Rs 131.48 crore in Q1 FY22 as against Rs 42.25 crore in Q1 FY21. EBITDA for Q1 FY22 was at Rs 144.29 crore, recording a growth of 164.77% as compared to Rs 54.51 crore in Q1 FY21. EBITDA margin for Q1 FY22 was at 31.93% as against 24.31% in Q1 FY21.

Global Markets:

Asian stocks were trading mixed on Tuesday as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence.

U.S. stocks gave up early gains and turned negative for the session on Monday as concerns about Covid variants and peaking economic growth weighed against strong earnings results.

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