The domestic equities indices were trading in a narrow range in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 328.66 points or 0.67% at 49,535.13. The Nifty 50 index gained 116 points or 0.78% at 14,939.15. 

Housing Development Finance Corporation (HDFC) (up 1.48%), ICICI Bank (up 1.33%) and Larsen & Toubro (L&T) (up 3.52%) supported the indices. 

The broader indices outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.83%. The S&P BSE Small-Cap index added 0.96%. 

Buyers outpaced sellers. On the BSE, 2,005 shares rose and 997 shares fell. A total of 218 shares were unchanged. 

Foreign portfolio investors (FPIs) sold shares worth Rs 1,142.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,468.09 crore in the Indian equity market on 7 May 2021, provisional data showed. 

COVID-19 Update: 

Total COVID-19 confirmed cases worldwide stood at 15,83,37,422 with 32,93,153 deaths. India reported 37,45,237 active cases of COVID-19 infection and 2,46,116 deaths while 1,86,71,222 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. 

Delhi, Uttar Pradesh and Haryana extended their ongoing lockdowns till 17 May 2021 to curb the unprecedented surge of COVID-19 cases and deaths. Tamil Nadu, Rajasthan and Puducherry have also announced two-week shutdown starting today, while in Karnataka's stringent lockdown has come into effect on today till 24 May 2021. On Saturday, Kerala came under a nine-day complete lockdown. 

Minister of State for Finance Anurag Thakur said that 1.5 lakh doses of 'Sputnik V' COVID-19 vaccine have reached India and Russian Direct Investment Fund has tied up with local Indian companies for bulk production. 

In view of COVID-19, the government has relaxed the provisions of Income-tax Act. Now, all hospitals, nursing units, dispensaries and COVID care centres will be able to accept cash over two lakh rupees from the patients. Patient and the payee will have to submit PAN and Aadhaar for such payments. The relaxation has been granted between 1st April to 31st May this year. 

Gainers & Losers: 

Coal India up 5.30%, UPL up 4.48%, Hindalco Industries up 4.10%,Divi's Laboratories up 3.74% and Larsen & Toubro (L&T) up 3.52% were major gainers in Nifty 50 index. 

Shree Cement down 1.78%, Ultratech Cement down 1.56%,Britannia Industries down 1.19%, Infosys down 0.98% and Hero MotoCorp down 0.75% were major losers in Nifty 50 index. 

Earning Impact: 

Thyrocare Technologies rose 0.56%. The company reported a consolidated net profit of Rs 37.75 crore in Q4 FY21 compared with net loss of Rs 1.60 crore in Q4 FY20. Net sales during the quarter increased 44.8% year-on-year (Y-o-Y) to Rs 146.84 crore. On the segmental front, revenue from diagnostic testing services was at Rs 138.68 crore up 49.4% Y-o-Y,revenue from imaging services was at Rs 7.68 crore down 5.2% Y-o-Y in the fourth quarter. Profit before tax stood at Rs 47.63 crore in Q4 FY21, up 171.2% from Rs 17.56 crore in Q4 FY20. 

Stocks in Spotlight: 

Jubilant Pharmova gained 0.95%. Jubilant Pharma, a subsidiary of Jubilant Pharmova, announced that it has received a favorable and unanimous judgment from the United States Court of Appeals summarily affirming Jubilant's earlier favorable rulings from the US Patent Office (PTAB) and the US International Trade Commission (ITC). These two rulings by the Appellate Court deny the appeals filed by Bracco Diagnostics, Inc. Jubilant successfully challenged Bracco's patent infringement claims in an Inter Parties Review (IPR) proceeding before the U.S. Patent Office as well as in a separate proceeding in the ITC. In both instances, Jubilant was successful. Despite the rulings of both the PTAB and the ITC, Bracco filed appeals to the US Court of Appeals in Washington D.C. These appeals are now dismissed. 

Jindal Steel & Power (JSPL) added 2.10% after the company announced that it has made a prepayment of Rs 2,462 crore to its term lenders. JSPL has reduced its debt by more than Rs 20,000 crore from a peak of approximately Rs 46,500 crore in Q3 FY17 to Rs 25,600 crore as reported in Q3 FY21. This reduction of Rs 2,462 crore is over and above the annual committed debt reduction in the financial year 2020-2021. 

Tejas Networks slipped 1.39%. TelOne, one of Zimbabwe's largest telecom entities, has deployed Tejas Networks' 100G/100G+ coherent (Dense Wavelength Division Multiplexing) DWDM solution. TelOne has the widest network coverage with connectivity across the country, anchored on its backbone infrastructure. TelOne has connections to multiple undersea cable systems and has shareholding in the West Indian Ocean Cable Company (WIOCC), which has a major stake in the East African Submarine System (EASSy) cable. 

Global Markets: 

Most European shares declined while most Asian stocks advanced on Monday, 10 May 2021 following "a big miss" in the April U.S. jobs report. U.S. job growth unexpectedly slowed in April 2021, likely restrained by shortages of workers, the Labor Department report on Friday showed. US employers hired 2,66,000 new workers in April 2021, according to the labour department's monthly non-farm payrolls report. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers. Meanwhile, March's originally estimated total of 9,16,000 was revised down to 7,70,000. 

US stocks notched a record close on Friday, 7 May 2021 in what proved to be a volatile day in financial markets following a much weaker than expected jobs report. The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite rose 0.9% to 13,752.24.