The key equity barometers were trading with modest gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 201.14 points or 0.41% at 48,878.69. The Nifty 50 index gained 72.80 points or 0.50% at 14,690.65. 

Infosys (up 1.61%), HDFC (up 1.61%) and TCS (up 1.11%) boosted the indices. 

In the broader market, the S&P BSE Mid-Cap index added 0.42%. The S&P BSE Small-Cap index rose 0.41%. 

Buyers outpaced sellers. On the BSE, 1,534 shares rose and 1,314 shares fell. A total of 147 shares were unchanged. 

Foreign portfolio investors (FPIs) sold shares worth Rs 1,110.50 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 240.61 crore in the Indian equity market on 5 May 2021, provisional data showed. 

COVID-19 Update: 

Total COVID-19 confirmed cases worldwide stood at 15,52,16,499 with 32,42,360 deaths. India reported 35,66,398 active cases of COVID-19 infection and 2,30,168 deaths while 1,72,80,844 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. 

India on Thursday reported 4,12,262 new cases of COVID-19 and 3,980 deaths in the last 24 hours, according to the Union Health Ministry. A total of patients infected with the novel coronavirus were 3,29,113 discharged during the same time period. 

The five most affected states by total cases are Maharashtra (48,80,542), Kerala (17,43,932), Karnataka (17,41,046), Uttar Pradesh (13,99,348), and Tamil Nadu (12,72,602). 

Economy: 

S&P Global Ratings on Wednesday slashed India's GDP growth forecast for the current financial year to 9.8% saying the second COVID-19 wave may derail the budding recovery in the economy and credit conditions. The US-based rating agency in March had a 11% GDP growth forecast for India for the April 2021-March 2022 fiscal on account of a fast-economic reopening and fiscal stimulus. 

S&P, which currently has a 'BBB-' rating on India with a stable outlook, said the depth of the Indian economy's deceleration will determine the hit on its sovereign credit profile. It said the projections assume that initial shocks to private consumption and investment filter through to the rest of the economy. 

Gainers & Losers: 

Wipro up 3.87%,Hindalco Industries up 3.45%,Bajaj Auto up 2.70% and Eicher Motors up 2.30% were major gainers in Nifty 50 index. 

PowerGrid Corporation of India down 1.74%,UPL down 1.46%, Sun Pharmaceutical Industries down 1.19%,Asian Paints down 1.12% and SBI Life Insurance Company down 0.72% were major losers in Nifty 50 index. 

Nifty Result Today: 

Hero MotoCorp up 3.75% will announce its quarterly result today. 

Earnings Impact: 

Tata Steel advanced 2.43% after the company reported a consolidated net profit of Rs 6,644.15 crore in Q4 FY21 as against net loss of Rs 1,481.34 crore in Q4 FY20. Net sales during the quarter increased 39.4% year-on-year (Y-o-Y) to Rs 48,950.89 crore. The steel major reported a pre-tax profit of Rs 9,356.86 crore in the fourth quarter compared with net loss of Rs 1,870.55 crore reported in the same period last year. EBITDA surged at Rs 14,290 crore in Q4 FY21 compared with Rs 4,824 crore in Q4 FY20 as Rs 9,652 crore in Q3 FY21. EBITDA per ton surged to Rs 18,253 in Q4 FY21 from Rs 6,838 in Q4 FY20 and from Rs 13,021 in Q3 FY21. While the company's steel production increased by 1.5% to 8.02 million tonnes, deliveries jumped by 10.9% to 7.83 million tonnes in Q4 FY21 over Q4 FY20. 

Blue Dart Express rallied 2.18% after the company's consolidated net profit stood at Rs 90 crore in Q4 FY21 compared with net loss of Rs 30.57 crore in Q4 FY20. Net sales soared 33.3% to Rs 968.28 crore in Q4 FY21 from Rs 726.30 crore in Q4 FY20. 

Coforge soared 16.36% after the company's consolidated net profit rose 9% to Rs 133 crore on 6% increase in net sales to Rs 1,261.50 crore in Q4 FY21 over Q3 FY20. The firm has reported continued growth-led momentum, with consolidated revenue growing by 7.1% in dollar terms to $172.1 million during Q4 FY21. In constant currency terms, revenue grew 5.1% over the preceding quarter. In rupee terms, revenue rose 6% sequentially and up by 13.7% year-on-year (Y-o-Y) to Rs 1261.50 crore during Q4 FY21. 

Oracle Financial Services Software (OFSS) slipped 0.04%. On a consolidated basis, OFSS reported 7.1% rise in net profit to Rs 460.31 crore on 2.2% fall in net sales to Rs 1,210.86 crore in Q4 FY21 over Q3 FY21. Profit before tax in Q4 FY21 stood at Rs 604.72 crore, up by 0.3% from Rs 602.67 crore in Q3 FY21. On a consolidated basis, net income for fiscal year 2021 was Rs 1,762 crore, up 20% compared to fiscal year 2020. Revenue for fiscal year 2021 was Rs 4,984 crore, up 3% compared to fiscal year 2020. Operating income for fiscal year 2021 was Rs. 2,345 crore, up 13% compared to fiscal year 2020. 

Global Markets: 

Shares in Europe and Asia advanced on Thursday, 6 May 2021 as investors look ahead to the U.S. jobs report due later this week for clues about how long the Fed will stay on hold. The U.S. jobs report for April is due on Friday. 

U.S. stocks rebounded on Wednesday as strong earnings results and economic optimism pushed the Dow Jones Industrial Average to a record high. 

The Biden administration announced on Wednesday that it supports waiving intellectual patent protections for COVID-19 vaccines, as countries struggle to manufacture the life-saving doses.