Indian share markets witnessed positive trading activity throughout the day today and ended higher.

Benchmark indices edged higher tracking gains in index major Reliance Industries as market participants expect cuts in the tax rates on covid medicines, vaccines and oxygen equipments, as well as means to make up for the shortfall in revenues, promised to states in today's goods and services tax (GST) council meet.

At the closing bell, the BSE Sensex stood higher by 308 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 98 points (up 0.6%).

Reliance Industries and Grasim were among the top gainers today.

Sun Pharma and Bajaj Finserv, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,489, up by 75 points, at the time of writing.

The BSE Mid Cap index and the BSE Small-Cap index ended down by 0.1% and 0.5%, respectively.

Sectoral indices ended on a mixed note with stocks in the energy sector and oil & gas sector witnessing most of the buying interest.

Healthcare and power stocks, on the other hand, witnessed selling pressure.

Shares of Lux Industries and Redington hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended on flat note today, while the Shanghai Composite ended down by 0.2%.

The Nikkei ended up by 2.1% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 172 points.

The rupee is trading at 72.44 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 48,421 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares why he thinks the bull market in crude oil is not sustainable, in his latest video for Fast Profits Daily.

In news from the pharma sector, Sun Pharma was among the top buzzing stocks today.

Shares of Sun Pharmaceutical Industries fell over 4% on the BSE in intra-day trade today as investors booked profit after the company reported a lower-than-expected profit after tax (PAT) in the March quarter, due to lower other income.

In the past three months, the stock has outperformed the market by gaining nearly 20%, as compared to a 4.6% rise in the BSE Sensex.

Sun Pharma, on Thursday, posted a 124% year-on-year (YoY) rise in net profit in the fourth quarter of the financial year 2020-21 at Rs 8.9 bn, mainly on operational efficiencies and a low base in the same quarter last year.

The company had reported a consolidated net profit of Rs 4 bn in the previous year.

For FY21, the drugmaker reported a 23% decline in net profit to Rs 29 bn from Rs 37.6 bn in the same period last year.

Sun Pharma's consolidated sales from operations stood at Rs 84.3 bn, up 4.4% YoY, and when compared to quarter four of FY19, it is up 19%.

However, sequentially, the company's sales were down by 4%.

The pharma major's earnings before interest, taxes, depreciation, and amortization (EBITDA) was at Rs 19.6 bn, up 56% over Q4 last year with a resulting EBITDA margin of 23.2%. The company's higher operational efficiencies helped the margins.

In a statement, the company said that it is evaluating developing a new pipeline of biosimilars as its research and development (R&D) focus. It has also requested for an inspection of the Halol site in Gujarat.

Commenting on the results, Dilip Shanghvi, Managing Director of the Company said,

• FY21 was a year marked by a highly volatile business environment due to the global Covid-19 pandemic and lockdowns in various countries.
  
  Despite these challenges, I am happy to see that we have been able to maintain business continuity and record positive overall growth.
  
  While our India business continues to outperform the average industry growth, our global specialty sales have continued to show an improving trend.
  
  Global Ilumya sales for the year have grown by 51% to US$ 143 m.

The company's board of directors has proposed a final dividend of Rs 2 per share on the face value of Rs 1 each for the financial year, in addition to the interim dividend of Rs 5.5 per equity share declared on 29 January 2021.

Sun Pharma's share price ended the day down by 4.3% on the BSE.

Moving on to news from the IT sector...

TCS Completes Acquisition of GE's Stake in TCS Saudi Arabia

IT major Tata Consultancy Services (TCS) announced that it has acquired GE's stake in Tata Consultancy Services Saudi Arabia.

The acquisition of GE's stake in Tata Consultancy Services Saudi Arabia has been completed on 26 May 2021, the company said in a regulatory filing.

The acquisition was to be completed within 3 - 6 months.

Earlier in January, TCS had said, "On completion of required governance and business changes to effect this transition, TCS will assume full responsibility of the Women's Center, securing its viability in the longer term and allowing it to continue to serve as a source of opportunity and skills development for women in the country".

Given GE's planned exit from this partnership, the partners have entered into a definitive agreement subject to closing conditions for the transfer of GE's stake in the venture to TCS.

Meanwhile, TCS has been listed among the top 25 best big companies to work for in the UK and among the best companies in the consultancy sector by the best companies' organization for prioritizing the health and wellness of its employees, with initiatives such as virtual access to a GP, HR outreach sessions and mental health awareness programmes, TCS said in a regulatory filing.

Tata Consultancy Services' share price ended the day down by 1.1% on the BSE.

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