Indian share markets recouped early losses during closing hours and ended today's volatile session higher, helped by gains in metals and banking stocks.

Benchmark indices witnessed volatile trading activity and swung between gains and losses amid mixed cues from global peers and a record surge in Covid-19 cases.

At the closing bell, the BSE Sensex stood higher by 260 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 77 points (up 0.5%).

In early trade today, the Sensex tumbled over 450 points while the Nifty fell as much as 150 points tracking losses in index heavyweights Infosys and Maruti Suzuki.

TCS and ICICI Bank were among the top gainers today.

Maruti Suzuki and Infosys, on the other hand, were among the top losers today.

The SGX Nifty was trading at 14,688, up by 147 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a mixed note with stocks in the metal sector and banking sector witnessing most of the buying interest.

Automobile stocks and realty stocks, on the other hand, witnessed selling pressure.

Shares of Linde India and Balrampur Chini hit their respective 52-week highs today.

Asian share markets ended on a mixed note today. The Hang Seng ended down by 0.4% while the Shanghai Composite stood lower by 0.5%. The Nikkei ended on a flat note.

US stock futures are trading higher today indicating a positive opening for Wall Street indices. Dow futures are trading up by 0.4% while Nasdaq futures are trading higher by 0.6%.

The rupee is trading at 74.93 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 46,809 per 10 grams.

Talking about the stock markets and the ongoing volatility in Indian stocks, have a look at the two charts below, in the order, they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Maruti Suzuki Records Highest Ever S-CNG Sales in FY2020-21

Maruti Suzuki's S-CNG sales stood at over 1.6 lakh units in the period between April 2020 and March 2021, making it the highest tally. In FY20, the auto major had sold 1.06 lakh CNG units.

The company retails a range of CNG-spec passenger vehicles in the domestic market including the Alto, Celerio, Wagon-R, S-Presso, Eeco, Ertiga, Tour S and Super Carry. The wide fleet of CNG cars has helped in the brand posting the highest ever S-CNG sales in the financial year between April 2020 and March 2021.

The company has consistently been expanding its S-CNG portfolio over the last two years and is considered as a definitive alternative for the absence of diesel engines while being cleaner and more efficient. The largest carmaker in the country sold more than 1.6 lakh factory-fitted S-CNG vehicles in FY 2020-21.

Maruti Suzuki Executive Director (Marketing & Sales) Shashank Srivastava said that they can see CNG as a technology that has set a new benchmark in green fuel mobility.

He further added, with the government's clear focus on the expansion of CNG outlets in the country, the company is confident of greater acceptance of factory-fitted CNG vehicles, even in challenging times.

According to the company's statement, S-CNG vehicle range is aligned with the government's vision to reduce oil imports.

The government aims to enhance the share of natural gas in the energy basket of the country from 6.2% now to 15% by 2030.

Maruti Suzuki share price ended the day down by 2.6% on the BSE.

Moving on the news from the finance sector...

World bank's international finance corporation (IFC) to invest US$ 100 million in JC Flowers India fund to help resolve non-performing assets (NPAs).

The World Bank Group entity IFC is partnering with JC Flowers to help domestic lenders resolve their distressed assets and free up capital for new lending apart from allowing mid-sized firms to preserve jobs and avoid insolvency amid the raging pandemic.

On 13 April 2021, IFC said that 'Under the project, which is an expansion of IFC's distressed asset recovery program in India, the lender will invest up to US$ 100 million in the JC Flowers India opportunities fund on meeting certain conditions, with an initial commitment of US$ 40 million.

This partnership will create the first dedicated platform in India for mid-sized distressed assets, which account for US$ 27 billion more than a third of corporate stressed assets.

Note that JC Flowers India opportunities fund is a partnership with Eight Capital Management, an Indian distressed assets investment firm.

The Reserve Bank of India (RBI) estimates that a second wave of the pandemic could potentially cause non-performing loans to reach US$ 200 billion, which nearly 15% of gross loans by September 2021.

The motive behind this partnership is to support an inclusive economic recovery and revitalization of the economy, promote credit growth, and ensure the continuity of hardest-hit businesses and livelihoods.

In addition to its investment, IFC will also support JC Flowers and Eight Capital to adopt environmental and social standards in line with the IFC performance standards.

Since its launch in 2007, the distressed asset recovery program has committed US$ 7.7 billion globally, including US$ 5 billion mobilized from outside. It has also enabled banks to offload over US$ 33 billion of NPAs and help over 18 million debtors resolve their obligations.