Sentiment got a boost after India's Chief Economic Advisor Krishnamurthy Subramanian, told the media that a V-shaped recovery is possible for the Indian economy this year, provided a vaccine is found to contain the pandemic. "The recovery will happen after the uncertainty from the health side is taken care of," he reportedly said.

Buying was also triggered after media houses reported that military-level talks between India and China that went on for over 11 hours on Monday were "cordial, positive and held in a constructive atmosphere". Both sides have reached a consensus on disengagement.

The Nifty opened higher at 10,347.95, but hit an intraday low of 10,301.75 in early trade. The index bounced back from 10,300 mark and advanced further in morning trade. It scaled 10400 mark in afternoon trade and ended above 10,450 amid strong buying momentum.

The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index surged 1.67% while the S&P BSE Small-Cap index gained 1.79%.

Buyers outpaced sellers. On the BSE, shares 1,965 rose and 761 shares fell. A total of 149 shares were unchanged. In Nifty 50 index, 46 stocks advanced while 4 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 424.21 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,287.69 crore in the Indian equity market on 22 June, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 91,00,090 far with 4,72,216 deaths. India reported 1,78,014 active cases of COVID-19 infection and 14,011 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Yoga guru Ramdev's Patanjali on Tuesday launched 'Coronil and Swasari', what it claims is the Ayurvedic cure against COVID-19. A kit containing these medicines will be made available at Rs 545.

Q4 Results Today:

Asian Paints (up 1.5%), Bank of Baroda (up 2.33%), Union Bank of India (up 8%), Berger Paints India (up 2.11%), Aster DM Healthcare (up 1.76%), Balrampur Chini Mills (up 2,05%), Finolex Industries (up 0.36%), GMDC (down 0.88%), NLC India (up 1.46%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Info Edge (India) jumped 6%. The company reported 63.4% decline in consolidated net profit to Rs 119.10 crore on 7.8% increase in net sales to Rs 327.60 crore in Q4 March 2020 over Q4 March 2019. On a standalone basis, net profit declined 37.2% to Rs 41.62 crore on 10.3% rise in net sales to Rs 322.82 crore in Q4 March 2020 over Q4 March 2019. Operating EBITDA stood at Rs 96.50 crore, up 5.8% over Q4 FY19. Billing stood at Rs 331.9 crore, down 8% over the corresponding quarter last year. The deferred sales revenue (amount collected in advance) as at 31 March 2020 is Rs 465.60 crore, down 1.9% over the quarter ended 31 March 2019. Meanwhile, the company's board of directors approved raising of up to Rs 1,875 crore through Qualified Institutions Placement (QIP) of equity shares.

Alkyl Amines Chemicals surged 5.76% to Rs 2219.95 after the company's consolidated net profit surged to Rs 49.20 crore in Q4 FY20 from Rs 18.92 crore in Q4 FY19. Net sales during the quarter declined 1.1% to Rs 234.76 crore from Rs 237.45 crore recorded in the same period last year. Total expenses declined 15.6% year-on-year (YOY) in the January-March period to Rs 176.27 crore due to lower raw material costs which declined 18.7% YoY during the quarter. Raw material costs represent nearly 63% of the company's total expenses.

DB Corp dropped 2.86% after consolidated net profit fell 56% to Rs 24.05 crore on 17.3% decline in revenue from operations to Rs 486.65 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBIDTA stood slumped 35.3% to Rs 69 crore in Q4 FY20 as against Rs 106.7 crore in the same period last year. EBITDA margin fell to 14% in Q4 FY20 from 18% in Q4 FY19. Circulation revenue stood at Rs 120 crore, falling 5.73% from Rs. 127.3 crore in the corresponding period last year. Advertising revenue declined 20% to Rs. 330.3 crore in Q4 FY20 from Rs 413 crore in Q4 FY19.

G M Breweries' net profit fell 27% to Rs 17.76 crore on 7.1% decline in net sales to Rs 108.98 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 29% to Rs 23.85 crore in Q4 FY20 from Rs 33.59 crore in Q4 FY19. PBT was impacted by a steep rise in the cost of rectified spirit, a key raw material. The net impact was approximately Rs 5.98 crore. Shares of G M Breweries were trading 2.1% higher at Rs 427.

Balaji Amines gained 3.3% after the company's standalone net profit rose 19.8% to Rs 32.35 crore on 0.3% rise in net sales at Rs 235.50 crore in Q4 March 2020 over Q4 March 2019. EBITDA margin for the quarter stood at 23.6%, up 280 basis points as against 20.8% in Q4 FY19. Operating margins improved due to marked increase in volume offtake with improved price realizations largely across all products, increase in operating leverage and benign raw material prices. Total volumes stood at 22,146 million tonnes (MT) for Q4 FY20, up by 2.8% from 21,543 MT in Q4 FY19. For the January-March quarter, amines volumes stood at 4,525 MT, amines derivatives volumes stood at 9,030 MT and specialty chemicals volumes stood at 8,591 MT.

Skipper hit an upper circuit of 20% at Rs 47.15 after consolidated net profit jumped 58.4% to Rs 28.12 crore on 1.3% rise in net sales to Rs 438.85 crore in Q4 March 2020 over Q4 March 2019. The company reported a consolidated pre-tax loss of Rs 1.31 crore in Q4 March 2020 as against pre-tax profit of Rs 22.34 crore in Q4 March 2019. The company received a total tax rebate of Rs 29.43 crore in Q4 March 2020, which aided the net profit. Total tax expense in Q4 March 2019 stood at Rs 4.49 crore. The company reported a forex loss of Rs 19.45 crore in Q4 March 2020 due to sharp depreciation of rupee, which impacted the profitability. The company stated that this impact is largely notional. Skipper's order book as on 31 March 2020 stood at Rs 2011 crore, which constituted 30% exports and 70% domestics orders.

Global Markets:

Shares in Europe and Asia advanced on Tuesday, tracking a late rally on Wall Street led by technology shares.

There was fresh evidence that Europe's economy is stabilizing after the sharp drop in output due to lockdown measures in March and April. HIS Markit's composite purchasing managers' index for the euro zone recovered to 47.5 in June from 31.9 in May, reflecting a big upward swing in output expectations and in business confidence. Indexes for France and the U.K. even made it above the 50 line that typically denotes growth.

Peter Navarro, the White House trade adviser, told the media late on Monday that the US's trade deal with China was 'over'. US President Trump contradicted Navarro, saying the US-China trade deal is still "fully intact". Navarro meanwhile walked back his comments and clarified that his comments were taken out of context.

US stock market advanced on Monday, as investor sentiment was bolstered by optimism over a quick recovery for the domestic economy after better than expected retail sales and employment data. However, market gain were capped after report from the National Association of Realtors showing a continued nosedive in existing home sales in May and amid evidence of an acceleration of COVID-19 infections in half of all U.S. states and elsewhere in the world.

New cases have increased in the US as states reopen from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since 1 May 2020, according to Johns Hopkins University data. According to the World Health Organization, more than 1,83,000 new coronavirus infections were reported globally on Sunday, 21 June 2020 the biggest single-day increase since the outbreak began.

In economic news, the National Association of Realtors data showed that existing home sales plunged by 9.7% to an annual rate of 3.91 million in May 2020 after plummeting by 17.8% to a rate of 4.33 million in April 2020.