Trading for the week and month began on a strong note as the market reacted to Gross Domestic Product (GDP) data released after market hours on Friday and the government's move for a phased unlocking of public activity after the nationwide lockdown. Positive Asian stocks also boosted sentiment.

At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 744.40 points or 2.3% at 33,168.50. The Nifty 50 index was up 215.55 points or 2.25% at 9,795.85.

The S&P BSE Mid-Cap index was up 1.64%. The S&P BSE Small-Cap index was up 2.05%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1237 shares rose and 178 shares fell. A total of 58 shares were unchanged.

Domestic macroeconomic data:

India's economy grew at 3.1% in Q4 March 2020. The gross domestic product (GDP) had expanded by 5.7% in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO). In 2019-20, the Indian economy grew by 4.2% against 6.1% expansion recorded in 2018-19. The government has also revised down the GDP growth in Q1, Q2, and Q3 to 5.2%, 4.4%, and 4.1% respectively.

Estimates will undergo revision as statutory data submission deadlines were extended by government in view of Covid-19 outbreak, Ministry of Statistics and Programme Implementation (MOSPI) said in a press note.

Meanwhile, the growth rate of Index of Eight Core Industries for April 2020 declined by 38.1% (provisional) compared to decline of 9% (provisional) in March 2020.

Lockdown update:

Malls, hotels, restaurants and places of worship can open on June 8 except in areas with the most number of coronavirus cases, the government said on Saturday, extending the nationwide lockdown till June 30 with a phased plan to unlock India.

All activities banned earlier will open up in phases, the home ministry said in new guidelines on Saturday, a day before the current phase of lockdown ends.

Stocks in news:

HCL Technologies rose 1.3%. HCL Technologies announced its intent to acquire Cisco's Self-Optimizing Network (SON) technology. This acquisition, which comprises of products and services built on Cisco's SON technology, will help HCL meet the growing needs of its customers in the telecommunications industry, which includes tierone communications service providers globally, by adding the power of Cisco's SON's multi-vendor multi-technology and application support to its clients.

Dabur India rose 0.09%. CRISIL has reaffirmed its credit rating at AAA/Stable for long term bank facilities of Dabur India.

Metropolis Healthcare gained 2.19%. Consolidated net profit declined 55.09% to Rs 15.49 crore on 3.69% rise in total income to Rs 210.05 crore in Q4 March 2020 over Q4 March 2019.

3M India fell 1.26% after consolidated net profit declined 0.35% to Rs 60.11 crore on 8.01% rise in total income to Rs 685.59 crore in Q4 March 2020 over Q4 March 2019.

Rashtriya Chemicals & Fertilizers jumped 12.5% after consolidated net profit surged 201.91% to Rs 142.38 crore on 14.67% rise in total income to Rs 2,662.01 crore in Q4 March 2020 over Q4 March 2019.

Dilip Buildcon advanced 9.34% after consolidated net profit surged 90.24% to Rs 166.80 crore on 8.41% rise in total income to Rs 2,807.73 crore in Q4 March 2020 over Q4 March 2019.

Global Markets:

Overseas, Asian stocks were trading higher as a Chinese data released over the weekend showed the country's factory activity expanding in May.

U.S. President Donald Trump announced Friday he would be taking action to eliminate special treatment for Hong Kong, following China's approval of a controversial national security bill for the city.

China's factory activity grew at a slower pace in May. The official manufacturing Purchasing Manager's Index (PMI) eased to 50.6 in May from 50.8 in April, National Bureau of Statistics data showed on Sunday, but held above the 50-point mark that separates expansion from contraction on a monthly basis.

Meanwhile, a private survey also showed China's manufacturing activity expanding in May. The Caixin/Markit manufacturing PMI for May came in at 50.7 as compared to the April reading of 49.4.

Japan's factory activity shrank at the fastest pace since March 2009 in May. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 38.4 from 41.9 in the previous month.

South Korea's manufacturing activity shrank at the sharpest pace in more than a decade in May. The IHS Markit purchasing managers' index (PMI) edged down to 41.3 in May, below 41.6 in April.

In US, stock indexes ended mostly higher Friday after a news conference from President Donald Trump on China turned out to be not as disruptive to trade and finance as had been feared.

Fed chair Powell, in a webcast event, said the Fed has plenty of room to continue expanding its balance sheet and again pushed back on the idea of pushing interest rates into negative territory.

On the U.S. economic front, the May Chicago Purchasing Managers Index fell to 32.3 in May from 35.4 in April. A final May reading on the University of Michigan's consumer confidence index rose to 72.3 from an April level of 71.8.

Back home, key market barometers ended with modest gains on Friday. The buying was supported by hope of further opening up of the economy. The barometer S&P BSE Sensex surged 223.51 points or 0.69% at 32,424.10. The Nifty 50 index gained 90.20 points or 0.95% at 9,580.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,460.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 967.43 crore in the Indian equity market on 29 May, provisional data showed.

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