Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 269.83 points or 0.52% at 52,207.27. The Nifty 50 index was up 64.80 points or 0.42% at 15,647.60. The Nifty hit record high of 15,655.95 mark in early trade. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.59%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1664 shares rose and 715 shares fell. A total of 102 shares were unchanged.
India's gross domestic product (GDP) for 2020-21 contracted by 7.3%, even as GDP for the year's last quarter (January-March 2021) grew by 1.6%, official data released by the National Statistical Office showed on May 31.
Cues to watch:
Markit Manufacturing PMI for May will be declared on today, 1 June 2021.
Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for May starting from 1 June 2021.
Stocks in news:
Magma Fincorp gained 4.99%. Magma Fincorp said that the company's board, has appointed Adar Poonawalla as the Chairman of the company.
Jammu & Kashmir Bank rose 2.44%. Jammu & Kashmir Bank said that the meeting of the Board of Directors of the bank is scheduled on 4 June 2021, to consider/discuss the proposal of capital infusion in the bank by the Govt. of Jammu & Kashmir as its promoter shareholder to the extent of Rs. 500 crore.
EPL (formerly known as Essel Propack) gained 2.36%. EPL announced that they have been selected as a partner by Unilever, in their journey towards achieving 100% sustainability in the oral care segment. Accordingly, EPL will supply their APR approved, 100% recyclable and fully sustainable Platina Tubes, for the toothpaste category of Unilever.
Narayana Hrudayalaya advanced 4.12%. On a consolidated basis, Narayana Hrudayalaya's net profit surged 468.65% to Rs 68.01 crore on 12.84% increase in total income to Rs 846.30 crore in Q4 March 2021 over Q4 March 2020.
Rupa & Company surged 14.63%. On a consolidated basis, Rupa & Company reported a net profit of Rs 65.90 crore in Q4 FY21 as against a net loss of Rs 4.28 crore in Q4 FY20. Total income rose 152.54% to Rs 457.24 crore.
Global Markets:
Overseas, Asian stocks are trading mixed on Tuesday, as investors await the release of a private survey on Chinese manufacturing activity in May.
China's factory activity expanded at the fastest pace this year in May. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 52.0 last month, the highest level since December and inching up from April's 51.9.
Markets in the U.S. were closed on Monday on account of Memorial Day.
Meanwhile, the global economic outlook is improving as vaccine rollouts allow businesses to resume operations and as the United States pumps trillions of dollars into the world's largest economy, the OECD said on Monday, nudging its forecasts higher.
The global economy is set to grow 5.8% this year and 4.4% next year, the Organisation for Economic Cooperation and Development said, raising its estimates from 5.6% and 4% respectively in its last forecasts released in March.
Back home, the domestic equity benchmarks ended with robust gains on Monday. Investors sentiment improved due to a steady decline in daily COVID-19 cases in India. Strength in other Asian stock markets also supported buying. The barometer index, the S&P BSE Sensex, advanced 514.56 points or 1% to 51,937.44. The Nifty 50 index gained 147.15 points or 0.95% to 15,582.80.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,412.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 179.78 crore in the Indian equity market on 31 May, provisional data showed.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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