Read more about Sensex closes above 51,000; Nifty above 15,300 on Business Standard. As per the provisional closing data, the barometer index, the S&P BSE Sensex, rose 379.99 points or 0.75% to 51,017. The Nifty 50 index gained 99.85 points or 0.66% at 15,308.80.
Read more about Volumes spurt at Mahindra Holidays & Resorts India Ltd counter on Business Standard. Mahindra Holidays & Resorts India Ltd notched up volume of 61.56 lakh shares by 14:19 IST on NSE, a 17.77 fold spurt over two-week average daily volume of 3.46 lakh shares
Power stocks were trading in red, with the S&P BSE Power index decreasing 20.94 points or 0.73% at 2857.73 at 13:49 IST. Among the components of the S&P BSE Power index, Adani Transmission Ltd (down 5%), Adani Green Energy Ltd (down 3.08%), Torrent Power Ltd (down 1.51%), Tata Power Company Ltd (down 0.42%), and K E C International Ltd (down 0.4%), were the top losers. On the other hand, Thermax Ltd (up 1.32%), Power Grid Corporation of India Ltd (up 1.26%), and ABB India Ltd (up 1.2%) turned up.
At 13:49 IST, the S&P BSE Sensex was down 27.25 or 0.05% at 50624.65.
The Nifty 50 index was up 2.7 points or 0.02% at 15200.4.
The S&P BSE Small-Cap index was up 55.4 points or 0.24% at 23347.27.
GMM Pfaudler announced that it has commenced manufacturing operations at its facility at Vatva near Ahmedabad on May 24, 2021.
The new facility will immediately enhance the company s capacity in Heavy Engineering while freeing up capacity in Karamsad to expand our Glass Lining business. The facility in Vatva, spread over 11.9 acres with seven manufacturing bays (built-up area of 23,617 square meters) is equipped to manufacture a wide range of Heavy Engineering equipment with a crane lifting capacity of 200 metric tonnes, deep-hole drilling (up to 1 meter) capabilities, plate rolling capabilities up to 110 milimeters, strip cladding capabilities, orbital welding capabilities, a 308.6 square meters clean room for fabrication of high alloy materials, vertical turret lathes and other machine tools.
The benchmark indices were trading in narrow range in early afternoon trade. The Nifty was hovering above 15,250 level. The moderation in daily new COVID-19 cases in India improved investors risk appetite. Upbeat Asian stocks also boosted sentiment.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 114.73 points or 0.23% at 50,766.63. The Nifty 50 index gained 52.35 points or 0.34% at 15,250.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index added 0.53%.
The market breadth was strong. On the BSE, 1,853 shares rose and 1,096 shares fell. A total of 145 shares were unchanged.
Economy:
Domestic ratings agency ICRA on Monday, 24 May 2021, forecast a 2% GDP growth in the fourth quarter of 2020-21, and a 7.3% contraction for the full fiscal year. From a GVA (gross value added) perspective, the agency pegs Q4 growth at 3% and the fully year contraction at 6.3%. According the agency, the 2% projected GDP growth will help the econ