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 240.26 points or 0.47% at 50,892.16. The Nifty 50 index was up 72.75 points or 0.48% at 15,270.45. The moderation in daily new COVID-19 cases in India improved risk sentiments. Upbeat Asian stocks also boosted sentiment.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.78%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1755 shares rose and 511 shares fell. A total of 93 shares were unchanged.
Stocks in news:
Grasim Industries rose 0.26%. On a consolidated basis, Grasim Industries' net profit jumped 14% to Rs 1,715 crore on 26% increase in revenue from operations to Rs 24,398.92 crore in Q4 March 2021 over Q4 March 2020.
Bank of India fell 0.51%. Bank of India said that the bank has decided to exercise call option on Bank of India Tier II Bonds Series XIII and declare 6 June as Record Date for this purpose. The bonds were issued on 7 July 2016 and carry a coupon rate of 8.57% pa, payable annually with call option on 7 July 2021.
GMM Pfaudler (GMMP) rose 0.35%. GMMP has 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.
Amara Raja Batteries lost 5.26% to Rs 742.55. Clarios ARBL Holding is reportedly likely to sell 1.71 crore shares or 10% stake in the company for an aggregate $174 million. The floor price fixed at Rs 746 per share.
Bal Pharma gained 4.96%. Bal Pharma announced the launch of Favipiravir formulation into Indian market, under the brand name BALflu. Favipiravir is an emerging anti viral drug used for patients with mild to moderate Covid-19 infection.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday after technology shares spurred a Wall Street rally as Federal Reserve officials tried to soothe concerns about inflation.
In Southeast Asia, Singapore's economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore's GDP growth forecast for 2021 at 4 to 6%.
U.S. stocks climbed on Monday as the technology sector and shares benefiting the most from the economic reopening led the advance. All eyes are on the US inflation measure, the personal consumption index, to be revealed this week.
Back home, equity indices ended with small gains on Monday, supported by firmness in banks stocks. The moderation in daily new COVID-19 cases in India improved risk sentiments. The barometer index, the S&P BSE Sensex, rose 111.42 points or 0.22% at 50,651.90. The Nifty 50 index gained 22.40 points or 0.15% at 15,197.70.
Foreign portfolio investors (FPIs) bought shares worth Rs 585.36 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 707.69 crore in the Indian equity market on 24 May, provisional data showed.
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