The benchmark indices extended minor gains during the early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 41.47 points or 0.07% at 59,046.74. The Nifty 50 index gained 17.75 points or 0.1% at 17,579.75.
In the broader market, the S&P BSE Mid-Cap index added 1.20% while the S&P BSE Small-Cap index rose 1.17%.
The market breadth was strong. On the BSE, 2,082 shares rose and 995 shares fell. A total of 165 shares were unchanged.
The Asian Development Bank on Wednesday revised down India's economic growth forecast for the current fiscal to 10%, from 11% predicted earlier, citing the adverse impact of the second wave of the pandemic.
"The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns. The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10% in the full fiscal year before moderating to 7.5% in FY2022," said the Asian Development Outlook Update (ADOU) 2021.
In its Asian Development Outlook forecast in April this year, the multilateral funding agency had projected India to grow at 11% in the current fiscal year. "Because consumption will recover only gradually, government spending and exports will contribute more to FY2021's growth than they did in the previous fiscal year," it had said about India.
Paras Defence and Space Technologies IPO opened for subscription from Tuesday (21 September) and it will close on Thursday (23 September).
The offer comprises of a fresh issue of up to Rs 140.60 crore and an offer for sale of up to 17,24,490 equity shares (including anchor portion of 29,27,485 equity shares) in the price band of Rs 165 to Rs 175 per share.
As on 12:03 IST, the IPO received bids for 17.21 crore shares as against 71.40 lakh shares on offer. The issue was subscribed 24.11 times so far.
The company intends to utilize the net proceeds from the fresh issue towards purchase of machinery and equipment amounting Rs 34.657 crore, funding incremental working capital requirements amounting Rs 60 crore, repayment or prepayment of all or certain borrowings amounting Rs 12 crore and for general corporate purposes. As of 31 July 2021, its aggregate outstanding indebtedness was Rs 115.827 crore.
Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions.
Total COVID-19 confirmed cases worldwide stood at 22,95,39,517 with 47,08,249 deaths. India reported 3,01,989 active cases of COVID-19 infection and 4,45,768 deaths while 3,27,83,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 82,58,76,656 COVID-19 vaccine doses have been administered in the country so far, with over 75.39 lakh doses being given yesterday, according to the Co-WIN dashboard.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.27% to 16.73. The Nifty 30 September 2021 futures were trading at 17,569, at a discount of 10.75 points as compared with the spot at 17,579.75.
The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 21.7 lakh contracts at the 17,500 strike price. Maximum Put OI of 32.6 lakh contracts was seen at 17,000 strike price.
The Nifty Realty index jumped 5.42% to 441.85. The index surged 9.17% in two trading sessions.
DLF (up 9.99%), IndiaBulls Real Estate (up 7.23%), Godrej Properties (up 6.96%), Sobha (up 6.53%) and Hemisphere Properties (up 6.47%) were the major gainers in the Realty segment.
Godrej Properties soared 6.96% after the real estate firm achieved sales of Rs 575 crore in a single day at the launch of the second phase of its project Godrej Woods in Noida (Uttar Pradesh). Godrej Properties received a strong customer response to its forest-themed phase of Godrej Woods, named Evergreen, taking the total sales in the project in the past six months to approximately Rs 1,140 crore. Godrej Properties announced that it has sold 340 homes with an area of more than half a million square feet on the first day of launch.
Stocks in Spotlight:
KEC International lost 0.75%. The global infrastructure engineering, procurement and construction (EPC) major and an RPG Group Company, secured new orders of Rs 1,157 crore across its various businesses.
Surya Roshni rallied 4.55% after the company received order amounting to Rs 41.22 crore from Greater Noida Industrial Development Authority. The order is for implementation of smart LED streetlights and installation of centralised monitoring system with operation and maintenance of seven years for Greater Noida, Uttar Pradesh.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)