The key barometers hit day's high during early afternoon trade. Metal and FMCG shares climbed while autos and PSU banks declined. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 356 points or 0.69% at 51,778.88. The Nifty 50 index gained 100.45 points or 0.65% at 15,536.10. The Nifty hit a record high of 15,555.75 in early afternoon trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.50% while the S&P BSE Small-Cap index added 0.75%.
The market breadth was positive. On the BSE, 1,684 shares rose and 1,357 shares fell. A total of 194 shares were unchanged.
Investors' sentiment has improved in the recent days due to a steady decline in daily COVID-19 cases in India.
Economy:
India's statistics ministry will announce the GDP data for the January-March quarter today, 31 May 2021. The RBI's monetary policy committee will meet this week to review the benchmark interest rates and the decision will be announced on Friday. The central bank will announce its projections regarding GDP and inflation.
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India's Monsoon:
India Meteorological Department (IMD) has said that the onset of monsoon in Kerala is likely to take place by 3 June 2021. Earlier, it had predicted the arrival of monsoon over Kerala by 31 of May 2021. As per the latest meteorological indications, the southwesterly winds could strengthen further gradually from 1st of June, resulting in likely enhancement in rainfall activity over Kerala. Hence the onset of monsoon over Kerala is likely to take place by 3rd of next month.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 17,03,53,921 with 35,41,795 deaths. India reported 20,26,092 active cases of COVID-19 infection and 3,29,100 deaths while 2,56,92,342 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India recorded over 1.52 lakh new COVID-19 cases in the 24 hours ending 8 AM on Monday, 31 May 2021 taking the country's total infections to over 2.80 crore. This is the lowest spike in daily infections since 9 April 2021.
As daily infections see a downward trend, several states announced a few relaxations while many have extended the lockdown measures. Many states, including Kerala, Tamil Nadu, Maharashtra and Goa, have extended the restrictions, while some such as Delhi, Madhya Pradesh and Himachal Pradesh have announced relaxations.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.05% to 16.6975. The Nifty 24 June 2021 futures were trading at 15,552, at a premium of 15.90 points as compared with the spot at 15,536.10.
The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 6.8 lakh contracts at the 16,000 strike price. Maximum Put OI of 4.3 lakh contracts was seen at 14,500 strike price.
Buzzing Index:
The Nifty Metal index rose 1.30% to 5,121.60. The index added 2.33% in three sessions.
MOIL (up 5.01%), SAIL (India) (up 3.76%), Welspun Corp (up 2.82%), Jindal Steel & Power (JSPL) (up 2.21%) and JSW Steel (up 1.88%) advanced.
Stocks in Spotlight:
TVS Motor Company fell 0.06%. The auto maker announced the inauguration of a new marquee showroom in Baghdad with distribution partner Ritaj International General Trade. The showroom, which is spread over 500 square meters with a built-up area of 840 square meters, was inaugurated along Palestine Street in Baghdad. It is the first-of-its-kind showroom for TVS Motor Company in the region, and apart from the wide range of two-wheelers and three wheelers, it will also host spare parts and feature a service facility.
The company said it will also launch two products, commuter motorcycle TVS StaR HLX 150 5 Gear and three-wheeler TVS King Deluxe Plus, in the market. TVS Motor Company has been present in Iraq since 2016 and offers products catering to the diverse requirements of two-wheeler and three-wheeler customers in the country. Ritaj International General Trade has been the distribution partner for the company since 2017. The company has 41 touchpoints across the country.
GMM Pfaudler tumbled 4.30% after the company's consolidated net loss stood at Rs 5.75 crore in Q4 FY21 compared with net profit of Rs 11.59 crore in Q4 FY20. Net sales surged 248% to Rs 458.62 crore in Q4 FY21 compared with Rs 131.78 crore in Q4 FY20. Pre-tax loss stood at Rs 20.71 crore in Q4 FY21 as against a pre-tax profit of Rs 16.43 crore in Q4 FY20. EBITDA grew 32.44% to Rs 29.80 crore in Q4 FY21 as against Rs 22.50 crore in Q4 FY20. During the financial year, GMM Pfaudler's consolidated net profit skid 10.82% to Rs 63.40 crore on 69.36% increase in revenue from operations to Rs 1,001.11 crore in FY 2021 over FY 2020.
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