The key barometers hit a fresh intraday high in early afternoon trade, tracking positive Asia cues. The Nifty index traded above 15,300 level. IT stocks rallied while metal stocks corrected.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 386.43 points or 0.76% at 51,023.96. The Nifty 50 index gained 99.70 points or 0.66% at 15,308.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index added 0.87%.
The market breadth was strong. On the BSE, 1,968 shares rose and 974 shares fell. A total of 138 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.65% to 18.72. The Nifty 27 May 2021 futures were trading at 15,299.90, at a discount of 8.25 points as compared with the spot at 15,308.15.
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The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 56.9 lakh contracts at the 15,500 strike price. Maximum Put OI of 64.5 lakh contracts was seen at 15,200 strike price.
Buzzing Index:
The Nifty IT index rose 1.29% to 26,735.60. The index added 3.24% in four sessions.
Mphasis (up 2.10%), Infosys (up 1.90%), Wipro (up 1.82%), Coforge (up 1.66%) and Tech Mahindra (up 1.58%) advanced.
Stocks in Spotlight:
PNB Housing Finance advanced 2.83% after the company said that its board will consider plan to raise funds on Monday, 31 May 2021. The funds will be raised via issue of equity shares and/or other securities by way of preferential issue or through any other permissible modes, as may be considered appropriate, subject to such approvals as may be required under applicable law.
In a separate announcement, PNB Housing Finance said it has executed a revised Trademark Agreement (Agreement) with Punjab National Bank (PNB) on 24 May 2021. The existing brand arrangement dated 7 December 2009 will continue to govern use of PNB trademark until PNB's shareholding in the company is 30% or more. Upon PNB's shareholding falling below 30%, the new agreement will replace the existing agreement. As per revised agreement, in the event PNB's shareholding in PNB Housing falls below 20%, PNB would have the right to terminate the revised agreement. In case of such termination, PNB Housing Finance shall be allowed a transition period of up to 24 months for change of brand name.
Salasar Techno Engineering rallied 2.47% after the company secured a project worth Rs 54.90 crore from ITI Bangalore for constructing telecom towers at various locations in India. Towers will be of different heights from 30 M to 120 M and will be used for improving the defence forces communication network. This project is of national importance as these towers are part of Army Static Switched Communication Network i.e. ASCON phase 4 project which will provide a big boost to the operations capability of defence forces. The cost of the work allocated to Salasar is Rs 54.90 crore, which involves design, supply, construction and commissioning of towers across various army bases.
Economy:
On Monday, 24 May 2021, the Commerce and Industry Ministry said that Foreign Direct Investments (FDI) in India grew 19% to $59.64 billion during 2020-21 on account of measures taken by the government on the fronts of policy reforms, investment facilitation and ease of doing business. The total FDI, including equity, re-invested earnings and capital, rose 10% to the "highest ever" of $81.72 billion during 2020-21 as against $74.39 billion in 2019-20.
On Tuesday, 25 May 2021, the State Bank of India (SBI) in its "Ecowrap" report stated that India's GDP may have contracted less than earlier estimated in FY21. While the Central Statistics Office (CSO) in February 2021 estimated that the country has contracted by 8% in FY21, SBI now projects the Indian economy actually may have shrank by 7.3%.
SBI report said: "Based on quarterly GDP numbers in FY21 and full year FY21 GDP estimates, Q4 GDP was projected to reveal a contraction of 1.1%. Based on SBI Nowcasting model the forecasted GDP growth for Q4 would be around 1.3% (with downward bias). We now expect GDP decline for the full year to be around -7.3% (our earlier prediction: -7.4%)."
Cyclone Yaas Update:
Super Cyclone Yaas, which has been categorised as the "very severe cyclonic storm", hit the Odisha coast today morning, 26 May 2021. The India Meteorological Department (IMD) said that the landfall process began sometime around 9 AM and hit the Dhamra port in Bhadrak district, Odisha. Over 10 lakh people have been relocated to storm shelters in Odisha and West Bengal. While other states such as Andhra Pradesh, Tamil Nadu and Andaman and Nicobar islands have also put a contingency plan in action, it is Odisha that is likely to be at the centre of the devastating storm. In terms of severity, it may be slightly lower than Cyclone Tauktae, but the IMD has warned that it will take at least another 24 hours before Cyclone Yaas degenerates.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 16,78,48,565 with 34,85,787 deaths. India reported 24,95,591 active cases of COVID-19 infection and 3,11,388 deaths while 2,43,50,816 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 2,08,921 new COVID-19 cases and 4,157 deaths in the last 24 hours. India has conducted 22.17 lakh tests on Monday, the highest number of tests conducted in a single day.
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