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 economy avoid a double-dip recession as indicated by the National Statistical Office (NSO) for fourth quarter.