Domestic Markets closes flat; Sensex rose 14 points & Nifty 50 settles at 15,773

Domestic Share Market
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Domestic Share Market

Highlights

The main indices ended a volatile session with minor gains on Tuesday, June 22, 2021.

The main indices ended a volatile session with minor gains on Tuesday, June 22, 2021. The S&P BSE Sensex rose 14.25 points or 0.03 per cent at 52,588.71. The Nifty 50 index gained 26.25 points or 0.17 per cent to settle at 15,772.75, rising for a second trading session. However, the Nifty Bank fell 126.30 points or 0.36 per cent to close lower at 34,745.

In the broader market, the S&P BSE MidCap closed 0.33 per cent higher, while S&P BSE SmallCap closed 0.83% higher.

Buyers outpaced sellers. On the BSE, 2,027 shares rose and 1,208 shares fell. On the NSE, the Nifty 50 index 28 shares advanced and 22 shares declined. The top five gainers on Nifty 50 were Maruti (up 5.18 per cent), UPL (up 3.86 per cent), Shree Cement (up 3.32 per cent), Wipro (up 2.68 per cent) and SBI Life (up 2.39 per cent). The top five losers were Asian Paints (down 1.75 per cent), Bajaj Finance (down 1.60 per cent), Nestle India (down 1.24 per cent), Hindustan Unilever (down 1.09 per cent) and IndusInd Bank (down 0.85 per cent).

COVID-19 update

Total COVID-19 confirmed cases worldwide were at 17,87,88,247 with 38,73,285 deaths. India reported 6,62,521 active cases of COVID-19 infection and 3,89,302 deaths while 2,89,26,038 patients have been discharged, data showed.

NCLT approves Jet Airways' revival plan

National Companies Law Tribunal (NCLT) today approved the Jet Airways' revival plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan. NCLT has given 90 days to the Director-General of Civil Aviation (DGCA) and Aviation Ministry to allot slots to the debt-laden Jet Airways.

The Kalrock-Jalan consortium had proposed to repay banks, financial institutions and employees Rs 1,200 crore over the next five years and plans to establish Jet Airways as a full-service airline with 30 aircraft.

Economy

In Europe, European Central Bank President Christine Lagarde offered an optimistic outlook for the eurozone economy and noted that the bloc is clearly in a different situation to the US with regard to inflation.

Federal Reserve Chair Jerome Powell said inflation had picked up but should move back toward the US central bank's 2 per cent target once supply imbalances resolve. "Inflation has increased notably in recent months," Mr Powell said in written remarks prepared for his Tuesday testimony before the House Select Subcommittee on the Coronavirus Crisis, citing increases in oil prices and a "rebound" in spending as the US economy reopens. "As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal," he said.

Mr Powell's remarks reprised his opening comments at his June 16 press conference, following a policy meeting of the central bank. In the hearing on Tuesday, potential questions will shed more light on his view on the pace of the economic rebound and for how much longer the central bank should keep its monetary policy on an emergency footing.

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