Domestic Stock Markets closed almost flat; Sensex closes at 32 points up & Nifty ends near 14,900

Domestic Stock Markets closed almost flat; Sensex closes at 32 points up & Nifty ends near 14,900
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Highlights

Amidst a volatile session on F&O expiry, the Indian equity markets managed to end with marginal gains on Thursday, April 29, 2021. Today's trend marked the longest winning streak for both benchmarks since early February.

Amidst a volatile session on F&O expiry, the Indian equity markets managed to end with marginal gains on Thursday, April 29, 2021. Today's trend marked the longest winning streak for both benchmarks since early February.

The S&P BSE Sensex rose 32.10 points or 0.06 per cent to end at 49,765.94. The Nifty 50 gained 55.80 points or 0.38 per cent to close at 14,920.35 while the Nifty Bank index closed with a gain of 116.30 points or 0.34 per cent at 33,839.10.

Trends in the broader markets were mixed today as the S&P BSE MidCap index ended 0.18 per cent lower today while the S&P BSE SmallCap index advanced 0.13 per cent.

Sellers outnumbered buyers. On the BSE, 1,413 shares rose and 1,527 shares fell. On the Nifty 50 index, 25 shares advanced and 25 shares fell. The top five gainers on Nifty 50 were JSW Steel (up 6.78 per cent), Tata Steel (up 5.39 per cent), Bajaj Finserv (up 5.10 per cent), Bajaj Finance (up 4.05 per cent) and Hindalco (up 1.85 per cent). The top five losers were Eicher Motors (down 1.68 per cent), Hero MotoCorp (down 1.67 per cent), Mahindra & Mahindra (down 1.16 per cent), Larsen & Turbo (down 1.15 per cent) and Shree Cement (down 0.86 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 14,96,38,312 with 31,51,142 deaths. India reported 30,84,814 active cases of Covid-19 infection and 2,04,832 deaths while 1,50,86,878 patients have been discharged, data showed. On Wednesday, 14 states and UTs recorded their highest single-day case count, with India reporting nearly 3.8 lakh cases in the last 24 hours and over 3,000 deaths.

The US Economy

The Fed left its benchmark short-term rate near zero, where it's been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending. It also said in a statement after its latest policy meeting that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low. In a statement on Wednesday, the Fed said the economy and job market have strengthened and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.

US President Joe Biden proposed a sweeping new USD 1.8 trillion plan in a speech to a joint session of Congress yesterday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China.

President Biden also made an impassioned plea to raise taxes on corporations and rich Americans to help pay for his USD 1.8 trillion 'American Families Plan'. He said, "It's time for corporate America and the wealthiest 1 per cent of Americans to pay their fair share - just pay their fair share."

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