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Stock Market Highlights: Markets end with small gains; Sensex gains 111 points & NSE moves 22 points up
Sensex, Nifty tumble on negative global cues
Stock Market Highlights: Domestic stock markets ended with small gains on Monday, May 24, 2021.
Stock Market Highlights: Domestic stock markets ended with small gains on Monday, May 24, 2021. The gains were led by firmness in banking stocks. The S&P BSE Sensex rose 111.42 points or 0.22 per cent to settle at 50,651.90. The Nifty 50 index gained 22.40 points or 0.15 per cent and closed at 15,197.70. The Nifty Bank index closed 336.70 points or 0.97 per cent higher at 34,943.60.
In the broader market, S&P BSE MidCap rose 0.86 per cent and S&P BSE SmallCap ended 0.70 per cent higher.
Buyers outpaced sellers. On the BSE, 1,978 shares rose and 1,238 shares fell. On the Nifty 50 index on NSE, 26 shares gained and 24 shares declined. The top five gainers on the Nifty 50 index were IOC (up 4.89 per cent), BPCL (up 2.77 per cent), SBI (up 2.44 per cent), Larsen & Turbo (up 1.76 per cent) and Eicher Motors (up 1.47 per cent). The top five losers are Shree Cement (down 2.51 per cent), JSW Steel (down 2.25 per cent), Tata Steel (down 1.94 per cent), Britannia (down 1.49 per cent) and IndusInd Bank (down 1.38 per cent).
COVID-19 update
Total COVID-19 confirmed cases worldwide were at 16,71,79,637 with 34,63,894 deaths. India reported 27,20,716 active cases of COVID-19 infection and 3,03,720 deaths while 2,37,28,011 patients have been discharged, data showed.
FDI in India
India has attracted the highest ever total foreign direct investment (FDI) inflow of USD 81.72 billion during the last financial year. The Commerce and Industry Ministry said, it is 10 per cent higher as compared to 2019-20. FDI equity inflow also grew by 19 per cent in the last financial year compared to 2019-20.
In terms of top investor countries, Singapore is at the apex with 29 per cent, followed by the U.S.A 23 per cent and Mauritius nine per cent.
The US Economy
The IHS Markit Flash US Manufacturing Purchasing Managers' Index jumped to an all-time high of 61.5 in May from 60.5 in April. However, housing data was soft. Existing-home sales fell 2.7 per cent in April to a seasonally adjusted annual rate of 5.85 million annual rate, according to the National Association of Realtors.
Business economists are increasingly optimistic about the US economy's growth prospects in 2021 and most see core inflation pressures moderating by the end of the year. A median estimate of economists calls for a 6.7 per cent real growth rate in 2021, according to a survey from the National Association of Business Economists, up from the 4.8 per cent forecast in the March survey.
