Sensex jumps 308 points; Nifty closes above 15400 mark
The equity indices ended a range-bound session with modest gains on Friday, May 28, 2021
The equity indices ended a range-bound session with modest gains on Friday, May 28, 2021. The S&P BSE Sensex advanced 307.66 points or 0.60 per cent at 51,422.88. The Nifty 50 index gained 97.80 points or 0.64 per cent to 15,435.865. The Nifty Bank index gained 46.40 points or 0.13 per cent to 35,141.45.
The broader market declined. The S&P BSE Mid-Cap index fell 0.12 per cent while the S&P BSE Small-Cap index lost 0.48 per cent.
The market breadth was negative. On the BSE, 1,438 shares rose and 1,694 shares fell. On the Nifty 50 index on NSE, 27 shares advanced and 23 shares declined. The top five gainers on Nifty were Reliance (up 5.99 per cent), Adani Ports (up 3.41 per cent), Grasim (up 3.38 per cent), Mahindra & Mahindra (up 2.22 per cent) and Coal India (up 1.76 per cent). The top five losers were Sun Pharma (down 3.84 per cent), Shree Cement (down 1.66 per cent), Bajaj Finserv (down 1.38 per cent), Dr Reddy's (down 1.31 per cent) and Bajaj Finance (down 1.17 per cent).
Total COVID-19 confirmed cases worldwide was at 16,89,70,971 with 35,11,375 deaths. India reported 23,43,152 active cases of Covid-19 infection and 3,18,895 deaths while 2,48,93,410 patients have been discharged, data showed.
Senate Republicans unveiled their $928 billion infrastructure counteroffer
On Thursday, Senate Republicans unveiled their $928 billion infrastructure counteroffer to President Joe Biden's $1.7 trillion proposals. Republicans again rejected Biden's call to raise corporate taxes, contending they could cover infrastructure costs with funds already allocated by Congress or with transportation user fees. The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided.
Initial claims for state unemployment benefits fell 38,000 to a seasonally adjusted 406,000 for the week ended May 22, the Labour Department said. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks. In a separate report, the Commerce Department left its initial estimate on the first-quarter GDP unchanged at 6.4 per cent.
Bank of Japan discussion on Climate Change
The Bank of Japan will consider climate change in its monetary policy discussions, Governor Haruhiko Kuroda said in his clearest signal yet that the central bank is looking to support the battle against global warming. The comments come amid growing debate among central bankers over whether or how they should support efforts to counter climate change.