Benchmarks off the day`s high; European markets advance
Published on Jun 02, 2022 13:23
The key equity barometers came off the day`s high in afternoon trade. The Nifty traded tad above 16,550 level. Trading remained volatile on account of the expiry of weekly index options on the NSE today.
At 13:21 IST, the barometer index, S&P BSE Sensex was up 162.05 points or 0.29% to 55,543.22. The Nifty 50 index rose 30.60 points or 0.19% to 16,553.35.
Reliance Industries (up 3.20%), Bajaj Finserv (up 2.18%), Sun Pharma (up 2.06%), BPCL (up 1.78%) and TCS (up 1.54%) were the top Nifty gainers.
Apollo Hospitals (down 5.01%), Hero MotoCorp (down 3.46%), HDFC (down 2.02%), Eicher Motors (down 1.65%) and Tata Motors (down 1.64%) were the top Nifty laggards.
In the broader market, the S&P BSE Mid-Cap index fell 0.59% while the S&P BSE Small-Cap index gained 0.22%.
The market breadth was positive. On the BSE, 1,764 shares rose while 1,433 shares fell. A total of 154 shares were unchanged.
Stocks in Spotlight:
BLS International Services shed 0.89%. The company has announced the signing of a contract with the Royal Thai Consulate-General, Mumbai, for visa services. BLS will be accepting visa applications on behalf of Royal Thai Consulate-General, Mumbai from 6th June, 2022 onwards.
Balaji Amines rallied 4.56%. The company said that board of its material subsidiary, Balaji Speciality Chemicals (BSCL), approved raising funds through an initial public offering (IPO).
La Opala RG advanced 0.68%. The company announced the commencement of commercial production at its green field plant located at Sitarganj, Uttarakhand.
European markets edged higher on Thursday as traders continued to assess new data on inflation and economic activity. The U.K.`s FTSE 100 was closed on Thursday and Friday for the Queen`s Platinum Jubilee celebrations.
Investors are still digesting euro zone inflation numbers which hit an annual 8.1% in May, exceeding expectations and marking a seventh consecutive record high. Investors are closely watching the European Central Bank for hints at the pace and scale of interest rate hikes required to rein in consumer prices.
Russia`s onslaught in Ukraine is also front and center, as well as the recent EU announcement of a partial ban for Russian oil imports. OPEC and non-OPEC oil producers, which include Russia, will meet Thursday for a regular policy meeting.
Meanwhile, most markets in Asia declined on Thursday, amid worries over high inflation and the threat of recession.
US stocks started June with declines amid choppy trading. The Dow shed 176.89 points, or 0.54%. The S&P 500 fell 0.75%, and the Nasdaq Composite retreated 0.72%.
The number of April job openings, released Wednesday, declined sharply from the previous month � but the findings suggest the job market remains tight. Further, the Institute for Supply Management said its manufacturing PMI came in at 56.1 for May, up from 55.4 the month before.
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