Sensex, Nifty Clock Best Single Day Gains In Four Weeks Led By Bajaj Twins
India stocks rose for a third consecutive day as global support continued to pour in to boost efforts to curb the spread of new coronavirus cases and speed up vaccination.
The S&P BSE Sensex rose 1.61% to 49,733.84 while the NSE Nifty 50 Index gained 1.44% to 14,864.55. Both the benchmarks gained the most since March 30.
Broader markets slightly underperform their larger peers. The S&P BSE SmallCap index gained 0.71% while the S&P BSE MidCap rose nearly 1%.
Fifteen of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of banks. The S&P BSE Realty was the worst-performing index, down 0.5%
Overseas investors have sold $1.2 billion of local stocks through April 23, the biggest outflow since March last year, when the nation imposed one of the strictest nationwide lockdown in the world to curb the spread of the pandemic.
New global coronavirus cases rose for the ninth consecutive week by a record 5.7 million, as a 52% surge in India outweighed declines in most regions, the World Health Organization said. India’s death toll surpassed 200,000.
Wipro Or Tata Steel May Replace ONGC In Sensex
Wipro or Tata Steel may replace ONGC in benchmark S&P BSE Sensex Index after BSE’s review of the gauge in June, Brian Freitas, an analyst on Smartkarma writes in a note.
- Index changes will be effective after the close of trading on June 18 and the results of the review will be announced 4 weeks prior to that date
Rupee Is Sole EM Gainer, Others Decline Before Fed
The rupee advances to its highest level in nearly two weeks as plans to accelerate vaccinations spur optimism the coronavirus-induced restrictions will have less impact on the economy. Sovereign bonds trade slightly lower.
- Traders are expecting that vaccines would be key for the recovery and could mean that the impact on mobility and economic activity won’t be as bad as last year, says Madhavi Arora, an economist at Emkay Global Financial Services
- “Asian currencies are slightly weaker as the market takes a cautious stance ahead of the FOMC meeting,” says Khoon Goh, head of Asia research at ANZ in Singapore
- The Fed is likely to stick to its policy path at its meeting which ends Wednesday and investors are watching for any signs of the central bank pulling back on asset purchases
SBI Board Panel Approves Raising $2 Billion In Long-Term Funds
- SBI to conduct public offer or private placement of senior unsecured notes in U.S. dollar or any other convertible currency during FY22
- Bank to raise funds through single or multiple tranches