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Indian benchmark equity indices settled near record highs on Wednesday led by IT and select financial stocks amid strong global cues. A sharp decline in the fresh Covid-19 cases, hopes of a new stimulus package to be announced by the government also boosted the investor sentiment.

Sensex ended 379 points or 0.75% higher at 51,017, while Nifty 50 closed at 15,301, up 93 points or 0.61%

“Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs. Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices,” said Vinod Nair, Head of Research at Geojit Financial Services.

Gainers & losers
Bajaj Finserv, Bajaj Finance, Infosys, M&M and Maruti were the top Sensex gainers. On the other hand, PowerGrid, NTPC, ONGC, Kotak Mahindra Bank and Dr Reddy’s were among the laggards.

Sectoral trends
Nifty Realty advanced 2.84%, while Nifty IT index gained 1.76%. Nifty Auto index rose 0.52% while the Nifty Pharma and Nifty FMCG indices were up 0.26% & 0.10%, respectively. Bucking the trend, Nifty Metal and Nifty PSU Bank slipped 1.86% and 0.26% respectively.

Broader market
The broader market ended with mixed signals as the BSE MidCap index slipped 0.14% compared with the BSE SmallCap index jumping 0.69%.

Cyclone Yaas
Super Cyclone Yaas, which has been categorised as a very severe cyclonic storm, hit the Odisha coast today morning, 26 May 2021. The India Meteorological Department (IMD) said that the landfall process began sometime around 9 AM and hit the Dhamra port in Bhadrak district, Odisha. Over 10 lakh people have been relocated to storm shelters in Odisha and West Bengal. While other states such as Andhra Pradesh, Tamil Nadu and Andaman and Nicobar islands have also put a contingency plan in action, it is Odisha that is likely to be at the centre of the devastating storm. In terms of severity, it may be slightly lower than Cyclone Tauktae, but the IMD has warned that it will take at least another 24 hours before Cyclone Yaas degenerates.

Global markets

Shares in Europe and Asia advanced on Wednesday, 26 May 2021 with multiple markets in Southeast Asia closed for a holiday. In Southeast Asia, markets in Indonesia, Singapore and Thailand are closed for a holiday on Wednesday.

US stocks closed slightly lower on Tuesday following a rally in the prior session as investors continue to try and assess the route of inflation.

Investors are awaiting a speech from Federal Reserve Vice Chair Randal Quarles on Wednesday as some concerns surrounding inflation and potential tapering continue to linger.