Sensex up 111 points; Nifty near 15,200-mark; financials, small & mid cap stocks lead

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Benchmark Indian equity indices continued their upward trend for the second straight day as banking and financial stocks shine bright on the hope of the lockdown being lifted sooner due to a steady decline in fresh covid cases. At close, the Sensex was up 111 points or 0.22% at 50,651, and the Nifty was up 22 points or 0.15% at 15,197.

“Positive quarterly earnings and easing asset quality woes helped banking stocks to attract buying interest while mid and small-cap stocks outperformed,” said Vinod Nair, Head of Research at Geojit Financial Services.

On the global front, UK and US Manufacturing PMI data reported record-high numbers however investors are awaiting inflation data for guidance on monetary policy, added Nair.

Gainers & losers IOC, BPCL, SBI, Larsen and Toubro and Axis Bank were among the top gainers on the Nifty, while losers were Shree Cements, JSW Steel, Tata Steel, Britannia Industries and Tata Consumer Products.

Buzzing sectors Nifty PSU Bank index ended the day as the top gainer post robust results declared by SBI on Friday soaring over 2 per cent, followed by the Nifty Realty index rallying 1.36% while the Nifty Bank rose 0.97% and Nifty IT and Nifty Auto indices ended marginally up 0.15% & 0.03% respectively. On the downside, the Nifty Metal index fell 0.6% and the Nifty FMCG index lost 0.34%.

Broader markets The broader markets outperformed benchmark indices with the BSE Midcap index hit an all-time high of 21,716 and ended at a record high of 21,669 gaining 0.86%. Stocks like Natco Pharma (up 9.69%), Concor (up 8.45%), Adani Transmission (up 5%), Adani Green (up 5%) and Page Industries (up 4.16%) were among the top gainers.

Likewise, the BSE Smallcap index touched a record high of 23,337 and ended at 23,291 surging 0.70%. Jtekt India (up 19.96%), MEP (up 19.80%), Astec (up 16.14%), Dollar (up 14.22%) and GNA (up 13.79%) rose the most on the index.

Global markets The US Dow Jones futures were up 159 points, indicating a strong opening in the US market today.

Shares in Europe and Asia advanced on Monday, 24 May 2021. Investors anxiously awaited a key read on U.S. inflation this week for guidance on monetary policy.

In Europe, markets in Germany, Switzerland, Denmark, Norway, Belgium and Austria were closed for the Whit Monday public holiday.

In the US, the Dow Jones Industrial Average closed higher Friday, while other major benchmarks slipped on concerns about Federal Reserve policy in the face of rising inflation pressures.

Helping sentiment Friday was a gauge for U.S. manufacturing activity that surged to a record high this month. The IHS Markit Flash U.S. 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% in April to a seasonally adjusted annual rate of 5.85 million annual rate, according to the National Association of Realtors.