Updated: May 22, 2021 1:27:25 am
Domestic stock markets on Friday rallied by nearly 2 per cent, tracking firm global markets and supportive local cues. The benchmark Sensex vaulted by 976 points, or 1.97 per cent, to 50,540.48 and the NSE Nifty index gained 269 points, or 1.81 per cent, at 15,175.30 amid declining Covid cases and expectations of more stimulus measures.
The rupee also gained 29 paise to end at 72.84 against the US dollar, tracking positive domestic equities and weak American currency in the overseas market.
“Hopes of a fresh stimulus and the transfer of surplus of Rs 99,122 crore by the RBI to the Central government boosted sentiments on the street. Also encouraging PMI data from across the globe and falling Covid cases locally helped lift trader spirits,” said Deepak Jasani, head of research, HDFC Securities.
Ajit Mishra, VP-research, Religare Broking, said, “Banking and finance sector was the top outperformer followed by realty and auto.” The broader markets underperformed, but ended with decent gains of 0.8 per cent and 0.6 per cent.
On Wall Street, the S&P 500 and the Dow rose on Friday, extending a recovery from the previous session, as strong US factory and services activity surveys lifted the mood at the end of a volatile week of trading.
At 11:42 a.m. ET, the Dow Jones Industrial Average was up 252.30 points, or 0.74 per cent, at 34,336.45 and the S&P 500 was up 12.80 points, or 0.31 per cent, at 4,171.92. Meanwhile, Bitcoin dropped on Friday after China’s Vice Premier Liu He said his government will crack down on the virtual currency’s mining and trading activities. The cryptocurrency last traded down more than 6 per cent at $38,293 after holding the $40,000 level for most of the Asian and London sessions.
Oil prices jumped 2 per cent on Friday after three days of losses, driven higher as a storm formed in the Gulf of Mexico, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal. Brent crude futures rose $1.33, or 2 per cent, to $66.36 a barrel by 1:06 p.m. ET (1606 GMT), while US West Texas Intermediate was at $63.54 a barrel, up $1.61, or 2.6 per cent.
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