Buisness

In the face of weak global cues, stock markets settle with marginal gains

As investors preferred to stay put before the release of the US Federal Open Market Committee (FOMC) meeting minutes, the benchmark indices Sensex and Nifty managed to eke out gains in choppy trade to extend the winning streak to a third straight day on Tuesday.
The 30-share BSE Sensex was driven down from its intraday high level by fag-end volatility and eventually finished at 61,981.79, a small gain of 18.11 points or 0.03 percent. It increased by 281.51 points or 0.45% over the day to reach 62,245.19.
The Adani group stocks helped the NSE Nifty gain 33.60 points, or 0.18 percent, to close at 18,348.
The top gainers among the companies listed on the Sensex were Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys, and Maruti.
The main laggards were Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan, and Larsen & Toubro.
In Asian markets, Seoul finished in the black but Tokyo, Shanghai, and Hong Kong all settled down.
The majority of European markets were trading lower. On Monday, the US market generally closed higher.
There was no deal reached as negotiators struggled to extend the country's borrowing limit in time to prevent a possibly disorderly federal default, according to US President Joe Biden and House Speaker Kevin McCarthy, who both claimed they had a fruitful debt ceiling meeting late Monday at the White House.
The minutes of the Federal Open Market Committee (FOMC) meeting, slated for May 24, are awaited by market players.
After taking a day off, Foreign Institutional Investors (FIIs) became buyers on Monday, purchasing shares of stock worth Rs 922.89 crore, per exchange data.
The benchmark Brent crude price fell 0.03 percent to USD 75.97 per barrel in the meanwhile.
The BSE benchmark increased 234 points or 0.38 percent on Monday to close at 61,963.68. To finish at 18,314.40, the Nifty gained 111 points, or 0.61 percent.

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