Nifty hits record high; breadth remains negative

Key equity indices traded near the day's high with decent gains in mid-afternoon trade. The Nifty traded near the 15,450 level. The undertone of the market was positive amid upbeat global stocks.

At 14:30 IST, the barometer index, the S&P BSE Sensex, advanced 359.73 points or 0.7% to 51,474.25. The Nifty 50 index gained 115.35 points or 0.75% at 15,453.80. The Nifty hit a record high level of 15,469.65 in mid-afternoon trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.27%. The S&P BSE Small-Cap index gained 0.02%. Both these indices underperformed the benchmarks.

The market breadth was negative. On the BSE, 1,480 shares rose and 1,567 shares fell. A total of 170 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 660.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 112.38 crore in the Indian equity market on 27 May 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 16,89,70,971 with 35,11,375 deaths. India reported 23,43,152 active cases of COVID-19 infection and 3,18,895 deaths while 2,48,93,410 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India recorded 1.86 lakh new COVID-19 cases in the 24 hours on Friday, 28 May 2021 the lowest spike in daily infections in the last 44 days. The number of active cases further declined to 23.43 lakh while over 2.48 crore people have recovered from the virus till now.

Buzzing Index:

The Nifty PSU Bank index added 1.65% to 2,467. The index has added 4.54% in two days.

Canara Bank (up 5.86%), Indian Bank (up 4.83%), UCO Bank (up 3.8%), Bank of India (up 2.01%), Union Bank of India (up 1.62%), Bank of Baroda (up 1.2%) and Indian Overseas Bank (up 0.89%) advanced.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 72.4050 compared with its previous closing of 72.6.

MCX Gold futures for 4 June 2021 settlement fell 0.3% to Rs 48,437.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 89.99.

The yield on 10-year benchmark federal paper fell to 5.986% as compared to its previous close of 5.987%.

In the commodities market, Brent crude for July 2021 settlement rose 6 cents to $69.26 a barrel. The contract increased 0.86% to settle at $69.46 in the previous trading session.

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