Sensex soars 1,534 pts; Nifty tops 16,250; Dr Reddy’s surges 8%, RIL 6%

21/05/2022

Mumbai, may 20: After a one-day hiatus, bulls were back on Dalal Street, tracking global gains, as another volatile trading week comes to a close.
The S&P BSE Sensex jumped 1,534 points, or 2.91 per cent, to end at 54,326, while the Nifty50 shut shop at 16,266, up 457 points or 2.89 per cent.
Gains were across the board with all 30 Sensex constituents, and 48 of the 50 Nifty constituents closing the day in the green zone. Dr Reddy's Labs, JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each.
On the downside, only UPL and Shree Cement were in the red, down up to 0.8 per cent. In the broader market, the BSE MidCap and Smallcap indices added 2 per cent each. Sectorally, the Nifty Metal index advanced over 4 per cent as China announced to pump a whopping $5.3 trillion into its economy this year as Covid outbreaks and lockdowns crush activity. Besides, all other indices added upwards of 2 per cent each.
Global markets
European markets were higher on Friday with the pan-European Stoxx 600 adding 1.2 per cent. On Wall Street, US stock futures rose even as traders watched to see if the S&P 500 will tumble into bear market territory.
Futures tied to the Dow Jones Industrial Average advanced 330 points, or 1.05 per cent. S&P 500 futures traded about 1.2 per cent higher, while Nasdaq 100 futures gained 1.65 per cent.
In Asia, Nikkei gained 1.27 per cent; Kospi 1.8 per cent; and Hang Seng 3 per cent.

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