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Business News/ Markets / Live Blog/  Market Close Highlights : Sensex ends up 270pts, Nifty at 22,600; Bank, FS, Auto Metal under pressure, IT, FMCG gain
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Market Close Highlights : Sensex ends up 270pts, Nifty at 22,600; Bank, FS, Auto Metal under pressure, IT, FMCG gain

30 min read . Updated: 22 May 2024, 03:49 PM IST
Pranay Prakash

Market Close Highlights : Foreign institutional investors (FIIs) net sold ₹1,874.54 crore worth of shares, while domestic institutional investors (DIIs) pumped in ₹3,548.97 crore worth of shares on May 21, provisional data from the NSE showed.

Market Close Highlights : Companies reporting results on Wednesday, 22 May include Grasim Industries, Sun Pharma, Paytm, Nykaa, Power Grid Corp., Ashoka Buildcon, GE Power, Gland Pharma, Jubilant FoodWorks, Minda Corporation, Petronet LNG, Torrent Power, and Unichem Laboratories, among others. (Image: Pixabay)Premium
Market Close Highlights : Companies reporting results on Wednesday, 22 May include Grasim Industries, Sun Pharma, Paytm, Nykaa, Power Grid Corp., Ashoka Buildcon, GE Power, Gland Pharma, Jubilant FoodWorks, Minda Corporation, Petronet LNG, Torrent Power, and Unichem Laboratories, among others. (Image: Pixabay)

Market Close Highlights : European stocks fell and bond yields rose after the latest price data from the UK cast doubt on hopes that prices pressures have been vanquished.

The Stoxx Europe 600 slipped about 0.3%, with the FTSE 100 underperforming, after data showed that UK inflation slowed less than expected last month, raising questions about when the Bank of England can start cutting interest rates. The pound strengthened and gilts plunged, sending the two-year yield about 12 basis points higher.

Bond yields across Europe rose, while 10-year US Treasury borrowing costs also ticked up.

The figures will reinforce concerns that inflation pressures globally remain sticky, preventing central banks from easing policy as soon as currently anticipated. Earlier on Wednesday, the Reserve Bank of New Zealand kept interest rates unchanged and signaled policy will stay tight for longer, while Federal Reserve Governor Christopher Waller said on Tuesday he needs to see several more good inflation numbers to begin interest-rate cuts.

“Both the RBNZ and the UK inflation data highlight the fraught nature of the current juncture, with investors struggling to gauge both the timing and extent of long-awaited central bank easing cycles," Rabobank’s head of rates strategy, Richard McGuire, said in a note.

US equity futures were little changed after the S&P 500 hit yet another record high Tuesday, with artificial intelligence bellwether Nvidia Corp. due to report its results after market close. It’s projected to report a 243% gain in revenue, according to Wall Street estimates, but a 90% year-to-date share rally means it could struggle to match sky-high expectations.

In Europe, shares in Anglo American Plc slid as investors waited to see if bigger rival BHP Group Ltd. would launch its takeover bid to create a global copper behemoth. BHP has a deadline of 5 p.m. London time to announce a firm intention to make an offer. Among other prominent stock movers, Marks & Spencer Group Plc jumped to the highest since November 2018 after issuing better-than-expected results and a robust outlook.

Energy stocks were among the losers as Brent crude futures dropped for the third straight day.

Gold, silver and copper also eased after hitting record highs, though the recent price surge for metals and grains has renewed inflation fears, with Bloomberg’s spot commodity index holding near a 16-month peak.

Traders have dialed down expectatons for Fed interest rate cuts this year, currently seeing around 40 basis points of rate cuts in 2024, versus the 50 basis-point reduction priced last week. Minutes of the last Fed policy meeting, due later Wednesday, could offer further clues on rate-setters’ thinking.

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