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MARKETS ON MONDAY: Nifty ends above 10,700, Sensex up 293 pts; metals gain

SI Reporter/New Delhi 07 May 18 | 03:30 PM

A share broker monitors market fluctuation

Markets gained ground on Monday, tracking Asian peers, after tepid US jobs data on Friday eased fears of faster rate hikes by the US Federal Reserve (US Federal Reserve).

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The S&P BSE Sensex ended at 35,208, up 293 points while the broader Nifty50 index settled at 10,715, up 97 points.

The US jobs report for April showed unemployment dropping to a 17-1/2 year low of 3.9 per cent but wages barely improved, suggesting the US Fed would keep raising rates but at a gradual pace. However, analysts said crude oil prices and the rupee would be the other key factors affecting markets going ahead.

Among sectoral indices, the Nifty Metal index was up 1.5 per cent led by a rise in shares of Welspun Corp and Jindal Steel & Power. The Nifty Realty index also rose over one per cent, led by gains in Godrej Properties and DLF.

OIL PRICES

US oil rose above $70 a barrel for the first time since November 2014 as traders braced for a re-imposition of US sanctions on Middle East crude producer Iran.

Futures in New York and London jumped as much as 1.4 percent. While President Donald Trump has threatened he’ll pull out of a deal between Iran and world powers as a May 12 deadline nears, he’s signaled he’ll be open to negotiation. The 2015 accord eased sanctions on OPEC’s third-largest member in exchange for curbs on its nuclear program, and renewed American measures may stifle the Middle East nation’s crude exports.

GLOBAL MARKETS

Asian shares crept higher on Monday after a tame reading on US wages lowered the risk of faster rate hikes by the Federal Reserve, although Sino-US trade tensions and a looming deadline for the Iranian nuclear deal argued for caution.

The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on US consumer price inflation.

The MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent, while Japan’s Nikkei was flat, and Australian stocks added 0.3 per cent.

(with inputs from Reuters)

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Sensex

Company Price Gain (%)
O N G C175.354.59
Tata Steel567.203.43
Yes Bank339.452.71
IndusInd Bank1,914.102.29
Adani Ports379.252.17

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