Top 5 stocks of the day: Maruti Suzuki India, JSW Steel, Tata Consumer Products, NTPC and Tech Mahindra are the top gainers today. The high-weighted financials and information technology companies rose by 0.5% and 1%, respectively, driving up 12 of the 13 key sectoral indices. The benchmark Nifty 50 index experienced its best month since November 2022 in April, rising more than 4%. The index, which increased by 2.5% last week, entered overbought territory on Friday for the first time in almost five months.
Top gainers & losers in closing trade
| Ircon International | 86.30 | 12.00(16.15) |
| Welspun India | 101.05 | 13.45(15.35) |
| Rail Vikas Nigam | 118.30 | 10.75(10.00) |
| KEC International | 497.00 | 38.05(8.29) |
| Rites | 414.30 | 29.10(7.55) |
| MRPL | 60.60 | -3.65(-5.68) |
| RBLBANK | 154.60 | -7.20(-4.45) |
| Triveni Turbine | 349.95 | -15.35(-4.20) |
| Atul | 6591.55 | -280.05(-4.08) |
| Godfrey Phillips India | 1698.35 | -71.95(-4.06) |
Europe’s inflation inches up ahead of interest rate decision
Last month, Europe’s excruciating inflation edged a little bit higher, tightening the squeeze on households and maintaining pressure on the European Central Bank to implement yet another significant interest rate increase.
The 20 nations that use the euro had an increase in consumer prices of 7% in April compared to a year earlier, slightly less than the annual rate of 6.9% in March, according to data released on Tuesday by the European Union statistics office Eurostat.
Top 5 stocks of the day: RBI likely buying dollars to absorb inflows
Three traders told Reuters on Tuesday that the Indian central bank is probably purchasing dollars through state-run banks to stop the rupee from strengthening as a result of inflows. The price of the Indian rupee against the US dollar was 81.8275, down from its previous high of 81.7325. A trader at a private sector bank claimed that the long weekend inflows and dollar offers from international banks are “once again running into a resolute” Reserve Bank of India (RBI).
Indian bond yields rise tracking U.S. peers, Fed meet eyed
Indian government bond yields rose in the early session on Tuesday, tracking an uptick in U.S. peers, ahead of a widely anticipated rate hike by the Federal Reserve.
The 10-year benchmark 7.26% 2033 bond yield was trading at 7.1274% as of 10:00 a.m. IST after closing at 7.1196% on Friday. The benchmark bond yield had plunged 20 basis points in April, on bets of policy pivots. We may see some consolidation today and tomorrow, as markets digest the impact of higher U.S. yield and await the Fed policy decision and outlook, a trader with a state-run bank said.
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