IPOs and US Inflation, It’s Been an Exciting Week as Markets End at Record Highs

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IPOs and US Inflation, It’s Been an Exciting Week as Markets End at Record Highs

By Aditya Raghunath

Investing.com -- Nifty 50  and the BSE Sensex 30 closed at record highs on the last trading sessions of the week with Nifty up 0.39% and the Sensex gaining 0.33% at close. Unlocking in India and increased vaccination drives boosted market sentiments.

Metal stocks led the markets today with Tata Steel Ltd (NS: TISC ) gaining 4.37% and JSW Steel Ltd (NS: JSTL ) gaining 3.78%.  Coal India Ltd (NS: COAL ) was up 3.67% and Dr. Reddy’s Laboratories Ltd (NS: REDY ) gained 3.17% too. Financial stocks took a beating today with AXIS Bank Ltd (NS: AXBK ) down 0.91%, IndusInd Bank Ltd. (NS: INBK ) down 0.85% and Bajaj Finserv Ltd (NS: BJFS ) was down 0.78%.

IPO season has started again in India after a break due to the lockdowns. The next four weeks will see 6 companies try to raise around Rs 10,500 crore. Shyam Metalics’ IPO is in progress already.

Indian markets waited for three days for US inflation numbers to come out but lost patience and resumed their rally. Asian markets ended lower with KOSPI 50 and the Shanghai Composite closing down 0.77% and 0.58% while Nikkei 225 closed flat.

US stocks are seen opening largely flat Friday, around record levels, as investors shrugged off higher inflation data while the economic recovery continued. US futures are trading up with Dow Jones 30 Futures , S&P 500 Futures and Nasdaq 100 Futures up 0.28%, 0.2% and 0.21% respectively.

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