Markets End Up Even as COVID Cases Break Records

  • Stock Market News
Markets End Up Even as COVID Cases Break Records

By Aditya Raghunath -- India recorded 4.14 lakh COVID cases on May 6 with 3,920 deaths but the markets have continued their march on the back of strong global cues and rising metal prices. Nifty 50 and the BSE Sensex 30 closed up 0.67% and 0.52% today.

It was metals all the way today. Tata Steel Ltd (NS: TISC ) led the rally today, gaining 7.51% at close followed by Hindalco Industries Ltd. (NS: HALC ) at 3.89%. JSW Steel Ltd (NS: JSTL ), Adani Ports and Special Economic Zone Ltd Future and SBI (NS: SBI ) Life Insurance Company Ltd (NS: SBIL ) gained over 3% each.

Tata Consumer Products Ltd (NS: TACN ) was the biggest laggard today, closing down 3.54% followed by Hero MotoCorp Ltd (NS: HROM ) that lost 2%. Bajaj Auto Ltd (NS: BAJA ) lost 1.83% today.

Asian markets with mixed with Nikkei 225 ending flat, KOSPI 50 up 0.58% while the Shanghai Composite dropped 0.65% today.

The US is expected to have added 1 million jobs in the month through mid-April, up from 916,000 in March. US stocks are poised to end the week on a positive note, on course for a weekly gain of over 1% despite some wobbles as a result of earnings season. Dow Jones 30 Futures , S&P 500 Futures and Nasdaq 100 Futures futures are up 0.24%, 0.23% and 0.31% as of this report.

However, sky-high asset prices are posing increasing threats to the financial system, the Federal Reserve warned in its half-yearly Financial Stability Report, published on Thursday, in the first clear acknowledgment of what many see as a side-effect of its massive monetary stimulus over the last year.

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