Stock markets settle with marginal gains amid weak global cues

Mumbai, May 23 (PTI) Benchmark indices Sensex and Nifty eked out gains in volatile trade to extend the winning streak to a third straight day on Tuesday amid weak trends in global markets as investors preferred to remain on the sidelines ahead of the release of the US Federal Open Market Committee (FOMC) meeting minutes.
Fag-end volatility dragged the 30-share BSE Sensex lower from its intra-day high level and it finally settled at 61,981.79, a marginal gain of 18.11 points or 0.03 per cent. During the day, it jumped 281.51 points or 0.45 per cent to 62,245.19.

The NSE Nifty went up by 33.60 points or 0.18 per cent to end at 18,348, driven by gains in Adani group stocks.

Among the Sensex firms, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys and Maruti were the major gainers.

Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan and Larsen & Toubro were the major laggards.

In Asian markets, Tokyo, Shanghai and Hong Kong settled lower, while Seoul ended in the green.

Markets in Europe were trading mostly lower. The US market ended mostly with gains on Monday.

US President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation’s borrowing limit in time to avert a potentially chaotic federal default.

Market participants are waiting for the release of the Federal Open Market Committee (FOMC) meeting minutes, scheduled for May 24.

Foreign Institutional Investors (FIIs) turned buyers on Monday as they bought equities worth Rs 922.89 crore after a day’s breather, according to exchange data.

Meanwhile, global oil benchmark Brent crude dipped 0.03 per cent to USD 75.97 a barrel.

The BSE benchmark climbed 234 points or 0.38 per cent to settle at 61,963.68 on Monday. The Nifty rallied 111 points or 0.61 per cent to end at 18,314.40.