1. Wall Street | US stocks advanced slightly on Thursday, as data showing improvement in the labor market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound. The Dow Jones Industrial Average rose 141.59 points, or 0.41 percent, to 34,464.64, the S&P 500 gained 4.89 points, or 0.12 percent, to 4,200.88 and the Nasdaq Composite dropped 1.72 points, or 0.01 percent, to 13,736.28.
2. Asian markets | Asian stocks put global equities on course for the seventh day of gains on Friday as investors bet the US will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion-dollar spending boost by the Biden administration. Tokyo led the advance, with the Nikkei jumping 1.9 percent early in the session. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 percent, hitting its highest level this month, though Chinese blue chips slipped 0.1 percent just after the open.
3. Indian market | Indian benchmark equity indices ended higher Thursday led by strong gains in banks and IT stocks amid positive global cues. The Sensex rose 97.70 points, or 0.19 percent to close at 51,115.22, while the Nifty gained 36.40 points, or 0.24 percent, to end the May F&O series at record close closing high of 15,337.85. Broader markets supported the rally as the Nifty Smallcap100 index closed over 1 percent higher, while the Nifty Midcap100 index gained over half a percent. Among sectors, PSU Bank, IT, metals and auto indices led gains, while Nifty Realty and Nifty Pharma ended in the red.
4. Crude oil | Oil prices pushed higher on Friday, supported by firm US economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies. Brent crude futures for July gained 16 cents, 0.2 percent, to $69.62 a barrel while US West Texas Intermediate crude for July was at $67.17 a barrel, up 32 cents, or 0.5 percent.
5. Rupee | The Indian rupee advanced by 17 paise to climb to over two-month high of 72.60 against the US dollar on Thursday, tracking upbeat Asian peers and positive domestic equities. At the interbank forex market, the local unit opened at 72.75 against the greenback and witnessed an intra-day high of 72.53 and a low of 72.76. It finally ended at 72.60 against the American currency, registering a rise of 17 paise over its previous close.
6. US weekly jobless claims drop to fresh 14-month low; economic recovery gaining speed | The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy. Initial claims for state unemployment benefits fell 38,000 to a seasonally adjusted 406,000 for the week ended May 22, the Labor Department said. That was the lowest since mid-March 2020 and marked the fourth straight weekly decline in applications
7. GST Council’s 43rd meeting today | The goods and services tax (GST) Council is all set to meet today after a span of seven months. There are reports that some opposition ruled states could pitch for an extension of the GST compensation regime for five more years beyond 2022. Sources say that the Council is expected to discuss the compensation shortfall, which is estimated at Rs 1.6 lakh crore for the current fiscal, and is likely to be funded by borrowings this year as well. The Council may also discuss lowering taxes on COVID related products.
8. Bank frauds down 25% to Rs 1.38 lakh crore in FY21 | Financial frauds reported by banks decreased by 15 percent in numbers and by 25 percent in total value terms compared to the previous financial year, the Reserve Bank of India (RBI) Annual Report showed. The value of bank financial frauds fell to Rs 1.38 lakh crore and the number of cases decreased to 7,363 by the end of March 2021. There was a noticeable decrease in the share (both in terms of number and value) of frauds involving public sector banks. However, there was a significant increase in frauds n the private banking sector, which includes both Indian and foreign banks as well as NBFCs.
9. Housing demand to reach pre-COVID level after FY'23: Crisil | Housing sales in volume terms are expected to rise 5-10 per cent this financial year across six big cities but demand will reach to a pre-COVID level only after two years, according to rating agency Crisil. The demand will contract in Mumbai Metropolitan Region (MMR) and Pune, it said. "Improved affordability and continuing work-from-home will increase demand for residences by an average 5-10 per cent (in terms of area) on-year in India's top six cities this fiscal," Crisil said in a statement. Mumbai and Pune could see demand contracting because of a higher base of last financial while the rest should see a rebound on a low base.
10. Sovereign gold bonds sales fetch Rs 25,702 cr till March end | A total of Rs 25,702 crore has been raised through the Sovereign Gold Bond (SGB) Scheme since its inception till end-March, according to the RBI annual report released on Thursday. The scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings -- used for the purchase of gold -- into financial savings. In 2020-21, RBI issued twelve tranches of bonds for an aggregate amount of Rs 16,049 crore (32.35 tonnes).