Indian stock market benchmarks, the Nifty 50 and the Sensex, closed flat after hitting their fresh record highs in intraday trade on Monday, May 27, on profit booking at higher levels amid mixed global cues. After opening higher, the Sensex and the Nifty 50 hit their fresh all-time highs of 76,009.68 and 23,110.80, respectively, during the session. Both indices, however, failed to hold gains, and profit booking at higher levels resulted in mild losses. Mukesh Ambani is set to enter Africa with a telecoms venture, seeking to win mobile broadband customers in a high-growth market, Bloomberg reported. Radisys Corp., a unit of Ambani-controlled Reliance Industries Ltd., will provide key network infrastructure, applications, and smartphones for Ghana-based Next-Gen InfraCo., according to Harkirit Singh, the executive director of NGIC. He described the plans ahead of NGIC’s launch announcement on Monday in Mumbai, India’s financial hub. With several regions in the country facing intense heatwave conditions, people are eagerly awaiting the arrival of the monsoon rains to bring much-needed relief. As per IMD, the southwest monsoon is likely to hit Kerala on May 31. ‘Southwest Monsoon is likely to set in over Kerala on 31st May with a model error of ±4 days,’ the IMD said in its bulletin. India’s economy likely slowed to an annual 6.7% in January-March India’s economy likely grew at its slowest pace in a year in the January-March quarter due to weak demand, according to a Reuters poll of economists who said the possibility of growth significantly surpassing their forecasts was low. The country’s gross domestic product (GDP) unexpectedly grew by 8.4% in October-December compared to a year earlier, thanks to a sharp drop in subsidies which provided an artificial boost to net indirect taxes. But economic activity, as measured by gross value added (GVA), showed a more modest 6.5% expansion. FPIs continue to dump financials, IT, FMCG shares in May The foreign portfolio investors (FPI) continued their selling spree in the Indian stock market during May, dumping financial services, IT, and FMCG sector stocks the most. The overseas investors offloaded Indian equities worth more than 22,000 crore in the month of May so far. The total selling by FPIs in the domestic equities since the beginning of 2024 amounted to over 19,000 crore so far, as per data available on National Securities Depository Ltd (NSDL). Rahul Gandhi takes ‘paramatma’ jibe at PM Modi during Bihar rally Congress leader Rahul Gandhi on Monday took a ‘paramatma’ jibe at Prime Minister Narendra Modi, saying, ‘If ED asks him about Adani then he would say it was paramatma who told me so’. During a Lok Sabha election 2024 rally in Bihar, Rahul Gandhi said, ‘PM says that he does not take decisions, but they are taken by parmatma. He says that he is not biological but a messenger of parmatma.’ Arvind Kejriwal seeks 7-day extension of interim bail from Supreme Court Delhi Chief Minister and Aam Aadmi Party’s (AAP) national convenor Arvind Kejriwal filed a petition in the Supreme Court on Monday, May 27, seeking an extension of his interim bail by seven days, newswire ANI reported. The apex court granted Kejriwal 21 days of interim bail on May 10 in the money laundering case linked to the Delhi excise policy scam. His interim bail ends on June 1, and he is directed to surrender on June 2.
Indian Stock Markets Close Flat, Ambani Enters Africa’s Telecom Market
