Last updated: 18 Jun, 2021 | 01:59 pm
The markets snapped a 4-week gaining streak as factors such as inflation data, volatile crude oil prices, and global cues from Fed Reserve Meet weighed. The week also saw 4 new IPOs, after a long break in the primary markets.
The Nifty started off the week with minor gains on Monday, as sentiments remained upbeat with decline in Covid-19 (lowest since March). The index continued its winning run on Tuesday, after biotech firm Novavax said that its vaccine was found to be 90.4% effective in clinical trials.
However, the stock market saw a modest correction on Wednesday, as firm crude oil prices and negative Asian stocks weighed. Investors were also booking profits, ahead of the US Fed’s Monetary Policy statement. Meanwhile, the CPI inflation came in at 6.3% on Jun-21, above the RBI’s upper tolerance band of 6%.
The index continued its decline on Thursday after the US Fed raised its inflation outlook. The Fed has also moved up the time frame on which it will next hike interest rates. On the final day of the week, Nifty erased all the intra-day losses and ended flat. The Nifty snapped its 4-week winning streak to register a fall of 0.73% for the last five sessions.
Top gainers and losers
Here is a quick recap of the market moving developments:
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