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An eventful week ended with marginal gains as markets extended its winning streak to the fourth consecutive week. The upswing was seen despite retail inflation rising to 4.9% for the month of May compared to the previous month. Even the WPI inflation hit 14-month high of 4.43% in May. However, IIP for the month of April expanded 4.9% yoy, higher than the pace of 4.6% a month prior.
Globally too, it was a week full of events, with US President Donald Trump and North Korean leader Kim Jong Un signing a joint agreement for the denuclearisation of the Korean Peninsula. Further, the Fed has again done what it was expected to do as it raised benchmark interest rates hinting at a little more aggression in tightening monetary policy this year.
President Donald Trump’s administration has reportedly cleared tariffs on tens of billions of dollars’ worth of Chinese goods.
Pharma index was the star performer, the index shot up by 8%, PSU Bank was up by 2%, PSU Bank index was up by 1.7%, IT index was up by a percent and Midcap index was up by a half a percent.
Nifty Energy index rose by 2.5%, Metals index was up by 2.3%, Nifty IT index rose by 1.4% and Auto index gained by 1.2%, while Infra index declined by 1.8%. Metals index was down by 1.9%, Infra index was down by 1.5% and Realty index was down by a percent.
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