Markets had undergone considerable turmoil during the intraday session as they remained lower in the first half after a weak opening on the back of latest US data which showed that US Consumer prices rose in April at their fastest pace in three years and so the prospects of hike in interest rates pulled global indices higher; weakened Rupee also negated the sentiments. Recovery was seen in the later half mainly on the buzz of SBI and its arms. This recovery made the major indices to close flat with a slight negative bias.
Auto and Media were major draggers while Realty and PSU Banks were top gainers for the day.
Global Market Updates:
- European stock markets tanks weighed down by renewed expectations of U.S. interest rate rises this year, and some weak corporate earnings.
- Microsoft Corp said it is selling its entry-level feature phone assets to FIH Mobile Ltd and HMD Global Oy for $350 million.
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