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. The Sensex and the Nifty 50 reached all-time highs of 76,009.68 and 23,110.80, respectively, during the session but failed to hold onto gains due to profit booking at higher levels. This comes amid mixed global cues and signals a cautious approach from investors.
Meanwhile, business tycoon Mukesh Ambani is eyeing Africa with a new telecom venture in Ghana. Radisys Corp., a unit of Ambani-controlled Reliance Industries Ltd., will provide key network infrastructure, applications, and smartphones for Ghana-based Next-Gen InfraCo. This move marks Ambani’s entry into the high-growth African market, aiming to win mobile broadband customers.
As the country faces intense heatwave conditions, people are eagerly awaiting the arrival of the monsoon rains. The southwest monsoon is likely to hit Kerala on May 31, according to the Indian Meteorological Department. This news brings hope for relief from the scorching heat in various regions.
On the economic front, India’s GDP likely slowed to an annual 6.7% in the January-March quarter, reflecting weak demand. Foreign portfolio investors (FPIs) have continued to sell financial services, IT, and FMCG sector stocks in May, offloading Indian equities worth over ₹22,000 crore. This trend indicates a cautious approach from foreign investors towards Indian markets.
In the political arena, Congress leader Rahul Gandhi took a jibe at Prime Minister Narendra Modi during a Bihar rally, mocking his reference to ‘paramatma’ in decision-making. Delhi Chief Minister Arvind Kejriwal has filed a petition in the Supreme Court seeking a 7-day extension of his interim bail in a money laundering case linked to the Delhi excise policy scam.
Overall, the financial, political, and meteorological developments in India reflect a mix of optimism, caution, and anticipation as the country navigates through various challenges and opportunities.