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Adani Group stocks moved sharply in Monday’s trade to rally up to 18%. ​

Benchmark equity indices in India rose for the second consecutive session, driven by strong performances from index heavyweight Reliance Industries and IT stocks. The 30-share BSE Sensex rose 234 points to settle at 61,963.68, while the Nifty surpassed the 18,300 level. Despite strong market gains, caution is advised around the important retracement resistance zone. Experts recommend buying Maruti Suzuki Futures and Infosys Futures, due to bullish indications and patterns on daily and 4-hourly time frames.

The Reserve Bank of India (RBI) has said that movements of government bond yields over recent quarters are a signal of neutral financial conditions, which could allow businesses to raise long-term debt resources more easily and benefit the Indian economy. The flat yield curve suggests inflation expectations have been re-anchored. While the near-term yields reflect slower growth in 2023-24, RBI expects a moderate 6.5% real GDP growth in 2023-24, down from the 7% rate in 2022-23. The RBI said it sounded positive for private capex decisions, as businesses look to raise long-term resources.

Wall Street is experiencing small gains and losses as a deadline looms for a deal to avoid a possible federal default. Futures for Dow and S&P rose less than 0.1%, while Federal Reserve Chair Jerome Powell hinted that interest rates may remain stable at the next meeting in June.

Morgan Stanley Investment Funds Emerging Markets Equity Fund has sold a 0.58% stake in Gland Pharma via open market transactions. The sell-off consisted of 9.6 lakh shares at a weighted average price of INR9,306.69 ($124.51). Majority promoter-owned Gland Pharma is injectables-focused and operates a business to business model. It manufacturers a range of injections, including vials, ampoules, pre-filled syringes, lyophilised vials, oncology and ophthalmic solutions. The company reported a 56% decline in Q4 profit in May 2021, dragged down by weak domestic and international sales.

The Board has also recommended dividend of Rs 4 per equity share for the financial year ended March.

Torrent Power board will consider a proposal to raise up to Rs 3,000 crore through the issuance of non-convertible debentures on a private placement basis. A meeting of the Board of Directors is scheduled to be held on Monday, May 29, 2023, to consider and approve the raising of funds by issuance of non-convertible debentures up to Rs 3,000 crore through private placement basis, a BSE filing showed

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Indian government bond yields declined on Monday after the Reserve Bank of India announced it will withdraw the highest denomination Rs2,000 note from circulation. The decision is expected to improve banking system liquidity and bring down short-term rates, according to reports. Analysts predict that on a net basis, deposits could rise by between INR 1.5tn ($23bn) and INR 2tn while durable liquidity could increase by roughly INR 1tn.

The Nifty Pharma index closed 0.99 per cent up at 12244.2.