During Friday’s trading session, the stock of Steel Authority of India Limited (SAIL) jumped more than 7 per cent and made an intraday high of Rs 121.30 per share. In the last one month, the stock of the company has risen by 53 per cent.

In the Budget 2021-22 announced, the finance minister declared that steps will be taken to privatise two public sector banks and one general insurance company. Recently, PSU Bank stocks are seen rallying on the news that officials of RBI will soon be finalising the potential candidates for privatisation. 

A summary of the key economic news that impacted markets this week.

On Friday, HIL Limited informed the bourses that Odisha Government's State Level Single Window Clearance Authority (SLSWCA) has approved the application made by the company to set up a manufacturing plant of blocks, panels & boards at Balasore (Odisha). 

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While Sensex is showing signs of fatigue after a stunning recovery in the past couple of sessions, there are a few stocks that are making lifetime highs for themselves. Sequent Scientific was seen buzzing on the bourses during today’s session by trading close to Rs 300 per share on an intraday basis as well as hitting a fresh all-time high for itself. 

An investment of Rs 50,000 in the stock at Rs 55.40, would have translated into a purchase of 903 stocks while the investment of Rs 50,000 would have turned into a whopping Rs 1,25,878 in a span of just one month.

Among the sectoral indices, the majority of the indices were trading lower, led by Nifty Financial Services and Bank Nifty. On the other hand, Nifty Pharma and Nifty Energy were trading in green.  

Bajaj Auto announced that Rahul Bajaj has resigned from the post of Non-Executive Director & Chairman of the company. Nirav Bajaj, who is currently a Non-Executive Director in the company, will take over his position. The announcement was made on Thursday after the market hours.

The market opened in red on April 30, 2021.