Sensex drops 41 pts; breadth positive
Published on Jun 08, 2022 09:35
Benchmark indices were trading with small gains in early trade. Metals, media and banks stocks advanced while FMCG, healthcare and consumer durables shares declined. The Nifty was trading a tad below the 16,400 level. Investors were cautious ahead of Reserve Bank of India (RBI)`s policy announcement expected later today.
At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 41.08 points or 0.07% at 55,066.26. The Nifty 50 index fell 16.90 points or 0.10% at 16,399.45.
In the broader market, the S&P BSE Mid-Cap index lost 0.26% while the S&P BSE Small-Cap index was down by 0.09%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,283 shares rose and 1,017 shares fell. A total of 104 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,293.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,311.14 crore in the Indian equity market on 7 June 2022, provisional data showed.
RBI Monetary Policy Committee (MPC)`s two-day rate setting meeting ends today, 8 June 2022. After the 40 basis points off-cycle rate hike on 4 May 2022, RBI is widely expected to increase the policy rate further.
Stocks in Spotlight:
PB Fintech rose 0.13% to Rs 583.55. Founder, chairman and CEO Yashish Dahiya sold 37,69,471 equity shares in the company via open market transactions on 7 June 2022. These shares were sold at an average price of Rs 610.24 per share.
RITES rose 0.53% to Rs 246.60 after the transport infrastructure consultancy and engineering company signed a memorandum of understanding (MoU) with Grands Trains DU Senegal (GTS-S.A), a railroad company of Senegal, for technical cooperation in the railway sector.
Hindustan Copper was up by 0.96% to Rs 104.95 after the company resumed mining operations at the Surda mine in Ghatshila, Jharkhand on 7 June. The resumption of operations is after the renewal of the lease by the Government of Jharkhand and obtaining the required Environment Clearance from the Ministry of Environment.
Most Asian shares advanced on Wednesday. Japan`s economy shrank an annualized 0.5% in the first quarter, revised government data showed Wednesday.
US stocks rose on Tuesday ahead of Friday`s consumer price index reading for May. The S&P 500 climbed 0.95% to 4,160.68. The Dow Jones Industrial Average gained 264.36 points, or 0.8%, to 33,180.14. The Nasdaq Composite rose 0.94% to 12,175.23.
The World Bank on Tuesday cut its global growth forecast to 2.9% for 2022 and warned of the world economy slipping into a period of stagflation reminiscent of the 1970s.
In the commodities market, Brent crude for August 2022 settlement was up 20 cents or 0.17% at $120.77 a barrel.
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