Volatility struck bourses in early trade as the key benchmark indices cut initial losses and approached break even level. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 14.66 points or 0.03% at 52,758.39. The Nifty 50 index was down 4.45 points or 0.03% at 15,864.80. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was down 0.13%. The S&P BSE Small-Cap index was up 0.24%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1673 shares rose and 783 shares fell. A total of 91 shares were unchanged.
Stocks in news:
Wipro rose 0.47%. Wipro announced it has extended its partnership with Levi Strauss & Co., one of the world's largest brand-name apparel companies and a global leader in jeanswear.
Wipro announced its intent to join IBM's ecosystem of partners using IBM's new Automation Foundation and IBM Cloud Paks for Automation to manage and modernize its mission-critical workloads across hybrid cloud environments.
Wipro announced a strategic partnership with Aachen, Germany headquartered FEV, a leading global engineering provider, to jointly develop and market worldclass solutions for Software Defined Vehicles (SDV).
Dr. Reddy's Laboratories fell 0.34%. Dr. Reddy's Laboratories informed about the receipt of an arbitration award issued by the International Center for Dispute Resolution, U.S., whereby a subsidiary of the company has been asked to pay an amount of US$46.25 million (towards milestones, interest and fees) to Hatchtech Pty Ltd., in relation to the asset purchase agreement entered into between the parties in 2015.
Godrej Agrovet rose 1.16%. Godrej Agrovet has executed a Share Purchase Agreement with Dr. Saar Yavin and Ms. Adaya Aroyo (the Sellers), Maxximilk (Israel) and Godrej Maxximilk (GMPL) for purchase/acquisition of 2,95,840 equity shares of GMPL, i.e., 25.10% of the equity share capital of GMPL from the sellers and other incidental matters, thereby making GMPL a wholly owned subsidiary of the company.
Jubilant Pharmova rose 1.31%. Jubilant HollisterStier LLC, a step down subsidiary of Jubilant Pharmova, has entered into a manufacturing partnership with Ocugen, Inc., a biopharmaceutical company, for manufacturing of vaccine candidate COVAXIN for the US and Canadian markets.
RITES gained 1.68%. RITES has emerged as Lowest bidder for a tender called by Railway Board, Ministry of Railways for railway electrification work on turnkey basis. The tender for two packages, package 1 for 779 RKM on Southern Western Railway and package - 2 for 762 RKM on Northeast Frontier railways, will aggregate to Rs. 1741 crore.
Global Markets:
Overseas, Asian stocks are trading mixed on Wednesday after their U.S. peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve.
Japan's exports rose at the fastest pace since 1980 in May and a key gauge of capital spending grew. Ministry of Finance data on Wednesday showed exports grew 49.6% year-on-year in May, led by U.S.-bound car shipments.
U.S. stocks fell slightly on Tuesday with the S&P 500 and the Nasdaq Composite slipping from their respective records, as investors awaited the key Federal Reserve monetary policy meeting.
On the data front, the final demand index for producer prices advanced 6.6% for the 12 months ended in May, the largest increase since 12-month data were first calculated in November 2010. On a monthly basis, the producer price index for final demand rose 0.8%. Meanwhile, May's retail sales data fell 1.3%,.
The Fed's two-day policy meeting started on Tuesday. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. Fed Chairman Jerome Powell will speak to the press after the central bank issues its statement Wednesday.
Back home, the domestic equity benchmarks ended with decent gains on Tuesday. The barometer index, the S&P BSE Sensex, rose 221.52 points or 0.42% to 52,773.05. The Nifty 50 index added 57.40 points or 0.36% to 15,869.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 633.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 649.29 crore in the Indian equity market on 15 June, provisional data showed.
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