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Nifty slips after hitting record high

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Key benchmark indices are trading with small losses in early trade amid mild volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 23.45 points or 0.04% at 52,305.06. The Nifty 50 index was down 13.75 points or 0.09% at 15,737.90. The Nifty hit record high of 15,778.80 in early trade.

The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.37%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1632 shares rose and 811 shares fell. A total of 79 shares were unchanged.

Stocks in news:

 

Infosys rose 1.09%. Infosys announced a collaboration with Archrock, Inc. (Archrock), the leading provider of natural gas compression services in the U.S., to integrate digital technologies and mobile tools for its field service technicians. As part of this engagement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application to streamline and enhance the efficiencies of Archrock's field services and operations.

Indiabulls Housing Finance gained 1.29%. Central Bank of India rose 1.3%. Indiabulls Housing Finance and Indiabulls Commercial Credit (ICCL) has entered into a strategic co-lending partnership with Central Bank of India to offer secured retail loans and secured MSME loans respectively at competitive rates.

Jindal Steel & Power (JSPL) fell 0.7%. Jindal Steel & Power (JSPL) said its steel production jumped 31% year-on-year to 13.71 lakh tonnes in April-May 2021 compared with 10.44 lakh tonnes in the same period last year.

Bank of India slipped 0.89%. The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 4 crore on the bank for non-compliance with KYC/anti-money laundering circulars of the central bank.

Surya Roshni surged 4.35%. Surya Roshni said that the company has received order of Rs 170.52 crore for coated line pipes for gas grid pipeline project from Indradhanush Gas Grid (IGGL).

On the coronavirus front, all citizens aged above 18 would be vaccinated at free of cost by the Centre, Prime Minister Narendra Modi announced on June 7. All state-level vaccine procurement would also be taken over by the central government, Modi said. From June 21, Tuesday, all citizens of India above 18 years of age will be given free vaccination, Modi added.

Global Markets:

Overseas, Asian stocks are trading mixed on Tuesday, as investors reacted to the release of Japan's revised first-quarter gross domestic product figures.

Revised government data released Tuesday showed Japan's economy shrank 3.9% in the first quarter, an improvement from the initial estimate of a 5.1% contraction.

US stocks clawed back much of their early losses and ended mixed on Monday. Investors are focused on inflation data in the week ahead, with May's Consumer Price Index (CPI) scheduled to be released Thursday.

Back home, domestic indices closed with modest gains on Monday as declining COVID-19 cases and positive global stocks boosted sentiment. The barometer index, the S&P BSE Sensex, added 228.46 points or 0.44% at 52,328.51. The Nifty 50 index gained 81.40 points or 0.52% to 15,751.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 186.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 983.97 crore in the Indian equity market on 7 June, provisional data showed.

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First Published: Jun 08 2021 | 9:35 AM IST

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