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Market drifts lower in early trade

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Domestic stocks drifted lower in early trade tracking negative Asian stocks. At 9:30 IST, the barometer index, the S&P Sensex, was down 29.84 points or 0.1% at 31,126.07. The 50 index was down 19.80 points or 0.21% at 9,598.35.

The S&P Mid-Cap index was down 0.03%. The fall in this index was lower than Sensex's decline in percentage terms. The S&P Small-Cap index was up 0.11%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 823 shares rose and 686 shares fell. A total of 68 shares were unchanged.

Overseas, Asian shares were trading lower as risk sentiment was hit by fear of more US political turmoil after media report indicated that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Investigators are investigating alleged Russian interference in the 2016 US presidential election and possible collusion with the Trump campaign. Trump's legal team denounced the report.

In US, the Dow industrials closed at a record for a second straight session yesterday, 14 June 2017 but other benchmarks finished lower as the Federal Reserve hiked the fed-funds futures rate.

The Federal Reserve hiked the fed-funds rate by a quarter-point to between 1% and 1.25% as expected after its two-day policy meeting yesterday, 14 June 2017 and indicated that it would reduce its $4.5 trillion balance sheet this year. Fed Chair Janet Yellen said the process could start relatively soon, while projections of Federal Reserve Board members also showed they expect one more rate hike by the end of year.

Back home, GAIL (India) (down 1.64%), Coal India (down 1.2%) and (down 1.19%) edged lower from the pack.

Wipro slipped 0.16%. The company announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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