Shares come off day's high

The benchmark indices came off the day's high in mid-morning trade amid high volatility. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 171.65 points or 0.51% at 34,128.34. The Nifty 50 index added 46.60 points or 0.46% at 10,093.25.

In the broader market, the S&P BSE Mid-Cap index gained 0.36% while the S&P BSE Small-Cap index rose 0.62%.

The market breadth was positive. On the BSE, 1235 shares rose and 941 shares fell. A total of 132 shares were unchanged. In the Nifty 50 index, 26 shares advanced while 24 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 490.81 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 733.33 crore in the Indian equity market on 9 June, provisional data showed.

The Organisation for Economic Co-operation and Development (OECD) will release its economic outlook today, a twice-yearly analysis of the economic prospects of member countries.

Meanwhile, Euro-area finance ministers meet on Thursday to discuss the EU's recovery package and Eurogroup presidency succession.

Buzzing Index:

The Nifty IT index rose 0.84% to 14,861.30, reversing some of the losses acquired on Tuesday.

Among the IT stocks, TCS (up 2.21%), HCL Technologies (up 1.54%), MphasiS (up 1.13%), Oracle Financial Services Software (up 0.85%), Tech Mahindra (up 0.72%), Wipro (up 0.66%) and Persistent Systems (up 0.58%) edged higher.

MindTree (down 1.37%), Hexaware Technologies (down 0.69%) and Infosys (down 0.13%) edged lower.

Stocks in Spotlight:

Cipla gained 1.38% to Rs 648.7 after the drug major said it signed agreements on 9 June 2020, to acquire 21.85% stake in GoApptiv on a fully diluted basis. Cipla will acquire 21.85% in GoApptiv in two stages for a total cash consideration of Rs 9 crore. GoApptiv offers digital solutions for integrated brand sales management, digital marketing, channel engagement for pharmaceutical companies. Through an equity investment,

Maruti Suzuki India shed 0.04% to Rs 5664.40. The automaker said its total production slumped 97.54% to 3,714 units in May 2020 as against 1,51,188 units in May 2019. Total passenger vehicle production tanked 97.53% to 3,652 units in May 2020 over 1,48,095 units in May 2019.

Cupid surged 3.6% to Rs 180 after the company said it received a repeat order from the Government of Tanzania for supplying male condoms worth Rs 23.61 crore.

Global Markets:

Overseas, mot Asian stocks traded higher on Wednesday as the lifting of lockdown restrictions continued to fuel hope for an economic rebound from the coronavirus crisis.

In economic data, China's producer price index for May fell 3.7% from a year earlier, according to China's National Bureau of Statistics. Meanwhile, its consumer price index rose 2.4% year-on-year in May.

Shares on Wall Street declined in Tuesday amid concerns that the recent rally in risk assets overshot the U.S. actual economic prospects. The Dow closed down 300 points Tuesday, while the Nasdaq Composite ended with a gain of over 46 points .

The Dow Jones Industrial Average fell 300 points and the S&P 500 lost 25 points yesterday while the Nasdaq Composite rose 0.29% to finish the day at a record close of 9,953.75, below its all-time intraday high north of 10,000 it hit earlier in the day.

The National Bureau of Economic Research also on Monday declared the U.S. recession started in February, ending a 128-month expansionthe longest dating to 1854. The World Bank's forecast is for the global economy to shrink by 5.2% this year because of the coronavirus pandemic.

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